Press release
SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $4.9 MILLION FOR THE FIRST QUARTER OF 2024
San Diego, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2024. Southern California Bancorp reported net income of $4.9 million for the first quarter of 2024, or $0.26 per diluted share, compared to net income of $4.4 million, or $0.24 per diluted share in the fourth quarter of 2023, and $8.2 million, or $0.44 per diluted share in the first quarter of 2023. “I’m pleased to report a modest improvement in the Bank's quarter-over-quarter earnings and performance metrics, with net income increasing to $4.9 million in the first quarter, which included $547 thousand in after-tax merger expenses, compared to net income of $4.4 million in the prior quarter,\" said David Rainer, Chairman and CEO of the Company and the Bank. “We are excited about our planned merger with California BanCorp, which is expected to be completed later this year, and confident it will create a runway for accretive earnings, with increased efficiencies and the cost savings associated with greater scale. “Loans held for investment decreased by $74.2 million during the first quarter, with most of the decrease related to paydowns of performing loans, which had the benefit of reducing the Bank's need for wholesale funding. Our deposit base was stable, with some shift from lower cost deposits to money market funds. “As interest rates may stay higher for longer, we continue to prioritize credit quality, growing low-cost deposits, and aggressively managing expenses. The latter of which includes reducing our full-time employee count as appropriate for our current needs.\" First Quarter 2024 Highlights Net income of $4.9 million, compared with $4.4 million in the prior quarterDiluted earnings per share of $0.26, compared with $0.24 in the prior quarterNet interest margin of 3.80%, compared with 4.05% in the prior quarter; average loan yield of 6.02% compared with 6.08% in the prior quarterReturn on average assets of 0.86%, compared with 0.75% in the prior quarterReturn on average common equity of 6.85%, compared with 6.21% in the prior quarterEfficiency ratio (non-GAAP1) of 68.4%; efficiency ratio, excluding merger related expenses of 65.9%, compared with 6...