Press release
SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $6.6 MILLION FOR THE THIRD QUARTER
San Diego, Calif., Oct. 26, 2023 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., Oct. 26, 2023 (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 third quarter of 2023. Southern California Bancorp reported net income of $6.6 million for the third quarter of 2023, or $0.35 per diluted share, compared to net income of $6.9 million, or $0.38 per diluted share in the third quarter of 2022, and net income of $6.7 million, or $0.36 per diluted share in the second quarter of 2023. “I am pleased to report that our strong year-to-date performance in 2023 includes net interest income of $71.6 million and net income of $21.5 million, up from $62.5 million and $7.6 million, respectively, in the corresponding year-to-date period in 2022,” said David Rainer, Chairman and CEO of Southern California Bancorp and Bank of Southern California. “Given the changes in the economic environment between these two periods, including one of the fastest Fed funds rate hiking cycles in history, we believe our third quarter return on average assets of 1.12% and net interest margin of 4.23% are evidence of the ongoing solid execution of our relationship-based business banking model in a challenging market subject to margin compression. We continue maintaining strong relationships with our current customers, as well as establishing new relationships, in what we believe is the best market in the country for small to medium-sized business relationship banking. “Third quarter net income of $6.6 million helped drive our tangible book value per share (non-GAAP1) to $13.08, an increase of $0.26, or 2.0% from the prior quarter. Our balance sheet continues to be strong, with deposit balances remaining steady, as we continue to vigorously defend our deposit base in the face of increasing competition and deposit costs. Our loan portfolio grew by $20.9 million in the third quarter of 2023 with total average loan yields increasing to 5.97%. “The Bank has always fostered a prudent credit culture with disciplined underwriting and credit risk management; however, in the third quarter of 2023 our nonperforming assets to total assets ratio increased to 0.62%, as a real estate loan collateralized by multifamily properties in our Private Banking portfolio was placed on...