Press release
SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $6.7 MILLION FOR THE SECOND QUARTER
San Diego, Calif., July 25, 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., July 25, 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 second quarter of 2023. Southern California Bancorp reported net income of $6.7 million for the second quarter of 2023, or $0.36 per diluted share, compared to net loss of $736 thousand, or $0.04 per diluted share in the second quarter of 2022, and net income of $8.2 million, or $0.44 per diluted share in the first quarter of 2023. “I am pleased to report that our strong year-to-date performance in 2023 includes net interest income of $48.3 million and net income of $14.9 million, showing considerable improvement from $38.7 million and $710 thousand, 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. “We believe this improvement in performance is due to the strong execution of our relationship-based business banking model. “Second quarter net income of $6.7 million helped drive our tangible book value per share to $12.82, an increase of $0.33, or 2.6% from the prior quarter. Our balance sheet continues to be strong, with deposit balances remaining steady, as we have elected to vigorously defend our deposit base in the face of increasing competition and deposit costs. Our loan portfolio grew by $19.8 million in the second quarter, with a focus on full banking relationships, that include a deposit component.\" Second Quarter 2023 Highlights Net income of $6.7 million, compared with $8.2 million in the prior quarterDiluted earnings per share of $0.36, compared with $0.44 the prior quarterNet interest margin of 4.36%, compared with 4.71% in the prior quarter; average loan yield of 5.91% compared with 5.78% in the prior quarterReturn on average assets of 1.18%, compared with 1.46% in the prior quarterReturn on average common equity of 9.93%, compared with 12.72% in the prior quarterEfficiency ratio of 59.6%, compared with 56.8% in the prior quarterTangible book value per common share (\"TBV\") (non-GAAP1) of $12.82 at June 30, 2023, up $0.33 from $12.49 at March 31, 2023Total assets of $2.31 billion, a slight increase from March 31, 2023Total loans, including loans he...