Press release
SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $8.2 MILLION FOR THE FIRST QUARTER
San Diego, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2023. Southern California Bancorp reported net income of $8.2 million for the first quarter of 2023, or $0.44 per diluted share, compared to net income of $1.4 million, or $0.08 per diluted share in the first quarter of 2022, and $8.5 million, or $0.46 per diluted share in the fourth quarter of 2022. First Quarter 2023 Highlights Net income of $8.2 million, compared with $8.5 million in the prior quarterDiluted earnings per share of $0.44, compared with $0.46 the prior quarterNet interest margin of 4.71%, compared with 4.62% in the prior quarter; average loan yield of 5.78% compared with 5.47% in the prior quarterReturn on average assets of 1.46%, the same as the prior quarterReturn on average common equity of 12.72%, compared with 13.21% in the prior quarterEfficiency ratio of 56.8%, compared with 51.5% in the prior quarterTangible book value per common share (\"TBV\") (non-GAAP) of $12.49 at March 31, 2023, up $0.17 from $12.32 at December 31, 2022Day 1 CECL transition adjustment to the allowance for credit losses (\"ACL\") of $5.5 million, and a related after-tax decrease to retained earnings of $3.9 millionDay 2 CECL provisions for credit losses of $202 thousandTotal assets of $2.29 billion, relatively flat from December 31, 2022Total loans, including loans held for sale, of $1.89 billion, compared with $1.91 billion at December 31, 2022Nonperforming assets to total assets ratio of 0.000% at March 31, 2023, compared with 0.002% at December 31, 2022Total deposits of $1.99 billion, up $54.0 million or 2.8%, compared with $1.93 billion at December 31, 2022Noninterest-bearing demand deposits were $882.0 million, representing 44.4% of total deposits, compared with $923.9 million, or 47.8% of total deposits at December 31, 2022Cost of deposits was 0.80%, compared with 0.51% in the prior quarterBanks's capital exceeds minimums to be “well-capitalized,” the highest regulatory capital category “We are pleased to report the Company’s continued strong financial performance in the first quarter of 2023, with net income of $8.2 million, an increase of $6.8 million...