Press release
Southern California Bancorp Reports Record Net Income of $6.9 Million and EPS of $0.38 for the Third Quarter Of 2022
SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern
About this update from California Bancorp
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (“us,” “we,” “our,” or the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”), today announced its consolidated financial results for the third quarter of 2022.\n\nSouthern California Bancorp reported record net income of $6.9 million for the third quarter of 2022, or $0.38 per diluted share, compared to a net loss of $736 thousand, or $0.04 per diluted share in the second quarter of 2022.\n\nThird Quarter 2022 Highlights\n\n\nNet income of $6.9 million, up $7.7 million from the prior quarter\n\n\nTotal loan interest income increased $3.0 million, or 14.84%, over the prior quarter\n\n\nPre-tax, pre-provision income (non-GAAP) of $10.7 million, compared to $608 thousand in the prior quarter\n\n\nProvision for loan losses of $1.3 million commensurate with strong loan growth; the provision was $1.7 million in the prior quarter\n\n\nNet interest margin of 4.32%, compared with 3.87% in the prior quarter; average yield on non-Paycheck Protection Program (\"non-PPP\") loans of 5.09% compared with 4.70% in the prior quarter\n\n\nTotal assets of $2.31 billion were flat from June 30, 2022, and up $50.5 million or 2.2% from December 31, 2021\n\n\nTotal organic non-PPP loans, including loans held for sale, increased to $1.85 billion, up $77.2 million or 4.37% from June 30, 2022, and up $399.0 million or 27.6%, from December 31, 2021\n\n\nTotal deposits of $2.02 billion were relatively flat from June 30, 2022, and up $47.0 million or 2.4%, from December 31, 2021\n\n\nNoninterest-bearing demand deposits were $993.2 million, representing 49.2% of total deposits, down $63.6 million from June 30, 2022, and up $6.3 million from December 31, 2021\n\n\nCost of deposits was 0.25%, up from 0.07% in the prior quarter\n\n\nNonperforming assets to total assets ratio of 0.002%, compared to 0.03% and 0.04% at June 30, 2022 and December 31, 2021, respectively\n\n\nTangible book value per common share (\"TBV\") (non-GAAP) of $11.75 at September 30, 2022, up $0.16 from $11.59 in the prior quarter\n\n\nContinued status as “well-capitalized,” the highest regulatory capital category\n\n\n“I’m pleased to report we achieved the highest quarterly net income in the history of the Bank of $6.9 million, or $0.38 per diluted share for the third quarter,\" said D...