Press release
Southern California Bancorp Reports Record Net Income of $8.5 Million for the Fourth Quarter and $16.1 Million for the Full Year 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 fourth quarter and full year of 2022.\n\nSouthern California Bancorp reported record net income of $8.5 million for the fourth quarter of 2022, or $0.46 per diluted share, compared to net income of $6.9 million, or $0.38 per diluted share in the third quarter of 2022. The Company reported net income of $16.1 million for the full year of 2022, or $0.88 per diluted share, compared to net income of $10.7 million, or $0.72 per diluted share for the full year of 2021.\n\nFourth Quarter 2022 Highlights\n\n\nNet income of $8.5 million, up $1.5 million, or 22.3% from the prior quarter\n\n\nDiluted earnings per share of $0.46, up $0.08, or 21.1% from the prior quarter\n\n\nNet interest margin of 4.62%, compared with 4.32% in the prior quarter; average loan yield of 5.47% compared with 5.09% in the prior quarter\n\n\nEfficiency ratio of 51.9%, down 3.6% from the prior quarter\n\n\nTangible book value per common share (\"TBV\") (non-GAAP) of $12.32 at December 31, 2022, up $0.57 from $11.75 at September 30, 2022\n\n\nProvision for loan losses of $650 thousand commensurate with loan growth; the provision was $1.3 million in the prior quarter\n\n\nTotal assets of $2.28 billion, relatively flat from September 30, 2022\n\n\nTotal loans, including loans held for sale, increased to $1.91 billion, up $57.5 million or 3.11% from September 30, 2022\n\n\nNonperforming assets to total assets ratio of 0.002% at December 31, 2022 and September 30, 2022\n\n\nTotal deposits of $1.93 billion, down $88.2 million or 4.4%, compared to $2.02 billion at September 30, 2022\n\n\nNoninterest-bearing demand deposits were $923.9 million, representing 47.8% of total deposits, compared to $993.2 million, or 49.2% of total deposits at September 30, 2022\n\n\nCost of deposits was 0.51%, up from 0.25% in the prior quarter\n\n\nContinued status as “well-capitalized,” the highest regulatory capital category\n\n\nFull Year 2022 Highlights\n\n\nNet income increased to $16.1 million, up $5.4 million, or 50.5% from the prior year\n\n\nDiluted earnings per share of $0.88, up $0.16, or 22.2% from the prior year\n\n\nTotal loan interest i...