Press release
Southern California Bancorp Reports Strong Organic Loan and Deposit Growth for the Second Quarter Of 2021
SAN DIEGO--(BUSINESS WIRE)-- Southern California Bancorp (the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the
About this update from California Bancorp
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nSouthern California Bancorp (the “Company”) (OTC Pink: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) today reported financial results for the second quarter of 2021.\n\nSecond Quarter 2021 Highlights\n\n\nTotal assets increased to $1.8 billion, up $104.9 million or 6.3% from March 31, 2021, and $199 million or 12.6% from December 31, 2020\n\n\nTotal deposits increased to $1.6 billion, up $108.1 million or 7.4% from March 31, 2021, and $366.8 million or 30.7% from December 31, 2020\n\n\nNoninterest bearing demand deposits were 47.9% of total deposits at June 30, 2021\n\n\nTotal Non-paycheck protection program (PPP) loans increased to $940.1 million, up $36.9 million, or 4.1% from March 31, 2021, and $113.0 million or 13.7% from December 31, 2020\n\n\nForgiveness submitted and payoffs received for 61% and 57%, respectively, of the entire $799.1 million PPP portfolio, with a $346.6 million balance remaining at June 30, 2021\n\n\nNet interest margin of 3.72% in the second quarter; excluding PPP loans, the net interest margin was 3.73%\n\n\nNonperforming assets to total assets of 0.04% at June 30, 2021\n\n\nAnnounced acquisition of Bank of Santa Clarita, which will expand footprint into northern Los Angeles County and create commercial bank with approximately $2.2 billion in pro forma assets\n\n\nAnnounced sale of three branches to align footprint to support a commercial banking strategy\n\n\nContinued status as well-capitalized, the highest regulatory capital category\n\n\nOn June 29, 2021, following the departure of Nathan Rogge, the Southern California Bancorp and Bank of Southern California Boards of Directors appointed David Rainer President and Chief Executive Officer of Southern California Bancorp and Bank of Southern California.\n\n“I’m honored to have our Board’s confidence and excited to be leading the Company as we continue to execute on the strategic growth plan presented to investors during last year’s capital raise,” said David Rainer, Chairman, President and Chief Executive Officer of Southern California Bancorp and Bank of Southern California. \"We have made significant progress on that plan, including the opening of three banking offices in West Los Angeles, Encino and Westlake Village, all of which are key locations for commercial banking. In the second ...