Press release
Southern California Bancorp Reports Strong Organic Loan Growth for the Third 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 third quarter of 2021.\n\nThird Quarter 2021 Highlights\n\n\nNet income available to common shareholders increased to $3.5 million, up $1.1 million, or 45.9% from $2.4 million in the prior quarter\n\n\nNet organic loans (non-PPP) increased to $1.1 billion, up $110.8 million, or 11.8%, from June 30, 2021, and up $223.9 million or 27.1% from December 31, 2020\n\n\nPPP loan portfolio balance of $181.4 million, down from $346.6 million at June 30, 2021\n\n\nTotal assets of $1.8 billion, up $6.1 million, or 0.3%, from June 30, 2021, and up $205.1 million, or 13.0%, from December 31, 2020\n\n\nTotal deposits of $1.6 billion, up $4.9 million, or 0.3% (after the sale of three branches with combined deposits of $82.0 million), from June 30, 2021, and up $371.6 million, or 31.1%, from December 31, 2020\n\n\nNoninterest-bearing demand deposits were 48.6% of total deposits, up from 47.9% at June 30, 2021\n\n\nNet interest margin of 3.67% in the third quarter, compared to 3.72% in the prior quarter; average yield on non-PPP loans of 4.60%\n\n\nNonperforming assets to total assets ratio remains at 0.04%, the same as the prior quarter\n\n\nReceived requisite approvals from shareholders of Southern California Bancorp and Bank of Santa Clarita, and requisite regulatory approvals, for 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\nCompleted 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\n“I am very pleased to report strong third quarter non-PPP loan growth, which increased $111 million, or 12%, from the second quarter of 2021, net of payoffs of $22 million,” said David Rainer, Chairman, CEO and President of Southern California Bancorp and Bank of Southern California, N.A. “As of the end of the third quarter, our net organic year-to-date non-PPP loan growth was $224 million, or 27%, with much of this growth coming from the new branches we have opened in our expanded Los Angeles County foot...