Southern California Bancorp (“us,” “we,” “our,” or the “Company”)
(NASDAQ: BCAL), the holding company for Bank of Southern
California, N.A. (the “Bank”) announces its consolidated financial
results for the second quarter of 2024.
The Company reported net income of $190 thousand
for the second quarter of 2024, or $0.01 per diluted share,
compared to net income of $4.9 million, or $0.26 per diluted share
in the first quarter of 2024, and $6.7 million, or $0.36 per
diluted share in the second quarter of 2023.
“Our second quarter of 2024 financial results
were impacted by the sale of other real estate owned (“OREO”)
properties that sold for $8.3 million, net of selling costs and
taxes, resulting in an additional $4.8 million charge to OREO
expense in the second quarter,” said David Rainer, Chairman and CEO
of the Company and the Bank. “However, we did see improvement in
several important financial metrics during the second quarter,
including our net interest margin, which increased to 3.94% from
3.80% in the first quarter, as the yield on total interest-earning
assets of 5.97% increased 18 basis points and the yield on average
total loans increased by 19 basis points to 6.21%. I’m also pleased
to report that in the second quarter our cost of funds increased
only modestly by 4 basis points to 2.21%, after increasing by 22
and 33 basis points in the prior two quarters, respectively.
“As we announced earlier this month, on July 17,
2024, at their respective shareholder meetings, shareholders of
Southern California Bancorp and California BanCorp approved the
merger of the two companies, and we expect the transaction to close
on July 31, 2024. We are excited about the future and building what
we believe will be the premier commercial banking franchise
headquartered in the state of California.”
Second Quarter 2024
Highlights
- Net income of
$190 thousand, compared with $4.9 million in the prior
quarter
- Diluted earnings per
share of $0.01, compared with $0.26 in the prior
quarter
- Net interest
margin of 3.94%, compared with 3.80% in the prior quarter;
average loan yield of 6.21% compared with 6.02% in the prior
quarter
- Return on average
assets of 0.03%, compared with 0.86% in the prior
quarter
- Return on average common
equity of 0.26%, compared with 6.85% in the prior
quarter
- Efficiency ratio
(non-GAAP1) of 85.7% compared with 68.4% in the prior
quarter; excluding merger related expenses the efficiency ratio was
83.5%, compared with 65.9% in the prior quarter
- Tangible book value per
common share ("TBV") (non-GAAP1) of $13.71 at
June 30, 2024, up $0.02 from $13.69 at March 31,
2024
- Total assets of
$2.29 billion at June 30, 2024, compared with $2.29 billion at
March 31, 2024
- Total loans, including
loans held for sale of $1.88 billion at June 30,
2024, compared with $1.89 billion at March 31, 2024
- Nonperforming assets to
total assets ratio of 0.20% at
June 30, 2024, compared with 0.84% at March 31, 2024,
positively impacted by the sale of $13.1 million in other real
estate owned in the second quarter of 2024
1 Reconciliations of non–U.S. generally accepted accounting
principles (“GAAP”) measures are set forth at the end of this press
release.
- Total deposits of
$1.94 billion at June 30, 2024, increased $5.3 million or
0.3%, compared with $1.93 billion at March 31, 2024
- Noninterest-bearing demand
deposits were $666.6 million at June 30, 2024,
representing 34.4% of total deposits, compared with $652.0 million,
or 33.8% of total deposits at March 31, 2024
- Cost of deposits
was 2.12%, compared with 2.05% in the prior quarter
- Cost of funds was
2.21%, compared with 2.17% in the prior quarter
- Bank's capital exceeds
minimums to be “well-capitalized,” the
highest regulatory capital category
Second Quarter Operating
Results
Net Income
Net income for the second quarter of 2024 was
$190 thousand, or $0.01 per diluted share, compared with net income
of $4.9 million, or $0.26 per diluted share in the first quarter of
2024. Our second quarter results were negatively impacted by $3.4
million of after-tax loss on the sale of other real estate owned,
or $0.18 per diluted share, and $412 thousand of after-tax merger
expenses, or $0.02 per diluted share. Excluding merger related
expenses in connection with the planned merger with California
BanCorp and California Bank of Commerce, the Company would have
reported net income (non-GAAP1) of $602 thousand, or $0.03 per
diluted share, for the second quarter of 2024. Pre-tax,
pre-provision income (non-GAAP1) for the second quarter was $3.2
million, a decrease of $3.8 million or 54.2% from the prior
quarter.
Net Interest Income and Net Interest
Margin
Net interest income for the second quarter of
2024 was $21.0 million, compared with $20.5 million in the prior
quarter. The increase in net interest income was primarily due to a
$585 thousand increase in total interest and dividend income,
offset by a $72 thousand increase in total interest expense in the
second quarter of 2024 as compared to the prior quarter. During the
second quarter of 2024, loan interest income increased $473
thousand, total debt securities income increased $16 thousand, and
interest and dividend income from other financial institutions
decreased $96 thousand. The increase in interest income was due to
a number of factors, including a higher average yield across most
interest-earning asset categories and changes in the
interest-earning asset mix, partially offset by lower average
balances of loans and debt securities. Additionally, the previous
quarter included the reversal of a nonaccrual loan’s interest
income of $168 thousand for which there was no similar activity in
the current quarter. Average total interest-earning assets
decreased $26.1 million, the result of a $26.4 million decrease in
average total loans, a $6.6 million decrease in average deposits in
other financial institutions, and a $3.0 million decrease in
average total debt securities, partially offset by a $9.3 million
increase in average Fed funds sold/resale agreements and a $679
thousand increase in average restricted stock investments and other
bank stock. The increase in interest expense for the second quarter
of 2024 was primarily due to a $393 thousand increase in interest
expense on interest-bearing deposits, the result of a $10.3 million
increase in average interest-bearing deposits, coupled with a 9
basis point increase in average interest-bearing deposit costs,
partially offset by a $321 thousand decrease in interest expense on
Federal Home Loan Bank (“FHLB”) borrowings, the result of a $23.2
million decrease in average FHLB borrowings in the second quarter
of 2024.
Net interest margin for the second quarter of
2024 was 3.94%, compared with 3.80% in the prior quarter. The
increase was primarily related to an 18 basis point increase in the
total interest-earning assets yield, partially offset by a 4 basis
point increase in the cost of funds. The yield on total average
earning assets in the second quarter of 2024 was 5.97%, compared
with 5.79% in the prior quarter. The yield on average total loans
in the second quarter of 2024 was 6.21%, an increase of 19 basis
points from 6.02% in the prior quarter. The yield on average total
loans in the prior quarter included the reversal of nonaccrual loan
interest, which decreased the overall loan yield by 4 basis points
in the first quarter of 2024. There was no significant reversal of
interest income in the second quarter of 2024.
Cost of funds for the second quarter of 2024 was
2.21%, an increase of 4 basis points from 2.17% in the prior
quarter. The increase was primarily driven by a 9 basis point
increase in the cost of average interest-bearing deposits, an
increase in average interest-bearing deposits, and a decrease in
average noninterest-bearing deposits. Average noninterest-bearing
demand deposits decreased $3.3 million to $658.0 million and
represented 34.1% of total average deposits for the second quarter
of 2024, compared with $661.3 million and 34.3%, respectively, in
the prior quarter; average interest-bearing deposits increased
$10.3 million to $1.27 billion during the second quarter of 2024.
The total cost of deposits in the second quarter of 2024 was 2.12%,
an increase of 7 basis points from 2.05% in the prior quarter. The
cost of total interest-bearing deposits increased due primarily to
repricing deposits in the higher interest rate environment and peer
bank deposit competition.
Average total borrowings decreased $23.2 million
to $45.3 million for the second quarter of 2024, primarily due to a
decrease of $23.2 million in average FHLB borrowings during the
second quarter of 2024. The average cost of total borrowings was
5.84% for the second quarter of 2024, up from 5.75% in the prior
quarter.
Provision for Credit Losses
The Company recorded a provision for credit
losses of $2.9 million in the second quarter of 2024, compared to a
reversal of credit losses of $331 thousand in the prior quarter.
The increase was largely related to a charge-off on a loan for a
property with the same guarantor as the OREO sold in the second
quarter and the downgrade of a construction loan to substandard.
The provision for credit losses in the second quarter of 2024
included a $97 thousand reversal of credit provision for unfunded
loan commitments primarily due to lower unfunded loan commitments.
Total unfunded loan commitments decreased $16.9 million to $371.5
million at June 30, 2024, from $388.4 million at March 31, 2024.
The provision for credit losses for the loans held for investment
in the second quarter of 2024 was $3.0 million, an increase of $3.3
million from a reversal of credit losses for the loans held for
investment of $314 thousand in the prior quarter. The increase was
driven primarily by increases in net charge-offs, and substandard
accruing loans, coupled with changes in the portfolio mix, and a
change in the reasonable and supportable forecast, primarily
related to the economic outlook for California, partially offset by
decreases in special mention loans and loans held for investment.
The Company’s management continues to monitor macroeconomic
variables related to increasing interest rates, inflation and the
concerns of an economic downturn, and believes it has appropriately
provisioned for the current environment.
Noninterest Income
The Company recorded noninterest income of $1.2
million in the second quarter of 2024, a decrease of $244 thousand
compared to $1.4 million in the first quarter of 2024. There was no
gain on SBA 7A loan sales in the second quarter of 2024, compared
to a gain on sale of $415 thousand on $6.3 million in SBA 7A loan
sales in the prior quarter. Noninterest income was also negatively
impacted by a $78 thousand decrease in servicing and related income
on loans, which was primarily related to accelerated amortization
of servicing assets. Other charges and fees increased $223 thousand
in the second quarter of 2024 due primarily to higher income from
equity investments.
Noninterest Expense
Total noninterest expense for the second quarter
of 2024 was $19.0 million, an increase of $4.0 million from total
noninterest expense of $15.0 million in the prior quarter. During
the second quarter of 2024, the Company sold other real estate
owned and recognized a $4.8 million loss. There was no comparable
transaction in the first quarter of 2024.
Salaries and employee benefits decreased $834
thousand during the quarter to $8.8 million. The decrease in
salaries and employee benefits was primarily the result of lower
incentive accruals and payroll taxes, which are generally higher in
the first quarter each year, offset by slightly higher compensation
and stock-based compensation. Merger and related expenses in
connection with the planned merger with California BanCorp and
California Bank of Commerce decreased $58 thousand to $491
thousand.
Efficiency ratio (non-GAAP1) for the second
quarter of 2024 was 85.7%, compared to 68.4% in the prior quarter.
Excluding the loss on sale of OREO, the efficiency ratio
(non-GAAP1) for the second quarter of 2024 would have been 64.1%.
Excluding the merger and related expenses of $491 thousand, the
efficiency ratio (non-GAAP1) for the second quarter of 2024 would
have been 83.5%.
Income Tax
In the second quarter of 2024, the Company’s
income tax expense was $88 thousand, compared with $2.3 million in
the first quarter of 2024. The effective rate was 31.7% for the
second quarter of 2024 and 32.0% for the first quarter of 2024. The
decrease in the effective tax rate for the second quarter of 2024
was primarily attributable to the impact of the vesting and
exercise of equity awards combined with changes in the Company’s
stock price over time, and other deferred tax related
adjustments.
Balance Sheet
Assets
Total assets at June 30, 2024 were $2.29
billion, an increase of $4.0 million or 0.2% from March 31, 2024.
The increase in total assets from the prior quarter was primarily
related to an $18.2 million increase in cash and cash equivalents,
offset by a $13.1 million decrease in other real estate owned
(“OREO”), net, a $1.5 million decrease in total loans, including
loans held for sale, and a $3.3 million decrease in debt securities
available-for-sale.
Loans
Total loans held for investment were $1.88
billion at June 30, 2024, a decrease of $5.7 million, compared to
March 31, 2024, with second quarter 2024 new originations of $43.3
million and net advances of $28.7 million, offset by payoffs of
$76.6 million and the partial charge-off of $1.5 million. Total
loans secured by real estate decreased by $6.7 million, with
construction and land development loans decreasing by $37.0
million, partially offset by commercial real estate and other loans
increasing by $18.3 million, 1-4 family residential loans
increasing by $8.0 million and multifamily loans increasing by $4.1
million. Commercial and industrial loans increased by $3.4 million,
and consumer loans decreased by $2.4 million. The Company had $7.0
million in SBA 7A loans held for sale at June 30, 2024, compared to
$2.8 million at March 31, 2024.
Deposits
Total deposits at June 30, 2024 were $1.94
billion, an increase of $5.3 million from March 31, 2024.
Noninterest-bearing demand deposits at June 30, 2024, were $666.6
million, or 34.4% of total deposits, compared with $652.0 million,
or 33.8% of total deposits at March 31, 2024. At June 30, 2024,
total interest-bearing deposits were $1.27 billion, compared to
$1.28 billion at March 31, 2024. At June 30, 2024, total brokered
time deposits were $103.4 million, compared to $113.7 million at
March 31, 2024. The Company also offers the Insured Cash Sweep
(ICS) product, providing customers with FDIC insurance coverage at
ICS network institutions. At June 30, 2024, ICS deposits were
$239.8 million, or 12.4% of total deposits, compared to $245.3
million, or 12.7% of total deposits at March 31, 2024.
Federal Home Loan Bank (“FHLB”) and
Liquidity
The Company was able to repay a portion of its
higher cost FHLB borrowings with the liquidity primarily derived
from the increase in total deposits during the second quarter of
2024. At June 30, 2024, the Company had overnight FHLB borrowings
of $25.0 million, a $2.0 million decrease from March 31, 2024.
There were no outstanding Federal Reserve Discount Window
borrowings at June 30, 2024 or March 31, 2024.
At June 30, 2024, the Company had available
borrowing capacity from the FHLB secured line of credit of
approximately $377.8 million and available borrowing capacity from
the Federal Reserve Discount Window of approximately $139.5
million. The Company also had available borrowing capacity from
three unsecured credit lines from correspondent banks of
approximately $75.0 million at June 30, 2024, with no outstanding
borrowings. Total available borrowing capacity was $592.3 million
at June 30, 2024. Additionally, the Company had unpledged liquid
securities at fair value of approximately $123.7 million and cash
and cash equivalents of $104.7 million at June 30, 2024.
Asset Quality
Total non-performing assets decreased to $4.7
million, or 0.20% of total assets at June 30, 2024, compared with
$19.3 million, or 0.84% of total assets at March 31, 2024.
The decrease in non-performing assets in the
second quarter of 2024 was primarily attributable to the sale of
$13.1 million of other real estate owned related to the
three-property multifamily OREO in Santa Monica, California, that
was downgraded in the third quarter of 2023, partially charged off
in the fourth quarter of 2023, foreclosed on in the first quarter
of 2024 and sold in the second quarter of 2024. This decrease also
included a partial charge-off of $1.5 million for a substandard
nonaccrual three-year bridge loan collateralized by an 8-unit
multifamily apartment building located in Los Angeles, California.
The property has one 10% owner and guarantor in common with the
three-property multifamily OREO discussed above. Based on the
Company’s internal analysis, which included a review of an updated
appraisal, the estimated net collateral value was $4.7 million,
which was $1.5 million lower than the subject loan’s net carrying
value resulting in a partial charge-off in the second quarter of
2024. A court appointed receiver was put in place at the end of
March 2024 and the Company foreclosed on the collateral property in
July of 2024.
Total non-performing loans decreased to $4.7
million, or 0.25% of total loans held for investment at June 30,
2024, compared with $6.2 million, or 0.33% of total loans at March
31, 2024. The decrease from March 31, 2024, was due primarily to
the aforementioned partial charge-off of $1.5 million for the
substandard nonaccrual three-year bridge multifamily loan in the
second quarter of 2024.
Special mention loans decreased by $11.7 million
during the second quarter of 2024 to $27.9 million at June 30,
2024, due mostly to a $10.4 million decrease in special mention
construction and land development loans, a $3.9 million decrease in
special mention 1-4 family residential loans, partially offset by a
$437 thousand increase in special mention commercial real estate
loans, and $2.2 million increase in special mention commercial and
industrial loans. Substandard loans increased by $11.8 million
during the second quarter of 2024 to $23.1 million at June 30,
2024, due primarily to one construction loan and one 1-4 family
residential loan from one relationship totaling $13.3 million that
were downgraded to substandard accruing during the second quarter
of 2024, partially offset by a partial charge-off of the nonaccrual
multifamily loan of $1.5 million.
The Company had no loans over 90 days past due
that were accruing interest at June 30, 2024 and March 31,
2024.
There were no loan delinquencies (30-89 days
past due, excluding nonaccrual loans) at June 30, 2024 and March
31, 2024.
The allowance for credit losses, which is
comprised of the allowance for loan losses (“ALL”) and reserve for
unfunded loan commitments, totaled $24.6 million at June 30, 2024,
compared to $23.2 million at March 31, 2024. The $1.4 million
increase in the allowance included a $3.0 million provision for
credit losses for the loan portfolio, offset by a $1.5 million
partial loan charge-off discussed above, and a $97 thousand
reversal of credit provision for unfunded loan commitments for the
quarter ended June 30, 2024.
The ALL was $23.8 million, or 1.27% of total
loans held for investment at June 30, 2024, compared with $22.3
million, or 1.18% at March 31, 2024.
Capital
Tangible book value (non-GAAP1) per common share
at June 30, 2024, was $13.71, compared with $13.69 at March 31,
2024. In the second quarter of 2024, tangible book value was
primarily impacted by net income, stock-based compensation expense,
and an increase in net of tax unrealized losses on
available-for-sale debt securities. Other comprehensive losses
related to unrealized losses, net of taxes, on available-for-sale
debt securities increased by $348 thousand to $6.5 million at June
30, 2024, from $6.1 million at March 31, 2024. The increase in the
unrealized losses, net of taxes, on available-for-sale debt
securities was primarily attributable to factors other than credit
related, including increases in market interest rates driven by the
Federal Reserve’s policy to fight inflation, and general volatility
in credit market conditions. Tangible common equity (non-GAAP1) as
a percent of total tangible assets (non-GAAP1) at June 30, 2024,
increased to 11.28% from 11.27% in the prior quarter, and
unrealized losses, net of taxes, on available-for-sale debt
securities as a percent of tangible common equity (non-GAAP1) at
June 30, 2024 increased to 2.6% from 2.4% in the prior quarter.
The Bank’s leverage capital ratio and total
risk-based capital ratio were 12.16% and 14.34%, respectively, at
June 30, 2024. The Bank elected the three-year phase-in period
under the regulatory capital rules, which allow a phase-in of the
Day 1 Current Expected Credit Losses (“CECL”) transition adjustment
to the regulatory capital at 25% per year over a three-year
transition period.
ABOUT SOUTHERN CALIFORNIA BANCORP AND
BANK OF SOUTHERN CALIFORNIA, N.A.
Southern California Bancorp (NASDAQ: BCAL) is a
registered bank holding company headquartered in San Diego,
California. Bank of Southern California, N.A., a national banking
association chartered under the laws of the United States (the
“Bank”) and regulated by the Office of Comptroller of the Currency,
is a wholly owned subsidiary of Southern California Bancorp.
Established in 2001 and headquartered in San Diego, California, the
Bank offers a range of financial products and services to
individuals, professionals, and small- to medium-sized businesses
through its 13 branch offices serving Orange, Los Angeles,
Riverside, San Diego, and Ventura counties, as well as the Inland
Empire. The Bank’s solutions-driven, relationship-based approach to
banking provides accessibility to decision makers and enhances
value through strong partnerships with its clients. Additional
information is available at www.banksocal.com.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
In addition to historical information, this
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or
trends and other matters that are not historical facts. Examples of
forward-looking statements include, among others, statements
regarding expectations, plans or objectives for future operations,
products or services, loan recoveries and the proposed merger (the
“Merger”) of the Company and California BanCorp (“CBC”), as well as
forecasts relating to financial and operating results or other
measures of economic performance. Forward-looking statements
reflect management’s current view about future events and involve
risks and uncertainties that may cause actual results to differ
from those expressed in the forward-looking statement or historical
results. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts and
often include the words or phrases such as “aim,” “can,” “may,”
“could,” “predict,” “should,” “will,” “would,” “believe,”
“anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,”
“potential,” “project,” “will likely result,” “continue,” “seek,”
“shall,” “possible,” “projection,” “optimistic,” and “outlook,” and
variations of these words and similar expressions.
Some factors that could cause actual results to
differ materially from historical or expected results include,
among others: the risk factors discussed in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2023, filed
with the Securities and Exchange Commission (“SEC”); changes in
real estate markets and general economic conditions, either
nationally or locally in the areas in which the Company conducts
business; the impact on financial markets from geopolitical
conflicts; inflation, interest rate, market and monetary
fluctuations; increases in competitive pressures among financial
institutions and businesses offering similar products and services;
higher than anticipated defaults in the Company’s loan portfolio;
changes in management’s estimate of the adequacy of the allowance
for credit losses; legislative or regulatory changes or changes in
accounting principles, policies or guidelines; the impacts of
recent bank failures; the occurrence of any event, change or other
circumstances that could give rise to the right of the Company or
CBC to terminate their agreement with respect to the Merger; the
outcome of any legal proceedings that may be instituted against the
Company or CBC; delays in completing the Merger; the failure to
satisfy any of the conditions to the Merger on a timely basis or at
all; the ability to complete the Merger and integration of the
Company and CBC successfully; costs being greater than anticipated;
cost savings being less than anticipated; the risk that the Merger
disrupts the business of the Company, CBC or both; difficulties in
retaining senior management, employees or customers; and other
factors that may affect the future results of the Company and
CBC.
Additional information regarding these and other
risks and uncertainties to which our business and future financial
performance are subject is contained in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2023, and other
documents the Company files with the SEC from time to time.
Any forward-looking statement made in this
release is based only on information currently available to
management and speaks only as of the date on which it is made. The
Company does not undertake, and specifically disclaims any
obligation, to update any forward-looking statements to reflect
occurrences or unanticipated events or circumstances after the date
of such statements or to conform such forward-looking statements to
actual results or to changes in its opinions or expectations,
except as required by law.
Southern California Bancorp and
SubsidiaryFinancial Highlights (Unaudited)
|
|
At or for theThree Months
Ended |
|
|
At or for theSix Months
Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
($ in thousands except share and per share data) |
|
EARNINGS |
|
|
|
Net interest income |
|
$ |
21,007 |
|
|
$ |
20,494 |
|
|
$ |
23,426 |
|
|
$ |
41,501 |
|
|
$ |
48,318 |
|
Provision for (reversal of) credit losses |
|
$ |
2,893 |
|
|
$ |
(331 |
) |
|
$ |
(15 |
) |
|
$ |
2,562 |
|
|
$ |
187 |
|
Noninterest income |
|
$ |
1,169 |
|
|
$ |
1,413 |
|
|
$ |
1,096 |
|
|
$ |
2,582 |
|
|
$ |
2,666 |
|
Noninterest expense |
|
$ |
19,005 |
|
|
$ |
14,981 |
|
|
$ |
14,607 |
|
|
$ |
33,986 |
|
|
$ |
29,626 |
|
Income tax expense |
|
$ |
88 |
|
|
$ |
2,322 |
|
|
$ |
3,212 |
|
|
$ |
2,410 |
|
|
$ |
6,229 |
|
Net income |
|
$ |
190 |
|
|
$ |
4,935 |
|
|
$ |
6,718 |
|
|
$ |
5,125 |
|
|
$ |
14,942 |
|
Pre-tax pre-provision income (1) |
|
$ |
3,171 |
|
|
$ |
6,926 |
|
|
$ |
9,915 |
|
|
$ |
10,097 |
|
|
$ |
21,358 |
|
Adjusted pre-tax pre-provision income (1) |
|
$ |
3,662 |
|
|
$ |
7,475 |
|
|
$ |
9,915 |
|
|
$ |
11,137 |
|
|
$ |
21,358 |
|
Diluted earnings per share |
|
$ |
0.01 |
|
|
$ |
0.26 |
|
|
$ |
0.36 |
|
|
$ |
0.27 |
|
|
$ |
0.80 |
|
Shares outstanding at period end |
|
|
18,547,352 |
|
|
|
18,527,178 |
|
|
|
18,296,365 |
|
|
|
18,547,352 |
|
|
|
18,296,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.03 |
% |
|
|
0.86 |
% |
|
|
1.18 |
% |
|
|
0.45 |
% |
|
|
1.32 |
% |
Adjusted return on average assets (1) |
|
|
0.11 |
% |
|
|
0.95 |
% |
|
|
1.18 |
% |
|
|
0.53 |
% |
|
|
1.32 |
% |
Return on average common equity |
|
|
0.26 |
% |
|
|
6.85 |
% |
|
|
9.93 |
% |
|
|
3.53 |
% |
|
|
11.29 |
% |
Adjusted return on average common equity (1) |
|
|
0.82 |
% |
|
|
7.61 |
% |
|
|
9.93 |
% |
|
|
4.19 |
% |
|
|
11.29 |
% |
Yield on total loans |
|
|
6.21 |
% |
|
|
6.02 |
% |
|
|
5.91 |
% |
|
|
6.11 |
% |
|
|
5.85 |
% |
Yield on interest earning assets |
|
|
5.97 |
% |
|
|
5.79 |
% |
|
|
5.64 |
% |
|
|
5.88 |
% |
|
|
5.58 |
% |
Cost of deposits |
|
|
2.12 |
% |
|
|
2.05 |
% |
|
|
1.29 |
% |
|
|
2.08 |
% |
|
|
1.05 |
% |
Cost of funds |
|
|
2.21 |
% |
|
|
2.17 |
% |
|
|
1.38 |
% |
|
|
2.19 |
% |
|
|
1.13 |
% |
Net interest margin |
|
|
3.94 |
% |
|
|
3.80 |
% |
|
|
4.36 |
% |
|
|
3.87 |
% |
|
|
4.54 |
% |
Efficiency ratio (1) |
|
|
85.70 |
% |
|
|
68.38 |
% |
|
|
59.57 |
% |
|
|
77.10 |
% |
|
|
58.11 |
% |
Adjusted efficiency ratio (1) |
|
|
83.49 |
% |
|
|
65.88 |
% |
|
|
59.57 |
% |
|
|
74.74 |
% |
|
|
58.11 |
% |
|
|
As of |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
($ in thousands except share and per share data) |
|
CAPITAL |
|
|
|
Tangible equity to tangible assets (1) |
|
|
11.28 |
% |
|
|
11.27 |
% |
|
|
10.73 |
% |
Book value (BV) per common share |
|
$ |
15.81 |
|
|
$ |
15.79 |
|
|
$ |
15.69 |
|
Tangible BV per common share (1) |
|
$ |
13.71 |
|
|
$ |
13.69 |
|
|
$ |
13.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses (ALL) |
|
$ |
23,788 |
|
|
$ |
22,254 |
|
|
$ |
22,569 |
|
Reserve for unfunded loan commitments |
|
$ |
819 |
|
|
$ |
916 |
|
|
$ |
933 |
|
Allowance for credit losses (ACL) |
|
$ |
24,607 |
|
|
$ |
23,170 |
|
|
$ |
23,502 |
|
Allowance for loan losses to nonperforming loans |
|
|
5.07 |
x |
|
|
3.62 |
x |
|
|
1.74 |
x |
ALL to total loans held for investment |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.15 |
% |
ACL to total loans held for investment |
|
|
1.31 |
% |
|
|
1.23 |
% |
|
|
1.20 |
% |
30-89 days past due, excluding nonaccrual loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19 |
|
Over 90 days past due, excluding nonaccrual loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Special mention loans |
|
$ |
27,861 |
|
|
$ |
39,591 |
|
|
$ |
2,996 |
|
Special mention loans to total loans held for investment |
|
|
1.48 |
% |
|
|
2.10 |
% |
|
|
0.15 |
% |
Substandard loans |
|
$ |
23,080 |
|
|
$ |
11,299 |
|
|
$ |
19,502 |
|
Substandard loans to total loans held for investment |
|
|
1.23 |
% |
|
|
0.60 |
% |
|
|
1.00 |
% |
Nonperforming loans |
|
$ |
4,696 |
|
|
$ |
6,153 |
|
|
$ |
13,004 |
|
Nonperforming loans total loans held for investment |
|
|
0.25 |
% |
|
|
0.33 |
% |
|
|
0.66 |
% |
Other real estate owned, net |
|
$ |
— |
|
|
$ |
13,114 |
|
|
$ |
— |
|
Nonperforming assets |
|
$ |
4,696 |
|
|
$ |
19,267 |
|
|
$ |
13,004 |
|
Nonperforming assets to total assets |
|
|
0.20 |
% |
|
|
0.84 |
% |
|
|
0.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
END OF PERIOD
BALANCES |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans, including loans held for sale |
|
$ |
1,884,599 |
|
|
$ |
1,886,085 |
|
|
$ |
1,964,791 |
|
Total assets |
|
$ |
2,293,693 |
|
|
$ |
2,289,715 |
|
|
$ |
2,360,252 |
|
Deposits |
|
$ |
1,935,862 |
|
|
$ |
1,930,544 |
|
|
$ |
1,943,556 |
|
Loans to deposits |
|
|
97.4 |
% |
|
|
97.7 |
% |
|
|
101.1 |
% |
Shareholders’ equity |
|
$ |
293,219 |
|
|
$ |
292,499 |
|
|
$ |
288,152 |
|
(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.
|
|
At or for theThree Months
Ended |
|
|
At or for theSix Months
Ended |
|
ALLOWANCE for CREDIT
LOSSES |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
($ in thousands) |
|
Allowance for loan
losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
beginning of period |
|
$ |
22,254 |
|
|
$ |
22,569 |
|
|
$ |
22,391 |
|
|
$ |
22,569 |
|
|
$ |
17,099 |
|
Adoption of ASU 2016-13
(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,027 |
|
Provision for (reversal of)
credit losses |
|
|
2,990 |
|
|
|
(314 |
) |
|
|
120 |
|
|
|
2,676 |
|
|
|
398 |
|
Charge-offs |
|
|
(1,456 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(1,457 |
) |
|
|
(36 |
) |
Recoveries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14 |
|
Net charge-offs |
|
|
(1,456 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(1,457 |
) |
|
|
(22 |
) |
Balance, end of period |
|
$ |
23,788 |
|
|
$ |
22,254 |
|
|
$ |
22,502 |
|
|
$ |
23,788 |
|
|
$ |
22,502 |
|
Reserve for unfunded
loan commitments (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period |
|
$ |
916 |
|
|
$ |
933 |
|
|
$ |
1,673 |
|
|
$ |
933 |
|
|
$ |
1,310 |
|
Adoption of ASU 2016-13
(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
439 |
|
Reversal of credit losses |
|
|
(97 |
) |
|
|
(17 |
) |
|
|
(135 |
) |
|
|
(114 |
) |
|
|
(211 |
) |
Balance, end of period |
|
|
819 |
|
|
|
916 |
|
|
|
1,538 |
|
|
|
819 |
|
|
|
1,538 |
|
Allowance for credit
losses |
|
$ |
24,607 |
|
|
$ |
23,170 |
|
|
$ |
24,040 |
|
|
$ |
24,607 |
|
|
$ |
24,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALL to total loans held for
investment |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.18 |
% |
|
|
1.27 |
% |
|
|
1.18 |
% |
ACL to total loans held for
investment |
|
|
1.31 |
% |
|
|
1.23 |
% |
|
|
1.26 |
% |
|
|
1.31 |
% |
|
|
1.26 |
% |
Net (charge-offs) recoveries
to average total loans |
|
|
(0.31 |
)% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
(0.15 |
)% |
|
|
0.00 |
% |
(1) |
Represents the impact of adopting ASU 2016-13, Financial
Instruments - Credit Losses on January 1, 2023. As a result of
adopting ASU 2016-13, our methodology to compute our allowance for
credit losses is based on a current expected credit loss
methodology, rather than the previously applied incurred loss
methodology. |
(2) |
Included in “Accrued interest and other liabilities” on the
consolidated balance sheet. |
Southern California Bancorp and
SubsidiaryBalance Sheets (Unaudited)
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
|
|
($ in thousands) |
|
ASSETS |
|
|
|
Cash and due from
banks |
|
$ |
29,153 |
|
|
$ |
53,695 |
|
|
$ |
33,008 |
|
Federal funds sold &
interest-bearing balances |
|
|
75,580 |
|
|
|
32,847 |
|
|
|
53,785 |
|
Total cash and cash equivalents |
|
|
104,733 |
|
|
|
86,542 |
|
|
|
86,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities
available-for-sale, at fair value (amortized cost of $132,862,
$135,673 and $136,366 at June 30, 2024, March 31, 2024 and December
31, 2023) |
|
|
123,653 |
|
|
|
126,957 |
|
|
|
130,035 |
|
Debt securities
held-to-maturity, at cost (fair value of $48,476, $49,525 and
$50,432 at June 30, 2024, March 31, 2024 and December 31,
2023) |
|
|
53,449 |
|
|
|
53,533 |
|
|
|
53,616 |
|
Loans held for sale |
|
|
6,982 |
|
|
|
2,803 |
|
|
|
7,349 |
|
Loans held for
investment: |
|
|
|
|
|
|
|
|
|
|
|
|
Construction & land development |
|
|
205,072 |
|
|
|
242,098 |
|
|
|
243,521 |
|
1-4 family residential |
|
|
157,323 |
|
|
|
149,361 |
|
|
|
143,903 |
|
Multifamily |
|
|
187,960 |
|
|
|
183,846 |
|
|
|
221,247 |
|
Other commercial real estate |
|
|
1,043,662 |
|
|
|
1,025,381 |
|
|
|
1,024,243 |
|
Commercial & industrial |
|
|
283,203 |
|
|
|
279,788 |
|
|
|
320,142 |
|
Other consumer |
|
|
397 |
|
|
|
2,808 |
|
|
|
4,386 |
|
Total loans held for investment |
|
|
1,877,617 |
|
|
|
1,883,282 |
|
|
|
1,957,442 |
|
Allowance for credit losses - loans |
|
|
(23,788 |
) |
|
|
(22,254 |
) |
|
|
(22,569 |
) |
Total loans held for investment, net |
|
|
1,853,829 |
|
|
|
1,861,028 |
|
|
|
1,934,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock at cost |
|
|
16,898 |
|
|
|
16,066 |
|
|
|
16,055 |
|
Premises and equipment |
|
|
12,741 |
|
|
|
12,990 |
|
|
|
13,270 |
|
Right of use asset |
|
|
8,298 |
|
|
|
8,711 |
|
|
|
9,291 |
|
Other real estate owned,
net |
|
|
— |
|
|
|
13,114 |
|
|
|
— |
|
Goodwill |
|
|
37,803 |
|
|
|
37,803 |
|
|
|
37,803 |
|
Core deposit intangible |
|
|
1,065 |
|
|
|
1,130 |
|
|
|
1,195 |
|
Bank owned life insurance |
|
|
39,445 |
|
|
|
39,179 |
|
|
|
38,918 |
|
Deferred taxes, net |
|
|
11,080 |
|
|
|
10,204 |
|
|
|
11,137 |
|
Accrued interest and other
assets |
|
|
23,717 |
|
|
|
19,655 |
|
|
|
19,917 |
|
Total assets |
|
$ |
2,293,693 |
|
|
$ |
2,289,715 |
|
|
$ |
2,360,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
|
$ |
666,606 |
|
|
$ |
651,991 |
|
|
$ |
675,098 |
|
Interest-bearing NOW accounts |
|
|
355,994 |
|
|
|
358,598 |
|
|
|
381,943 |
|
Money market and savings accounts |
|
|
660,808 |
|
|
|
661,835 |
|
|
|
636,685 |
|
Time deposits |
|
|
252,454 |
|
|
|
258,120 |
|
|
|
249,830 |
|
Total deposits |
|
|
1,935,862 |
|
|
|
1,930,544 |
|
|
|
1,943,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings |
|
|
42,913 |
|
|
|
44,889 |
|
|
|
102,865 |
|
Operating lease liability |
|
|
10,931 |
|
|
|
11,440 |
|
|
|
12,117 |
|
Accrued interest and other
liabilities |
|
|
10,768 |
|
|
|
10,343 |
|
|
|
13,562 |
|
Total liabilities |
|
|
2,000,474 |
|
|
|
1,997,216 |
|
|
|
2,072,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock - 50,000,000
shares authorized, no par value; issued and outstanding 18,547,352,
18,527,178 and 18,369,115 at June 30, 2024, March 31, 2024 and
December 31, 2023) |
|
|
224,006 |
|
|
|
223,128 |
|
|
|
222,036 |
|
Retained earnings |
|
|
75,700 |
|
|
|
75,510 |
|
|
|
70,575 |
|
Accumulated other
comprehensive loss - net of taxes |
|
|
(6,487 |
) |
|
|
(6,139 |
) |
|
|
(4,459 |
) |
Total shareholders’ equity |
|
|
293,219 |
|
|
|
292,499 |
|
|
|
288,152 |
|
Total liabilities and shareholders’ equity |
|
$ |
2,293,693 |
|
|
$ |
2,289,715 |
|
|
$ |
2,360,252 |
|
Southern California Bancorp and
SubsidiaryIncome Statements - Quarterly and Year-to-Date
(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
($ in thousands except share and per share data) |
|
INTEREST AND DIVIDEND
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees
on loans |
|
$ |
29,057 |
|
|
$ |
28,584 |
|
|
$ |
27,987 |
|
|
$ |
57,641 |
|
|
$ |
55,006 |
|
Interest on debt
securities |
|
|
1,229 |
|
|
|
1,213 |
|
|
|
833 |
|
|
|
2,442 |
|
|
|
1,564 |
|
Interest on tax-exempted debt
securities |
|
|
306 |
|
|
|
306 |
|
|
|
456 |
|
|
|
612 |
|
|
|
943 |
|
Interest and dividends from
other institutions |
|
|
1,257 |
|
|
|
1,161 |
|
|
|
984 |
|
|
|
2,418 |
|
|
|
1,956 |
|
Total interest and dividend income |
|
|
31,849 |
|
|
|
31,264 |
|
|
|
30,260 |
|
|
|
63,113 |
|
|
|
59,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on NOW, savings, and
money market accounts |
|
|
7,039 |
|
|
|
6,770 |
|
|
|
4,730 |
|
|
|
13,809 |
|
|
|
7,633 |
|
Interest on time deposits |
|
|
3,145 |
|
|
|
3,021 |
|
|
|
1,531 |
|
|
|
6,166 |
|
|
|
2,506 |
|
Interest on borrowings |
|
|
658 |
|
|
|
979 |
|
|
|
573 |
|
|
|
1,637 |
|
|
|
1,012 |
|
Total interest expense |
|
|
10,842 |
|
|
|
10,770 |
|
|
|
6,834 |
|
|
|
21,612 |
|
|
|
11,151 |
|
Net interest income |
|
|
21,007 |
|
|
|
20,494 |
|
|
|
23,426 |
|
|
|
41,501 |
|
|
|
48,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (reversal of )
credit losses (1) |
|
|
2,893 |
|
|
|
(331 |
) |
|
|
(15 |
) |
|
|
2,562 |
|
|
|
187 |
|
Net interest income after provision for (reversal of) credit
losses |
|
|
18,114 |
|
|
|
20,825 |
|
|
|
23,441 |
|
|
|
38,939 |
|
|
|
48,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees on
deposit accounts |
|
|
568 |
|
|
|
525 |
|
|
|
530 |
|
|
|
1,093 |
|
|
|
969 |
|
Gain on sale of loans |
|
|
— |
|
|
|
415 |
|
|
|
77 |
|
|
|
415 |
|
|
|
885 |
|
Bank owned life insurance
income |
|
|
266 |
|
|
|
261 |
|
|
|
232 |
|
|
|
527 |
|
|
|
455 |
|
Servicing and related
(expense) income on loans |
|
|
(5 |
) |
|
|
73 |
|
|
|
87 |
|
|
|
68 |
|
|
|
162 |
|
Loss on sale of debt
securities |
|
|
— |
|
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
Loss on sale of building and
related fixed assets |
|
|
(19 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
Other charges and fees |
|
|
359 |
|
|
|
139 |
|
|
|
136 |
|
|
|
498 |
|
|
|
161 |
|
Total noninterest income |
|
|
1,169 |
|
|
|
1,413 |
|
|
|
1,096 |
|
|
|
2,582 |
|
|
|
2,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits |
|
|
8,776 |
|
|
|
9,610 |
|
|
|
9,674 |
|
|
|
18,386 |
|
|
|
19,915 |
|
Occupancy and equipment
expenses |
|
|
1,445 |
|
|
|
1,452 |
|
|
|
1,527 |
|
|
|
2,897 |
|
|
|
2,974 |
|
Data processing |
|
|
1,186 |
|
|
|
1,150 |
|
|
|
1,176 |
|
|
|
2,336 |
|
|
|
2,232 |
|
Legal, audit and
professional |
|
|
557 |
|
|
|
516 |
|
|
|
667 |
|
|
|
1,073 |
|
|
|
1,452 |
|
Regulatory assessments |
|
|
347 |
|
|
|
387 |
|
|
|
367 |
|
|
|
734 |
|
|
|
819 |
|
Director and shareholder
expenses |
|
|
229 |
|
|
|
203 |
|
|
|
214 |
|
|
|
432 |
|
|
|
427 |
|
Merger and related
expenses |
|
|
491 |
|
|
|
549 |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
Core deposit intangible
amortization |
|
|
65 |
|
|
|
65 |
|
|
|
90 |
|
|
|
130 |
|
|
|
181 |
|
Other real estate owned
expense |
|
|
4,935 |
|
|
|
88 |
|
|
|
— |
|
|
|
5,023 |
|
|
|
— |
|
Other expense |
|
|
974 |
|
|
|
961 |
|
|
|
892 |
|
|
|
1,935 |
|
|
|
1,626 |
|
Total noninterest expense |
|
|
19,005 |
|
|
|
14,981 |
|
|
|
14,607 |
|
|
|
33,986 |
|
|
|
29,626 |
|
Income before income taxes |
|
|
278 |
|
|
|
7,257 |
|
|
|
9,930 |
|
|
|
7,535 |
|
|
|
21,171 |
|
Income tax expense |
|
|
88 |
|
|
|
2,322 |
|
|
|
3,212 |
|
|
|
2,410 |
|
|
|
6,229 |
|
Net income |
|
$ |
190 |
|
|
$ |
4,935 |
|
|
$ |
6,718 |
|
|
$ |
5,125 |
|
|
$ |
14,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share -
basic |
|
$ |
0.01 |
|
|
$ |
0.27 |
|
|
$ |
0.37 |
|
|
$ |
0.28 |
|
|
$ |
0.82 |
|
Net income per share -
diluted |
|
$ |
0.01 |
|
|
$ |
0.26 |
|
|
$ |
0.36 |
|
|
$ |
0.27 |
|
|
$ |
0.80 |
|
Weighted average common
share-diluted |
|
|
18,799,513 |
|
|
|
18,801,716 |
|
|
|
18,596,228 |
|
|
|
18,800,614 |
|
|
|
18,612,944 |
|
Pre-tax, pre-provision income
(2) |
|
$ |
3,171 |
|
|
$ |
6,926 |
|
|
$ |
9,915 |
|
|
$ |
10,097 |
|
|
$ |
21,358 |
|
(1) |
Included reversal of provision for unfunded loan commitments of $97
thousand, $17 thousand and $135 thousand for the three months ended
June 30, 2024, March 31, 2024 and June 30, 2023, respectively, and
$114 thousand and $211 thousand for the six months ended June 30,
2024 and 2023, respectively |
(2) |
Non-GAAP measure. See – GAAP to Non-GAAP reconciliation. |
Southern California Bancorp and
SubsidiaryAverage Balance Sheets and Yield
Analysis(Unaudited)
|
|
Three Months Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
|
Average Balance |
|
|
Income/Expense |
|
|
Yield/Cost |
|
|
Average Balance |
|
|
Income/Expense |
|
|
Yield/Cost |
|
|
Average Balance |
|
|
Income/Expense |
|
|
Yield/Cost |
|
|
|
($ in thousands) |
|
Assets |
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,882,845 |
|
|
$ |
29,057 |
|
|
|
6.21 |
% |
|
$ |
1,909,271 |
|
|
$ |
28,584 |
|
|
|
6.02 |
% |
|
$ |
1,900,033 |
|
|
$ |
27,987 |
|
|
|
5.91 |
% |
Taxable debt securities |
|
|
123,906 |
|
|
|
1,229 |
|
|
|
3.99 |
% |
|
|
126,803 |
|
|
|
1,213 |
|
|
|
3.85 |
% |
|
|
106,208 |
|
|
|
833 |
|
|
|
3.15 |
% |
Tax-exempt debt securities
(1) |
|
|
53,754 |
|
|
|
306 |
|
|
|
2.90 |
% |
|
|
53,842 |
|
|
|
306 |
|
|
|
2.89 |
% |
|
|
70,470 |
|
|
|
456 |
|
|
|
3.29 |
% |
Deposits in other financial
institutions |
|
|
47,417 |
|
|
|
638 |
|
|
|
5.41 |
% |
|
|
54,056 |
|
|
|
716 |
|
|
|
5.33 |
% |
|
|
42,770 |
|
|
|
537 |
|
|
|
5.04 |
% |
Fed funds sold/resale
agreements |
|
|
19,062 |
|
|
|
261 |
|
|
|
5.51 |
% |
|
|
9,771 |
|
|
|
134 |
|
|
|
5.52 |
% |
|
|
17,639 |
|
|
|
228 |
|
|
|
5.18 |
% |
Restricted stock investments
and other bank stock |
|
|
17,091 |
|
|
|
358 |
|
|
|
8.42 |
% |
|
|
16,412 |
|
|
|
311 |
|
|
|
7.62 |
% |
|
|
16,039 |
|
|
|
219 |
|
|
|
5.48 |
% |
Total interest-earning assets |
|
|
2,144,075 |
|
|
|
31,849 |
|
|
|
5.97 |
% |
|
|
2,170,155 |
|
|
|
31,264 |
|
|
|
5.79 |
% |
|
|
2,153,159 |
|
|
|
30,260 |
|
|
|
5.64 |
% |
Total noninterest-earning
assets |
|
|
150,603 |
|
|
|
|
|
|
|
|
|
|
|
139,672 |
|
|
|
|
|
|
|
|
|
|
|
133,716 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,294,678 |
|
|
|
|
|
|
|
|
|
|
$ |
2,309,827 |
|
|
|
|
|
|
|
|
|
|
$ |
2,286,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing NOW
accounts |
|
$ |
361,244 |
|
|
$ |
2,134 |
|
|
|
2.38 |
% |
|
$ |
359,784 |
|
|
$ |
2,045 |
|
|
|
2.29 |
% |
|
$ |
308,863 |
|
|
$ |
1,279 |
|
|
|
1.66 |
% |
Money market and savings
accounts |
|
|
653,244 |
|
|
|
4,905 |
|
|
|
3.02 |
% |
|
|
648,640 |
|
|
|
4,725 |
|
|
|
2.93 |
% |
|
|
662,487 |
|
|
|
3,451 |
|
|
|
2.09 |
% |
Time deposits |
|
|
259,722 |
|
|
|
3,145 |
|
|
|
4.87 |
% |
|
|
255,474 |
|
|
|
3,021 |
|
|
|
4.76 |
% |
|
|
175,161 |
|
|
|
1,531 |
|
|
|
3.51 |
% |
Total interest-bearing deposits |
|
|
1,274,210 |
|
|
|
10,184 |
|
|
|
3.21 |
% |
|
|
1,263,898 |
|
|
|
9,791 |
|
|
|
3.12 |
% |
|
|
1,146,511 |
|
|
|
6,261 |
|
|
|
2.19 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances |
|
|
27,391 |
|
|
|
387 |
|
|
|
5.68 |
% |
|
|
50,593 |
|
|
|
708 |
|
|
|
5.63 |
% |
|
|
22,791 |
|
|
|
302 |
|
|
|
5.31 |
% |
Subordinated debt |
|
|
17,901 |
|
|
|
271 |
|
|
|
6.09 |
% |
|
|
17,878 |
|
|
|
271 |
|
|
|
6.10 |
% |
|
|
17,806 |
|
|
|
271 |
|
|
|
6.10 |
% |
Total borrowings |
|
|
45,292 |
|
|
|
658 |
|
|
|
5.84 |
% |
|
|
68,471 |
|
|
|
979 |
|
|
|
5.75 |
% |
|
|
40,597 |
|
|
|
573 |
|
|
|
5.66 |
% |
Total interest-bearing
liabilities |
|
|
1,319,502 |
|
|
|
10,842 |
|
|
|
3.30 |
% |
|
|
1,332,369 |
|
|
|
10,770 |
|
|
|
3.25 |
% |
|
|
1,187,108 |
|
|
|
6,834 |
|
|
|
2.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
(2) |
|
|
658,001 |
|
|
|
|
|
|
|
|
|
|
|
661,265 |
|
|
|
|
|
|
|
|
|
|
|
805,553 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
23,054 |
|
|
|
|
|
|
|
|
|
|
|
26,430 |
|
|
|
|
|
|
|
|
|
|
|
22,727 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
294,121 |
|
|
|
|
|
|
|
|
|
|
|
289,763 |
|
|
|
|
|
|
|
|
|
|
|
271,487 |
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity |
|
$ |
2,294,678 |
|
|
|
|
|
|
|
|
|
|
$ |
2,309,827 |
|
|
|
|
|
|
|
|
|
|
$ |
2,286,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
2.67 |
% |
|
|
|
|
|
|
|
|
|
|
2.54 |
% |
|
|
|
|
|
|
|
|
|
|
3.33 |
% |
Net interest income
and margin |
|
|
|
|
|
$ |
21,007 |
|
|
|
3.94 |
% |
|
|
|
|
|
$ |
20,494 |
|
|
|
3.80 |
% |
|
|
|
|
|
$ |
23,426 |
|
|
|
4.36 |
% |
Cost of deposits |
|
$ |
1,932,211 |
|
|
$ |
10,184 |
|
|
|
2.12 |
% |
|
$ |
1,925,163 |
|
|
$ |
9,791 |
|
|
|
2.05 |
% |
|
$ |
1,952,064 |
|
|
$ |
6,261 |
|
|
|
1.29 |
% |
Cost of funds |
|
$ |
1,977,503 |
|
|
$ |
10,842 |
|
|
|
2.21 |
% |
|
$ |
1,993,634 |
|
|
$ |
10,770 |
|
|
|
2.17 |
% |
|
$ |
1,992,661 |
|
|
$ |
6,834 |
|
|
|
1.38 |
% |
(1) |
Tax-exempt debt securities yields
are presented on a tax equivalent basis using a 21% tax rate. |
(2) |
Average noninterest-bearing deposits represent 34.05%, 34.35% and
41.27% of average total deposits for the three months ended June
30, 2024, March 31, 2024 and June 30, 2023, respectively. |
Southern California Bancorp and
SubsidiaryAverage Balance Sheets and Yield
Analysis(Unaudited)
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
Average Balance |
|
|
Income/Expense |
|
|
Yield/Cost |
|
|
Average Balance |
|
|
Income/Expense |
|
|
Yield/Cost |
|
|
|
($ in thousands) |
|
Assets |
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
$ |
1,896,058 |
|
|
$ |
57,641 |
|
|
|
6.11 |
% |
|
$ |
1,897,150 |
|
|
$ |
55,006 |
|
|
|
5.85 |
% |
Taxable debt securities |
|
|
125,355 |
|
|
|
2,442 |
|
|
|
3.92 |
% |
|
|
101,641 |
|
|
|
1,564 |
|
|
|
3.10 |
% |
Tax-exempt debt securities
(1) |
|
|
53,798 |
|
|
|
612 |
|
|
|
2.90 |
% |
|
|
72,318 |
|
|
|
943 |
|
|
|
3.33 |
% |
Deposits in other financial
institutions |
|
|
50,737 |
|
|
|
1,354 |
|
|
|
5.37 |
% |
|
|
40,205 |
|
|
|
994 |
|
|
|
4.99 |
% |
Fed funds sold/resale
agreements |
|
|
14,417 |
|
|
|
395 |
|
|
|
5.51 |
% |
|
|
21,451 |
|
|
|
515 |
|
|
|
4.84 |
% |
Restricted stock investments
and other bank stock |
|
|
16,752 |
|
|
|
669 |
|
|
|
8.03 |
% |
|
|
15,474 |
|
|
|
447 |
|
|
|
5.83 |
% |
Total interest-earning assets |
|
|
2,157,117 |
|
|
|
63,113 |
|
|
|
5.88 |
% |
|
|
2,148,239 |
|
|
|
59,469 |
|
|
|
5.58 |
% |
Total noninterest-earning
assets |
|
|
145,135 |
|
|
|
|
|
|
|
|
|
|
|
134,209 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,302,252 |
|
|
|
|
|
|
|
|
|
|
$ |
2,282,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing NOW
accounts |
|
$ |
360,514 |
|
|
$ |
4,179 |
|
|
|
2.33 |
% |
|
$ |
258,106 |
|
|
$ |
1,595 |
|
|
|
1.25 |
% |
Money market and savings
accounts |
|
|
650,942 |
|
|
|
9,630 |
|
|
|
2.98 |
% |
|
|
673,864 |
|
|
|
6,038 |
|
|
|
1.81 |
% |
Time deposits |
|
|
257,598 |
|
|
|
6,166 |
|
|
|
4.81 |
% |
|
|
163,950 |
|
|
|
2,506 |
|
|
|
3.08 |
% |
Total interest-bearing deposits |
|
|
1,269,054 |
|
|
|
19,975 |
|
|
|
3.17 |
% |
|
|
1,095,920 |
|
|
|
10,139 |
|
|
|
1.87 |
% |
Borrowings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances |
|
|
38,992 |
|
|
|
1,095 |
|
|
|
5.65 |
% |
|
|
18,597 |
|
|
|
469 |
|
|
|
5.09 |
% |
Subordinated debt |
|
|
17,890 |
|
|
|
542 |
|
|
|
6.09 |
% |
|
|
17,795 |
|
|
|
543 |
|
|
|
6.15 |
% |
Total borrowings |
|
|
56,882 |
|
|
|
1,637 |
|
|
|
5.79 |
% |
|
|
36,392 |
|
|
|
1,012 |
|
|
|
5.61 |
% |
Total interest-bearing
liabilities |
|
|
1,325,936 |
|
|
|
21,612 |
|
|
|
3.28 |
% |
|
|
1,132,312 |
|
|
|
11,151 |
|
|
|
1.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits
(2) |
|
|
659,633 |
|
|
|
|
|
|
|
|
|
|
|
860,054 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
24,741 |
|
|
|
|
|
|
|
|
|
|
|
23,255 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
291,942 |
|
|
|
|
|
|
|
|
|
|
|
266,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity |
|
$ |
2,302,252 |
|
|
|
|
|
|
|
|
|
|
$ |
2,282,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
|
|
|
2.60 |
% |
|
|
|
|
|
|
|
|
|
|
3.59 |
% |
Net interest income
and margin |
|
|
|
|
|
$ |
41,501 |
|
|
|
3.87 |
% |
|
|
|
|
|
$ |
48,318 |
|
|
|
4.54 |
% |
Cost of deposits |
|
$ |
1,928,687 |
|
|
$ |
19,975 |
|
|
|
2.08 |
% |
|
$ |
1,955,974 |
|
|
$ |
10,139 |
|
|
|
1.05 |
% |
Cost of funds |
|
$ |
1,985,569 |
|
|
$ |
21,612 |
|
|
|
2.19 |
% |
|
$ |
1,992,366 |
|
|
$ |
11,151 |
|
|
|
1.13 |
% |
(1) |
Tax-exempt debt securities yields are presented on a tax equivalent
basis using a 21% tax rate. |
(2) |
Average noninterest-bearing deposits represent 34.20%, and 43.97%
of average total deposits for the six months ended June 30, 2024
and June 30, 2023, respectively. |
Southern California Bancorp and
Subsidiary
GAAP to Non-GAAP Reconciliation (Unaudited)
The following tables present a reconciliation of
non-GAAP financial measures to GAAP measures for: (1) adjusted net
income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4)
pre-tax pre-provision income, (5) adjusted pre-tax pre-provision
income, (6) average tangible common equity, (7) adjusted return on
average assets, (8) adjusted return on average equity, (9) return
on average tangible common equity, (10) adjusted return on average
tangible common equity, (11) tangible common equity, (12) tangible
assets, (13) tangible common equity to tangible asset ratio, and
(14) tangible book value per share. We believe the presentation of
certain non-GAAP financial measures provides useful information to
assess our consolidated financial condition and consolidated
results of operations and to assist investors in evaluating our
financial results relative to our peers. These non-GAAP financial
measures complement our GAAP reporting and are presented below to
provide investors and others with information that we use to manage
the business each period. Because not all companies use identical
calculations, the presentation of these non-GAAP financial measures
may not be comparable to other similarly titled measures used by
other companies. These non-GAAP measures should be taken together
with the corresponding GAAP measures and should not be considered a
substitute of the GAAP measures.
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
($ in thousands) |
|
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
190 |
|
|
$ |
4,935 |
|
|
$ |
6,718 |
|
|
$ |
5,125 |
|
|
$ |
14,942 |
|
Add: After-tax merger and
related expenses (1) |
|
|
412 |
|
|
|
547 |
|
|
|
— |
|
|
|
959 |
|
|
|
— |
|
Adjusted net income
(non-GAAP) |
|
$ |
602 |
|
|
$ |
5,482 |
|
|
$ |
6,718 |
|
|
$ |
6,084 |
|
|
$ |
14,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense |
|
$ |
19,005 |
|
|
$ |
14,981 |
|
|
$ |
14,607 |
|
|
$ |
33,986 |
|
|
$ |
29,626 |
|
Deduct: Merger and related
expenses |
|
|
491 |
|
|
|
549 |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
Adjusted noninterest
expense |
|
|
18,514 |
|
|
|
14,432 |
|
|
|
14,607 |
|
|
|
32,946 |
|
|
|
29,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
21,007 |
|
|
|
20,494 |
|
|
|
23,426 |
|
|
|
41,501 |
|
|
|
48,318 |
|
Noninterest income |
|
|
1,169 |
|
|
|
1,413 |
|
|
|
1,096 |
|
|
|
2,582 |
|
|
|
2,666 |
|
Total net interest income and
noninterest income |
|
$ |
22,176 |
|
|
$ |
21,907 |
|
|
$ |
24,522 |
|
|
$ |
44,083 |
|
|
$ |
50,984 |
|
Efficiency ratio
(non-GAAP) |
|
|
85.7 |
% |
|
|
68.4 |
% |
|
|
59.6 |
% |
|
|
77.1 |
% |
|
|
58.1 |
% |
Adjusted efficiency ratio
(non-GAAP) |
|
|
83.5 |
% |
|
|
65.9 |
% |
|
|
59.6 |
% |
|
|
74.7 |
% |
|
|
58.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
21,007 |
|
|
$ |
20,494 |
|
|
$ |
23,426 |
|
|
$ |
41,501 |
|
|
$ |
48,318 |
|
Noninterest income |
|
|
1,169 |
|
|
|
1,413 |
|
|
|
1,096 |
|
|
|
2,582 |
|
|
|
2,666 |
|
Total net interest income and
noninterest income |
|
|
22,176 |
|
|
|
21,907 |
|
|
|
24,522 |
|
|
|
44,083 |
|
|
|
50,984 |
|
Less: Noninterest expense |
|
|
19,005 |
|
|
|
14,981 |
|
|
|
14,607 |
|
|
|
33,986 |
|
|
|
29,626 |
|
Pre-tax pre-provision income
(non-GAAP) |
|
|
3,171 |
|
|
|
6,926 |
|
|
|
9,915 |
|
|
|
10,097 |
|
|
|
21,358 |
|
Add: Merger and related
expenses |
|
|
491 |
|
|
|
549 |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
Adjusted pre-tax pre-provision
income (non-GAAP) |
|
$ |
3,662 |
|
|
$ |
7,475 |
|
|
$ |
9,915 |
|
|
$ |
11,137 |
|
|
$ |
21,358 |
|
(1) After-tax merger and
related expenses are presented using a 29.56% tax rate. |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
June 30, 2024 |
|
|
June 30, 2023 |
|
|
|
($ in thousands) |
|
Return on Average Assets, Equity, and Tangible
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
190 |
|
|
$ |
4,935 |
|
|
$ |
6,718 |
|
|
$ |
5,125 |
|
|
$ |
14,942 |
|
Adjusted net income
(non-GAAP) |
|
$ |
602 |
|
|
$ |
5,482 |
|
|
$ |
6,718 |
|
|
$ |
6,084 |
|
|
$ |
14,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets |
|
$ |
2,294,678 |
|
|
$ |
2,309,827 |
|
|
$ |
2,286,875 |
|
|
$ |
2,302,252 |
|
|
$ |
2,282,448 |
|
Average shareholders'
equity |
|
|
294,121 |
|
|
|
289,763 |
|
|
|
271,487 |
|
|
|
291,942 |
|
|
|
266,827 |
|
Less: Average intangible
assets |
|
|
38,900 |
|
|
|
38,964 |
|
|
|
39,250 |
|
|
|
38,932 |
|
|
|
39,294 |
|
Average tangible common equity
(non-GAAP) |
|
$ |
255,221 |
|
|
$ |
250,799 |
|
|
$ |
232,237 |
|
|
$ |
253,010 |
|
|
$ |
227,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.03 |
% |
|
|
0.86 |
% |
|
|
1.18 |
% |
|
|
0.45 |
% |
|
|
1.32 |
% |
Adjusted return on average
assets (non-GAAP) |
|
|
0.11 |
% |
|
|
0.95 |
% |
|
|
1.18 |
% |
|
|
0.53 |
% |
|
|
1.32 |
% |
Return on average equity |
|
|
0.26 |
% |
|
|
6.85 |
% |
|
|
9.93 |
% |
|
|
3.53 |
% |
|
|
11.29 |
% |
Adjusted return on average
equity (non-GAAP) |
|
|
0.82 |
% |
|
|
7.61 |
% |
|
|
9.93 |
% |
|
|
4.19 |
% |
|
|
11.29 |
% |
Return on average tangible
common equity (non-GAAP) |
|
|
0.30 |
% |
|
|
7.91 |
% |
|
|
11.60 |
% |
|
|
4.07 |
% |
|
|
13.24 |
% |
Adjusted return on average
tangible common equity (non-GAAP) |
|
|
0.95 |
% |
|
|
8.79 |
% |
|
|
11.60 |
% |
|
|
4.84 |
% |
|
|
13.24 |
% |
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
|
($ in thousands except share and per share data) |
|
Tangible Common Equity Ratio/Tangible Book Value Per
Share |
|
|
|
|
|
|
|
|
Shareholders’
equity |
|
$ |
293,219 |
|
|
$ |
288,152 |
|
Less: Intangible assets |
|
|
38,868 |
|
|
|
38,998 |
|
Tangible common equity
(non-GAAP) |
|
$ |
254,351 |
|
|
$ |
249,154 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,293,693 |
|
|
$ |
2,360,252 |
|
Less: Intangible assets |
|
|
38,868 |
|
|
|
38,998 |
|
Tangible assets
(non-GAAP) |
|
$ |
2,254,825 |
|
|
$ |
2,321,254 |
|
|
|
|
|
|
|
|
|
|
Equity to asset ratio |
|
|
12.78 |
% |
|
|
12.21 |
% |
Tangible common equity to
tangible asset ratio (non-GAAP) |
|
|
11.28 |
% |
|
|
10.73 |
% |
Book value per share |
|
$ |
15.81 |
|
|
$ |
15.69 |
|
Tangible book value per share
(non-GAAP) |
|
$ |
13.71 |
|
|
$ |
13.56 |
|
Shares outstanding |
|
|
18,547,352 |
|
|
|
18,369,115 |
|
INVESTOR RELATIONS CONTACT
Kevin Mc CabeBank of Southern
Californiakmccabe@banksocal.com818.637.7065
Southern California Banc... (NASDAQ:BCAL)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Southern California Banc... (NASDAQ:BCAL)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024