Southern California Bancorp Reports Financial Results for the First Quarter of 2021 | Financial Buzz

Southern California Bancorp Reports Financial Results for the First Quarter of 2021

Southern 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 first quarter of 2021.

The comparability of financial information for the first quarter of 2021 to the first quarter of 2020 is affected by the Company’s acquisition of CalWest Bancorp (“CalWest”), effective May 29, 2020. Therefore, operating results for the first quarter of 2021 include the combined operations of both entities.

First Quarter 2021 Highlights

  • Total loans increased to $1.4 billion, up $182.5 million or 14.8% from the previous quarter
  • Total Paycheck Protection Program (PPP) originations of $229 million, with $118 million in forgiveness processed in the first quarter
  • Total non-PPP loans increased to $903.6 million, up $76.2 million, or 9.2% from the previous quarter
  • Net interest margin of 3.38%, excluding PPP loans the net interest margin was 3.64%
  • Total assets increased to $1.7 billion, up $94 million or 6.0% from December 31, 2020
  • Total deposits increased to $1.5 billion, up $258.6 million or 21.6% from the previous quarter
  • Noninterest bearing demand deposits were 48.4% of total deposits
  • Nonperforming assets to total assets of 0.05% at March 31, 2021
  • Announced acquisition of Bank of Santa Clarita, which expands footprint into northern Los Angeles County and creates pro forma commercial bank with approximately $2.0 billion in assets
  • Announced sale of three branches to align the Bank’s branch footprint to support its commercial banking strategy
  • Continued status as well-capitalized, the highest regulatory capital category

“The first quarter of 2021 was a very strong quarter for the Bank’s loan originations, which included $76 million in net organic non-PPP loans and $229 million in PPP fundings,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “Our non-PPP loan portfolio increased to $904 million, with the $76 million in loan growth fairly evenly divided between commercial and industrial loans, and commercial real estate loans. Our PPP loan portfolio increased to $513 million, up $106 million or 26% from the fourth quarter, as we processed $118 million in PPP loan forgiveness during the first quarter. Deposit growth was very strong, with total deposits increasing $259 million or 21.6%, including a $169 million increase in noninterest-bearing deposits, which were 48.4% of all deposits at the end of the first quarter. Credit quality remains very good with nonperforming assets to total assets of just 0.05% in the first quarter, down from 0.06% in the fourth quarter.”

“We made great strides in the first quarter toward the implementation of our commercial banking strategy,” said David Rainer, Executive Chairman of Southern California Bancorp and Bank of Southern California. “With the recently announced acquisition of Bank of Santa Clarita, we will be expanding our footprint into northern Los Angeles County with its attractive banking opportunities and partnered with a bank that has an established track record in the area and a customer service focus very similar to ours. This acquisition, combined with the sale of three branches that were not in alignment with our commercial banking strategy, moves us closer to the ideal branch network for our commercial platform, with a footprint that runs along the California coast from San Diego to Ventura County. Adding to that footprint, we opened branches in West Los Angeles and Encino during the first quarter and expect to open a branch in Westlake Village by July. We continue to add seasoned bankers and support staff to accommodate our expansion and the reception from the small to middle market businesses we target has been very positive.”

First Quarter Operating Results

Net Income

Net income for the first quarter of 2021 was $1.4 million or $0.10 per fully diluted share, compared with net income of $1.9 million or $0.20 per fully diluted share for the first quarter of 2020. The decrease in net income from the year-ago quarter was largely due to a $5.5 million increase in total expenses, primarily related to the acquisition of CalWest and the Company’s recent strategic expansion into Los Angeles County, partially offset by a $4.7 million increase in net interest income.

Net income for the first quarter of 2021 was $1.4 million or $0.10 per fully diluted share, compared with a net loss of $2.0 million or $(0.21) per fully diluted share in the fourth quarter of 2020. The increase in net income in the first quarter of 2021 was largely due to lower nonrecurring costs than recorded in the fourth quarter of 2020.

Net Interest Income and Net Interest Margin

Net interest income for the first quarter of 2021 was $12.6 million, an increase of $4.7 million or 58% from the first quarter of 2020. The increase was primarily due to an increase in average earning assets from the acquisition of CalWest, PPP originations and the Company’s expansion into Los Angeles County.

Net interest margin for the first quarter of 2021 was 3.38%, compared with 3.98% in the same quarter of the prior year. The decline in the net interest margin of the first quarter of 2021 was largely due to the decrease on loan yields and yield on average earning assets, to 4.08% and 3.63%, respectively, from 5.32% and 4.76%, respectively, in the prior year. The decline in loan yields was largely due to the 150 basis points reduction in interest rates in March 2020. Excluding PPP loans, the net interest margin would have been 3.64% in the first quarter of 2021 and 3.74% in the fourth quarter of 2020.

Net interest income for the first quarter of 2021 was $12.6 million, compared with $13.1 million for the fourth quarter of 2020. The decrease was primarily due to a lower effective yield on PPP loans and lower fair value fee accretion on loans acquired in the 2020 CalWest acquisition. Interest expense in the first quarter of 2021 was $962,000, a decrease of $413,000 or 30% from interest expense of $1.4 million in the fourth quarter of 2020. The decrease was primarily related to a reduction in average borrowings associated with a reduction in borrowings from the Federal Home Loan Bank (FHLB) and paying off the Federal Reserve Bank’s PPP Liquidity Facility (PPP LF).

Net interest margin for the first quarter of 2021 was 3.38%, compared to 3.47% in the fourth quarter of 2020. The decrease in net interest margin in the first quarter of 2021 was largely due to a reduction in the yield on average earning assets to 3.63%, from 3.83% in the prior quarter.

Average loan yields in the first quarter of 2021, excluding PPP loans, were 4.74%, a decrease of 38 basis points from 5.12% in the prior quarter, with the decrease primarily related to the higher fair value accretion on loans acquired in the CalWest acquisition in the fourth quarter of 2020. Average PPP loan yields decreased to 2.90% in the first quarter, compared to 3.09% in the prior quarter, partially due to the longer contractual maturity on PPP loans made in 2021.

Cost of funding for the first quarter of 2021 was 0.28%, down from 0.38% in the previous quarter. A detailed comparison of interest income, yields, costs, and net interest income is included in the table below:

Q1 2021

Q4 2020

Interest Income on:

Total Loans

13,314,474

4.08

%

$14,255,623

4.36

%

Loans excl PPP

9,954,156

4.74

%

 

10,482,994

5.12

%

PPP Loans

3,360,318

2.90

%

 

3,772,628

3.09

%

Investments

252,345

3.02

%

 

222,737

2.61

%

Fed Funds & Int Earning

34,605

0.09

%

 

41,094

0.09

%

Total Interest Income

13,601,424

3.63

%

 

14,519,454

3.83

%

 

 

 

 

Int Exp on Deposits

582,931

0.18

%

 

726,717

0.25

%

Int Exp on Borrowings

379,181

1.54

%

 

648,616

0.94

%

Total Interest Expense

962,112

0.28

%

 

1,375,333

0.38

%

 

 

 

 

Net Interest Income

12,639,312

3.38

%

 

13,144,121

3.47

%

Non-interest Income

Total non-interest income for the first quarter of 2021 was $548,000, compared to $747,000 in the first quarter of the prior year. The decrease in the first quarter of 2021 was largely related to a gain on sale of securities of $322,000 in the first quarter of 2020, for which there was no corresponding transaction in the first quarter of 2021.

Total non-interest income in the first quarter of 2021 increased by $111,000 or 25.5% over the fourth quarter of 2020, primarily due to a loss on fixed asset disposal of $93,000 recorded in the prior quarter.

Balance Sheet

Assets

Total assets at March 31, 2021, were $1.7 billion, an increase of $821 million or 96% from March 31, 2020, and $94 million or 6% from December 31, 2020. The increase in total assets from the year-ago period was primarily related to a $764 million increase in deposits and a $49 million increase in shareholder equity from the December 2020 capital raise.

Loans

Total loans were $1.4 billion at March 31, 2021, an increase of $182.5 million or 14.8% from December 31, 2020, and $733 million or 107% from March 31, 2020.

The Company’s non-PPP loan portfolio had net organic growth of $76.2 million, or 9.2%, related to new and existing relationships, and ended the quarter at $903.6 million.

Included in loan growth in the first quarter was a $39.7 million increase in commercial and industrial loans, a $37.2 million increase in real estate loans, and a $106 million increase in PPP loans.

Deposits

Total deposits at March 31, 2021, were $1.5 billion, an increase of $258.6 million from the end of the prior quarter and an increase of $764.4 million from the year-ago period. Noninterest-bearing deposits at March 31, 2021, were $703.1 million or 48.4% of total deposits, compared to $534.0 million or 45.0% of total deposits at December 31, 2020, and $230.5 million or 33.4% of total deposits at March 31, 2020.

Asset Quality

Total non-performing assets were $0.8 million or 0.05% of total assets at March 31, 2021, compared with $0.9 million or 0.06% of total assets at December 31, 2020.

The Company had $15,000 in net recoveries in the first quarter of 2021, compared with $11,000 in net recoveries in the first quarter of 2020 and $41,000 in net charge-offs in the fourth quarter of 2020.

The Company recorded no loan loss provision in the first quarter of 2021, after recording $4.6 million in provisions for the full year of 2020, and the allowance for loan and lease losses (ALLL) remained at $10.3 million at the end of the first quarter of 2021. The Company continues to monitor macroeconomic variables related to COVID-19 and believes it is adequately provisioned for the current environment. Management will continue to monitor and manage the loan portfolio to minimize potential future losses.

As the initial onset of economic uncertainty became clearer, many customers who elected a payment deferral have been returned to paying status; a total of $165 million in loans have reinstated their normal loan payments. Of the remaining eight loans currently on deferral, the following table details the exposure by industry:

Industry

Outstanding Loan Amounts

($ in 000)

Number of Loans

Hotels & Food

$1,677

1

Real Estate, Rental & Leasing

17,839

4

Health Care

1,192

2

Other

325

1

Total

$21,033

8

Relevant reserve ratios compared to the prior quarter are as follows:

Q1 2021

Q4 2020

Q1 2020

ALLL to Total Loans

0.73%

0.83%

0.83%

ALLL and Loan Fair Value Credit Marks (LFVCM) to Total Loans

1.00%

1.18%

1.07%

ALLL and LFVCM to Total Loans, excluding PPP Loans

1.57%

1.76%

1.07%

Liquidity and Capital

The Bank has ample liquidity resources to meet its customers’ needs, with the 21.6% growth in total deposits in the first quarter, as well as through both the FHLB and the PPP LF. At March 31, 2021, combined borrowing capacity available at both the FHLB and through PPP LF was over $760 million, with outstanding borrowings under these facilities of $10 million.

The significant growth in PPP loans over the past 12 months has been funded through a combination of increased DDA accounts, generally associated directly with the PPP Loans, borrowings under PPP LF, and other sources. At March 31, 2021, the Bank’s PPP loan portfolio was entirely funded by Bank deposits.

PPP loans are considered zero risk-weighted assets and PPP LF advances are not counted in the leverage ratio. As such, preferential capital treatment of PPP LF advances, as well as the private placement completed in December, have helped maintain the Bank’s leverage capital ratio and total risk-based capital ratio at 10.9% and 18.6%, respectively, for the quarter ended March 31, 2021.

ABOUT BANK OF SOUTHERN CALIFORNIA AND SOUTHERN CALIFORNIA BANCORP

A growing commercial bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, offers a range of financial products to individuals, professionals, and small-to-medium sized businesses. The Bank’s solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates branches in San Diego County, Los Angeles County, Orange County, San Bernardino County and Riverside County.

Southern California Bancorp is a registered bank holding company formed for the purpose of acquiring control of the Bank. The Bank became a wholly owned subsidiary of the Company in a reorganization transaction that closed on May 15, 2020.

For more information, please visit banksocal.com or call (844) BNK-SOCAL.

FORWARD-LOOKING STATEMENTS

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Southern California Bancorp (the “Company”) intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the effects of the COVID-19 pandemic, or other similar outbreaks, including the effects of the steps being taken to address the pandemic and their impact on the Company’s markets, customers and employees; the ability of the Company to successfully integrate the business of Bank of Santa Clarita or if the integration becomes more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger with Bank of Santa Clarita may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and shareholder approvals; the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally, in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Southern California Bancorp

 

 

 

 

Balance Sheets

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

ASSETS

 

 

 

 

 

Cash and due from banks

$17,641,725

$11,950,639

$16,008,641

$20,893,528

$12,269,691

Fed funds & int-bearing balances

140,615,764

238,866,116

105,543,557

83,029,504

87,730,465

Total cash and cash equivalents

158,257,489

250,816,755

121,552,198

103,923,032

100,000,156

 

 

 

 

 

 

Debt securities (AFS)

24,248,794

24,702,467

24,767,969

26,855,698

19,834,420

FRB, FHLB and other equity stock

10,143,550

8,872,900

8,872,900

8,899,450

6,593,600

 

 

 

 

 

 

Construction & land development

30,459,337

31,375,236

43,101,171

35,241,241

23,213,929

1-4 Family Residential

106,082,307

103,367,391

107,724,352

105,297,275

82,443,776

Multifamily

108,601,017

111,815,776

113,159,342

125,895,257

122,564,197

Other commercial real estate

443,612,515

404,856,966

403,795,137

403,110,978

315,264,381

Commercial & industrial

723,443,758

577,608,374

689,687,091

675,270,756

134,525,771

Other consumer

4,181,084

4,857,563

6,010,280

5,935,683

5,182,707

Total loans

1,416,380,018

1,233,881,306

1,363,477,373

1,350,751,190

683,194,761

Allowance for loan losses

(10,270,115)

(10,255,005)

(10,295,855)

(8,300,176)

(5,674,212)

Total loans and leases, net

1,406,109,903

1,223,626,301

1,353,181,518

1,342,451,014

677,520,549

 

 

 

 

 

 

Premises, equipment, and ROU, net

17,758,109

15,051,487

13,257,434

13,125,130

8,981,735

Other real estate owned

0

0

0

0

0

Goodwill and core deposit intangible

21,510,561

21,599,001

21,479,639

22,297,992

18,339,391

Bank owned life insurance

18,093,069

17,990,765

17,883,455

17,774,774

11,180,222

Accrued interest and other assets

17,047,915

16,388,640

14,291,215

10,629,800

9,601,820

 

 

 

 

 

 

Total Assets

$1,673,169,390

$1,579,048,316

$1,575,286,328

$1,545,956,890

$852,051,893

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

$703,061,127

$533,923,009

$503,929,563

$524,041,064

$230,494,656

Interest bearing checking

119,366,773

83,566,875

96,527,122

89,429,765

61,903,709

Money market and savings

520,487,029

458,529,872

410,847,164

394,126,519

241,362,463

Time deposits

110,458,582

118,719,534

126,736,990

148,854,654

155,185,228

Total deposits

1,453,373,511

1,194,739,290

1,138,040,839

1,156,452,002

688,946,056

 

 

 

 

 

 

Other borrowings

30,314,482

199,648,070

297,357,238

251,086,895

34,649,168

Accrued interest and other liabilities

18,415,653

15,775,916

11,967,887

12,997,372

6,079,701

Total liabilities

1,502,103,646

1,410,163,276

1,447,365,964

1,420,536,269

729,674,925

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

Common stock and APIC

147,690,044

146,895,943

103,932,450

103,595,385

103,444,194

Retained earnings

23,125,833

21,693,933

23,691,383

21,456,064

18,882,781

Accum. other comprehensive income

249,867

295,164

296,531

369,172

49,993

Total shareholders’ equity

171,065,744

168,885,040

127,920,364

125,420,621

122,376,968

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

$1,673,169,390

$1,579,048,316

$1,575,286,328

$1,545,956,890

$852,051,893

Southern California Bancorp

Income Statements – Quarterly

(Unaudited)

Mar 31, 2021

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

INTEREST INCOME

Loans, including fees

$13,314,474

$14,255,623

$14,772,183

$12,480,097

$8,968,879

Debt securities and equity stock

252,345

222,737

226,211

195,036

215,478

Fed funds & int-bearing balances

34,605

41,094

26,303

57,300

354,027

Total interest income

13,601,424

14,519,454

15,024,697

12,732,433

9,538,384

 

INTEREST EXPENSE

Deposits

582,931

726,717

930,474

869,786

1,353,156

Other borrowings

379,181

648,616

693,487

447,830

200,055

Total interest expense

962,112

1,375,333

1,623,961

1,317,616

1,553,211

 

Net interest income

12,639,312

13,144,121

13,400,736

11,414,817

7,985,173

 

Provision for loan losses

0

0

2,000,000

2,252,000

300,000

 

Net interest income after provision

12,639,312

13,144,121

11,400,736

9,162,817

7,685,173

 

NONINTEREST INCOME

Service charges, fees and other income

448,919

421,803

364,797

309,359

358,953

Income on bank owned life insurance

102,304

107,310

108,682

78,125

66,663

OREO, investment, other gains (losses)

(3,522)

(92,856)

250,009

2,149

321,714

Total noninterest income

547,701

436,257

723,488

389,633

747,330

 

NONINTEREST EXPENSE

Salaries and benefits

7,377,063

11,120,598

4,151,278

3,171,772

3,246,963

Occupancy and equipment

1,115,406

1,048,852

1,071,270

854,976

809,848

Strategic and other non-operating expense

664,957

2,369,649

1,610,824

356,742

280,838

Other expense

2,019,687

1,894,352

2,135,533

1,441,300

1,356,518

Total noninterest expense

11,177,113

16,433,451

8,968,905

5,824,790

5,694,167

 

Income before income tax expense

2,009,900

(2,853,073)

3,155,319

3,727,660

2,738,336

 

Income tax expense (benefit)

578,000

(855,623)

920,000

1,154,377

827,000

 

Net Income (Loss)

$1,431,900

($1,997,450)

$2,235,319

$2,573,283

$1,911,336

 

Diluted earnings (loss) per share

$0.10

($0.21)

$0.23

$0.27

$0.20

Average shares outstanding

13,272,693

9,661,860

9,429,538

9,422,608

9,408,940

Operating profit (before non-operating items) 1

$2,678,379

($390,568)

$6,516,134

$6,334,253

$2,997,460

 

1 Operating profit = Pre-tax, pre-provision earnings, before non interest income gains (losses) and non-operating expense.

Southern California Bancorp

Quarterly and YTD Financial Highlights

(Unaudited)

Quarterly

 

1st Qtr Prior Years

2021

2020

2020

2020

2020

 

2019

2018

($$ in thousands except per share data)

1st Qtr

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

 

1st Qtr

1st Qtr

EARNINGS

 

 

Net interest income

$

12,639

13,144

13,401

11,415

7,985

 

7,698

4,851

Provision for loan losses

$

0

0

2,000

2,252

300

 

300

300

Noninterest income

$

548

436

723

390

747

 

420

1,098

Noninterest expense

$

11,177

16,433

8,969

5,825

5,694

 

5,198

4,053

Income tax expense

$

578

(856)

920

1,154

827

 

771

524

Net income (loss)

$

1,432

(1,997)

2,235

2,573

1,911

 

1,849

1,072

 

 

Basic earnings (loss) per share

$

0.11

(0.21)

0.24

0.27

0.20

 

0.22

0.20

Diluted earnings (loss) per share

$

0.10

(0.21)

0.23

0.27

0.20

 

0.22

0.19

Average shares outstanding

13,272,693

9,661,860

9,429,538

9,422,608

9,408,940

 

8,409,272

5,281,297

Ending shares outstanding

13,278,005

13,267,380

9,455,065

9,424,565

9,412,690

 

8,410,522

6,953,720

 

 

PERFORMANCE RATIOS

 

 

Return on average assets

0.36%

-0.50%

0.57%

0.80%

0.90%

 

0.99%

0.90%

Return on average common equity

3.41%

-6.06%

7.00%

8.33%

6.30%

 

7.30%

8.53%

Yield on loans

4.08%

4.36%

4.31%

4.55%

5.32%

 

5.66%

5.13%

Yield on earning assets

3.63%

3.83%

4.03%

4.17%

4.76%

 

5.36%

4.78%

Cost of deposits

0.18%

0.25%

0.32%

0.35%

0.78%

 

0.96%

0.53%

Cost of funding

0.28%

0.38%

0.45%

0.46%

0.86%

 

1.02%

0.54%

Net interest margin

3.38%

3.47%

3.60%

3.74%

3.98%

 

4.41%

4.27%

Efficiency ratio

84.8%

121.0%

63.5%

49.3%

65.2%

 

64.0%

68.1%

 

 

CAPITAL

 

 

Tangible equity to tangible assets

9.05%

9.46%

6.85%

6.77%

12.48%

 

11.29%

14.14%

Book value (BV) per common share

$

12.88

12.73

13.53

13.31

13.00

 

12.30

10.79

Tangible BV per common share

$

11.26

11.10

11.26

10.94

11.05

 

10.07

10.59

 

 

ASSET QUALITY

 

 

Net loan charge-offs (recoveries)

$

(15)

41

4

(374)

(11)

 

(7)

(9)

Allowance for loan losses (ALLL)

$

10,270

10,255

10,296

8,300

5,674

 

4,679

3,385

ALLL to total loans

0.73%

0.83%

0.76%

0.61%

0.83%

 

0.74%

0.83%

Loan fair value credit marks (LFVCM)

$

3,872

4,333

5,205

5,076

1,649

 

2,479

759

ALLL and LFVCM to total loans

1.00%

1.18%

1.14%

0.99%

1.07%

 

1.14%

1.01%

ALLL & LFVCM to total loans (excl PPP)

1.57%

1.76%

1.88%

1.62%

1.07%

 

1.14%

1.01%

Nonperforming loans

$

808

896

1,125

1,734

1,433

 

3,298

1,272

Other real estate owned

$

0

0

0

0

0

 

0

0

Nonperforming assets to total assets

0.05%

0.06%

0.07%

0.11%

0.17%

 

0.43%

0.24%

 

 

END OF PERIOD BALANCES

 

 

Total loans

$

1,416,380

1,233,881

1,363,477

1,350,751

683,195

 

628,538

409,196

Total assets

$

1,673,169

1,579,048

1,575,286

1,545,957

852,052

 

768,823

522,118

Deposits

$

1,453,374

1,194,739

1,138,041

1,156,452

688,946

 

635,676

444,300

Loans to deposits

97.5%

103.3%

119.8%

116.8%

99.2%

 

98.9%

92.1%

Shareholders’ equity

$

171,066

168,885

127,920

125,421

122,377

 

103,481

75,016

Full-time equivalent employees

169

147

118

122

92

 

96

73

 

 

AVERAGE BALANCES (QTRLY) | | (YTD)

 

 

Total loans

$

1,321,964

1,297,794

1,358,291

1,100,180

676,825

 

629,799

403,693

Earning assets

$

1,518,715

1,503,836

1,477,910

1,225,376

803,804

 

707,920

460,636

Total assets (net of AFS valuation)

$

1,600,686

1,578,118

1,556,364

1,296,741

855,397

 

755,842

484,628

Deposits

$

1,313,485

1,162,979

1,142,686

983,294

696,341

 

628,950

425,641

Shareholders’ equity

$

170,362

130,818

126,670

123,899

121,773

 

102,707

50,983

 

Contacts

INVESTOR RELATIONS CONTACT

Kevin Mc Cabe

(818) 637-7065

kmccabe@banksocal.com

Bank of Southern California