Southern California Bancorp Reports Financial Results for the Fourth Quarter and Full Year 2020

SAN DIEGO--()--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 fourth quarter and full year of 2020.

The comparability of financial information for the fourth quarter and full year of 2020 to 2019 is affected by the Company’s acquisition of CalWest Bancorp (“CalWest”), effective May 29, 2020. Operating results for fourth quarter and full year 2020 include the combined operations of both entities from May 29, 2020.

Full Year and Fourth Quarter 2020 Highlights

  • Reorganization of Bank of Southern California into the Company
  • Acquisition of CalWest Bancorp (CalWest)
  • Origination of $558 million in Paycheck Protection Program (PPP) loans
  • Record annual revenue of $48.2 million
  • Total assets increased $749 million from 2019 to $1.6 billion
  • Total loans increased $557 million from 2019 to $1.2 billion
  • Total deposits increased $523 million from 2019 to $1.2 billion
  • Noninterest bearing demand deposits were 45% of total deposits at year-end 2020
  • Nonperforming assets to total assets of 0.06% at December 31, 2020
  • Consolidation of three branches for increased efficiency
  • Completed private placement of common stock totaling $42 million
  • Completed private placement of subordinated debt of $18 million
  • Expanded Executive Management team and Board of Directors
  • Continued status as well-capitalized, the highest regulatory category

“2020 was a transformational year for the Bank of Southern California, as we executed on a number of initiatives that positioned us for continued growth in 2021 and beyond,” said Nathan Rogge, President and Chief Executive Officer of Bank of Southern California. “The reorganization of the Bank under a holding company in May allowed us to acquire CalWest, which expanded our footprint into Orange County and added $312 million in assets to our balance sheet. In response to the COVID-19 pandemic, in 2020 we provided more than $558 million in Paycheck Protection Program (PPP) loans to local small businesses to keep their doors open and employees paid, and we continue to offer both first-time and Second Draw PPP loans in 2021. The acquisition of CalWest and participation in PPP grew our total loans in 2020 by $557 million to $1.2 billion at the end of the fourth quarter, with a correspondent increase in total deposits of $523 million to $1.2 billion.

“In November 2020, we welcomed the appointment of David Rainer as Executive Chairman of Southern California Bancorp and Bank of Southern California, and launched an expansion into Los Angeles County, hiring seasoned banking executives with deep roots in their local communities to support our goal of being the premier relationship-based bank for small and medium-sized businesses in Southern California. We continue to evaluate our options to increase efficiency and refine the Bank’s profile to that of a commercial banking model,” concluded Rogge.

“Nathan and his team made extraordinary strides in transforming the Company last year and building a foundation for future growth,” said David Rainer, Executive Chairman of Southern California Bancorp and Bank of Southern California. “We continue that transformation in 2021 with the addition of experienced bankers to expand our footprint and provide commercial banking services in Los Angeles and Orange counties and adjacent communities, as well as build the internal infrastructure needed to support and enable that growth. Our recently completed private placement provided an additional $42 million in equity capital to support those plans and we have also initiated a strategic business review to ensure we are delivering our products and services in the most professional manner, while providing our customers with the outstanding service they have come to expect from the Bank of Southern California.”

Full Year and Fourth Quarter Operating Results

Net Income

Net income for 2020 was $4.7 million or $0.48 per fully diluted share, compared with net income of $6.8 million or $0.78 per fully diluted share for 2019. The decrease in net income in 2020 was due to a $12.8 million increase in nonrecurring expenses. These expenses included a $4.6 million provision for loan and lease losses for the full year 2020, a $3.6 million increase over the prior year, which management believed was prudent given the current economic environment. The Company also recorded an increase of $4.0 million in strategic and other nonrecurring expenses, and $5.2 million in one-time salary and benefit expenses related to signing and retention bonuses. The increase in strategic and other nonrecurring expenses included merger and conversion expenses related to the acquisition of CalWest, the consolidation of three branch offices to increase future operating efficiency, and a one-time prepayment penalty of $2.4 million related to the early pay off of Federal Home Loan Bank (FHLB) advances.

Net loss for the fourth quarter of 2020 was $2.0 million or $(0.20) per fully diluted share, compared with net income of $1.6 million or $0.19 per diluted share in the fourth quarter of 2019 and net income of $2.2 million or $0.23 per fully diluted share in the third quarter of 2020. The loss in the fourth quarter of 2020 was related to various nonrecurring charges, as noted above.

Net Interest Income and Net Interest Margin

Net interest income totaled $45.9 million for the full year of 2020, an increase of $15.1 million or 49% from the previous year. The increase in net interest income was primarily due to the origination of $558 million of PPP loans, and the acquisition of CalWest in May 2020.

Net interest margin for the full year of 2020 was 3.66%, compared to 4.23% in the prior year. The decrease was primarily related to the yield on loans declining to 4.55% in 2020, compared with 5.47% in the prior year, which was largely due to the 150 basis points reduction in interest rates in March 2020. Additionally, yield on earnings assets declined to 4.13% in 2020, compared with 5.17% in the prior year, due to 2020’s lower interest rate environment.

Net interest income for the fourth quarter of 2020 was $13.1 million, an increase of $5.4 million or 70% from the fourth quarter of 2019. The increase was primarily due to an increase in average earning assets from the acquisition of CalWest, as well as PPP originations. Net interest margin for the fourth quarter of 2020 was 3.47%, compared with 4.01% in the same quarter of the prior year. The decline in the net interest margin of the fourth quarter of 2020 was largely due to a decrease on loan yields and average earning assets to 4.36% and 3.83%, respectively, from 5.23% and 4.88%, respectively, in the prior year.

Net interest income for the fourth quarter of 2020 was $13.1 million, compared with $13.4 million for the third quarter of 2020. Net interest margin for the fourth quarter of 2020 was 3.47%, compared to 3.60% in the third quarter. The decrease in net interest margin in the fourth quarter of 2020 was largely due to a reduction in the yield on average earning assets to 3.83%, from 4.03% in the prior quarter.

Average loan yields in the fourth quarter of 2020, excluding PPP loans, were 5.12%, an increase of 20 basis points from 4.92% in the prior quarter, primarily related to the fair value accretion of loans acquired in the CalWest acquisition. Average PPP loan yields decreased to 3.09% in the fourth quarter, compared to 3.38% in the prior quarter, due to adjustments to the Bank’s PPP loan fee accretion related to changes in cash flow assumptions on PPP loans in 2021.

Cost of funding for the full year of 2020 was 0.49%, compared to 1.02% for the full year of 2019. The decrease was related to a lower cost of deposits and other funding sources. Cost of funding for the fourth quarter of 2020 was 0.38%, down from 0.45% in the previous quarter. A detailed comparison of interest income, yields, costs, and net interest income is included in the table below:

FY 2020

Q4 2020

Q3 2020

Interest Income on:

Total Loans

$ 50,476,783

4.55%

$14,255,623

4.36%

$14,772,183

4.31%

Loans excl PPP

-

-

10,482,994

5.12%

10,205,686

4.92%

PPP Loans

-

-

3,772,628

3.09%

4,566,497

3.38%

Investments

859,462

2.90%

222,737

2.61%

226,211

2.68%

Fed Funds & Int Earning

478,724

0.42%

41,094

0.09%

26,303

0.12%

Total Interest Income

51,814,968

4.13%

14,519,454

3.83%

15,024,697

4.03%

 

Int Exp on Deposits

3,880,133

0.39%

726,717

0.25%

930,474

0.32%

Int Exp on Borrowings

1,989,988

1.04%

648,616

0.94%

693,487

0.99%

Total Interest Expense

5,870,121

0.49%

1,375,333

0.38%

1,623,961

0.45%

 

Net Interest Income

45,944,847

3.66%

13,144,121

3.47%

13,400,736

3.60%

Non-interest Income

Non-interest income for the full year of 2020 was $2.3 million, an increase of $343,000 or 18%, compared with the full year of 2019. The increase in 2020 was primarily due to increases of $109,000 in service charges, fees and other income, and $115,000 in income from bank owned life insurance, both of which are attributable to the CalWest acquisition. Additionally, gains primarily from sales of investment securities in 2020 totaling $481,000, exceeded gains on loan sales and other gains in 2019, which combined totaled $363,000.

Total non-interest income for the fourth quarter of 2020 was $436,000, compared to $723,000 in the third quarter of 2020 and $321,000 in the fourth quarter of 2019.

Balance Sheet

Assets

Total assets at December 31, 2020, were $1.6 billion, an increase of $749 million or 90% from December 31, 2019. The increase in total assets was related to the acquisition of CalWest, which added $312 million in total assets to the Bank’s balance sheet, and the origination of $558 million of PPP loans in 2020. Total PPP loans were $407 million at December 31, 2020.

Loans

Total loans were $1.2 billion at December 31, 2020, an increase $557 million or 82% from December 31, 2019. The increase in total loans included increases of $86 million and $455 million, in other commercial real estate and commercial and industrial loans, respectively, from the prior year. The increase in commercial and industrial loans was largely due to the Company’s funding of PPP loans.

Deposits

Total deposits at December 31, 2020, were $1.2 billion, an increase of $57 million from the end of the prior quarter and $523 million from the prior year. Noninterest-bearing deposits at December 31, 2020, were $534 million or 45% of total deposits, compared to $504 million or 44% of total deposits at September 30, 2020, and $206 million or 31% of total deposits at December 31, 2019.

Asset Quality

Total non-performing assets were $0.9 million or 0.06% of total assets at December 31, 2020, compared with $1.1 million or 0.07% of total assets at September 30, 2020.

The Company had $340,000 in net recoveries in 2020, compared with $9,000 in net charge-offs in 2019.

The Company recorded no loan loss provision in the fourth quarter of 2020, after recording a $2.0 million provision in the third quarter, and the allowance for loan and lease losses (ALLL) remained at $10.3 million at the end of the fourth quarter of 2020. 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 $162 million in loans have reinstated their normal loan payments. Of the remaining 12 loans currently on deferral, the following table details the exposure by industry:

Industry

Outstanding Loan Amounts
($ in 000)

Number of Loans

Hotels & Food

$4,915

5

Real Estate, Rental & Leasing

13,478

3

Arts Entertainment Recreation

1,045

1

Other

4,968

3

Total

$24,406

12

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

Q4 2020

Q3 2020

Q4 2019

ALLL to Total Loans

0.83%

0.76%

0.79%

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

1.18%

1.14%

1.07%

ALLL and LFVCM to Total Loans, excluding PPP Loans

1.76%

1.88%

1.07%

Liquidity and Capital

The Bank has ample liquidity resources to meet its customer’s needs through both the Federal Home Loan Bank and Federal Reserve Bank’s PPP Liquidity Facility (PPP LF). At December 31, 2020, combined borrowing capacity available at both the FHLB and through PPP LF was over $350 million.

The significant growth in PPP loans in 2020 has been funded through a combination of increased DDA accounts, generally associated directly with the PPP Loans, borrowings under PPP LF, and other sources. On average during the fourth quarter, the total PPP Loan portfolio was funded through 50% DDA growth, 45% from borrowings, and 5% from other balance sheet liquidity.

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 12.1% and 20.4%, respectively, at the end of 2020.

ABOUT BANK OF SOUTHERN CALIFORNIA AND SOUTHERN CALIFORNIA BANCORP

A growing community 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 the Coachella Valley in 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 https://www.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 and Bank of Southern California (together, the “Company”) intend 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 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)

 

 

 

 

 

 

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Dec 31, 2019

ASSETS

 

 

 

 

 

Cash and due from banks

$11,950,639

$16,008,641

$20,893,528

$12,269,691

$9,897,767

Fed funds & int-bearing balances

238,866,116

105,543,557

83,029,504

87,730,465

80,950,002

Total cash and cash equivalents

250,816,755

121,552,198

103,923,032

100,000,156

90,847,769

 

 

 

 

 

 

Debt securities (AFS)

24,702,467

24,767,969

26,855,698

19,834,420

16,343,747

FRB, FHLB and other equity stock

8,872,900

8,872,900

8,899,450

6,593,600

6,242,550

Construction & land development

31,375,236

43,101,171

35,241,241

23,213,929

24,679,602

1-4 Family Residential

103,367,391

107,724,352

105,297,275

82,443,776

85,085,585

Multifamily

111,815,776

113,159,342

125,895,257

122,564,197

122,661,958

Other commercial real estate

404,856,966

403,795,137

403,110,978

315,264,381

318,691,858

Commercial & industrial

577,608,374

689,687,091

675,270,756

134,525,771

122,969,242

Other consumer

4,857,563

6,010,280

5,935,683

5,182,707

2,566,670

Total loans

1,233,881,306

1,363,477,373

1,350,751,190

683,194,761

676,654,915

Allowance for loan losses

(10,255,005)

(10,295,855)

(8,300,176)

(5,674,212)

(5,363,361)

Total loans and leases, net

1,223,626,301

1,353,181,518

1,342,451,014

677,520,549

671,291,554

Premises, equipment, and ROU, net

15,051,487

13,257,434

13,125,130

8,981,735

9,474,709

Other real estate owned

0

0

0

0

0

Goodwill and core deposit intangible

21,599,001

21,479,639

22,297,992

18,339,391

18,434,491

Bank owned life insurance

17,990,765

17,883,455

17,774,774

11,180,222

11,113,559

Accrued interest and other assets

16,388,641

14,291,215

10,629,800

9,601,820

6,437,979

 

 

 

 

 

 

Total Assets

$1,579,048,316

$1,575,286,328

$1,545,956,890

$852,051,893

$830,186,358

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

$533,923,009

$503,929,563

$524,041,064

$230,494,656

$205,811,799

Interest bearing checking

83,566,875

96,527,122

89,429,765

61,903,709

54,180,961

Money market and savings

458,529,872

410,847,164

394,126,519

241,362,463

243,256,117

Time deposits

118,719,534

126,736,990

148,854,654

155,185,228

168,664,653

Total deposits

1,194,739,290

1,138,040,839

1,156,452,002

688,946,056

671,913,530

 

 

 

 

 

 

Other borrowings

199,648,070

297,357,238

251,086,895

34,649,168

35,015,405

Accrued interest and other liabilities

15,775,916

11,967,887

12,997,372

6,079,701

2,734,250

Total liabilities

1,410,163,276

1,447,365,964

1,420,536,269

729,674,925

709,663,185

Shareholders' Equity:

 

 

 

 

 

Common stock and APIC

146,895,943

103,932,450

103,595,385

103,444,194

103,249,020

Retained earnings

21,693,933

23,691,383

21,456,064

18,882,781

16,971,445

Accum. other comprehensive income

295,164

296,531

369,172

49,993

302,708

Total shareholders' equity

168,885,040

127,920,364

125,420,621

122,376,968

120,523,173

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$1,579,048,316

$1,575,286,328

$1,545,956,890

$852,051,893

$830,186,358

 

 

 

Southern California Bancorp

Income Statements - Quarterly

(Unaudited)

Dec 31, 2020

Sept 30, 2020

Jun 30, 2020

Mar 31, 2020

Dec 31, 2019

INTEREST INCOME

Loans, including fees

$14,255,623

$14,772,183

$12,480,097

$8,968,879

$8,934,552

Investment securities

222,737

226,211

195,036

215,478

213,361

Fed funds & int-bearing balances

41,094

26,303

57,300

354,027

272,029

Total interest income

14,519,454

15,024,697

12,732,433

9,538,384

9,419,942

 

INTEREST EXPENSE

Deposits

726,717

930,474

869,786

1,353,156

1,481,335

Other borrowings

648,616

693,487

447,830

200,055

202,361

Total interest expense

1,375,333

1,623,961

1,317,616

1,553,211

1,683,696

 

 

 

 

 

 

Net interest income

13,144,121

13,400,736

11,414,817

7,985,173

7,736,246

 

 

 

 

 

Provision for loan losses

0

2,000,000

2,252,000

300,000

200,000

 

 

 

 

 

Net interest income after provision

13,144,121

11,400,736

9,162,817

7,685,173

7,536,246

 

NONINTEREST INCOME

Service charges, fees and other income

421,803

364,797

309,359

358,953

253,979

Income on bank owned life insurance

107,310

108,682

78,125

66,663

67,391

Gains on loan sales

0

0

0

0

0

OREO, investment, other gains (losses)

(92,856)

250,009

2,149

321,714

(575)

Total noninterest income

436,257

723,488

389,633

747,330

320,795

 

NONINTEREST EXPENSE

Salaries and benefits

11,120,598

4,151,278

3,171,772

3,246,963

2,908,736

Occupancy and equipment

1,048,852

1,071,270

854,976

809,848

807,944

Strategic and other non-recurring expense

2,369,649

1,610,824

356,742

280,838

400,914

Other expense

1,894,352

2,135,533

1,441,300

1,356,518

1,394,744

Total noninterest expense

16,433,451

8,968,905

5,824,790

5,694,167

5,512,338

 

 

 

 

 

 

Income before income tax expense

(2,853,073)

3,155,319

3,727,660

2,738,336

2,344,703

 

 

 

 

 

Income tax expense (benefit)

(855,623)

920,000

1,154,377

827,000

709,000

 

 

 

 

 

Net Income (Loss)

($1,997,450)

$2,235,319

$2,573,283

$1,911,336

$1,635,703

 

Diluted earnings (loss) per share

($0.20)

$0.23

$0.27

$0.20

$0.19

Average shares outstanding

10,155,861

9,429,538

9,422,608

9,408,940

8,578,102

Operating profit (before non-recurring items) 1

($390,568)

$6,516,134

$6,334,253

$2,997,460

$2,946,192

 

 

1 Op profit (before non-recurring items) = Pre-tax, pre-provision earnings, before noninterest income gains (losses) and non-recurring expense.

Southern California Bancorp

Income Statements - Year-to-Date

(Unaudited)

Dec 31, 2020

Dec 31, 2019

Dec 31, 2018

Dec 31, 2017

INTEREST INCOME

Loans, including fees

$50,476,782

$35,533,334

$26,706,751

$18,181,331

Investment securities

859,462

994,508

990,731

722,189

Fed funds & int-bearing balances

478,724

1,168,803

916,574

390,602

Total interest income

51,814,968

37,696,645

28,614,056

19,294,122

INTEREST EXPENSE

 

 

 

 

Deposits

3,880,133

6,132,207

3,609,863

1,539,536

Other borrowings

1,989,988

710,129

104,062

2,318

Total interest expense

5,870,121

6,842,336

3,713,925

1,541,854

 

 

 

 

Net interest income

45,944,847

30,854,309

24,900,131

17,752,268

Provision for loan losses

4,552,000

1,000,000

1,600,000

271,000

 

Net interest income after provision for loan losses

41,392,847

29,854,309

23,300,131

17,481,268

 

 

 

 

NONINTEREST INCOME

Service charges, fees and other income

1,454,912

1,345,879

1,417,528

1,113,485

Income on bank owned life insurance

360,780

245,420

227,371

239,902

Gains on loan sales

0

198,422

1,084,547

865,378

OREO, investment, other gains (losses)

481,016

164,446

73,631

(9,367)

Total noninterest income

2,296,708

1,954,167

2,803,077

2,209,398

 

NONINTEREST EXPENSE

Salaries and benefits

21,690,611

12,726,318

9,671,459

7,482,324

Occupancy and equipment

3,784,946

3,127,779

2,293,853

1,650,085

Strategic and other non-recurring expense

4,618,053

592,812

2,144,203

365,443

Other expense

6,827,703

5,678,555

4,461,685

3,224,122

Total noninterest expense

36,921,313

22,125,464

18,571,200

12,721,974

 

Income before income tax expense

6,768,242

9,683,012

7,532,008

6,968,692

 

Income tax expense

2,045,754

2,910,000

2,274,000

3,004,000

 

Net Income

$4,722,488

$6,773,012

$5,258,008

$3,964,692

Diluted earnings (loss) per share

$0.48

$0.78

$0.71

$0.74

Average shares outstanding

9,604,237

8,452,104

7,091,176

5,189,799

Operating profit (before non-recurring items) 1

$15,457,279

$10,912,956

$10,118,033

$6,749,124

 

1 Op profit (before non-recurring items) = Pre-tax, pre-provision earnings, before noninterest income gains (losses) and non-recurring expense.

 

Southern California Bancorp

Quarterly and YTD Financial Highlights

 

(Unaudited)

 

Quarterly

Annual

 

2020

2020

2020

2019

2019

 

($$ in thousands except per share data)

 

4th Qtr

3rd Qtr

2nd Qtr

1st Qtr

4th Qtr

2020

2019

EARNINGS

 

 

 

 

Net interest income

$

13,144

13,401

11,415

7,985

7,736

 

45,945

30,854

Provision for loan losses

$

0

2,000

2,252

300

200

 

4,552

1,000

NonInterest income

$

436

723

390

747

321

 

2,297

1,954

NonInterest expense

$

16,433

8,969

5,825

5,694

5,512

 

36,921

22,125

Income tax expense

$

(856)

920

1,154

827

709

 

2,046

2,910

Net income (loss)

$

(1,997)

2,235

2,573

1,911

1,636

 

4,722

6,773

 

 

 

 

Basic earnings (loss) per share

$

(0.20)

0.24

0.27

0.20

0.19

 

0.49

0.80

Diluted earnings (loss) per share

$

(0.20)

0.23

0.27

0.20

.019

 

0.48

0.78

Average shares outstanding

 

10,155,861

9,429,538

9,422,608

9,408,940

8,578,102

 

9,604,237

8,452,104

Ending shares outstanding

 

13,267,380

9,455,065

9,424,565

9,412,690

9,405,190

 

13,267,380

9,405,190

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

Return on average assets

 

-0.50%

0.57%

0.80%

0.90%

0.79%

 

0.36%

0.87%

Return on average common equity

 

-6.06%

7.00%

8.33%

6.30%

5.93%

 

3.75%

6.39%

Yield on loans

 

4.36%

4.31%

4.55%

5.32%

5.23%

 

4.55%

5.47%

Yield on earning assets

 

3.83%

4.03%

4.17%

4.76%

4.88%

 

4.13%

5.17%

Cost of deposits

 

0.25%

0.32%

0.35%

0.78%

0.88%

 

0.39%

0.95%

Cost of funding

 

0.38%

0.45%

0.46%

0.86%

0.95%

 

0.49%

1.02%

Net interest margin

 

3.47%

3.60%

3.74%

3.98%

4.01%

 

3.66%

4.23%

Efficiency ratio

 

121.0%

63.5%

49.3%

65.2%

68.4%

 

76.5%

67.4%

 

 

 

 

CAPITAL

 

 

 

 

Tangible equity to tangible assets

 

9.46%

6.85%

6.77%

12.48%

12.58%

 

9.46%

12.58%

Book value (BV) per common share

$

12.73

13.53

13.31

13.00

12.81

 

12.73

12.81

Tangible BV per common share

$

11.10

11.26

10.94

11.05

10.85

 

11.10

10.85

 

 

 

 

ASSET QUALITY

 

 

 

 

Net loan charge-offs (recoveries)

$

41

4

(374)

(11)

(11)

 

(340)

9

Allowance for loan losses (ALLL)

$

10,255

10,296

8,300

5,674

5,363

 

10,255

5,363

ALLL to total loans

 

0.83%

0.76%

0.61%

0.83%

0.79%

 

0.83%

0.79%

Loan fair value credit marks (LFVCM)

$

4,333

5,205

5,076

1,649

1,906

 

4,333

1,906

ALLL and LFVCM to total loans

 

1.18%

1.14%

0.99%

1.07%

1.07%

 

1.18%

1.07%

ALLL & LFVCM to total loans (excl PPP)

 

1.76%

1.88%

1.62%

1.07%

1.07%

 

1.76%

1.07%

Nonperforming loans

$

896

1,125

1,734

1,433

1,911

 

896

1,911

Other real estate owned

$

0

0

0

0

0

 

0

0

Nonperforming assets to total assets

 

0.06%

0.07%

0.11%

0.17%

0.23%

 

0.06%

0.23%

 

 

 

 

END OF PERIOD BALANCES

 

 

 

 

Total loans

$

1,233,881

1,363,477

1,350,751

683,195

676,655

 

1,233,881

676,655

Total assets

$

1,579,048

1,575,286

1,545,957

852,052

830,186

 

1,579,048

830,186

Deposits

$

1,194,739

1,138,041

1,156,452

688,946

671,914

 

1,194,739

671,914

Loans to deposits

 

103.3%

119.8%

116.8%

99.2%

100.7%

 

103.3%

100.7%

Shareholders' equity

$

168,885

127,920

125,421

122,377

120,523

 

168,885

120,523

Full-time equivalent employees

 

147

118

122

92

97

 

147

97

 

 

 

 

AVERAGE BALANCES (QTRLY) | | (YTD)

 

 

 

Total loans

$

1,297,794

1,358,291

1,100,180

676,825

678,015

 

1,109,737

649,251

Earning assets

$

1,503,836

1,477,910

1,225,376

803,804

766,012

 

1,254,319

729,844

Total assets (net of AFS valuation)

$

1,578,118

1,556,364

1,296,741

855,397

818,989

 

1,323,209

781,386

Deposits

$

1,162,979

1,142,686

983,294

696,341

671,443

 

995,486

644,045

Shareholders' equity

$

130,818

126,670

123,899

121,773

109,464

 

125,790

105,963

 

Contacts

Amanda Conover
(858) 847-4762
Bank of Southern California

Release Summary

Southern California Bancorp Reports Financial Results for the Fourth Quarter and Full Year 2020

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Contacts

Amanda Conover
(858) 847-4762
Bank of Southern California