Financial Performance - Net income for Q2 2024 was $190 thousand, a significant decrease from $4.9 million in Q1 2024 and $6.7 million in Q2 2023, resulting in diluted earnings per share of $0.01 compared to $0.26 in the prior quarter[1][4] - Net income for the three months ended June 30, 2024, was $190 thousand, significantly lower than $6,718 thousand in the same period last year, a decrease of 97.17%[41] - Adjusted net income (non-GAAP) for the six months ended June 30, 2024, was $6,718,000, compared to $6,084,000 for the same period in 2023[53] Asset and Loan Management - Total assets remained stable at $2.29 billion, with total loans decreasing slightly to $1.88 billion, and total deposits increased by $5.3 million to $1.94 billion[4][20] - Total loans, including loans held for sale, were $1,884,599 thousand as of June 30, 2024, compared to $1,886,085 thousand in the previous quarter and $1,964,791 thousand year-over-year[35] - Total loans held for investment decreased to $1,877,617 thousand from $1,883,282 thousand, a decline of 0.2%[39] Noninterest Income and Expenses - Noninterest income decreased to $1.2 million from $1.4 million in the prior quarter, impacted by the absence of gains from SBA 7A loan sales[14] - Noninterest expense increased to $19,005 thousand for the three months ended June 30, 2024, compared to $14,981 thousand in the previous quarter and $14,607 thousand year-over-year[35] - Total noninterest expense increased to $19,005 thousand for the three months ended June 30, 2024, up from $14,607 thousand in the same period last year, marking a rise of 30.06%[41] Credit Losses and Provisions - The provision for credit losses was $2.9 million, a significant increase from a reversal of $331 thousand in the prior quarter, reflecting concerns over economic conditions in California[13] - Provision for credit losses was $2,893 thousand for the three months ended June 30, 2024, compared to a reversal of $331 thousand in the previous quarter and a reversal of $15 thousand year-over-year[35] - The allowance for credit losses increased to $24.6 million at June 30, 2024, compared to $23.2 million at March 31, 2024, reflecting a $3.0 million provision for credit losses[27] Capital and Equity - Shareholders' equity increased to $293,219 thousand from $292,499 thousand, reflecting a growth of 0.2%[39] - The Bank's leverage capital ratio and total risk-based capital ratio were 12.16% and 14.34%, respectively, at June 30, 2024[29] - Tangible common equity ratio was 11.28% as of June 30, 2024, compared to 10.73% as of June 30, 2023[55] Mergers and Acquisitions - Shareholders approved the merger with California BanCorp, expected to close on July 31, 2024, aiming to create a premier commercial banking franchise in California[3] Interest Income and Margin - The net interest margin increased to 3.94% from 3.80% in the prior quarter, with the yield on total interest-earning assets rising to 5.97% and the yield on average total loans increasing to 6.21%[2][9] - Net interest income for the three months ended June 30, 2024, was $21,007 thousand, an increase from $20,494 thousand in the previous quarter and a decrease from $23,426 thousand year-over-year[35] - Total interest and dividend income for the three months ended June 30, 2024, was $31,849 thousand, an increase from $30,260 thousand in the same period last year, representing a growth of 5.24%[41] Deposits and Funding - Noninterest-bearing demand deposits increased to $666.6 million, representing 34.4% of total deposits, up from 33.8% in the prior quarter[4][20] - The cost of funds rose to 2.21%, an increase of 4 basis points from the prior quarter, driven by higher interest-bearing deposit costs[6][10] - Total deposits reached $1,935,862 thousand, a slight increase from $1,930,544 thousand, indicating a growth of 0.3%[39] Non-Performing Assets - As of June 30, 2024, the Company had total non-performing assets of $4.7 million, representing 0.20% of total assets, a decrease from $19.3 million or 0.84% at March 31, 2024[23] - Total non-performing loans decreased to $4.7 million, or 0.25% of total loans held for investment, down from $6.2 million or 0.33% at March 31, 2024[25] - The decrease in non-performing assets was largely due to the sale of $13.1 million of other real estate owned in the second quarter of 2024[24]

Over the last 50 years, the banking industry in the United States has undergone a significant number of changes that have left it more centralized than ever. It has also left them reliant on big banks in the Federal Reserve for most people’s active financial management. Where once most people went to their regional banking companies to obtain loans for houses or cars, now many are relying on a handful of big banks instead. Part of this is a result of the digitized nature of modern banking, since for most ac ...

San Diego, Calif., July 08, 2024 (GLOBE NEWSWIRE) -- Bank of Southern California, N.A. (“us,” “we,” “our,” or the “Bank”), the wholly owned subsidiary of Southern California Bancorp (Nasdaq: BCAL), announces it has hired a team of three seasoned commercial lenders. The team includes Ayub Kathrada, named Executive Vice President, Regional Manager; Dayana McAlister, named Senior Vice President, Relationship Manager Team Lead; and Ayaz Dadabhoy, named First Vice President, Portfolio Manager. The team will serv ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, no par value per share BCAL The Nasdaq Stock Market LLC FORM 10-Q (Mark One) T QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Exhibit 99.1 SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $4.9 MILLION FOR THE FIRST QUARTER OF 2024 San Diego, Calif., April 29, 2024 – 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 first quarter of 2024. Southern California Bancorp reported net income of $4.9 million for the first quarter of 2024, or $0.26 per diluted share, compared to net in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41684 SOUTHERN CALIFORNIA BANCORP (Exact name of registrant as specified in its charter) | --- | --- | |----------------------------- ...

— The Company Also Announced in a Separate Release that it has Entered into a Merger Agreement with California BanCorp San Diego, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year of 2023. Southern California Bancorp reported net income of $4.4 million for the fourth quarter of 2023, o ...

SAN DIEGO and OAKLAND, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (NASDAQ:BCAL), the holding company for Bank of Southern California, N.A., and California BanCorp (NASDAQ:CALB), the holding company for California Bank of Commerce, jointly announce the execution of a definitive merger agreement, pursuant to which the companies will combine in an all-stock merger valued at approximately $233.6 million, or $26.54 per share of California BanCorp, based on the closing price of Southern ...

San Diego, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp ("us," "we," "our," or the "Company") (NASDAQ:BCAL), the holding company for Bank of Southern California, N.A. (the "Bank") announces the retirement of Chairman Emeritus and Director John Farkash, effective Tuesday, January 16, 2024, due to health reasons. Mr. Farkash was a Founding Director of the Company in 2002 and served as its chairman for nearly 20 years. "John Farkash was instrumental in the founding of our Company and h ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered FORM 10-Q (Mark One) T QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the quarterly period ended September 30, 2023 or £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ ...