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 ...

Financial Performance - Net interest income for Q3 2023 was $23,261,000, a decrease of 0.7% from $23,426,000 in Q2 2023, and an increase of 2.0% from $23,786,000 in Q3 2022[183]. - Noninterest income for Q3 2023 was $815,000, down 25.6% from $1,096,000 in Q2 2023, and up 127.8% from $358,000 in Q3 2022[183]. - Net income for Q3 2023 was $6,556,000, a decrease of 2.4% from $6,718,000 in Q2 2023, and a decrease of 5.4% from $6,929,000 in Q3 2022[183]. - Diluted earnings per share for Q3 2023 was $0.35, compared to $0.36 in Q2 2023 and $0.38 in Q3 2022[183]. - Net income for the three months ended September 30, 2023 was $6.6 million, or $0.35 per diluted share, a decrease of $162 thousand from the prior quarter[217]. - Net income for the nine months ended September 30, 2023 was $21.5 million, or $1.15 per diluted share, an increase of $13.9 million from the same period in 2022[220]. Loan and Asset Management - Total loans as of September 30, 2023, were $1,935,364,000, an increase from $1,906,800,000 as of December 31, 2022[185]. - Total assets as of September 30, 2023, were $2,313,649,000, compared to $2,283,927,000 as of December 31, 2022[185]. - Total loans increased to $1,924,384 thousand with a yield of 5.97% for the three months ended September 30, 2023, compared to $1,900,033 thousand and 5.91% in the previous quarter[224]. - Total loans held for investment increased to $1.93 billion, representing 83.4% of total assets as of September 30, 2023, up from $1.90 billion or 83.1% at December 31, 2022[278]. - Loans secured by real estate rose by $56.1 million to $1.62 billion, primarily driven by a $61.0 million increase in commercial real estate and other loans[278]. Deposits and Funding - The company’s total deposits as of September 30, 2023, were $1,983,857,000, an increase from $1,931,905,000 as of December 31, 2022[185]. - The company’s total deposits in the Insured Cash Sweep (ICS Product) increased to $252.7 million, or 13% of total deposits, as of September 30, 2023, compared to $65.5 million, or 3% of total deposits, as of December 31, 2022[194]. - Total deposits amounted to $1,981,216 thousand, with a cost of deposits at 1.56% for the quarter[224]. - Noninterest-bearing demand deposits decreased to $736.0 million, representing 37.1% of total deposits at September 30, 2023, compared to $923.9 million or 47.8% at December 31, 2022[320]. Credit Quality and Allowances - The allowance for loan losses increased to $22,705,000 as of September 30, 2023, from $17,099,000 as of December 31, 2022[185]. - Nonperforming loans as of September 30, 2023, were $14,272,000, significantly up from $41,000 as of December 31, 2022[185]. - The allowance for loan losses to total loans ratio was 1.18% as of September 30, 2023, up from 0.90% at December 31, 2022[298]. - The total allowance for credit losses at the end of the period was $24,040 thousand as of September 30, 2023[300]. - The provision for credit losses for the nine months ended September 30, 2023 was $91 thousand, a significant decrease from $5.2 million for the same period in 2022[239]. Expenses and Efficiency - Total noninterest expense for the three months ended September 30, 2023 was $14.8 million, an increase of $174 thousand from $14.6 million in the prior quarter[247]. - The efficiency ratio (non-GAAP) for the three months ended September 30, 2023 was 61.4%, compared to 59.6% in the prior quarter[215]. - Total noninterest expense for the nine months ended September 30, 2023, was $44.4 million, a decrease of $6.0 million from $50.4 million in the same period of 2022[253]. - The efficiency ratio improved to 59.2% for the nine months ended September 30, 2023, compared to 76.4% for the same period in 2022[253]. Capital and Liquidity - Shareholders' equity increased to $278.6 million at September 30, 2023, up $18.2 million from $260.4 million at December 31, 2022, primarily due to $21.5 million of net income generated[258]. - The liquidity position remains strong, with a total liquidity ratio of approximately 10.6%, slightly up from 10.5%[196]. - The total available borrowing capacity increased to approximately $656.8 million at September 30, 2023, up from $460.7 million[196]. - The Bank is considered "well capitalized" under regulatory standards, with all capital ratios exceeding the minimum requirements as of September 30, 2023[345]. Economic Outlook and Risk Management - Economic forecasts suggest a GDP growth of 2.1% in 2023, with a potential mild recession predicted for late 2023[307]. - The qualitative reserve was increased to account for potential losses from future recessionary pressures and banking turmoil[304]. - Interest rate risk is primarily managed through monitoring net interest income and net interest margin, with oversight by the Asset Liability Committee (ALCO)[353]. - Projected changes in Net Interest Income (NII) at September 30, 2023 indicate a decrease in NII if interest rates decline, while a slight increase is expected in a rising rate environment[358].

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 ACT OF 1934 For the quarterly period ended June 30, 2023 or £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

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 ACT OF 1934 For the quarterly period ended March 31, 2023 or £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ...