Financial Performance - Net income for Q4 2024 was $16.8 million, or $0.51 per diluted share, compared to a net loss of $16.5 million in Q3 2024 and net income of $4.4 million in Q4 2023[2] - Full year 2024 net income was $5.4 million, down 79.0% from $25.9 million in 2023, largely due to a one-time provision for credit losses and merger-related expenses[8] - The company reported an adjusted net income of $122.98 million for the year ended December 31, 2024, compared to $94.14 million in 2023[53] - Adjusted net income for Q4 2024 was $17,225,000, compared to $9,090,000 in Q3 2024, reflecting a significant increase[54] - The company reported a net income of $16,772,000 for the three months ended September 30, 2024, compared to a net loss of $16,464,000 in the prior year, indicating a significant turnaround[41] Asset and Loan Growth - Total assets at December 31, 2024, were $4.03 billion, a 70.8% increase from the previous year, largely due to the merger[8] - Total loans increased to $3.16 billion at December 31, 2024, up $1.2 billion from the previous year, primarily due to the merger[8] - Total assets reached $4,168.7 million as of December 31, 2024, compared to $3,593.2 million a year earlier[49] - The company’s total assets as of September 30, 2024, were $4.03 billion, compared to $2.36 billion a year ago, marking an increase of 70.9%[45] - The company’s total loans held for investment reached $3.14 billion as of September 30, 2024, compared to $1.96 billion a year earlier, indicating a year-over-year increase of 60.1%[45] Efficiency and Cost Management - The efficiency ratio (non-GAAP) improved to 57.4% in Q4 2024 from 98.9% in the prior quarter, excluding merger-related expenses[8] - The efficiency ratio improved to 57.36% for the three months ended September 30, 2024, compared to 98.86% in the same period last year, indicating better cost management[41] - Total noninterest expense for Q4 2024 was $26.1 million, a decrease of $11.6 million from $37.7 million in the prior quarter, largely due to reduced merger-related expenses[18] - Total noninterest expense for the three months ended September 30, 2024, was $26.13 million, a decrease from $37.68 million in the prior year, reflecting a reduction of 30.6%[47] Credit Quality and Loss Provisions - The company recorded a reversal of provision for credit losses of $3.8 million in Q4 2024, compared to a provision of $23.0 million in the prior quarter[15] - The allowance for credit losses totaled $53.6 million at December 31, 2024, down from $57.6 million at September 30, 2024[31] - The reversal of provision for credit losses for loans held for investment in Q4 2024 was $2.9 million, a decrease of $22.6 million from the prior quarter's provision of $19.7 million[16] - Nonperforming assets to total assets ratio was 0.76% at December 31, 2024, up from 0.68% at September 30, 2024[8] - Non-performing loans increased slightly to $26.5 million, or 0.85% of total loans held for investment at December 31, 2024, compared to 0.80% in the prior quarter[28] Interest Income and Margins - Net interest margin for Q4 2024 was 4.61%, an increase from 4.43% in the prior quarter, driven by a decrease in the cost of funds[12] - Net interest income for Q4 2024 reached $44,541,000, up from $36,942,000 in Q3 2024, indicating a growth of approximately 20%[54] - Total interest and dividend income increased to $62.56 million for the three months ended September 30, 2024, up from $54.13 million year-over-year, representing a growth of 15.9%[47] - The cost of funds was 1.99% for the three months ended December 31, 2024, down from 2.19% in the previous quarter[49] Capital and Book Value - Tangible book value per common share increased to $11.71 in Q4 2024, up $0.43 from the prior quarter[8] - Book value per share increased to $15.86 in Q4 2024 from $15.69 in Q4 2023, reflecting a slight growth[55] - The equity to asset ratio improved to 12.70% in Q4 2024 from 12.21% in Q4 2023, indicating a stronger capital position[55] - The average tangible common equity ratio was maintained to enhance financial stability and support growth initiatives[53]
Southern California Bancorp(BCAL) - 2024 Q4 - Annual Results