Financial Performance - Net income for Q3 2025 was $15.7 million, or $0.48 per diluted share, up from $14.1 million, or $0.43 per diluted share in Q2 2025, and a net loss of $16.5 million in Q3 2024[3]. - Net interest income for Q3 2025 was $42.5 million, an increase from $41.4 million in the prior quarter, driven by a $1.4 million rise in total interest and dividend income[10]. - The efficiency ratio (non-GAAP) improved to 51.75% in Q3 2025, compared to 56.09% in the prior quarter[19]. - The return on average assets for the three months ended September 30, 2025, was 1.54%, compared to 1.45% in the previous quarter[42]. - Adjusted net income for Q3 2025 was $15,684,000, compared to $14,099,000 in Q2 2025, and $9,090,000 in Q3 2024[54]. - Net interest income increased to $42,515,000 in Q3 2025 from $41,417,000 in Q2 2025, and $36,942,000 in Q3 2024[54]. - Total net interest income and noninterest income reached $45,183,000 in Q3 2025, compared to $44,273,000 in Q2 2025, and $38,116,000 in Q3 2024[54]. - The company reported a net income of $15,684,000 in Q3 2025, compared to a net loss of $(16,464,000) in Q3 2024[54]. Asset and Deposit Growth - Total assets reached $4.10 billion at September 30, 2025, an increase of $147.5 million, or 3.7%, from June 30, 2025[21]. - Total deposits increased by $147.4 million, or 4.4%, to $3.46 billion at September 30, 2025, compared to $3.31 billion at June 30, 2025[11]. - Total deposits rose to $3,459,661 thousand as of September 30, 2025, compared to $3,312,278 thousand at June 30, 2025, marking an increase of 4.44%[46]. - Total assets increased to $4,101,209 thousand as of September 30, 2025, compared to $3,953,717 thousand at the end of the previous quarter[43]. Credit Quality - Non-performing assets to total assets ratio improved to 0.38% at September 30, 2025, down from 0.46% at June 30, 2025[11]. - Total non-performing assets decreased to $15.6 million, or 0.38% of total assets, compared to 0.46% at June 30, 2025[27]. - The allowance for credit losses totaled $43.6 million at September 30, 2025, unchanged from June 30, 2025, with a provision for credit losses of $221 thousand during the quarter[32]. - The Company had no loans over 90 days past due and still accruing interest as of September 30, 2025[31]. Shareholder Returns - The Company repurchased 89,500 shares of common stock at an average price of $15.22, totaling $1.4 million under the stock repurchase program[11]. - Tangible book value per common share increased to $13.39 from $12.82 at June 30, 2025, driven by net income of $15.7 million[34]. - Book value per share increased to $17.41 in Q3 2025 from $16.87 in Q2 2025, and $15.86 in Q3 2024[55]. Interest and Cost Metrics - The cost of funds decreased to 1.69% in Q3 2025, down from 1.73% in the prior quarter[13]. - The cost of deposits for the nine months ended September 30, 2025, was $3,336,921 thousand, with an expense of $39,680 thousand, resulting in a cost of 1.59%[51]. - The net interest margin for the three months ended September 30, 2025, was 4.52%[49].
Southern California Bancorp(BCAL) - 2025 Q3 - Quarterly Results