Financial Performance - Net income for Q4 2025 was $16.4 million, or $0.50 per diluted share, compared to $15.7 million, or $0.48 per diluted share in Q3 2025[2] - Full year 2025 net income reached $63.1 million, or $1.93 per diluted share, a significant increase from $5.4 million, or $0.22 per diluted share in 2024[2] - Net income for the year ended December 31, 2025, was $63,058 thousand, significantly higher than $5,433 thousand for the year ended December 31, 2024[41] - The company reported a basic net income per share of $1.95 for the year ended December 31, 2025, compared to $0.22 for the year ended December 31, 2024[46] - Adjusted net income for Q4 2025 was $16,422,000, compared to $15,684,000 in Q3 2025, and $17,225,000 in Q4 2024[53] Asset and Loan Management - Total loans increased to $3.06 billion at December 31, 2025, up $62.0 million from $3.00 billion at September 30, 2025[8] - Total loans held for investment increased by $43.6 million to $3.03 billion, with new originations of $149.7 million during Q4 2025[21] - Total loans, including loans held for sale, reached $3,058,992 thousand as of December 31, 2025, up from $2,996,984 thousand at the end of the previous quarter[42] - Total loans for the three months ended December 31, 2025, were $2,981,137 thousand, generating an income of $47,426 thousand with a yield of 6.31%[48] - For the year ended December 31, 2025, total loans increased to $3,013,883 thousand, with an income of $195,913 thousand and a yield of 6.50%[50] Deposit Trends - Total deposits decreased to $3.37 billion at December 31, 2025, down $89.1 million or 2.6% from $3.46 billion at September 30, 2025[8] - Total deposits as of December 31, 2025, were $3,370,581 thousand, a decrease from $3,459,661 thousand on September 30, 2025, reflecting a decline of 2.6%[45] - Average noninterest-bearing deposits represented 35.39% of average total deposits for the three months ended December 31, 2025[49] Credit Quality - Nonperforming assets to total assets ratio was 0.40% at December 31, 2025, compared to 0.38% at September 30, 2025[8] - The allowance for credit losses decreased to $36.5 million from $43.6 million, including a $4.2 million reversal of provision for credit losses[31] - Loan delinquencies increased to $14.7 million at December 31, 2025, compared to $3.2 million at September 30, 2025[30] - The allowance for credit losses was $36,453 thousand as of December 31, 2025, down from $43,570 thousand at the end of the previous quarter[43] - The allowance for credit losses on loans decreased to $34,348 thousand as of December 31, 2025, down from $41,292 thousand on September 30, 2025, indicating improved credit quality[45] Income and Expense Analysis - Net interest income for the three months ended December 31, 2025, was $42,905 thousand, an increase from $42,515 thousand in the previous quarter[41] - Noninterest income rose to $2,995 thousand for the three months ended December 31, 2025, compared to $2,668 thousand in the prior quarter[41] - Total noninterest expense for the year ended December 31, 2025, was $101,043 thousand, up from $97,791 thousand for the previous year, indicating a rise of 3.5%[46] - The net interest income after the reversal of provision for credit losses for the year ended December 31, 2025, was $177,915 thousand, compared to $101,294 thousand for the previous year, an increase of 75.5%[46] Efficiency and Ratios - Efficiency ratio (non-GAAP) for Q4 2025 was 60.80%, compared with 51.75% in the prior quarter[18] - The efficiency ratio improved to 60.80% for the three months ended December 31, 2025, from 51.75% in the previous quarter[41] - Return on average assets for Q4 2025 was 1.58%, slightly up from 1.54% in Q3 2025[41] - Return on average equity for Q4 2025 was 11.43%, compared to 11.24% in Q3 2025[54] - Tangible common equity ratio was 11.45% in Q4 2025, up from 10.94% in Q3 2025[54] Shareholder Actions - The company repurchased 122,428 shares of common stock at an average price of $16.37, totaling $2.0 million[8] - The Company repurchased 122,428 shares at an average price of $16.37 for a total cost of $2.0 million during Q4 2025[35] Taxation - The Company's income tax expense for Q4 2025 was $6.0 million, with an effective tax rate of 26.7%, down from 28.1% in Q3 2025[19]
Southern California Bancorp(BCAL) - 2025 Q4 - Annual Results