California Bancorp Stock Price, News & Analysis

Southern California Bancorp (OTC Pink: BCAL) announces a comprehensive litigation settlement with PacWest Bancorp and Pacific Western Bank, totaling $6.5 million. The company recorded an after-tax loss contingency of $4.6 million in its Q2 financials. David I. Rainer returns as Chairman and CEO, expressing optimism about the company's future. Rainer praised interim leadership for maintaining operations during his sabbatical. The settlement aims to strengthen the organization, focusing on building a relationship-based business banking franchise in Southern California.

Southern California Bancorp (BCAL) reported a net loss of $736K for Q2 2022, a decline from the previous quarter's profit of $1.4M. The loss included a $4.6M tax-adjusted expense related to an anticipated litigation settlement. Excluding this, adjusted net income was $4.2M. Non-PPP organic loan growth reached $153.1M, up 9.5% from Q1 2022. Total assets increased to $2.32B, with a net interest margin of 3.87%. The bank remains well-capitalized, with a tangible book value per share of $11.59. Despite the loss, the company shows promise through organic growth and improved efficiency metrics.

Southern California Bancorp (OTC Pink: BCAL) announced that its Chairman, President, and CEO, David I. Rainer, has taken a temporary sabbatical effective April 29, 2022. His return is anticipated around early 2023, while Irwin Golds becomes Interim Chairman and Thomas G. Dolan takes Interim CEO duties. Richard Hernandez is appointed President, and Jean Carandang as CFO. The management team expresses confidence in continuing the company's strategic vision for growth despite Rainer's absence.

Southern California Bancorp (BCAL) reported its first quarter 2022 financial results, highlighting a non-PPP loan growth of $165.8 million, or 11.5%, reaching $1.61 billion. Total assets increased to $2.30 billion, while total deposits rose by $39.8 million to $2.01 billion. Net income fell to $1.4 million from $3.4 million in the previous quarter, attributed to decreased PPP income and increased provisions for loan losses. The tangible book value per share is $11.72. The bank maintains a well-capitalized status with a net interest margin of 3.40%. Nonperforming assets rose to 0.09% of total assets.

Southern California Bancorp (OTC Pink: BCAL) will have its executive team participating in the Piper Sandler Western Financial Services Conference on March 8, 2022, in San Diego, California. Key executives attending include David Rainer, Chairman and CEO; Thomas Dolan, CFO; and Richard Hernandez, Chief Banking Officer. The corporate investor presentation will be accessible on their website. Southern California Bancorp, established in 2001, offers a range of financial products through its branches across several counties.

Southern California Bancorp (OTC Pink: BCAL) reported strong financial results for 2021, reflecting significant growth driven by the acquisition of Bank of Santa Clarita. In Q4, non-PPP organic loan growth reached $154 million (up 14.7%), while total non-PPP loans increased by 37.6% to $1.45 billion.

Full-year net income hit a record $10.7 million, a 126.8% increase from 2020. Total assets rose to $2.26 billion (up 43.1%), with deposits reaching $1.97 billion (up 65.1%). The company's capital position remains strong, classified as 'well-capitalized' with minimal nonperforming assets.

Southern California Bancorp (OTC Pink: BCAL) announced that its executive team, including David Rainer and Thomas Dolan, will participate in the D.A. Davidson Financial Institutions Group Bison Select Conference on December 9, 2021. This event provides an opportunity for the management to engage with investors and share insights about the company's performance and strategy. The investor presentation will be accessible on the company’s website for those interested in more details.

Southern California Bancorp (OTC Pink: BCAL) reported a 45.9% increase in net income for Q3 2021, reaching $3.5 million. Net organic loans rose 11.8% to $1.1 billion. Total assets grew to $1.8 billion, with deposits at $1.6 billion. The bank successfully completed the acquisition of Bank of Santa Clarita and opened new branches in Los Angeles County, enhancing its market presence. Despite a slight decline in net interest margin to 3.67%, the bank remains well-capitalized and managed to maintain low nonperforming assets at 0.04% of total assets.

Southern California Bancorp announced the completion of its acquisition of Bank of Santa Clarita effective October 1, 2021. The merger creates a combined entity with $2.2 billion in assets, bolstering its presence in the Northern Los Angeles County market. The acquisition is expected to enhance earnings for both 2021 and 2022. Shareholders of Bank of Santa Clarita will receive approximately $64.6 million in stock, representing 23% of the new entity. Notably, Frank Di Tomaso will join the board, bringing over 40 years of banking experience.