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Beach Cities Commercial Bank (BCCB) reported its second-quarter financial results for 2024. Key highlights include a 69.3% increase in total assets to $81.2 million and a 185.9% rise in total loans to $63.1 million from December 31, 2023. Total deposits surged by 124.7% to $61.3 million. The bank's liquidity remains strong at $14.3 million, 17.7% of total assets, and contingent borrowing is at $25.9 million, 32% of total assets. The loan portfolio yield is 8%, contributing to a net interest margin of 4.14%.
Despite the growth, BCCB reported a second-quarter net loss of $1.27 million, although this reflects an improvement from the first quarter's loss of $1.33 million. Interest income rose by 47% to $1.27 million, while interest expenses nearly doubled due to growth in short-term CDs. Non-interest expenses increased by 8.2% to $1.8 million, attributed to technology-related costs. The bank aims to reduce interest expenses by transitioning from high-cost institutional deposits to non-interest-bearing ones.
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