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Beach Cities Commercial Bank (OTCQB: BCCB) has released its Q4 2024 financial results, showing significant growth in key metrics. Total assets reached $130.8 million, up 173% year-over-year, while total loans increased 378% to $105.6 million. Deposits grew 337% to $112.9 million.
The bank maintained strong liquidity at $22.1 million (16.9% of total assets) and a healthy loan portfolio yield of 8.05% with a net interest margin of 4.21%. However, shareholders' equity decreased by $4.2 million to $15.2 million, primarily due to $927k in credit loss provisions and $3.3 million in operating losses.
Q4 2024 resulted in a net loss of $989k, with year-to-date losses at $4.52 million. The bank's loan portfolio grew by $27.5 million in Q4, necessitating increased credit reserve provisions of $371k. The bank maintains zero delinquent or non-performing loans and remains well-capitalized with a tier 1 capital ratio of 14.2%.
Beach Cities Commercial Bank (BCCB) reported its Q3 2024 financial results, showing significant growth in key metrics. Total assets reached $97.04M, up 102% from December 2023. Total loans increased 254% to $78.1M, while deposits grew 193% to $75.8M. The bank maintains strong liquidity at $15.6M (16.1% of total assets) with $27M in contingent borrowing sources. The loan portfolio yield was 8.15% with a 4.28% net interest margin. Q3 net loss decreased 25.7% to $940,000 from Q2's $1.26M loss, while year-to-date net loss stood at $3.54M. The bank reported zero delinquent and non-performing loans, with a credit loss reserve of $796,000.
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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