Beach Cities Commercial Bank Announces Second Quarter 2024 Financial Results
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.
La Beach Cities Commercial Bank (BCCB) ha riportato i risultati finanziari del secondo trimestre per il 2024. I punti salienti includono un aumento del 69,3% degli attivi totali, raggiungendo $81,2 milioni, e un incremento del 185,9% dei prestiti totali, che sono saliti a $63,1 milioni dal 31 dicembre 2023. I depositi totali sono aumentati del 124,7% fino a $61,3 milioni. La liquidità della banca rimane solida con $14,3 milioni, pari al 17,7% degli attivi totali, e il prestito contingenza è di $25,9 milioni, che costituisce il 32% degli attivi totali. Il rendimento del portafoglio prestiti è dell'8%, contribuendo a un margine d'interesse netto del 4,14%.
Nonostante la crescita, BCCB ha riportato una perdita netta nel secondo trimestre di $1,27 milioni, sebbene ciò rifletta un miglioramento rispetto alla perdita del primo trimestre di $1,33 milioni. I ricavi da interessi sono aumentati del 47%, arrivando a $1,27 milioni, mentre le spese per interessi sono quasi raddoppiate a causa di una crescita nei certificati di deposito a breve termine. Le spese non relative agli interessi sono aumentate dell'8,2% a $1,8 milioni, attribuite ai costi legati alla tecnologia. La banca punta a ridurre le spese per interessi passando da depositi istituzionali ad alto costo a depositi non fruttiferi.
Beach Cities Commercial Bank (BCCB) ha reportado sus resultados financieros del segundo trimestre de 2024. Los aspectos más destacados incluyen un aumento del 69,3% en el total de activos, alcanzando los $81,2 millones, y un aumento del 185,9% en los préstamos totales, que subieron a $63,1 millones desde el 31 de diciembre de 2023. Los depósitos totales se dispararon un 124,7% hasta $61,3 millones. La liquidez del banco sigue siendo fuerte, con $14,3 millones, lo que representa el 17,7% de los activos totales, y los préstamos contingentes son de $25,9 millones, que representan el 32% de los activos totales. El rendimiento de la cartera de préstamos es del 8%, contribuyendo a un margen de interés neto del 4,14%.
A pesar del crecimiento, BCCB reportó una pérdida neta de $1,27 millones en el segundo trimestre, aunque esto refleja una mejora respecto a la pérdida del primer trimestre de $1,33 millones. Los ingresos por intereses aumentaron un 47% hasta $1,27 millones, mientras que los gastos por intereses casi se duplicaron debido al crecimiento de los CD a corto plazo. Los gastos no relacionados con intereses aumentaron un 8,2% hasta $1,8 millones, atribuidos a costos relacionados con la tecnología. El banco busca reducir los gastos por intereses al pasar de depósitos institucionales de alto costo a depósitos que no devengan intereses.
비치 시티즈 상업 은행(BCCB)이 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 자산 총액이 69.3% 증가하여 8120만 달러에 도달하고, 총 대출이 185.9% 증가하여 6310만 달러에 이르는 것입니다(2023년 12월 31일 기준). 총 예치금이 124.7% 증가하여 6130만 달러로 급증했습니다. 은행의 유동성은 1430만 달러로 여전히 강력하며 이는 총 자산의 17.7%입니다. 조건부 대출은 2590만 달러, 즉 총 자산의 32%입니다. 대출 포트폴리오의 수익률은 8%로, 순이자 마진은 4.14%에 기여하고 있습니다.
성장에도 불구하고 BCCB는 2분기 순손실이 $1.27백만이라고 보고했으며, 이는 1분기의 $1.33백만 손실에서 개선된 수치입니다. 이자 수입은 47% 증가하여 127만 달러에 달했으며, 단기 CD의 증가로 인해 이자 비용은 거의 두 배로 증가했습니다. 비이자 비용은 기술 관련 비용으로 인해 8.2% 증가하여 180만 달러에 이르렀습니다. 은행은 고비용 기관 예치금에서 비이자 예치금으로 전환하여 이자 비용을 줄이는 것을 목표로 하고 있습니다.
La Beach Cities Commercial Bank (BCCB) a publié ses résultats financiers pour le deuxième trimestre de 2024. Les points saillants incluent une augmentation de 69,3% des actifs totaux, atteignant 81,2 millions de dollars, et une hausse de 185,9% des prêts totaux, qui s'élèvent à 63,1 millions de dollars par rapport au 31 décembre 2023. Les dépôts totaux ont augmenté de 124,7%, atteignant 61,3 millions de dollars. La liquidité de la banque reste solide à 14,3 millions de dollars, soit 17,7 % des actifs totaux, et l'emprunt conditionnel s'élève à 25,9 millions de dollars, soit 32 % des actifs totaux. Le rendement du portefeuille de prêts est de 8 %, contribuant à une marge d'intérêt nette de 4,14 %.
Malgré cette croissance, la BCCB a déclaré une perte nette de 1,27 million de dollars au deuxième trimestre, bien que cela reflète une amélioration par rapport à la perte de 1,33 million de dollars au premier trimestre. Les revenus d'intérêts ont augmenté de 47% pour atteindre 1,27 million de dollars, tandis que les charges d'intérêts ont presque doublé en raison de la croissance des CD à court terme. Les charges non liées aux intérêts ont augmenté de 8,2 % pour atteindre 1,8 million de dollars, attribuées à des coûts technologiques. La banque vise à réduire les charges d'intérêts en passant des dépôts institutionnels à coût élevé à des dépôts sans intérêts.
Die Beach Cities Commercial Bank (BCCB) hat ihre Finanzzahlen für das zweite Quartal 2024 veröffentlicht. Zu den wichtigsten Highlights gehören ein Anstieg von 69,3% bei den Gesamtkapitalanlagen auf 81,2 Millionen Dollar sowie ein 185,9% Anstieg bei den Gesamtdarlehen auf 63,1 Millionen Dollar im Vergleich zum 31. Dezember 2023. Die Gesamteinlagen sind um 124,7% auf 61,3 Millionen Dollar gestiegen. Die Liquidität der Bank bleibt stark bei 14,3 Millionen Dollar, was 17,7% der Gesamtkapitalanlagen entspricht, und die bedingte Kreditaufnahme liegt bei 25,9 Millionen Dollar, also 32% der Gesamtkapitalanlagen. Die Rendite des Darlehensportfolios beträgt 8% und trägt zu einer Nettozinsmarge von 4,14% bei.
Trotz des Wachstums meldete die BCCB einen Nettoverlust von 1,27 Millionen Dollar im zweiten Quartal, was jedoch eine Verbesserung im Vergleich zum Verlust von 1,33 Millionen Dollar im ersten Quartal darstellt. Die Zinserträge stiegen um 47% auf 1,27 Millionen Dollar, während die Zinsaufwendungen aufgrund des Wachstums bei kurzfristigen CDs fast doppelt so hoch waren. Die nicht-zinsbezogenen Ausgaben stiegen um 8,2% auf 1,8 Millionen Dollar, was auf technologische Kosten zurückzuführen ist. Die Bank zielt darauf ab, die Zinsaufwendungen zu senken, indem sie von hochverzinslichen Institutsdepots auf nicht verzinsliche Einlagen umschwenkt.
- Total assets increased by 69.3% to $81.2 million.
- Total loans grew by 185.9% to $63.1 million.
- Total deposits surged by 124.7% to $61.3 million.
- Interest income increased by 47% to $1.27 million.
- Net interest margin stands at a healthy 4.14%.
- Second-quarter net loss of $1.27 million.
- Year-to-date net loss of $2.59 million.
- Interest expenses increased by 96% due to short-term CDs.
- Non-interest expenses rose by 8.2% to $1.8 million.
Beach Cities Commercial Bank (the Bank) was incorporated under the laws of the
Significant items for the period include:
-
Total assets were
$81.2 million $33.2 million 69.3% growth). -
Total loans were
$63.1 million $41.1 million 185.9% growth). -
Total deposits were
$61.3 million $35.5 million 124.7% ). -
Total liquidity remains very high at
$14.3 million 17.7% of the Bank's total assets. The Bank also maintains contingent borrowing sources at$25.9 million 32% of total assets. -
The loan portfolio average yield was at
8% which is contributing to a healthy net interest margin at4.14% as of June 30, 2024. -
The Bank maintains a reserve for credit losses of
$726,000 1.15% of total loans. As of June 30, 2024, the Bank had Zero dollars in delinquent, and non-performing loans.
The Bank reported second quarter net loss of
During the second quarter, 2024, the total interest income was
Total non-interest expenses for the second quarter, 2024, were
As noted above, the Bank’s liquidity remains above
“The Bank completed its first full year in operations in June 2024, and during this period, has made tremendous progress in growing the Bank,” noted H. Kent Falk, CEO.
“During the first start-up quarter, the Bank invested its resources in implementing its technology platform, and as more products and services became live, we have seen incredible growth in lending and attracting good clients within the
About Beach Cities Commercial Bank
Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients’ needs through its head office and branch in
FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as "anticipate." "Believe." "Continue," "could." "Estimate," "expect," "intend," "likely." "May," "outlook." "Plan," "potential," "predict." "Project." "Should," "will." "would" and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guaranteeing of future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates.
BEACH CITIES COMMERCIAL BANK |
|||||||||||||
| UNAUDITED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
| (Dollars in thousands) | |||||||||||||
| As of June 30, 2024 |
As of December 31, 2023 |
Growth $ | Growth % | ||||||||||
| ASSETS: | |||||||||||||
| Cash and due from banks | $ |
136 |
|
$ |
996 |
|
$ |
(860 |
) |
-86.3 |
% |
||
| Interest-bearing balance at the Federal Reserve Bank |
|
14,210 |
|
|
20,985 |
|
|
(6,775 |
) |
-32.3 |
% |
||
Total Cash and Cash Equivalents |
|
14,346 |
|
|
21,981 |
|
|
(7,635 |
) |
-34.7 |
% |
||
|
|||||||||||||
Debt Securities available for sale |
|
993 |
|
|
980 |
|
|
13 |
|
1.3 |
% |
||
|
|||||||||||||
Total Loans |
|
63,136 |
|
|
22,081 |
|
|
41,055 |
|
185.9 |
% |
||
Allowance for credit losses |
|
(726 |
) |
|
(301 |
) |
|
(425 |
) |
141.2 |
% |
||
Net Loans |
|
62,410 |
|
|
21,780 |
|
|
40,630 |
|
186.5 |
% |
||
|
|||||||||||||
Premises and equipment, net |
|
223 |
|
|
268 |
|
|
(45 |
) |
-16.8 |
% |
||
Right-of-use asset |
|
1,566 |
|
|
1,741 |
|
|
(175 |
) |
-10.1 |
% |
||
Other assets |
|
1,654 |
|
|
1,207 |
|
|
447 |
|
37.0 |
% |
||
TOTAL ASSETS |
$ |
81,192 |
|
$ |
47,957 |
|
|
33,235 |
|
69.3 |
% |
||
|
|||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|||||||||||||
|
|||||||||||||
Deposits |
|||||||||||||
Non-interest Bearing deposits |
$ |
7,193 |
|
$ |
6,673 |
|
|
520 |
|
7.8 |
% |
||
Interest -bearing deposits |
|
54,145 |
|
|
19,186 |
|
|
34,959 |
|
182.2 |
% |
||
Total Deposits |
|
61,338 |
|
|
25,859 |
|
|
35,479 |
|
137.2 |
% |
||
|
|||||||||||||
Other Liabilities |
|
2,846 |
|
|
2,711 |
|
|
135 |
|
5.0 |
% |
||
TOTAL LIABILITIES |
|
64,184 |
|
|
28,570 |
|
|
35,614 |
|
124.7 |
% |
||
|
|||||||||||||
Common Stock |
|
25,019 |
|
|
25,019 |
|
|
- |
|
0.0 |
% |
||
Additional paid in capital |
|
416 |
|
|
200 |
|
|
216 |
|
108.0 |
% |
||
Accumulated deficit |
|
(8,426 |
) |
|
(5,831 |
) |
|
(2,595 |
) |
44.5 |
% |
||
Accumulated other comprehensive loss |
|
(1 |
) |
|
(1 |
) |
|
- |
|
0.0 |
% |
||
Total Shareholders' Equity |
|
17,008 |
|
|
19,387 |
|
|
(2,379 |
) |
-12.3 |
% |
||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ |
81,192 |
|
$ |
47,957 |
|
$ |
33,235 |
|
69.3 |
% |
||
| BEACH CITIES COMMERCIAL BANK | |||||||||||||||||
| UNAUDITED STATEMENT OF OPERATIONS | |||||||||||||||||
| (Dollars in thousands except share and per share amounts) | |||||||||||||||||
For the Three Months Ended |
|
For the Six Months
|
|
For the twelve
|
|||||||||||||
|
|
|
|
|
|
|
|||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
|
June 30, 2024 |
|
December 31, 2023 |
|||||||||||
| Interest Income: | |||||||||||||||||
| Loans | $ |
1,039,820 |
|
$ |
603,552 |
|
$ |
318,288 |
|
$ |
1,643,372 |
|
$ |
336,181 |
|
||
| Investment Securities |
|
13,216 |
|
|
13,043 |
|
|
13,013 |
|
|
26,259 |
|
|
17,320 |
|
||
| Other Short-term investments |
|
220,164 |
|
|
246,997 |
|
|
316,334 |
|
|
467,161 |
|
|
821,283 |
|
||
Total Interest Income |
|
1,273,200 |
|
|
863,592 |
|
|
647,635 |
|
|
2,136,792 |
|
|
1,174,784 |
|
||
| Interest Expense: | |||||||||||||||||
| Deposits |
|
557,882 |
|
|
283,838 |
|
|
204,495 |
|
|
841,720 |
|
|
348,702 |
|
||
Total Interest Expense |
|
557,882 |
|
|
283,838 |
|
|
204,495 |
|
|
841,720 |
|
|
348,702 |
|
||
| Net Interest Income |
|
715,318 |
|
|
579,754 |
|
|
443,140 |
|
|
1,295,072 |
|
|
826,082 |
|
||
| Provisions for credit losses |
|
180,000 |
|
|
245,000 |
|
|
184,900 |
|
|
425,000 |
|
|
317,000 |
|
||
| Net interest income after provisions for loan losses |
|
535,318 |
|
|
334,754 |
|
|
258,240 |
|
|
870,072 |
|
|
509,082 |
|
||
| Non-interest income: | |||||||||||||||||
| Service charges, fees and other |
|
4,117 |
|
|
5,147 |
|
|
1,606 |
|
|
9,264 |
|
|
1,706 |
|
||
| Non-Interest expense: | |||||||||||||||||
| Salaries and employee benefits |
|
1,135,056 |
|
|
1,105,393 |
|
|
1,023,984 |
|
|
2,240,449 |
|
|
2,318,336 |
|
||
| Occupancy and Equipment expenses |
|
175,312 |
|
|
171,013 |
|
|
170,173 |
|
|
346,325 |
|
|
408,909 |
|
||
| Organization Expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,045,800 |
|
||
| Data Processing |
|
175,117 |
|
|
128,315 |
|
|
139,086 |
|
|
303,432 |
|
|
332,424 |
|
||
| Professional and Legal |
|
171,546 |
|
|
111,763 |
|
|
105,668 |
|
|
283,309 |
|
|
469,110 |
|
||
| Other Expenses |
|
147,836 |
|
|
151,366 |
|
|
129,696 |
|
|
299,202 |
|
|
294,946 |
|
||
Total Non-interest expense |
|
1,804,867 |
|
|
1,667,850 |
|
|
1,568,607 |
|
|
3,472,717 |
|
|
4,869,525 |
|
||
|
- |
|
|||||||||||||||
| Income (Loss) before taxes |
|
(1,265,432 |
) |
|
(1,327,949 |
) |
|
(1,308,761 |
) |
|
(2,593,381 |
) |
|
(4,358,737 |
) |
||
| Income tax expense |
|
800 |
|
|
800 |
|
|
800 |
|
|
1,600 |
|
|
800 |
|
||
Net Income (Loss) |
$ |
(1,266,232 |
) |
$ |
(1,328,749 |
) |
$ |
(1,309,561 |
) |
$ |
(2,594,981 |
) |
$ |
(4,359,537 |
) |
||
| Earnings per share ("EPS"): Basic | $ |
(0.50 |
) |
$ |
(0.52 |
) |
$ |
(0.51 |
) |
$ |
(1.02 |
) |
$ |
(1.71 |
) |
||
| Common Shares Outstanding |
|
2,556,112 |
|
|
2,556,112 |
|
|
2,556,112 |
|
|
2,556,112 |
|
|
2,556,112 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731718417/en/
H. Kent Falk, CEO
kent@beachcitiescb.com
949.704.0120
Jeffrey Redeker, President
jeff@beachcitiescb.com
949.704.2080
Najam Saiduddin, CFO/EVP
najam@beachcitiescb.com
949.704.2275
Source: Beach Cities Commercial Bank
FAQ
What were the key financial highlights for BCCB's second quarter of 2024?
What was BCCB's net loss in the second quarter of 2024?
How did BCCB's interest income and expenses change in Q2 2024?
What is Beach Cities Commercial Bank's strategy to reduce interest expenses?
What is BCCB's net interest margin as of June 30, 2024?
How did non-interest expenses change for BCCB in Q2 2024?
