Beach Cities Commercial Bank Announces Third Quarter 2024 Financial Results
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) ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando una crescita significativa in metriche chiave. Gli attivi totali hanno raggiunto $97.04M, aumentando del 102% rispetto a dicembre 2023. I prestiti totali sono aumentati del 254% a $78.1M, mentre i depositi sono cresciuti del 193% a $75.8M. La banca mantiene una forte liquidità di $15.6M (16.1% degli attivi totali) con $27M in fonti di finanziamento contingenti. Il rendimento del portafoglio prestiti era dell'8.15% con un margine di interesse netto del 4.28%. La perdita netta del terzo trimestre è diminuita del 25.7% a $940,000, rispetto a una perdita di $1.26M nel secondo trimestre, mentre la perdita netta da inizio anno si è attestata a $3.54M. La banca ha riportato zero prestiti in sofferenza o non performanti, con una riserva per perdite di credito di $796,000.
Beach Cities Commercial Bank (BCCB) reportó sus resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo en métricas clave. Los activos totales alcanzaron $97.04M, un aumento del 102% desde diciembre de 2023. Los préstamos totales aumentaron un 254% a $78.1M, mientras que los depósitos crecieron un 193% a $75.8M. El banco mantiene una sólida liquidez de $15.6M (16.1% de los activos totales) con $27M en fuentes de financiamiento contingentes. El rendimiento de la cartera de préstamos fue del 8.15% con un margen de interés neto del 4.28%. La pérdida neta del tercer trimestre disminuyó un 25.7% a $940,000 desde la pérdida de $1.26M del segundo trimestre, mientras que la pérdida neta acumulada hasta la fecha se situó en $3.54M. El banco reportó cero préstamos morosos y no productivos, con una reserva de pérdidas crediticias de $796,000.
비치 시티 상업은행(BCCB)는 2024년 3분기 재무 결과를 발표하며 주요 지표에서 큰 성장을 보여주었습니다. 총 자산은 $97.04M에 도달했으며, 2023년 12월 대비 102% 증가했습니다. 총 대출은 254% 증가하여 $78.1M에 달했으며, 예금은 193% 성장하여 $75.8M에 이르렀습니다. 은행은 $15.6M(총 자산의 16.1%)의 강력한 유동성을 유지하고 있으며, $27M의 비상 차입 가능 자원이 있습니다. 대출 포트폴리오 수익률은 8.15%, 순이자 마진은 4.28%였습니다. 3분기 순손실은 25.7% 감소하여 $940,000로 줄어들었고, 2분기의 $1.26M 손실에서 감소하였습니다. 연초 누적 순손실은 $3.54M에 달했습니다. 은행은 연체 및 부실 대출이 없으며, 신용 손실 준비금은 $796,000입니다.
Beach Cities Commercial Bank (BCCB) a annoncé ses résultats financiers pour le troisième trimestre 2024, montrant une croissance significative dans les indicateurs clés. Les actifs totaux ont atteint 97,04 millions de dollars, en hausse de 102 % par rapport à décembre 2023. Les prêts totaux ont augmenté de 254 % pour atteindre 78,1 millions de dollars, tandis que les dépôts ont fortement progressé de 193 % pour atteindre 75,8 millions de dollars. La banque maintient une solide liquidité de 15,6 millions de dollars (16,1 % des actifs totaux) avec 27 millions de dollars en sources de financement contingentes. Le rendement du portefeuille de prêts était de 8,15 % avec une marge d'intérêt net de 4,28 %. La perte nette du troisième trimestre a diminué de 25,7 % pour s'établir à 940 000 dollars, en baisse par rapport à une perte de 1,26 million de dollars au deuxième trimestre, tandis que la perte nette depuis le début de l'année se chiffrerait à 3,54 millions de dollars. La banque a signalé zéro prêt en retard et non performants, avec une réserve pour pertes sur crédit de 796 000 dollars.
Beach Cities Commercial Bank (BCCB) hat ihre finanziellen Ergebnisse für das 3. Quartal 2024 gemeldet, die ein signifikantes Wachstum in wichtigen Kennzahlen zeigen. Die Gesamtkapitalien erreichten $97.04M, ein Anstieg von 102% seit Dezember 2023. Die Gesamtdarlehen stiegen um 254% auf $78.1M, während die Einlagen um 193% auf $75.8M wuchsen. Die Bank behält eine starke Liquidität von $15.6M (16.1% der Gesamtkapitalien) mit $27M an verfügbaren Kreditquellen. Die Rendite des Kreditportfolios betrug 8.15% mit einer Nettomarge von 4.28%. Der Nettoverlust im 3. Quartal fiel um 25.7% auf $940,000, im Vergleich zu einem Verlust von $1.26M im 2. Quartal, während der Verlust seit Jahresbeginn bei $3.54M lag. Die Bank berichtete über null überfällige und nicht-leistungsfähige Kredite, mit einer Rückstellung für Kreditverluste von $796,000.
- Total assets grew 102% to $97.04M since December 2023
- Loan portfolio increased 254% to $78.1M
- Deposits rose 193% to $75.8M
- Q3 net loss reduced by 25.7% compared to Q2
- Zero delinquent and non-performing loans
- Strong loan portfolio yield of 8.15%
- Non-interest expenses decreased 4.6% in Q3
- Q3 2024 net loss of $940,000
- Year-to-date net loss of $3.54M
- Interest expenses increased 29% in Q3 due to high-cost institutional CD deposits
Beach Cities Commercial Bank (the Bank) was incorporated under the laws of the
Significant items for the period include:
-
Total assets were
$97.04 million $49.4 million 102% growth). -
Total loans were
$78.1 million $56.0 million 254% growth). -
Total deposits were
$75.8 million $49.9 million 193% ). -
Total liquidity remains high at
$15.6 million 16.1% of the Bank's total assets. The Bank also maintains contingent borrowing sources at$27 million 27.8% of total assets. -
The loan portfolio average yield was at
8.15% which is contributing to a healthy net interest margin at4.28% as of September 30, 2024. -
The Bank maintains a reserve for credit losses of
$796,000 1.08% of total loans. As of September 30, 2024, the Bank had Zero dollars in delinquent, and non-performing loans.
The Bank reported third quarter net loss of
During the third quarter, 2024, the total interest income was
Total non-interest expenses for the third quarter, 2024, were
As noted above, the Bank’s liquidity remains above
“During 2024, the Bank has made tremendous strides in growing its earning asset base. We have a great team with a focus of moving the Bank towards profitability,” noted H. Kent Falk, CEO.
“Our major products and services buildout is complete, which has allowed us to focus in growing the Bank. During the last nine months this year, the Bank has doubled its total assets, and we are excited to cross 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 using 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 do not guarantee 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 Sept 30, 2024 | As of June 30, 2024 | Growth $ | Growth % | ||||||||||
| ASSETS: | |||||||||||||
| Cash and due from banks | $ |
131 |
|
$ |
136 |
|
$ |
(5 |
) |
-3.7 |
% |
||
| Interest-bearing balance at the Federal Reserve Bank |
|
15,519 |
|
|
14,210 |
|
|
1,309 |
|
9.2 |
% |
||
Total Cash and Cash Equivalents |
|
15,650 |
|
|
14,346 |
|
|
1,304 |
|
9.1 |
% |
||
| Debt Securities available for sale |
|
974 |
|
|
993 |
|
|
(19 |
) |
-1.9 |
% |
||
| Total Loans |
|
78,105 |
|
|
63,136 |
|
|
14,969 |
|
23.7 |
% |
||
| Allowance for credit losses |
|
(843 |
) |
|
(726 |
) |
|
(117 |
) |
16.1 |
% |
||
Net Loans |
|
77,262 |
|
|
62,410 |
|
|
14,852 |
|
23.8 |
% |
||
| Premises and equipment, net |
|
206 |
|
|
223 |
|
|
(17 |
) |
-7.6 |
% |
||
| Right-of-use asset |
|
1,477 |
|
|
1,566 |
|
|
(89 |
) |
-5.7 |
% |
||
| Other assets |
|
1,473 |
|
|
1,654 |
|
|
(181 |
) |
-10.9 |
% |
||
TOTAL ASSETS |
$ |
97,042 |
|
$ |
81,192 |
|
|
15,850 |
|
19.5 |
% |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | |||||||||||||
| Deposits | |||||||||||||
| Non-interest Bearing deposits | $ |
12,035 |
|
$ |
7,193 |
|
|
4,842 |
|
67.3 |
% |
||
| Interest -bearing deposits |
|
63,788 |
|
|
54,145 |
|
|
9,643 |
|
17.8 |
% |
||
Total Deposits |
|
75,823 |
|
|
61,338 |
|
|
14,485 |
|
23.6 |
% |
||
| Borrowings |
|
2,300 |
|
|
0 |
|
|
2,300 |
|
100.0 |
% |
||
| Other Liabilities |
|
2,801 |
|
|
2,846 |
|
|
(45 |
) |
-1.6 |
% |
||
TOTAL LIABILITIES |
|
80,924 |
|
|
64,184 |
|
|
16,740 |
|
26.1 |
% |
||
| Common Stock |
|
25,117 |
|
|
25,019 |
|
|
98 |
|
0.4 |
% |
||
| Additional paid in capital |
|
366 |
|
|
416 |
|
|
(50 |
) |
-12.0 |
% |
||
| Accumulated deficit |
|
(9,366 |
) |
|
(8,426 |
) |
|
(940 |
) |
11.2 |
% |
||
| Accumulated other comprehensive loss |
|
1 |
|
|
(1 |
) |
|
2 |
|
-200.0 |
% |
||
Total Shareholders' Equity |
|
16,118 |
|
|
17,008 |
|
|
(890 |
) |
-5.2 |
% |
||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ |
97,042 |
|
$ |
81,192 |
|
$ |
15,850 |
|
19.5 |
% |
||
| BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS (Dollars in thousands except share and per share amounts) |
|||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | For the twelve Months Ended | |||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||
| Interest Income: | |||||||||||||||||
| Loans | $ |
1,414,644 |
|
$ |
1,039,820 |
|
$ |
603,552 |
|
$ |
3,058,016 |
|
$ |
336,181 |
|
||
| Investment Securities |
|
13,981 |
|
|
13,216 |
|
|
13,043 |
|
$ |
40,240 |
|
|
17,320 |
|
||
| Other Short-term investments |
|
179,138 |
|
|
220,164 |
|
|
246,997 |
|
$ |
646,299 |
|
|
821,283 |
|
||
Total Interest Income |
|
1,607,763 |
|
|
1,273,200 |
|
|
863,592 |
|
$ |
3,744,555 |
|
|
1,174,784 |
|
||
| Interest Expense: | |||||||||||||||||
| Deposits |
|
716,112 |
|
|
557,882 |
|
|
283,838 |
|
$ |
1,557,832 |
|
|
348,702 |
|
||
Total Interest Expense |
|
716,112 |
|
|
557,882 |
|
|
283,838 |
|
$ |
1,557,832 |
|
|
348,702 |
|
||
| Net Interest Income |
|
891,651 |
|
|
715,318 |
|
|
579,754 |
|
$ |
2,186,723 |
|
|
826,082 |
|
||
| Provisions for credit losses |
|
117,000 |
|
|
180,000 |
|
|
245,000 |
|
$ |
542,000 |
|
|
317,000 |
|
||
| Net interest income after provisions for loan losses |
|
774,651 |
|
|
535,318 |
|
|
334,754 |
|
$ |
1,644,723 |
|
|
509,082 |
|
||
| Non-interest income: | |||||||||||||||||
| Service charges, fees and other |
|
6,362 |
|
|
4,117 |
|
|
5,147 |
|
$ |
15,626 |
|
|
1,706 |
|
||
| Non-Interest expense: | |||||||||||||||||
| Salaries and employee benefits |
|
1,106,821 |
|
|
1,135,056 |
|
|
1,105,393 |
|
$ |
3,347,270 |
|
|
2,318,336 |
|
||
| Occupancy and Equipment expenses |
|
174,256 |
|
|
175,312 |
|
|
171,013 |
|
$ |
520,581 |
|
|
408,909 |
|
||
| Organization Expenses |
|
- |
|
|
- |
|
|
- |
|
$ |
- |
|
|
1,045,800 |
|
||
| Data Processing |
|
185,053 |
|
|
175,117 |
|
|
128,315 |
|
$ |
488,485 |
|
|
332,424 |
|
||
| Professional and Legal |
|
101,407 |
|
|
171,546 |
|
|
111,763 |
|
$ |
384,716 |
|
|
469,110 |
|
||
| Other Expenses |
|
153,761 |
|
|
147,836 |
|
|
151,366 |
|
$ |
452,963 |
|
|
294,946 |
|
||
Total Non-interest expense |
|
1,721,298 |
|
|
1,804,867 |
|
|
1,667,850 |
|
$ |
5,194,015 |
|
|
4,869,525 |
|
||
| Income (Loss) before taxes |
|
(940,285 |
) |
|
(1,265,432 |
) |
|
(1,327,949 |
) |
$ |
(3,533,666 |
) |
|
(4,358,737 |
) |
||
| Income tax expense |
|
- |
|
|
800 |
|
|
800 |
|
$ |
1,600 |
|
|
800 |
|
||
Net Income (Loss) |
$ |
(940,285 |
) |
$ |
(1,266,232 |
) |
$ |
(1,328,749 |
) |
$ |
(3,535,266 |
) |
$ |
(4,359,537 |
) |
||
| Earnings per share ("EPS"): Basic | $ |
(0.37 |
) |
$ |
(0.50 |
) |
$ |
(0.52 |
) |
$ |
(1.38 |
) |
$ |
(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/20241108571528/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 was Beach Cities Commercial Bank's (BCCB) total asset growth in Q3 2024?
What was BCCB's net loss in Q3 2024?
How much did BCCB's loan portfolio grow in Q3 2024?
What is BCCB's current loan portfolio yield and net interest margin?
