Southern California Bancorp Announces Share Repurchase Plan

Southern California Bancorp (ticker: BCAL) has recently announced an authorized share repurchase plan which allows the repurchase of up to 550,000 of the company’s outstanding common stock. This represents approximately 3% of the company’s outstanding shares at the time of the announcement. The repurchases may occur in the open market, privately negotiated transactions, or other means in compliance with federal securities laws and other restrictions. The company plans to fund the repurchases from available working capital and cash provided by operating activities.

The timing and number of shares repurchased will depend on various factors such as price, trading volume, general market conditions, and the terms of any Rule 10b5-1 plan adopted by the company. The repurchase program does not have an expiration date and may be modified, suspended, or terminated at any time without prior notice.

Southern California Bancorp’s Financial Situation

Southern California Bancorp’s financial situation remains strong, as demonstrated by their solid balance sheet, diversified deposit and loan portfolios, low exposure to cryptocurrency and venture capital business models, and manageable other comprehensive loss on available-for-sale debt securities. The company’s relationship-based banking model aims to provide strong client partnerships and accessibility to decision-makers, which has helped build a client base representing a broad variety of commercial industries.

Response to Industry Challenges

In response to the recent challenges faced by the banking industry due to increasing interest rates, inflation concerns, and uncertainty in the market, Southern California Bancorp has taken proactive measures to reassure customers and secure their business. These measures include outreach to deposit customers, offering large depositors access to the Insured Cash Sweep (ICS) product, and maintaining strong liquidity ratios.

Company Focus

As the company continues to monitor the macroeconomic variables affecting the industry, it remains focused on providing excellent service and value to its clients while staying responsive to changing market conditions.

Income Statement

Financials in millions USD. Fiscal year is January – December. source

Year 2022 2021
0 Revenue 86.01 67.73
1 Revenue Growth (YoY) 27.00%
2 Gross Profit 86.01 67.73
3 Selling, General & Admin 51.43 46.83
4 Other Operating Expenses 12.6 6.71
5 Operating Expenses 64.03 53.54
6 Operating Income 21.98 14.19
7 Pretax Income 21.98 14.19
8 Income Tax 5.87 3.48
9 Net Income 16.11 10.71
10 Net Income Growth 50.46%
11 Shares Outstanding (Basic) 18
12 EPS (Basic) 0.90 0.74
13 EPS (Diluted) 0.88 0.72
14 EPS Growth 22.22%
15 Free Cash Flow Per Share 0.90
16 Gross Margin 100.00% 100.00%
17 Operating Margin 25.56% 20.95%
18 Profit Margin 18.73% 15.81%
19 Free Cash Flow Margin 18.81% 26.43%
20 Effective Tax Rate 26.70% 24.51%
21 EBITDA 23.98 15.91
22 EBITDA Margin 27.88% 23.49%
23 Depreciation & Amortization 2 1.72
24 EBIT 21.98 14.19
25 EBIT Margin 25.56% 20.95%

Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!