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.
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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% |
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