Southern California Bancorp (SCB) has recently released its financial results for the quarter ended March 31, 2023, in a 10-Q form submitted to the United States Securities and Exchange Commission (SEC). As one of the leading regional banks in California, the company has demonstrated strong financial performance in its real estate, commercial, and consumer portfolio segments.
SCB, with its principal executive offices located in San Diego, California, has a trading symbol of BCAL and its common stock is listed on the Nasdaq Stock Market. The company is known for providing comprehensive banking services to businesses, professionals, individual investors, nonprofits, and consumers.
Table of Contents
Financial Highlights from the SEC Report
Based on the facts and statistics provided in the SEC report, SCB experienced impressive growth in various areas of its business as of March 31, 2023. Key financial highlights include:
1. Real Estate Portfolio Segment:
– Multifamily Residential: The financial assets in this sector remain resilient, with the majority of the loans not past due. – Commercial Real Estate and Other: SCB showed a strong performance in this area, with a substantial portion of the loans neither past due nor equal to or greater than 90 days past due.
2. Commercial Portfolio Segment:
– Financing Receivables: SCB displayed considerably low amounts of past due loans, demonstrating the company’s robust credit management process and risk mitigation strategies.
3. Consumer Portfolio Segment:
– Financing Receivables: Similar to the commercial segment, SCB’s consumer loans also showed a low percentage of past due financing receivables, signifying the company’s ability to maintain healthy and well-performing loan portfolios.
These positive numbers reveal the strength and stability in SCB’s loan and asset portfolios, which contribute to the overall financial health of the company.
Investments and Shareholder Initiatives
Moreover, the report also highlights SCB’s various investments and shareholder initiatives, such as the A2019 Omnibus Equity Incentive Plan and the implementation of Performance-based Restricted Stock Units (RSUs) for employees. These measures seek to align employee interests with those of the company’s shareholders while emphasizing a long-term value creation strategy.
Regulatory Compliance
Furthermore, SCB has displayed strong adherence to regulatory requirements, reporting that it has filed all necessary documents during the preceding 12 months. The company has also successfully submitted all Interactive Data Files in compliance with Rule 405 of Regulation S-T, showcasing its commitment to transparency and regulatory compliance.
Strategic Moves and Partnerships
Apart from typical financial figures, the SEC report also indicates the bank’s participation in various strategic moves and partnerships. One notable recent event is the merger with Bank of Santa Clarita, which could potentially further enhance SCB’s presence and growth in Southern California.
Conclusion
In conclusion, Southern California Bancorp’s latest SEC report exhibits the company’s solid financial performance, commitment to shareholder value creation, and ability to successfully manage loan portfolios. As a result, the bank remains well-positioned to navigate the evolving economic landscape and continue its growth trajectory in Southern California’s banking sector.
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!