Southern California Bancorp Experiences Substantial Growth in Loans and Bank Assets

Southern California Bancorp recently released its financial report for the first three months of 2023, showing significant growth in loans and bank assets, as well as substantial stock-based compensation costs. This article will examine some key points from the report, as well as the overall financial health and performance of the company, BCAL.

Increased Loans and Bank Assets

In the first quarter of 2023, Southern California Bancorp’s loans held for investment, net of provisions, increased to $1.87 billion from $1.88 billion as of December 31, 2022. Similarly, the company’s total bank assets also saw a substantial increase, with cash and due from banks rising from $60.3 million in December 2022 to $34.2 million in March 2023.

One reason for the increase in loans and bank assets might be the company’s ongoing growth strategy, which included the acquisition of Bank of Santa Clarita in 2022. Moreover, the company’s stock-based compensation costs have also seen significant growth, totaling $1.7 million for the first three months of 2023, compared to $773 thousand in the same period in 2022.

Healthy Capital Position

Southern California Bancorp’s financial results also reflect its healthy capital position, with the company remaining well-capitalized under the regulatory framework for prompt corrective action (PCA). As of March 31, 2023, the bank had a total capital ratio of 12.61%, a Tier 1 capital ratio of 11.68%, a common equity Tier 1 capital ratio of 11.15%, and a leverage ratio of 11.15%. These figures exceed the minimum requirements set by the regulatory agencies, ensuring the bank’s continued stability and ability to support its ongoing growth initiatives.

Stock-Based Compensation Plan

As part of the company’s stock-based compensation plan, various incentive awards have been granted to eligible participants. As of March 31, 2023, there were $141 thousand of total unrecognized compensation costs related to outstanding stock options. The stock-based compensation plan also includes the vesting of restricted stock units, which had an unrecognized compensation expense of $8.6 million as of the end of the reporting period. The plan helps to incentivize and reward employees for their contributions to the company’s growth and success.


In conclusion, Southern California Bancorp’s latest quarterly financial report shows substantial growth in the company’s loans and bank assets, testament to its ongoing expansion efforts. The company has maintained a strong capital position, ensuring its stability and continued success in the market. The stock-based compensation plan rewards employees for their performance and helps to align their interests with those of the company and its shareholders, further supporting the company’s growth strategy. As Southern California Bancorp continues to execute its growth initiatives, the company is well-positioned to maintain its strong financial performance and create value for its shareholders.

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!