Southern California Bancorp (BCAL), a leading financial institution in the Southern California region, has reported strong growth across several key financial areas in its most recent quarterly report for the first quarter of 2023. The growth reflects the bank’s continued success in providing quality banking services and expanding its loan portfolio.
The SEC report highlights a steady increase in the bank’s total assets during the first quarter of 2023. Furthermore, deposit accounts have experienced a significant increment between Q1 2023 and Q1 2022, indicating a heightened level of customer trust and satisfaction with the bank’s services.
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An interesting aspect of the report shows growth in BCAL’s interchange and ATM income in the first quarter of 2023 compared to the first quarter of the previous year.
This increase demonstrates the bank’s focus on enhancing its services to make them more convenient for customers.
The report also reveals that the bank has maintained a strong common stock position throughout the quarter, providing a solid foundation for its financial stability. In addition, BCAL’s retained earnings, or profits that are reinvested in the business, have shown a significant improvement during the first quarter, enabling the bank to continue investing in future growth and development.
Southern California Bancorp has also been successful in expanding its loan portfolio, particularly in categories such as construction and land development, one-to-four-family residential loans, multifamily residential loans, and commercial real estate.
This expansion suggests the bank’s efforts are paying off as it diversifies its lending options and attracts new business.
Furthermore, the bank displays robust credit quality, as evident from its low levels of past-due loans. Loans said to be 30-59 days, 60-89 days, and 90 or more days past due are each strikingly low across various loan categories, such as construction and land development, one-to-four-family residential loans, and multifamily residential loans. This creditworthiness underscores BCAL’s effective risk management strategies and contributes to the overall financial health of the bank.
In the area of investment securities, the SEC report lays out several asset classes that BCAL is involved in, such as U.S. Treasury securities, U.S. government agency debt securities, mortgage-backed securities issued by U.S. government-sponsored enterprises, and asset-backed securities from the Small Business Administration (SBA).
These investments collectively indicate a well-diversified investment portfolio that helps share risk and improve the bank’s overall financial position.
The bank’s ongoing growth is also visible in the expansion of its branch network, as outlined in the SEC report. This growth reflects BCAL’s commitment to serving its clients effectively by increasing its reach and presence in the Southern California region.
Southern California Bancorp’s ongoing success and growth in key financial metrics reflect the bank’s commitment to providing excellent banking services and products to its customers. As it continues to expand and reach new milestones, BCAL is well-positioned to secure a strong foothold in the Southern California banking industry and maintain its upward trajectory in overall financial performance.
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!