Bank of Southern California Announces Second Quarter 2018 Financial Results
SAN DIEGO, Aug. 13, 2018 /PRNewswire/ -- Bank of Southern California, N.A. (OTC Pink: BCAL) announced quarterly net income of $1,306,150 for the second quarter of 2018, a 26.5% increase compared to $1,032,230 for the second quarter of 2017. For the six months ended June 30, 2018, net income was $2,378,453, a 36.5% improvement compared to $1,742,252 for the six months ended June 30, 2017. Results for the quarter and six months ended June 30, 2018, include approximately $91 thousand and $415 thousand in expenses related to the acquisition of Americas United Bank (OTC Pink: AUNB), which was completed on July 31, 2018.
"After raising $26 million in new capital in the first half of the year and completing our acquisition of Americas United Bank in July, this has already proven to be a transformational period for Bank of Southern California," commented Nathan Rogge, President and CEO of Bank of Southern California. "We are eager to realize the efficiencies of integrating Americas United Bank into Bank of Southern California, as well as recognizing growth opportunities in the Los Angeles market," continued Rogge.
Total assets at June 30, 2018, were $521 million, up 20.1% from $434 million at June 30, 2017. Total loans increased to $415 million at June 30, 2018, compared to $354 million at June 30, 2017, an increase of $61 million, while total deposits were $442 million at June 30, 2018, compared to $385 million at June 30, 2017, an increase of $57 million.
Commenting on the recently completed acquisition of Americas United Bank, Rogge said, "I am pleased to welcome Americas United Bank customers and employees to Bank of Southern California. Our long-term goal is to build a financial institution recognized as the Premier Community Business Bank in Southern California — one that supports the economic growth of local businesses and delivers an exceptional client experience."
About Bank of Southern California
A growing community bank established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products and services to individuals, professionals, and small-to-mid sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, and the Coachella Valley in Riverside County, and a production office in Orange County. For more information, please visit www.banksocal.com or call (858) 847-4780.
Forward-Looking Statements
This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy.
Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Tony DiVita
Bank of Southern California
(858) 847-4783
[email protected]
[Quarterly Financial Highlights Table Follows]
For more details about our quarterly results, please visit the "About Us" / "Financials" page of our website and follow the link labeled:
|
Bank of Southern California | |||||||||
|
Quarterly Financial Highlights | |||||||||
|
(Unaudited) | |||||||||
|
Quarterly |
6 Months YTD | ||||||||
|
($$ in thousands except per share data) |
2018 |
2018 |
2017 |
2017 |
2017 |
||||
|
2nd Qtr |
1st Qtr |
4th Qtr |
3rd Qtr |
2nd Qtr |
2018 |
2017 | |||
|
EARNINGS |
|||||||||
|
Net interest income |
$ |
5,282 |
4,851 |
4,711 |
4,802 |
4,319 |
10,133 |
8,238 | |
|
Provision for loan losses |
$ |
400 |
300 |
0 |
0 |
102 |
700 |
271 | |
|
NonInterest income |
$ |
602 |
1,098 |
799 |
380 |
626 |
1,701 |
1,030 | |
|
NonInterest expense |
$ |
3,652 |
4,053 |
3,245 |
3,389 |
3,116 |
7,705 |
6,088 | |
|
Income tax expense |
$ |
526 |
524 |
1,132 |
705 |
695 |
1,050 |
1,167 | |
|
Net income |
$ |
1,306 |
1,072 |
1,134 |
1,088 |
1,032 |
2,378 |
1,742 | |
|
Basic earnings per share |
$ |
0.19 |
0.20 |
0.22 |
0.21 |
0.20 |
0.39 |
0.34 | |
|
Average shares outstanding |
6,991,327 |
5,281,297 |
5,221,606 |
5,219,095 |
5,177,997 |
6,136,312 |
5,159,247 | ||
|
Ending shares outstanding |
6,998,750 |
6,953,720 |
5,223,627 |
5,221,197 |
5,215,497 |
6,998,750 |
5,215,497 | ||
|
PERFORMANCE RATIOS |
|||||||||
|
Return on average assets |
1.00% |
0.90% |
0.95% |
0.96% |
0.97% |
0.95% |
0.82% | ||
|
Return on average common equity |
6.85% |
8.53% |
9.08% |
8.93% |
8.89% |
7.52% |
7.66% | ||
|
Yield on loans |
5.38% |
5.13% |
4.94% |
5.39% |
4.94% |
5.26% |
4.92% | ||
|
Yield on earning assets |
4.78% |
4.78% |
4.62% |
4.85% |
4.60% |
4.78% |
4.43% | ||
|
Cost of deposits |
0.62% |
0.53% |
0.47% |
0.41% |
0.33% |
0.58% |
0.34% | ||
|
Net interest margin |
4.22% |
4.27% |
4.17% |
4.46% |
4.29% |
4.25% |
4.12% | ||
|
Efficiency ratio |
62.06% |
68.13% |
58.87% |
65.40% |
63.01% |
65.11% |
65.69% | ||
|
CAPITAL |
|||||||||
|
Tangible equity to tangible assets |
14.54% |
14.14% |
10.10% |
10.12% |
10.64% |
14.54% |
10.64% | ||
|
Book value (BV) per common share |
$ |
11.00 |
10.79 |
9.51 |
9.31 |
9.10 |
11.00 |
9.10 | |
|
Tangible BV per common share |
$ |
10.81 |
10.59 |
9.25 |
9.04 |
8.83 |
10.81 |
8.83 | |
|
ASSET QUALITY |
|||||||||
|
Net loan charge-offs (recoveries) |
$ |
341 |
(9) |
210 |
(106) |
66 |
333 |
12 | |
|
Allowance for loan losses |
$ |
3,443 |
3,385 |
3,076 |
3,286 |
3,179 |
3,443 |
3,179 | |
|
Allowance for losses to total loans |
0.83% |
0.83% |
0.77% |
0.85% |
0.90% |
0.83% |
0.90% | ||
|
Nonperforming loans |
$ |
2,747 |
1,272 |
1,362 |
1,086 |
2,009 |
2,747 |
2,009 | |
|
Other real estate owned |
$ |
0 |
0 |
0 |
0 |
0 |
0 |
0 | |
|
Nonperforming assets to total assets |
0.53% |
0.24% |
0.28% |
0.23% |
0.46% |
0.53% |
0.46% | ||
|
END OF PERIOD BALANCES |
|||||||||
|
Total loans |
$ |
414,925 |
409,196 |
399,402 |
387,790 |
353,915 |
414,925 |
353,915 | |
|
Total assets |
$ |
521,437 |
522,118 |
479,512 |
467,976 |
434,088 |
521,437 |
434,088 | |
|
Deposits |
$ |
442,046 |
444,300 |
407,485 |
417,519 |
385,229 |
442,046 |
385,229 | |
|
Loans to deposits |
93.86% |
92.10% |
98.02% |
92.88% |
91.87% |
93.86% |
91.87% | ||
|
Shareholders' equity |
$ |
77,006 |
75,016 |
49,698 |
48,619 |
47,480 |
77,006 |
47,480 | |
|
Full-time equivalent employees |
65 |
73 |
76 |
63 |
61 |
65 |
61 | ||
|
AVERAGE BALANCES (QTRLY) | | (YTD) |
|||||||||
|
Total loans |
$ |
407,779 |
403,693 |
394,864 |
359,961 |
354,697 |
405,747 |
343,564 | |
|
Earning assets |
$ |
501,776 |
460,636 |
447,834 |
426,992 |
404,017 |
481,320 |
403,361 | |
|
Total assets (net of AFS valuation) |
$ |
525,934 |
484,628 |
471,271 |
450,737 |
427,649 |
505,395 |
427,242 | |
|
Deposits |
$ |
446,815 |
425,641 |
419,101 |
401,147 |
379,580 |
436,287 |
379,768 | |
|
Shareholders' equity |
$ |
76,440 |
50,983 |
49,548 |
48,325 |
46,577 |
63,782 |
45,880 | |
SOURCE Bank of Southern California
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