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Bank of Southern California Announces Second Quarter 2018 Financial Results

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Bank of Southern California Announces Second Quarter 2018 Financial Results

PR Newswire

SAN DIEGO, Aug. 13, 2018 /PRNewswire/ -- Bank of Southern California, N.A. (OTC: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:AUNB), which was completed on July 31, 2018.

Bank of Southern California N.A. logo (PRNewsFoto/Bank of Southern California)

"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
tdivita@banksocal.com

[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:

Quarterly Results and Trends 

 

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

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/bank-of-southern-california-announces-second-quarter-2018-financial-results-300695751.html

SOURCE Bank of Southern California

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