Southern California Bancorp reports Q4 net income $4.4M, announces merger with California BanCorp

California BanCorp \ CA

2023-FY EPS reported $1.39

Q4 net income $4.4M ($0.24 diluted EPS) vs $6.6M ($0.35) Q3; full year $25.9M ($1.39), up 61% from 2022.
Net interest margin 4.05% in Q4 (vs 4.23% Q3); full year 4.33% (vs 4.06% previous year).
Tangible book value per share $13.56, up from $13.08 Q3; total assets $2.36B.
Entered into a merger agreement with California BanCorp; further details in a separate release.
Provision for credit losses $824K in Q4 vs $96K reversal in Q3; $1.3M charge-off on a nonaccrual multifamily loan.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

California BanCorp \ CA reported the fourth quarter and the full year of 2023 results: net income $4.4 million for the fourth quarter of 2023, or $0.24 per diluted share, EPS $0.24 per diluted share.

Period: the fourth quarter and the full year of 2023
Net income: $4.4 million for the fourth quarter of 2023, or $0.24 per diluted share
EPS: $0.24 per diluted share
Result: reported results

Exact text from the filing

Southern California Bancorp reported net income of $4.4 million for the fourth quarter of 2023, or $0.24 per diluted share, compared to net income of $8.5 million, or $0.46 per diluted share in the fourth quarter of 2022

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California BanCorp \ CA filing history →

Source: SEC EDGAR

accession 0001493152-24-004229

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