Southern California Bancorp Q1 net income $4.9M, EPS $0.26; NIM narrows to 3.80%; NPA ratio rises

California BanCorp \ CA

2024-Q1 EPS reported $0.26

Net income $4.9M ($0.26 diluted) vs $4.4M ($0.24) Q4 2023 and $8.2M ($0.44) Q1 2023.
Net interest margin 3.80% down from 4.05%; cost of deposits up to 2.05% from 1.81%.
Loans held for investment fell $74.2M; total assets $2.29B down 3.0%.
Nonperforming assets to total assets 0.84% vs 0.55% prior quarter; OREO added $13.1M multifamily.
Merger with California BanCorp expected to close later 2024; $547k after-tax merger expenses.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.99

California BanCorp \ CA reported the first quarter of 2024 results: net income $4.9 million, EPS $0.26 per diluted share.

Period: the first quarter of 2024
Net income: $4.9 million
EPS: $0.26 per diluted share
Result: reported results

Exact text from the filing

Southern California Bancorp reported net income of $4.9 million for the first quarter of 2024, or $0.26 per diluted share

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Source: SEC EDGAR

accession 0001493152-24-016848

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