Southern California Bancorp Q2 net income falls to $190k vs $4.9M Q1; OREO loss $4.8M; merger approved

California BanCorp \ CA

2024-Q2 EPS reported $0.27

Q2 net income $190k ($0.01 diluted EPS) vs $4.9M ($0.26) in Q1; $4.8M after-tax OREO charge hurt results.
Net interest margin improved to 3.94% from 3.80%; loan yield 6.21%, cost of funds up 4bp to 2.21%.
Shareholders approved merger with California BanCorp; expected to close July 31, 2024.
Nonperforming assets dropped to $4.7M (0.20% of assets) after sale of $13.1M in OREO.
Provision for credit losses was $2.9M vs a $331k reversal in Q1, driven by charge-offs and a loan downgrade.

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