• SOUTHERN CALIFORNIA BANCORP REPORTS NET INCOME OF $4.4 MILLION FOR THE FOURTH QUARTER AND $25.9 MILLION FOR THE FULL YEAR OF 2023

    Источник: Nasdaq GlobeNewswire / 30 янв 2024 05:30:01   America/Chicago

    — The Company Also Announced in a Separate Release that it has Entered into a Merger Agreement with California BanCorp

    San Diego, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for Bank of Southern California, N.A. (the “Bank”) announces its consolidated financial results for the fourth quarter and full year of 2023.

    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, and net income of $6.6 million, or $0.35 per diluted share in the third quarter of 2023. The Company reported net income of $25.9 million for the full year of 2023, or $1.39 per diluted share, compared to net income of $16.1 million, or $0.88 per diluted share for the full year of 2022.

    “I’m pleased to report our 2023 full year results show strong growth over 2022, with 2023 net income of $25.9 million increasing $9.8 million or 61% from the prior year, and earnings per share of $1.39 increasing 57% over the prior year,” said David Rainer, Chairman and CEO of Southern California Bancorp and Bank of Southern California. “Our return on average assets of 1.12% grew significantly from 0.70% in the prior year and our net interest margin expanded to 4.33% from 4.06%, despite pressure from the industry-wide increase in the cost of funds, the effects of which were somewhat offset by the Bank’s increased loan yield of 5.94% for 2023, up from 5.02% for the prior year.

    “The highlights of our fourth quarter results include total loan growth of $29.4 million and an increase in tangible book value per share (non-GAAP1) of $0.48 to $13.56, an increase of 3.7% from the prior quarter. Our fourth quarter results were impacted by a $1 million pre-tax loss on the sale of securities yielding 2.4%, the proceeds of which were redeployed into securities yielding 4.7%, which will add to future interest income and provide some protection if interest rates decrease. The fourth quarter was also impacted by a $1.3 million charge-off for a nonaccrual loan we reported in the prior quarter, which was the result of a new appraisal of the collateral backing the loan.

    “We are very excited about the merger with California BanCorp and California Bank of Commerce, which was jointly announced this morning. We believe it will be beneficial for both companies’ shareholders, as well as our clients and employees, and I look forward to working with California BanCorp Chief Executive Officer Steven Shelton and his team as we integrate our operations into one organization.”

    Fourth Quarter 2023 Highlights

     ●Net income of $4.4 million, compared with $6.6 million in the prior quarter
     ●Diluted earnings per share of $0.24, compared with $0.35 in the prior quarter
     ●Net interest margin of 4.05%, compared with 4.23% in the prior quarter; average loan yield of 6.08% compared with 5.97% in the prior quarter
     ●Return on average assets of 0.75%, compared with 1.12% in the prior quarter

    1 Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

     ●Return on average common equity of 6.21%, compared with 9.38% in the prior quarter
     ●Efficiency ratio (non-GAAP1) of 68.3%, compared with 61.4% in the prior quarter
     ●Tangible book value per common share (“TBV”) (non-GAAP1) of $13.56 at December 31, 2023, up $0.48 from $13.08 at September 30, 2023
     ●Total assets of $2.36 billion at December 31, 2023, compared with $2.31 billion at September 30, 2023
     ●Total loans, including loans held for sale of $1.96 billion at December 31, 2023, compared with $1.94 billion at September 30, 2023
     ●Nonperforming assets to total assets ratio of 0.55% at December 31, 2023, compared with 0.62% at September 30, 2023
     ●Total deposits of $1.94 billion at December 31, 2023, decreased $40.3 million or 2.0%, compared with $1.98 billion at September 30, 2023
     ●Noninterest-bearing demand deposits were $675.1 million at December 31, 2023, representing 34.7% of total deposits, compared with $736.0 million, or 37.1% of total deposits at September 30, 2023
     ●Cost of deposits was 1.81%, compared with 1.56% in the prior quarter
     ●Cost of funds was 1.95%, compared with 1.62% in the prior quarter
     ●Bank’s capital exceeds minimums to be “well-capitalized,” the highest regulatory capital category

    Full Year 2023 Highlights

     ●Net income increased to $25.9 million, up $9.8 million, or 60.8% from the prior year
     ●Diluted earnings per share of $1.39, up $0.51, or 57.2% from the prior year
     ●Total loan interest income increased to $114.0 million, up $27.6 million or 31.9% from the prior year
     ●Net interest margin of 4.33% for 2023, compared with 4.06% in the prior year; average loan yield was 5.94%, up from 5.02% in the prior year
     ●Efficiency ratio (non-GAAP1) of 61.3%, improved from 69.5% in the prior year
     ●Provision for credit losses of $915 thousand under the Current Expected Credit Loss (“CECL”) model, the provision was $6.0 million under the incurred loss model for the year ended December 31, 2022
     ●Total assets of $2.36 billion, up $76.3 million or 3.3% from December 31, 2022
     ●Total loans, including loans held for sale, increased to $1.96 billion, up $58.0 million from December 31, 2022
     ●Total deposits of $1.94 billion, up $11.7 million from December 31, 2022
     ●Noninterest bearing demand deposits were $675.1 million, representing 34.7% of total deposits, compared to $923.9 million, or 47.8% of total deposits at December 31, 2022
     ●Cost of deposits was 1.37%, up from 0.23% in the prior year
     ●Tangible book value per common share (“TBV”) (non-GAAP1) of $13.56 at December 31, 2023, up $1.24 from December 31, 2022

    Fourth Quarter Operating Results

    Net Income

    Net income for the fourth quarter of 2023 was $4.4 million, or $0.24 per diluted share, compared with net income of $6.6 million, or $0.35 per diluted share in the third quarter of 2023. Pre-tax, pre-provision income (non-GAAP) for the fourth quarter was $7.1 million, a decrease of $2.2 million or 23.4% from the prior quarter.

    Net Interest Income and Net Interest Margin

    Net interest income for the fourth quarter of 2023 was $22.6 million, compared to $23.3 million in the prior quarter. The decrease in net interest income was primarily due to a $1.8 million increase in total interest expense, partially offset by a $1.1 million increase in total interest and dividend income in the fourth quarter of 2023 as compared to the prior quarter. During the fourth quarter of 2023, loan interest income increased $1.0 million, total debt securities income increased $43 thousand, and interest and dividend income from other financial institutions increased $51 thousand. The increase in interest income was due to a number of factors: a higher average total loan balance from organic loan growth; a change in the interest-earning asset mix; and higher loan yields resulting from the benefit of variable rate interest-earning loans repricing for the first time since the start of the rising interest rate environment. Additionally, in the prior quarter we recorded a reversal of a non-accrual loan’s interest income of $264 thousand for which there was no significant reversal of interest income in the current quarter. Average interest-earning assets increased $25.5 million, the result of a $30.0 million increase in average total loans, a $5.9 million increase in average deposits in other financial institutions, a $1.1 million increase in average total debt securities, and a $29 thousand increase in average restricted stock investments and other bank stock, partially offset by a $11.6 million decrease in average Fed funds sold/resale agreements. The increase in interest expense for the fourth quarter of 2023 was primarily due to a $639 thousand increase in interest expense on Federal Home Loan Bank (FHLB) borrowings, and a $1.1 million increase in interest expense on interest-bearing deposits, the result of a $27.6 million increase in average interest-bearing deposits, coupled with a 31 basis point increase in interest-bearing deposit costs.

    Net interest margin for the fourth quarter of 2023 was 4.05%, compared with 4.23% in the prior quarter. The decrease was primarily related to a 33 basis point increase in the cost of funds, partially offset by a 13 basis point increase in the total interest-earning assets yield, which was the result of higher market interest rates and a change in the Bank’s average interest-earning asset mix. The yield on total average earning assets in the fourth quarter of 2023 was 5.85%, compared with 5.72% in the prior quarter. The yield on average total loans in the fourth quarter of 2023 was 6.08%, an increase of 11 basis points from 5.97% in the prior quarter. The yield on average total loans in the prior quarter included the impact of the reversal of a non-accrual loan’s interest, which decreased the overall loan yield by 5 basis points. There was no significant reversal of interest income in the fourth quarter of 2023.

    Cost of funds for the fourth quarter of 2023 was 195 basis points, an increase of 33 basis points from 162 basis points in the prior quarter. The increase was primarily driven by a 31 basis point increase in the cost of interest-bearing deposits, a 13 basis point increase in the cost of FHLB borrowings, an increase in average interest-bearing deposits, and a decrease in average noninterest-bearing deposits. Average noninterest-bearing demand deposits decreased $47.0 million to $721.2 million and represented 36.8% of total average deposits for the fourth quarter of 2023, compared with $768.1 million and 38.8%, respectively, in the prior quarter; average interest-bearing deposits increased $27.6 million to $1.24 billion during the fourth quarter of 2023. The total cost of deposits in the fourth quarter of 2023 was 181 basis points, an increase of 25 basis points from 156 basis points in the prior quarter.

    Average total borrowings increased $44.7 million to $74.2 million for the fourth quarter of 2023, primarily due to an increase of $44.6 million in average FHLB borrowings during the quarter. The average cost of total borrowings was 5.73% for the fourth quarter of 2023, down from 5.82% in the prior quarter.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $824 thousand in the fourth quarter of 2023, compared to a reversal of provision for credit losses of $96 thousand in the prior quarter. The provision for credit losses in the fourth quarter of 2023 included a $307 thousand negative provision for unfunded loan commitments primarily due to lower unfunded loan commitments. Total unfunded loan commitments decreased $79.6 million to $410.8 million at December 31, 2023, from $490.4 million at September 30, 2023. The provision for credit losses for the loan portfolio in the fourth quarter of 2023 was $1.1 million, an increase of $929 thousand from $202 thousand in the prior quarter. The increase was driven primarily by an increase in net charge-offs, loan growth, an increase in substandard accruing loans and changes in the portfolio mix, partially offset by an improvement in the reasonable and supportable forecast, primarily related to the economic outlook from the Federal Reserve’s actions to control inflation, and a decrease in special mention loans. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately provisioned for the current environment.

    Noninterest (Loss) Income

    The Company recorded a loss on noninterest income of $102 thousand in the fourth quarter of 2023, a decrease of $917 thousand compared to total noninterest income of $815 thousand in the third quarter of 2023. In the fourth quarter of 2023, the Company recorded a loss on sale of available-for-sale debt securities of $1.0 million in order to redeploy the proceeds into higher-yielding available-for-sale debt securities, for which there was no comparable transaction in the third quarter of 2023. There was no gain on SBA 7A loan sales in the fourth quarter and third quarter of 2023 primarily due to unattractive pricing in the secondary market.

    Noninterest Expense

    Total noninterest expense for the fourth quarter of 2023 was $15.3 million, an increase of $558 thousand from total noninterest expense of $14.8 million in the prior quarter. In the fourth quarter of 2023, occupancy and equipment expenses increased by $99 thousand, legal, audit and professional fees increased by $563 thousand, and other expenses increased by $125 thousand, partially offset by decreases in salaries and employee benefits of $138 thousand.

    The $99 thousand increase in occupancy and equipment expenses was due primarily to an impairment charge related to the right-of-use asset associated with a Company lease. The $563 thousand increase in legal, audit and professional fees was due primarily to an increase in legal expenses and consulting expenses related to compliance projects and loan review projects. The $125 thousand increase in other expense was due primarily to the increase in loan related expense. The $138 thousand decrease in salaries and benefits was due primarily to a decrease in stock-based compensation expense resulting from the forfeitures for employee separation, partially offset by a decrease in the deferred loan origination costs in the fourth quarter of 2023.

    Efficiency ratio (non-GAAP1) for the fourth quarter of 2023 was 68.3%, compared to 61.4% in the prior quarter.

    Income Tax

    In the fourth quarter of 2023, the Company’s income tax expense was $1.9 million, compared with $2.8 million in the third quarter of 2023. The effective rate was 29.9% for the fourth quarter of 2023 and 30.2% for the third quarter of 2023. The effective rate was 29.7% for the year ended December 31, 2023. The decrease in the effective tax rate for the fourth quarter of 2023 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, and other deferred tax related adjustments.

    Balance Sheet

    Assets

    Total assets at December 31, 2023 were $2.36 billion, an increase of $46.6 million or 2.0% from September 30, 2023. The increase in total assets from the prior quarter was primarily related to a $29.4 million increase in total loans, including loans held for sale, a $18.2 million increase in available-for-sale debt securities, and a $9.9 million increase in income tax receivable recorded in accrued interest and other assets, partially offset by a $8.3 million decrease in cash and cash equivalents, and a $1.4 million decrease in deferred taxes, net.

    Loans

    Total loans held for investment were $1.96 billion at December 31, 2023, compared to $1.93 billion at September 30, 2023, with fourth quarter of 2023 new originations of $34.0 million and net advances of $40.1 million, partially offset by payoffs of $45.9 million, and a charge-off of $1.3 million. Total loans secured by real estate increased by $16.1 million, with construction and land development loans increasing by $6.2 million, commercial real estate and other loans increasing by $4.6 million, and multifamily loans increasing by $3.1 million, 1-4 family residential loans increasing by $2.2 million, and consumer loans increasing by $1.6 million. The Company had $7.3 million in SBA 7A loans held for sale at December 31, 2023, compared to $4.8 million at September 30, 2023.

    Deposits

    Total deposits at December 31, 2023 were $1.94 billion, a decrease of $40.3 million from September 30, 2023. Noninterest-bearing demand deposits at December 31, 2023, were $675.1 million, or 34.7% of total deposits, compared with $736.0 million, or 37.1% of total deposits at September 30, 2023. At December 31, 2023, total interest-bearing deposits were $1.27 billion, compared to $1.25 billion at September 30, 2023. At December 31, 2023, total brokered time deposits were $107.8 million, compared to $84.5 million at September 30, 2023. Given the nature of the Company’s commercial banking model, at December 31, 2023, approximately 42% of total deposits exceeded the FDIC insurance limits. The Company offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At December 31, 2023, ICS deposits were $274.1 million, or 14.1% of total deposits, compared to $252.7 million, or 12.7% of total deposits at September 30, 2023.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    At December 31, 2023, the Company had overnight FHLB borrowings of $85.0 million, a $77.0 million increase from September 30, 2023. There were no outstanding Federal Reserve Discount Window borrowings at December 31, 2023 or September 30, 2023, and the Company has not participated in the Federal Reserve Bank Term Funding Program.

    At December 31, 2023, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $339.2 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $141.6 million. The Company also had available borrowing capacity from three unsecured credit lines from correspondent banks of approximately $75.0 million at December 31, 2023, with no outstanding borrowings. Total available borrowing capacity was $555.8 million at December 31, 2023. Additionally, the Company had unpledged liquid securities at fair value of approximately $130.0 million and cash and cash equivalents of $86.8 million at December 31, 2023.

    Asset Quality

    Total non-performing assets decreased to $13.0 million, or 0.55% of total assets at December 31, 2023, compared with $14.3 million, or 0.62% of total assets at September 30, 2023. The decrease from September 30, 2023, was primarily due to a $1.3 million charge-off for a non-accrual multifamily loan with a net carrying value before charge-off of $14.3 million during the fourth quarter of 2023. The non-accrual multifamily loan added to non-accrual loans during the third quarter of 2023 is collateralized by three investment multifamily properties located in the city of Santa Monica, California. A court appointed receiver is in place and the Company is aggressively pursuing the resolution of this matter. During the fourth quarter of 2023, the Company received the updated appraisals for the three multifamily properties; the combined “As-Is” collateral value, after accounting for estimated selling costs, the estimated net collateral value was $1.3 million lower than the subject loan’s net carrying value resulting in a partial charge-off in the fourth quarter of 2023. Special mention loans decreased by $289 thousand during the fourth quarter of 2023 to $3.0 million at December 31, 2023, due mostly to two commercial and industrial loans from one relationship with a net carrying value of $425 thousand that were upgraded from special mention loans to pass loans. Substandard accruing loans increased by $3.0 million during the fourth quarter of 2023 to $6.5 million at December 31, 2023 due mostly to a commercial and industrial loan from one relationship with a net carrying value of $3.1 million that was downgraded from a pass loan, partially offset by payoffs and net paydowns.

    The Company had no loans over 90 days past due that were accruing interest at December 31, 2023, and September 30, 2023.

    There were $19 thousand of loan delinquencies (30-89 days past due) related to a Paycheck Protection Program loan at December 31, 2023, compared to $96 thousand loan delinquencies (30-89 days past due) at September 30, 2023.

    The allowance for credit losses, which is comprised of allowance for loan losses (ALL) and reserve for unfunded loan commitments, totaled $23.5 million, or 1.20% of total loans held for investment at December 31, 2023, compared to $23.9 million, or 1.24% at September 30, 2023. The $443 thousand decrease in the allowance included a $1.1 million provision for credit losses for the loan portfolio, partially offset by a net charge-off of $1.3 million, and a $307 thousand negative credit provision for unfunded loan commitments for the quarter ended December 31, 2023.

    The allowance for loan losses was $22.6 million, or 1.15% of total loans held for investment at December 31, 2023, compared to $22.7 million, or 1.18% at September 30, 2023.

    Capital

    Tangible book value (non-GAAP) per common share at December 31, 2023, was $13.56, compared with $13.08 at September 30, 2023. In the fourth quarter of 2023, tangible book value was primarily impacted by net income, stock-based compensation expense, and a decrease in net of tax unrealized losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $4.7 million to $4.5 million at December 31, 2023 from $9.2 million at September 30, 2023. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including changes in interest rates driven by the Federal Reserve’s policy to fight inflation, and general volatility in credit market conditions. Tangible common equity (non-GAAP) as a percent of total tangible assets (non-GAAP) at December 31, 2023 increased to 10.73% from 10.53% in the prior quarter, and unrealized losses as a percent of tangible common equity (non-GAAP) at December 31, 2023 decreased to 1.8% from 3.9% in the prior quarter.

    The Bank’s leverage capital ratio and total risk-based capital ratio were 11.65% and 13.51%, respectively, at December 31, 2023. The Bank elected the three-year phase-in period under the regulatory capital rules, which allow a phase-in of the Day 1 CECL transition adjustment to the regulatory capital at 25% per year over a three-year transition period.

    ABOUT SOUTHERN CALIFORNIA BANCORP AND BANK OF SOUTHERN CALIFORNIA, N.A.

    Southern California Bancorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. Bank of Southern California, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of Southern California Bancorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small- to medium-sized businesses through its 13 branch offices serving Orange, Los Angeles, Riverside, San Diego, and Ventura counties, as well as the Inland Empire. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.banksocal.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries and the proposed merger (the “Merger”) of the Company and California

    BanCorp (“CBC”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Registration Statement on Form 10, as amended, filed with the Securities and Exchange Commission (“SEC”); changes in real estate markets and general economic conditions, either nationally or locally in the areas in which the Company conducts business; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses; legislative or regulatory changes or changes in accounting principles, policies or guidelines; the impacts of recent bank failures; the occurrence of any event, change or other circumstances that could give rise to the right of the Company or CBC to terminate their agreement with respect to the Merger; the outcome of any legal proceedings that may be instituted against the Company or CBC; delays in completing the Merger; the failure to obtain necessary regulatory approvals (and the risk that such approvals impose conditions that could adversely affect the combined company or the expected benefits of the Merger); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the Merger on a timely basis or at all; the ability to complete the Merger and integration of the Company and CBC successfully; costs being greater than anticipated; cost savings being less than anticipated; the risk that the Merger disrupts the business of the Company, CBC or both; difficulties in retaining senior management, employees or customers; and other factors that may affect the future results of the Company and CBC.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Registration Statement on Form 10, as amended and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    ADDITIONAL INFORMATION AND WHERE TO FIND IT

    In connection with the Merger, the Company will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement of the Company and CBC and a prospectus of the Company, as well as other relevant documents concerning the proposed transaction. Certain matters in respect of the Merger will be submitted to the Company’s and CBC’s shareholders for their consideration. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER WHEN THEY BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

    Investors will be able to obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about the Company and CBC, without charge, at the SEC’s website, www.sec.gov. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, in the “Investor Relations” section of the Company’s website at www.banksocal.com (for the Company’s filings) and in the “Investor Relations” section of CBC’s website, www.californiabankofcommerce.com (for CBC’s filings).

    PARTICIPANTS IN THE SOLICITATION

    The Company, CBC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of the Company and CBC in connection with the Merger. Information regarding the Company’s directors and executive officers and their ownership of Company common stock is available in the Company’s definitive proxy statement for its 2023 annual meeting of shareholders filed with the SEC on June 13, 2023 and other documents filed by the Company with the SEC. Information regarding CBC’s directors and executive officers and their ownership of CBC common stock is available in CBC’s definitive proxy statement for its 2023 annual meeting of shareholders filed with the SEC on April 20, 2023 and other documents filed by CBC with the SEC. Other information regarding the participants in the proxy solicitation and their ownership of common stock will be contained in the joint proxy statement/prospectus relating to the Merger. Free copies of these documents may be obtained as described in the preceding paragraph.

    Southern California Bancorp and Subsidiary
    Financial Highlights (Unaudited)

      At or for the
    Three Months Ended    		  At or for the
    Year Ended    		 
      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		  December 31,
    2023    		  December 31,
    2022    		 
    EARNINGS ($ in thousands except share and per share data) 
    Net interest income $22,559  $23,261  $25,269  $94,138  $87,786 
    Provision for (reversal of) credit losses $824  $(96) $750  $915  $5,956 
    Noninterest (loss) income $(102) $815  $188  $3,379  $3,675 
    Noninterest expense $15,339  $14,781  $13,112  $59,746  $63,522 
    Income tax expense $1,882  $2,835  $3,121  $10,946  $5,870 
    Net income $4,412  $6,556  $8,474  $25,910  $16,113 
    Pre-tax pre-provision income (1) $7,118  $9,295  $12,345  $37,771  $27,939 
    Adjusted pre-tax pre-provision income (1) $7,118  $9,295  $12,337  $37,771  $34,416 
    Diluted earnings per share $0.24  $0.35  $0.46  $1.39  $0.88 
    Shares outstanding at period end  18,369,115   18,309,282   17,940,283   18,369,115   17,940,283 
                         
    PERFORMANCE RATIOS                    
    Return on average assets  0.75%  1.12%  1.46%  1.12%  0.70%
    Adjusted return on average assets (1)  0.75%  1.12%  1.45%  1.12%  0.90%
    Return on average common equity  6.21%  9.38%  13.21%  9.48%  6.44%
    Adjusted return on average common equity (1)  6.21%  9.38%  13.20%  9.48%  8.28%
    Yield on total loans  6.08%  5.97%  5.47%  5.94%  5.02%
    Yield on interest earning assets  5.85%  5.72%  5.14%  5.69%  4.33%
    Cost of deposits  1.81%  1.56%  0.51%  1.37%  0.23%
    Cost of funds  1.95%  1.62%  0.56%  1.46%  0.29%
    Net interest margin  4.05%  4.23%  4.62%  4.33%  4.06%
    Efficiency ratio (1)  68.30%  61.39%  51.51%  61.27%  69.45%
    Adjusted efficiency ratio (1)  68.30%  61.39%  51.54%  61.27%  62.37%


      As of 
      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		 
    CAPITAL  ($ in thousands except share and per share data) 
    Tangible equity to tangible assets (1)  10.73%  10.53%  9.84%
    Book value (BV) per common share $15.69  $15.21  $14.51 
    Tangible BV per common share (1) $13.56  $13.08  $12.32 
                 
    ASSET QUALITY            
    Allowance for loan losses (ALL) $22,569  $22,705  $17,099 
    Reserve for unfunded loan commitments $933  $1,240  $1,310 
    Allowance for credit losses (ACL) $23,502  $23,945  $18,409 
    ALL to total loans held for investment  1.15%  1.18%  0.90%
    ACL to total loans held for investment  1.20%  1.24%  0.97%
    Nonperforming loans $13,004  $14,272  $41 
    Other real estate owned $—  $—  $— 
    Nonperforming assets to total assets  0.55%  0.62%  —%
                 
    END OF PERIOD BALANCES            
    Total loans, including loans held for sale $1,964,791  $1,935,364  $1,906,800 
    Total assets $2,360,252  $2,313,649  $2,283,927 
    Deposits $1,943,556  $1,983,857  $1,931,905 
    Loans to deposits  101.1%  97.6%  98.7%
    Shareholders’ equity $288,152  $278,550  $260,355 


    (1)Non-GAAP measure. See – GAAP to Non-GAAP reconciliation


      At or for the
    Three Months Ended    		  At or for the
    Year Ended    		 
    ALLOWANCE for CREDIT LOSSES December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		  December 31,
    2023    		  December 31,
    2022    		 
      ($ in thousands) 
    Allowance for loan losses                    
    Balance at beginning of period $22,705  $22,502  $16,436  $17,099  $11,657 
    Adoption of ASU 2016-13 (1)  —   —   —   5,027   — 
    Provision for credit losses  1,131   202   650   1,731   5,450 
    Charge-offs  (1,267)  —   —   (1,303)  (21)
    Recoveries  —   1   13   15   13 
    Net (charge-offs) recoveries  (1,267)  1   13   (1,288)  (8)
    Balance, end of period $22,569  $22,705  $17,099  $22,569  $17,099 
    Reserve for unfunded loan commitments                    
    Balance, beginning of period $1,240  $1,538  $1,210  $1,310  $804 
    Adoption of ASU 2016-13 (1)  —   —   —   439   — 
    (Reversal of) provision for credit losses  (307)  (298)  100   (816)  506 
    Balance, end of period  933   1,240   1,310   933   1,310 
    Allowance for credit losses $23,502  $23,945  $18,409  $23,502  $18,409 
                         
    ALL to total loans held for investment  1.15%  1.18%  0.90%  1.15%  0.90%
    ACL to total loans held for investment  1.20%  1.24%  0.97%  1.20%  0.97%


    (1)Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.


    Southern California Bancorp and Subsidiary
    Balance Sheets (Unaudited)

      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		 
    ASSETS  ($ in thousands)  
    Cash and due from banks $33,008  $33,517  $60,295 
    Federal funds sold & interest-bearing balances  53,785   61,604   26,465 
    Total cash and cash equivalents  86,793   95,121   86,760 
                 
    Securities available-for-sale, at fair value  130,035   111,840   112,580 
    Securities held-to-maturity, at cost (fair value of $50,432 at December 31, 2023; $45,224 at September 30, 2023; and $47,906 at December 31, 2022)  53,616   53,699   53,946 
    Loans held for sale  7,349   4,813   9,027 
    Loans held for investment:            
    Construction & land development  243,521   237,320   239,067 
    1-4 family residential  143,903   141,668   144,322 
    Multifamily  221,247   218,170   218,606 
    Other commercial real estate  1,024,243   1,019,647   958,676 
    Commercial & industrial  320,142   310,990   331,644 
    Other consumer  4,386   2,756   5,458 
    Total loans held for investment  1,957,442   1,930,551   1,897,773 
    Allowance for credit losses - loans  (22,569)  (22,705)  (17,099)
    Total loans held for investment, net  1,934,873   1,907,846   1,880,674 
                 
    Restricted stock at cost  16,055   16,027   14,543 
    Premises and equipment  13,270   13,565   14,334 
    Right of use asset  9,291   10,007   8,607 
    Goodwill  37,803   37,803   37,803 
    Core deposit intangible  1,195   1,275   1,584 
    Bank owned life insurance  38,918   38,665   37,972 
    Deferred taxes, net  11,137   12,542   10,699 
    Accrued interest and other assets  19,917   10,446   15,398 
    Total assets $2,360,252  $2,313,649  $2,283,927 
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Noninterest-bearing demand $675,098  $735,979  $923,899 
    Interest-bearing NOW accounts  381,943   354,489   209,625 
    Money market and savings accounts  636,685   699,942   668,602 
    Time deposits  249,830   193,447   129,779 
    Total deposits  1,943,556   1,983,857   1,931,905 
                 
    Borrowings  102,865   25,842   67,770 
    Operating lease liability  12,117   12,657   11,055 
    Accrued interest and other liabilities  13,562   12,743   12,842 
    Total liabilities  2,072,100   2,035,099   2,023,572 
                 
    Shareholders’ Equity:            
    Common stock - 50,000,000 shares authorized, no par value; issued and outstanding 18,369,115 at December 31, 2023; 18,309,282 at September 30, 2023 and 17,940,283 at December 31, 2022)  222,036   221,632   218,280 
    Retained earnings  70,575   66,163   48,516 
    Accumulated other comprehensive loss - net of taxes  (4,459)  (9,245)  (6,441)
    Total shareholders’ equity  288,152   278,550   260,355 
    Total liabilities and shareholders’ equity $2,360,252  $2,313,649  $2,283,927 


    Southern California Bancorp and Subsidiary
    Income Statements - Quarterly and Year-to-Date (Unaudited)

      Three Months Ended  Year Ended 
      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		  December 31,
    2023    		  December 31,
    2022    		 
      ($ in thousands except share and per share data) 
    INTEREST AND DIVIDEND INCOME                    
    Interest and fees on loans $29,968  $28,977  $25,781  $113,951  $86,366 
    Interest on debt securities  991   942   647   3,497   2,013 
    Interest on tax-exempted debt securities  353   359   488   1,655   1,372 
    Interest and dividends from other institutions  1,257   1,206   1,227   4,419   3,824 
    Total interest and dividend income  32,569   31,484   28,143   123,522   93,575 
                         
    INTEREST EXPENSE                    
    Interest on NOW, savings, and money market accounts  6,606   5,922   2,096   20,161   3,793 
    Interest on time deposits  2,331   1,867   463   6,704   797 
    Interest on borrowings  1,073   434   315   2,519   1,199 
    Total interest expense  10,010   8,223   2,874   29,384   5,789 
    Net interest income  22,559   23,261   25,269   94,138   87,786 
                         
    Provision for (reversal of) credit losses (1)  824   (96)  750   915   5,956 
    Net interest income after provision for credit losses  21,735   23,357   24,519   93,223   81,830 
                         
    NONINTEREST (LOSS) INCOME                    
    Service charges and fees on deposit accounts  507   470   456   1,946   1,796 
    (Loss) gain on sale of loans  —   (54)  293   831   1,349 
    Bank owned life insurance income  253   238   221   946   1,490 
    Servicing and related income on loans  17   61   53   240   192 
    Loss on sale of debt securities  (1,008)  —   (994)  (974)  (994)
    Loss on sale of building and related fixed assets  —   —   —   —   (768)
    Other charges and fees  129   100   159   390   610 
    Total noninterest (loss) income  (102)  815   188   3,379   3,675 
                         
    NONINTEREST EXPENSE                    
    Salaries and employee benefits  9,598   9,736   8,634   39,249   37,069 
    Occupancy and equipment expenses  1,678   1,579   1,458   6,231   6,210 
    Data processing  1,158   1,144   1,089   4,534   4,609 
    Legal, audit and professional  1,161   598   487   3,211   2,597 
    Regulatory assessments  320   369   345   1,508   1,550 
    Director and shareholder expenses  207   215   219   849   946 
    Merger and related (income) expenses  —   —   (8)  —   1,177 
    Core deposit intangible amortization  80   128   140   389   438 
    Litigation settlements, net  —   —   —   —   5,525 
    Other expense  1,137   1,012   748   3,775   3,401 
    Total noninterest expense  15,339   14,781   13,112   59,746   63,522 
    Income before income taxes  6,294   9,391   11,595   36,856   21,983 
    Income tax expense  1,882   2,835   3,121   10,946   5,870 
    Net income $4,412  $6,556  $8,474  $25,910  $16,113 
                         
    Net income per share - basic $0.24  $0.36  $0.47  $1.42  $0.90 
    Net income per share - diluted $0.24  $0.35  $0.46  $1.39  $0.88 
    Weighted average common share-diluted  18,727,519   18,672,132   18,359,781   18,656,742   18,228,287 
    Pre-tax, pre-provision income (2) $7,118  $9,295  $12,345  $37,771  $27,939 


    (1)Included (reversal of) provision for unfunded commitments of $(307) thousand, $(298) thousand and $100 thousand for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively; and $(816) thousand and $506 thousand for the year ended December 31, 2023 and December 31, 2022, respectively.
    (2)Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.


    Southern California Bancorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

      Three Months Ended 
      December 31, 2023  September 30, 2023  December 31, 2022 
      Average Balance  Income/
    Expense    		  Yield/
    Cost    		  Average Balance  Income/
    Expense    		  Yield/
    Cost    		  Average Balance  Income/
    Expense    		  Yield/
    Cost    		 
    Assets ($ in thousands) 
    Interest-earning assets:                                    
    Total loans $1,954,396  $29,968   6.08% $1,924,384  $28,977   5.97% $1,870,705  $25,781   5.47%
    Taxable debt securities  113,375   991   3.47%  111,254   942   3.36%  102,205   647   2.51%
    Tax-exempt debt securities (1)  58,644   353   3.02%  59,630   359   3.02%  73,166   488   3.35%
    Deposits in other financial institutions  56,313   759   5.35%  50,367   681   5.36%  40,781   347   3.38%
    Fed funds sold/resale agreements  9,008   125   5.51%  20,653   283   5.44%  68,437   636   3.69%
    Restricted stock investments and other bank stock  16,394   373   9.03%  16,365   242   5.87%  14,883   244   6.50%
    Total interest-earning assets  2,208,130   32,569   5.85%  2,182,653   31,484   5.72%  2,170,177   28,143   5.14%
    Total noninterest-earning assets  137,193           131,288           139,205         
    Total assets $2,345,323          $2,313,941          $2,309,382         
                                         
    Liabilities and Shareholders’ Equity                                    
    Interest-bearing liabilities:                                    
    Interest-bearing NOW accounts $362,579  $1,860   2.04% $353,714  $1,706   1.91% $215,272  $121   0.22%
    Money market and savings accounts  669,391   4,746   2.81%  675,609   4,216   2.48%  700,544   1,975   1.12%
    Time deposits  208,700   2,331   4.43%  183,745   1,867   4.03%  123,524   463   1.49%
    Total interest-bearing deposits  1,240,670   8,937   2.86%  1,213,068   7,789   2.55%  1,039,340   2,559   0.98%
    Borrowings:                                    
    FHLB advances  56,380   802   5.64%  11,731   163   5.51%  3,696   44   4.72%
    Subordinated debt  17,854   271   6.02%  17,830   271   6.03%  17,759   271   6.05%
    Total borrowings  74,234   1,073   5.73%  29,561   434   5.82%  21,455   315   5.82%
    Total interest-bearing liabilities  1,314,904   10,010   3.02%  1,242,629   8,223   2.63%  1,060,795   2,874   1.07%
                                         
    Noninterest-bearing liabilities:                                    
    Noninterest-bearing deposits (2)  721,169           768,148           970,908         
    Other liabilities  27,178           25,722           23,199         
    Shareholders’ equity  282,072           277,442           254,480         
    Total Liabilities and Shareholders’ Equity $2,345,323          $2,313,941          $2,309,382         
                                         
    Net interest spread          2.83%          3.09%          4.07%
    Net interest income and margin     $22,559   4.05%     $23,261   4.23%     $25,269   4.62%
    Cost of deposits          1.81%          1.56%          0.51%
    Cost of funds          1.95%          1.62%          0.56%


    (1)Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2)Average noninterest-bearing deposits represent 36.76%, 38.77% and 48.30% of average total deposits for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.


    Southern California Bancorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

      Year Ended 
      December 31, 2023  December 31, 2022 
      Average Balance  Income/
    Expense    		  Yield/
    Cost    		  Average Balance  Income/
    Expense    		  Yield/
    Cost    		 
    Assets ($ in thousands) 
    Interest-earning assets:                        
    Total loans $1,918,443  $113,951   5.94% $1,720,560  $86,366   5.02%
    Taxable debt securities  107,021   3,497   3.27%  96,357   2,013   2.09%
    Tax-exempt debt securities (1)  65,674   1,655   3.19%  54,744   1,372   3.17%
    Deposits in other financial institutions  46,826   2,434   5.20%  210,467   1,508   0.72%
    Fed funds sold/resale agreements  18,114   923   5.10%  65,172   1,388   2.13%
    Restricted stock investments and other bank stock  15,930   1,062   6.67%  14,668   928   6.33%
    Total interest-earning assets  2,172,008   123,522   5.69%  2,161,968   93,575   4.33%
    Total noninterest-earning assets  134,225           139,450         
    Total assets $2,306,233          $2,301,418         
                             
    Liabilities and Shareholders’ Equity                        
    Interest-bearing liabilities:                        
    Interest-bearing NOW accounts $308,537  $5,161   1.67% $211,075  $312   0.15%
    Money market and savings accounts  673,176   15,000   2.23%  690,830   3,481   0.50%
    Time deposits  180,219   6,704   3.72%  100,746   797   0.79%
    Total interest-bearing deposits  1,161,932   26,865   2.31%  1,002,651   4,590   0.46%
    Borrowings:                        
    FHLB advances  26,390   1,434   5.43%  932   43   4.61%
    Subordinated debt  17,818   1,085   6.09%  17,723   1,086   6.13%
    TruPS  —   —   —%  1,239   70   5.65%
    Total borrowings  44,208   2,519   5.70%  19,894   1,199   6.03%
    Total interest-bearing liabilities  1,206,140   29,384   2.44%  1,022,545   5,789   0.57%
                             
    Noninterest-bearing liabilities:                        
    Noninterest-bearing deposits (2)  801,882           1,006,795         
    Other liabilities  24,865           22,024         
    Shareholders’ equity  273,346           250,054         
                             
    Total Liabilities and Shareholders’ Equity $2,306,233          $2,301,418         
                             
    Net interest spread          3.25%          3.76%
    Net interest income and margin     $94,138   4.33%     $87,786   4.06%
    Cost of deposits          1.37%          0.23%
    Cost of funds          1.46%          0.29%


    (1)Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2)Average noninterest-bearing deposits represent 40.83%, and 50.10% of average total deposits for the year ended December 31, 2023 and December 31, 2022, respectively.


    Southern California Bancorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

      Three Months Ended  Year Ended 
      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		  December 31,
    2023    		  December 31,
    2022    		 
      ($ in thousands) 
    Adjusted net income                    
    Net income $4,412  $6,556  $8,474  $25,910  $16,113 
    (Deduct) add: After-tax merger and related (income) expenses (1)  —   —   (6)  —   846 
    Add: After-tax litigation settlements, net (1)  —   —   —   —   3,734 
    Adjusted net income (non-GAAP) $4,412  $6,556  $8,468  $25,910  $20,693 
                         
    Efficiency Ratio                    
    Noninterest expense $15,339  $14,781  $13,112  $59,746  $63,522 
    (Add) deduct: Merger and related (income) expenses  —   —   (8)  —   1,177 
    Deduct: Litigation settlements, net  —   —   —   —   5,300 
    Adjusted noninterest expense  15,339   14,781   13,120   59,746   57,045 
                         
    Net interest income  22,559   23,261   25,269   94,138   87,786 
    Noninterest (loss) income  (102)  815   188   3,379   3,675 
    Total net interest income and noninterest (loss) income $22,457  $24,076  $25,457  $97,517  $91,461 
    Efficiency ratio (non-GAAP)  68.3%  61.4%  51.5%  61.3%  69.5%
    Adjusted efficiency ratio (non-GAAP)  68.3%  61.4%  51.5%  61.3%  62.4%
                         
    Pre-tax pre-provision income                    
    Net interest income $22,559  $23,261  $25,269  $94,138  $87,786 
    Noninterest (loss) income  (102)  815   188   3,379   3,675 
    Total net interest income and noninterest (loss) income  22,457   24,076   25,457   97,517   91,461 
    Less: Noninterest expense  15,339   14,781   13,112   59,746   63,522 
    Pre-tax pre-provision income (non-GAAP)  7,118   9,295   12,345   37,771   27,939 
    (Deduct) add: Merger and related (income) expenses  —   —   (8)  —   1,177 
    Add: Litigation settlements, net  —   —   —   —   5,300 
    Adjusted pre-tax pre-provision income (non-GAAP) $7,118  $9,295  $12,337  $37,771  $34,416 


    (1)After-tax merger and related expenses and litigation settlements, net are presented using a 29.56% tax rate.


      Three Months Ended  Year Ended 
      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		  December 31,
    2023    		  December 31,
    2022    		 
    Return on Average Assets, Equity, and Tangible Equity               
    Net income $4,412  $6,556  $8,474  $25,910  $16,113 
    Adjusted net income (non-GAAP) $4,412  $6,556  $8,468  $25,910  $20,693 
                         
    Average assets $2,345,323  $2,313,941  $2,309,382  $2,306,233  $2,301,418 
    Average shareholders’ equity  282,072   277,442   254,480   273,346   250,054 
    Less: Average intangible assets  39,035   39,158   39,475   39,195   38,960 
    Average tangible common equity (non-GAAP) $243,037  $238,284  $215,005  $234,151  $211,094 
                         
    Return on average assets  0.75%  1.12%  1.46%  1.12%  0.70%
    Adjusted return on average assets (non-GAAP)  0.75%  1.12%  1.45%  1.12%  0.90%
    Return on average equity  6.21%  9.38%  13.21%  9.48%  6.44%
    Adjusted return on average equity (non-GAAP)  6.21%  9.38%  13.20%  9.48%  8.28%
    Return on average tangible common equity (non-GAAP)  7.20%  10.92%  15.64%  11.07%  7.63%
    Adjusted return on average tangible common equity (non-GAAP)  7.20%  10.92%  15.63%  11.07%  9.80%


      December 31,
    2023    		  September 30,
    2023    		  December 31,
    2022    		 
      ($ in thousands except share and per share data) 
    Tangible Common Equity Ratio/Tangible Book Value Per Share            
    Shareholders’ equity $288,152  $278,550  $260,355 
    Less: Intangible assets  38,998   39,078   39,387 
    Tangible common equity (non-GAAP) $249,154  $239,472  $220,968 
                 
    Total assets $2,360,252  $2,313,649  $2,283,927 
    Less: Intangible assets  38,998   39,078   39,387 
    Tangible assets (non-GAAP) $2,321,254  $2,274,571  $2,244,540 
                 
    Equity to asset ratio  12.21%  12.04%  11.40%
    Tangible common equity to tangible asset ratio (non-GAAP)  10.73%  10.53%  9.84%
    Book value per share $15.69  $15.21  $14.51 
    Tangible book value per share (non-GAAP) $13.56  $13.08  $12.32 
    Shares outstanding  18,369,115   18,309,282   17,940,283 


    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    Bank of Southern California
    kmccabe@banksocal.com
    818.637.7065


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