Business, Free News Articles

Bank of Southern California, N.A. Announces Q1 2020 Results and Response to Pandemic

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the first quarter ended March 31, 2020. Total assets increased to $852 million at March 31, 2020, up from $830 million in the prior quarter and an increase of 10.8% compared to March 31, 2019. Total loans increased to $683 million and total deposits increased to $689 million from $629 million and $636 million, respectively, at March 31, 2019. Net income for the quarter ended March 31, 2020, was $1.91 million, compared to $1.64 million in Q4 2019 and $1.85 million in Q1 2019.

First Quarter 2020 Highlights
* Q1 2020 on track as Bank responds to pandemic
* Reorganization into Southern California Bancorp approved by shareholders
* CalWest Bancorp acquisition closing in Q2, pending shareholder approval

Nathan Rogge, President and CEO of Bank of Southern California said, "While we are pleased with our first quarter results, we are more focused on the current environment and supporting small businesses and communities impacted by the Coronavirus (COVID-19) while remaining financially strong and positioning for growth." The Banks' focus on small business is reflected in first quarter results in C&I lending, which is up 19% in outstandings compared to the first quarter of the prior year, and also in undisbursed C&I commitments, which increased 25% during the same period. Non-interest bearing demand deposits, another reflection of our small business focus, have increased 26% compared to the first quarter of 2019.

"As we navigate these unique times, we remain committed to executing upon our strategic plan and supporting Southern California's business community. Most recently, we were able to assist customers and non-customers in obtaining critical funding in response to the Paycheck Protection Program (PPP). By the end of the first round, we helped over 900 local businesses secure PPP loans, thus providing over 35,000 jobs" concluded Rogge. The Bank also remains focused on our strategic merger with CalWest Bank, which will provide an expanded branch presence covering Orange County and the Inland Empire and well as operational synergies so we may better serve the business community.

John Farkash, Chairman of the Board said, "Aside from the solid first quarter results, I am proud of the impact our Bank has made in supporting small businesses and helping to restore our local economies. We look forward to growing our relationships with these new businesses as we look ahead and recover from this pandemic."

Additional Financial Highlights and Response to the Pandemic
With the onset of the world-wide coronavirus pandemic in the middle of March, Bank of Southern California has been taking measures to closely monitor its loan portfolio, operations, liquidity and capital resources while actively working to minimize the current and future impact of this unprecedented situation. While the full impact of the pandemic is not known at this time, the following highlights pertinent information in the Bank's response.
* Operations - While all branch offices remain operational, for the safety of our employees and customers, our branch offices have reduced hours and we highly encourage drive-through, where available, remote banking, and internet banking. We have installed protective shields at service areas and social distancing protocols have been implemented.
* Capital resources - The Bank closed a private placement of common stock in December 2019 in connection with its pending acquisition of CALWest Bancorp. The Bank's capital ratios at March 31, 2020 - 12.5% tier 1 leverage ratio and 16.5% total risk-based capital - are considered very strong and the Bank will remain "well-capitalized" after closing the pending merger.
* Liquidity - The Bank has sufficient liquidity resources to meet its customer's needs. In addition to balance sheet liquidity of over 10% of assets, the Bank has access to liquidity facilities from other banks, including the Federal Home Loan Bank of San Francisco, at which the Bank has over $100 million available borrowing capacity at March 31, 2020.
* Loan Portfolio - While nonperforming loans continue to be low as of March 31, 2020, which is consistent with prior quarters, the Bank has been working to assist its credit customers and minimize the Bank's exposure to potential loss given the current environment. Following is certain information and actions which have been taken regarding the Bank's credit portfolio.
o Risk Portfolio - The Bank's exposure to certain high-risk industries follows:

IndustryBalanceNumber
Hospitality (hotel/motel)$17,400,0005
Restaurant and food service15,000,00033
Oil and Gas00
Total$32,400,00038

o Since the end of March, the Bank has been actively engaging with its customers to maintain relationships and provide a bridge to economic recovery. The Bank has worked with the SBA to secure payment relief for dozens of SBA loan customers. Furthermore, the Bank has received and is granting numerous deferment requests for 3 to 6-month periods to assist borrowers during the economic slowdown.
* The CARES Act Payroll Protection Program ("PPP") - The Bank's focused efforts on assisting small businesses with obtaining PPP loans resulted in over 900 loans approved by the SBA for over $350 million and related loan fees of over $9 million (to be accreted over the term of the loan). This extraordinary effort has secured existing customers and created strong goodwill with new customers and in the community as the Bank continues to support small business during the second round of PPP, which is currently underway.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

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 to individuals, professionals and small-to-medium 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, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://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. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, in this news release. Factors that might cause such differences include, but are not limited to: the impact of the Coronavirus (COVID-19) on the economy and the Bank; 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; changes in banking legislation or regulation; 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: Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

*LOGO link for media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)

Quarterly 1st Qtr Prior Years
($$ in thousands except per share data)2020 2019 2019 2019 2019  2018 2017
1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr 1st Qtr1st Qtr
EARNINGS
 Net interest income$7,9857,7367,7957,6257,6984,8513,919
 Provision for loan losses$300200300200300300169
 NonInterest income$7473216955194201,098404
 NonInterest expense$5,6945,5125,7115,7055,1984,0532,972
 Income tax expense$827709763667771524472
 Net income$1,9111,6361,7161,5721,8491,072710
 Basic earnings per share$0.200.190.200.190.220.200.14
 Average shares outstanding9,408,9408,578,1028,410,5228,410,5228,409,2725,281,2975,140,497
 Ending shares outstanding9,412,6909,405,1908,410,5228,410,5228,410,5226,953,7205,140,497
PERFORMANCE RATIOS
 Return on average assets0.90%0.79%0.87%0.82%0.99%0.90%0.67%
 Return on average common equity6.30%5.93%6.37%6.02%7.30%8.53%6.37%
 Yield on loans5.32%5.23%5.44%5.59%5.66%5.13%4.89%
 Yield on earning assets4.76%4.88%5.21%5.24%5.36%4.78%4.27%
 Cost of deposits0.78%0.88%0.99%0.98%0.96%0.53%0.34%
 Net interest margin3.98%4.01%4.24%4.28%4.41%4.27%3.95%
 Efficiency ratio65.21%68.42%67.26%70.05%64.03%68.13%68.75%
CAPITAL
 Tangible equity to tangible assets12.48%12.58%10.83%11.62%11.29%14.14%10.24%
 Book value (BV) per common share$13.0012.8112.7712.5612.3010.798.83
 Tangible BV per common share$11.0510.8510.5610.3410.0710.598.54
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)(11)36(9)(7)(9)(54)
 Allowance for loan losses (ALLL)$5,6745,3635,1534,8884,6793,3853,143
 ALLL to total loans0.83%0.79%0.75%0.78%0.74%0.83%0.90%
 Loan fair value credit marks (LFVCM)$1,6491,9062,0302,2492,4797591,311
 ALLL and LFVCM to total loans1.07%1.07%1.05%1.14%1.14%1.01%1.28%
 Nonperforming loans$1,4331,9112,2252,0333,2981,2722,040
 Other real estate owned$000000146
 Nonperforming assets to total assets0.17%0.23%0.27%0.27%0.43%0.24%0.51%
END OF PERIOD BALANCES
 Total loans$683,195676,655684,717623,424628,538409,196349,348
 Total assets$852,052830,186839,060766,730768,823522,118430,334
 Deposits$688,946671,914692,899632,246635,676444,300382,991
 Loans to deposits99.17%100.71%98.82%98.60%98.88%92.10%91.22%
 Shareholders' equity$122,377120,523107,400105,619103,48175,01645,367
 Full-time equivalent employees929796100967365
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$676,825678,015664,946623,541629,799403,693332,308
 Earning assets$803,804766,012730,165714,889707,920460,636402,698
 Total assets (net of AFS valuation)$855,397818,989783,043766,960755,842484,628426,831
 Deposits$696,341671,443641,867633,478628,950425,641379,957
 Shareholders' equity$121,773109,464106,853104,745102,70750,98345,175
 

Related link: https://www.banksocal.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Bank of Southern California N.A. Announces Fourth Quarter and Year End 2019 Results

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the fourth quarter ended December 31, 2019. Total assets ended the year at $830 million at December 31, 2019, an increase of 8.1% compared to December 2018. Total loans increased 6.6% to $677 million and total deposits increased 7.0% to $672 million compared to the prior year as well.

Net income for the quarter ended December 31, 2019, was $1.64 million, compared to $1.72 million in Q3 2019 and $2.00 million in Q4 2018. Earnings for the year ended December 31, 2019, were $6.77 million up 29% from $5.26 million for the year ended December 2018. Diluted earnings per share increased to $0.78 for the year ended December 2019 versus $0.71 in the year ended December 2018.

Fourth Quarter 2019 Highlights
* Announced plan of merger with CalWest Bancorp, expected to close in Q2 2020
* Announced completion of capital offering and plans to form Holding Company

Nathan Rogge, President and CEO of Bank of Southern California said, "We produced solid results for 2019 and continue to increase meaningful loan and deposit relationships while maintaining strong credit quality across our portfolio. Specifically, we reported strong commercial and industrial loan growth, increased non-interest bearing DDA, and a rise in total assets, largely attributed to our recent capital raise."

The Banks' focus on C&I lending is not only reflected in a 14% increase in outstanding C&I loans during the year, but also in undisbursed C&I commitments, which increased 46% during the year. Non-interest bearing demand deposits, increased 22% during 2019, a result of our emphasis on relationship-based banking.

"As we enter 2020, we remain focused on advancing and driving growth in the Southern California market. Our strategic merger with CalWest Bank will provide us with an expanded branch presence covering Orange County and the Inland Empire as well as operational synergies and efficiencies, thus allowing us to better serve the business community. The merger is anticipated to close in the second quarter of 2020," concluded Rogge.

John Farkash, Chairman of the Board said, "We are pleased to report another solid quarter to close out 2019. The Bank has achieved good momentum in executing our strategy and moving towards a relationship-focused approach to banking. As we look ahead, we remain focused on driving long-term value for our customers and shareholders."

Additional Financial Highlights
* Total loans decreased $8 million during the 4th quarter to $677 million at quarter end; the reduction was primarily related to construction loans, which declined $10 million during the quarter as projects paid off as planned. The pace of total loan payoffs slowed in the second half of 2019 to $37 million, down from the $62 million pace set in the first six months of the year. Compared to the first half of the year, new loan origination units increased by 28% in the second half of the year resulting in $155 million in total gross loan commitments in 2019.
* During 2019, the Bank has focused on improving its core deposit portfolio. This is not only reflected in the 22% growth in noninterest-bearing demand (DDA) during 2019, but also in the growth of money market deposits, which increased $26 million, or 12%, during 2019. This core deposit growth allowed the Bank to decrease reliance on higher cost time deposits, which declined 9% during 2019.
* Noninterest expenses grew $3.6 million in 2019 compared to 2018. However, both years include non-recurring costs associated with merger and restructuring expenses, $2.1 million in 2018 related to the merger with Americas United Bank, and $592k in 2019 associated with the plan of merger with CalWest Bank.
* Nonperforming assets continue to be very low and were 0.23% of total assets at December 31, 2019, compared to 0.60% at December 31, 2018. The allowance for loan losses (ALLL) was 0.79% of total loans at December 31, 2019, up from 0.69% at December 31, 2018. When including $1.9 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.07% of total loans versus 1.10% at December 31, 2018.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

About Bank of Southern California
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, California, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium 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, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles.

For more information, please visit https://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:
Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

*LOGO link for media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)
QuarterlyAnnual
($$ in thousands except per share data)2019 2019 2019 2019 2018
4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr2019 2018
EARNINGS
 Net interest income$7,7367,7957,6257,6988,03130,85424,900
 Provision for loan losses$2003002003004501,0001,600
 NonInterest income$3216955194205261,9542,803
 NonInterest expense$5,5125,7115,7055,1985,27922,12518,571
 Income tax expense$7097636677718232,9102,274
 Net income$1,6361,7161,5721,8492,0056,7735,258
 Basic earnings per share$0.190.200.190.220.240.800.74
 Average shares outstanding8,578,1028,410,5228,410,5228,409,2728,402,2518,452,1047,091,176
 Ending shares outstanding9,405,1908,410,5228,410,5228,410,5228,408,0229,405,1908,408,022
PERFORMANCE RATIOS
 Return on average assets0.79%0.87%0.82%0.99%1.07%0.87%0.87%
 Return on average common equity5.93%6.37%6.02%7.30%7.91%6.39%6.57%
 Yield on loans5.23%5.44%5.59%5.66%5.63%5.47%5.39%
 Yield on earning assets4.88%5.21%5.24%5.36%5.40%5.17%5.01%
 Cost of deposits0.88%0.99%0.98%0.96%0.84%0.95%0.70%
 Net interest margin4.01%4.24%4.28%4.41%4.59%4.23%4.36%
 Efficiency ratio68.42%67.26%70.05%64.03%61.70%67.44%67.04%
CAPITAL
 Tangible equity to tangible assets12.58%10.83%11.62%11.29%11.01%12.58%11.01%
 Book value (BV) per common share$12.8112.7712.5612.3012.0612.8112.06
 Tangible BV per common share$10.8510.5610.3410.079.8110.859.81
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)36(9)(7)(0)9303
 Allowance for loan losses (ALLL)$5,3635,1534,8884,6794,3735,3634,373
 ALLL to total loans0.79%0.75%0.78%0.74%0.69%0.79%0.69%
 Loan fair value credit marks (LFVCM)$1,9062,0302,2492,4792,5941,9062,594
 ALLL and LFVCM to total loans1.07%1.05%1.14%1.14%1.10%1.07%1.10%
 Nonperforming loans$1,9112,2252,0333,2984,5741,9114,574
 Other real estate owned$0000000
 Nonperforming assets to total assets0.23%0.27%0.27%0.43%0.60%0.23%0.60%
END OF PERIOD BALANCES
 Total loans$676,655684,717623,424628,538634,651676,655634,651
 Total assets$830,186839,060766,730768,823767,948830,186767,948
 Deposits$671,914692,899632,246635,676627,816671,914627,816
 Loans to deposits100.71%98.82%98.60%98.88%101.09%100.71%101.09%
 Shareholders' equity$120,523107,400105,619103,481101,360120,523101,360
 Full-time equivalent employees979610096949794
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$678,015664,946623,541629,799627,544649,251495,252
 Earning assets$766,012730,165714,889707,920694,190729,844571,450
 Total assets (net of AFS valuation)$818,989783,043766,960755,842741,463781,386604,727
 Deposits$671,443641,867633,478628,950626,433644,045517,546
 Shareholders' equity$109,464106,853104,745102,707100,500105,96380,078

Related link:

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Bank of Southern California, N.A. Announces Third Quarter 2019 Results

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the third quarter ended September 30, 2019. Total assets grew to $839 million at September 30, 2019, a 14% increase compared to the third quarter of 2018. Quarterly net income increased to $1.72 million in Q3 2019 from $1.57 million in Q2 2019; Q3 2018 was $875 thousand, but included $936 thousand in expenses, net of tax, related to the acquisition of Americas United Bank, which closed July 31, 2018. Total loans ended Q3 2019 at $685 million and total deposits were $693 million.

Third Quarter 2019 Highlights
* Loan highlights include growth of $10 million in commercial (C&I) loans in Q3 and an additional $9 million growth in undisbursed commitments on C&I loans.
* Focus on core deposit origination has resulted in growth in noninterest-bearing demand deposits (DDA) of $15 million during Q3 and $35 million year-to-date.

Nathan Rogge, President and CEO of Bank of Southern California said, "Our solid earnings performance for the third quarter included strong commercial loan growth, an increase in noninterest-bearing DDA, and a decrease in time deposits, all driven by our commitment to building long-lasting relationships with our clients. We remain focused on delivering upon this strategy and driving growth for long-term value."

"The Bank continues to demonstrate its commitment to the Southern California business community and has achieved momentum in the newly expanded markets of Los Angeles and Orange. We look forward to achieving additional growth opportunities as we further our investment in Orange County and expand East into the Inland Empire through our proposed merger with CalWest Bank, previously announced on October 21, 2019," concluded Rogge.

Bank of Southern California's continued focus on relationship banking has been impactful, leading to an increase in organic noninterest-bearing demand deposit growth of $15.1 million during the quarter, and a $35.4 million increase since December 2018. John Farkash, Chairman of the Board said, "Results for the third quarter were strong and the Bank remains focused on driving long-term growth and delivering greater value to our shareholders."

Additional Financial Highlights
* Total loans increased $61 million during the quarter to $685 million at quarter end. Loan payoffs totaled $9.3 million in the quarter, down from the $62 million pace set in the first six months of the year. In addition to the growth in C&I loans, loan growth during Q3 was centered in commercial real estate loans.
* The Bank has been focused on improving its deposit portfolio mix toward more core deposits. This is not only reflected in the growth in noninterest-bearing demand (DDA), but also in the growth of money market deposits, which increased $23 million in Q3. The Bank will continue to reposition and improve the deposit portfolio with the longer-term goal of managing a strong net interest margin.
* Noninterest expenses in Q3 2019 include $192 thousand related to the proposed merger with CalWest Bank and in Q2 2018 included $1.2 million related to the merger with Americas United Bank.
* Nonperforming assets continue to be very low and were 0.27% of total assets at September 30, 2019, compared to 0.60% at December 31, 2018. The allowance for loan losses (ALLL) was 0.75% of total loans at September 30, 2019, up from 0.69% at December 31, 2018. When including $2.0 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.05% of total loans versus 1.10% at December 31, 2018.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

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 to individuals, professionals and small-to-medium 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, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles.

For more information, please visit https://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.

Media Contact:
Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

* LOGO Link for Media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)
Quarterly9 Months YTD
($$ in thousands except per share data)2019 2019 2019 2018 2018
3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr2019 2018
EARNINGS
 Net interest income$7,7957,6257,6988,0316,73623,11816,869
 Provision for loan losses$3002003004504508001,150
 NonInterest income$6955194205265771,6332,277
 NonInterest expense$5,7115,7055,1985,2795,58716,61313,292
 Income tax expense$7636677718234012,2011,451
 Net income$1,7161,5721,8492,0058755,1373,253
 Basic earnings per share$0.200.190.220.240.110.610.49
 Average shares outstanding8,410,5228,410,5228,409,2728,402,2517,689,8278,410,1056,654,150
 Ending shares outstanding8,410,5228,410,5228,410,5228,408,0228,398,0928,410,5228,398,092
PERFORMANCE RATIOS
 Return on average assets0.87%0.82%0.99%1.07%0.52%0.89%0.77%
 Return on average common equity6.37%6.02%7.30%7.91%3.77%6.56%5.93%
 Yield on loans5.44%5.59%5.66%5.63%5.30%5.56%5.26%
 Yield on earning assets5.21%5.24%5.36%5.40%4.87%5.27%4.78%
 Cost of deposits0.99%0.98%0.96%0.84%0.72%0.98%0.63%
 Net interest margin4.24%4.28%4.41%4.59%4.23%4.31%4.21%
 Efficiency ratio67.26%70.05%64.03%61.70%76.40%67.12%69.42%
CAPITAL
 Tangible equity to tangible assets10.83%11.62%11.29%11.01%11.14%10.83%11.14%
 Book value (BV) per common share$12.7712.5612.3012.0611.7712.7711.77
 Tangible BV per common share$10.5610.3410.079.819.4910.569.49
ASSET QUALITY
 Net loan charge-offs (recoveries)$36(9)(7)(0)(29)20304
 Allowance for loan losses (ALLL)$5,1534,8884,6794,3733,9225,1533,922
 ALLL to total loans0.75%0.78%0.74%0.69%0.65%0.75%0.65%
 Loan fair value credit marks (LFVCM)$2,0302,2492,4792,5942,8342,0302,834
 ALLL and LFVCM to total loans1.05%1.14%1.14%1.10%1.11%1.05%1.11%
 Nonperforming loans$2,2252,0333,2984,5743,7332,2253,733
 Other real estate owned$0000000
 Nonperforming assets to total assets0.27%0.27%0.43%0.60%0.51%0.27%0.51%
END OF PERIOD BALANCES
 Total loans$684,717623,424628,538634,651606,753684,717606,753
 Total assets$839,060766,730768,823767,948734,923839,060734,923
 Deposits$692,899632,246635,676627,816632,803692,899632,803
 Loans to deposits98.82%98.60%98.88%101.09%95.88%98.82%95.88%
 Shareholders' equity$107,400105,619103,481101,36098,865107,40098,865
 Full-time equivalent employees961009694949694
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$664,946623,541629,799627,544540,165639,557452,590
 Earning assets$730,165714,889707,920694,190632,508717,655535,650
 Total assets (net of AFS valuation)$783,043766,960755,842741,463670,942768,715565,060
 Deposits$641,867633,478628,950626,433569,424634,812482,113
 Shareholders' equity$106,853104,745102,707100,50092,091104,78373,322

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Business, Free News Articles, Software

LBA Ware’s CompenSafe Finishes 2Q19 with $3.6B in Lifetime Compensation Calculations

MACON, Ga. -- LBA Ware(TM), provider of the leading automated incentive compensation and sales performance management platform for mortgage lenders, closed the second quarter of 2019 having completed $3,622,659,995 in lifetime calculations of origination commissions, management overrides and operational bonuses through its CompenSafe(TM) sales incentive platform.

2Q19 was an explosive quarter for new loan production overall, according to estimates published by Inside Mortgage Finance, and CompenSafe considerably outpaced overall industry growth, processing a daily average of $1.7 billion in new application volume and over $1.1 billion in funded loan volume (a 64.35% increase and 40.2% increase from 2Q18, respectively).

"CompenSafe has been gaining momentum with banks, credit unions and independent mortgage lenders eager to shed the inefficiency and headaches of manual incentive calculation and leverage their compensation data to make more incisive business decisions," said LBA Ware Founder and CEO Lori Brewer. "The last quarter saw much-needed industry gains in loan production, and we are proud to have responded to the increased system demands of industry growth with continued service excellence."

About LBA Ware
Founded in 2008, LBA Ware's mission is to inspire opportunity by delivering solutions that are essential to the way mortgage companies operate. We are a trusted partner and play a key role in our clients' success by enabling them to motivate, incentivize and better leverage the human potential within their organizations. Our applications automate traditionally manual business processes for which an existing software solution does not exist, empowering lenders to create an integrated software environment that maximizes their productivity and operational efficiency. For more information about LBA Ware and our software solutions, visit https://lbaware.com.

Twitter: @LBAWare #mortgagebanking #digitalmortgage #CompenSafe @IMFpubs

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Business, Free News Articles

Bank of Southern California N.A. Announces Second Quarter 2019 Results

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the second quarter ended June 30, 2019. Total assets were $767 million for the second quarter of 2019, a 47% increase compared to the second quarter of 2018. Quarterly net income increased 20% to $1.57 million compared to $1.31 million in Q2 of 2018. Total loans ended the quarter at $623 million and total deposits were $632 million.

Second Quarter 2019 Highlights
* Enhanced market presence in Los Angeles, Orange and Riverside counties, including the addition of seasoned, relationship-focused bankers
* 2019 loan growth slows, despite new production, primarily driven by higher loan prepayments and real estate secured loan payoffs
* Repositioning of deposit portfolio focused on lower cost and noninterest-bearing core deposits
* Year over year comparisons are affected by the acquisition of Americas United Bank ("AUB") on July 31, 2018.

Nathan Rogge, President and CEO of Bank of Southern California said, "We remain focused on executing our strategy, achieving long-term growth and supporting Southern California's business community. During the second quarter, we expanded in Orange County with the opening of a regional office and full-service banking center in the City of Orange."

"This strategic commitment to the region is further supported through the hiring of several relationship-focused Bankers in key markets in Southern California, including Los Angeles, Orange, and Riverside counties. The Bank has built a strong foundation to support its efforts to become a leading community business bank in Southern California, and is well-positioned for growth," concluded Rogge.

The Bank continues to emphasize core banking products and services while delivering upon an enhanced customer experience. Organic noninterest-bearing demand deposit growth increased $6.8 million during the quarter, and a $20.3 million increase since December 2018. John Farkash, Chairman of the Board said, "Overall, the Bank reported meaningful results for the second quarter. The Bank continues to have a strong and well-capitalized balance sheet positioning the Bank to deliver greater value to our shareholders and achieving long-term growth."

Additional Financial Highlights
* Total Loans declined $5 million during the quarter to $623 million at quarter end, primarily driven by higher loan prepayments and real estate secured loan payoffs. Total loans paid were $32 million during Q2 2019, and total $62 million year-to-date. Despite the decline in loans outstanding, new C&I loan commitments increased $17 million year-to-date, from $160 million at December 31, 2018 to $177 million at June 30, 2019.
* The Bank has been focused on repositioning its deposit portfolio mix toward more core deposits. While total deposits have been flat since December 2018, noninterest-bearing deposits have grown by 12%, offset by a decline of 12% in more costly time deposits. The Bank will continue to reposition and improve the deposit portfolio with the longer-term goal of protecting net interest margin.
* Nonperforming assets were 0.27% of total assets at June 30, 2019, compared to 0.60% at December 31, 2018. The allowance for loan losses (ALLL) was 0.78% of total loans at June 30, 2019, up from 0.69% at December 31, 2018. When including $2.2 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.14% of total loans versus 1.10% at December 31, 2018.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

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 to individuals, professionals and small-to-medium 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, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://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:
Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

* LOGO Link for Media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Bank of Southern California

Quarterly Financial Highlights(Unaudited)
Quarterly6 Months YTD
($$ in thousands except per share data)2019 2019 2018 2018 2018
2nd Qtr1st Qtr4th Qtr3rd Qtr2nd Qtr2019 2018
EARNINGS
 Net interest income$7,6257,6988,0316,7365,28215,32310,133
 Provision for loan losses$200300450450400500700
 NonInterest income$5194205265776029391,701
 NonInterest expense$5,7055,1985,2795,5873,65210,9027,705
 Income tax expense$6677718234015261,4381,050
 Net income$1,5721,8492,0058751,3063,4212,378
 Basic earnings per share$0.190.220.240.110.190.410.39
 Average shares outstanding8,410,5228,409,2728,402,2517,689,8276,991,3278,409,8976,136,312
 Ending shares outstanding8,410,5228,410,5228,408,0228,398,0926,998,7508,410,5226,998,750
PERFORMANCE RATIOS
 Return on average assets0.82%0.99%1.07%0.52%1.00%0.91%0.95%
 Return on average common equity6.02%7.30%7.91%3.77%6.85%6.65%7.52%
 Yield on loans5.59%5.66%5.63%5.30%5.38%5.63%5.26%
 Yield on earning assets5.24%5.36%5.40%4.87%4.78%5.30%4.78%
 Cost of deposits0.98%0.96%0.84%0.72%0.62%0.97%0.58%
 Net interest margin4.28%4.41%4.59%4.23%4.22%4.34%4.25%
 Efficiency ratio70.05%64.03%61.70%76.40%62.06%67.04%65.11%
CAPITAL
 Tangible equity to tangible assets11.62%11.29%11.01%11.14%14.54%11.62%14.54%
 Book value (BV) per common share$12.5612.3012.0611.7711.0012.5611.00
 Tangible BV per common share$10.3410.079.819.4910.8110.3410.81
ASSET QUALITY
 Net loan charge-offs (recoveries)$(9)(7)(0)(29)341(15)333
 Allowance for loan losses (ALLL)$4,8884,6794,3733,9223,4434,8883,443
 ALLL to total loans0.78%0.74%0.69%0.65%0.83%0.78%0.83%
 Loan fair value credit marks (LFVCM)$2,2492,4792,5942,8346812,249681
 ALLL and LFVCM to total loans1.14%1.14%1.10%1.11%0.99%1.14%0.99%
 Nonperforming loans$2,0333,2984,5743,7332,7472,0332,747
 Other real estate owned$0000000
 Nonperforming assets to total assets0.27%0.43%0.60%0.51%0.53%0.27%0.53%
END OF PERIOD BALANCES
 Total loans$623,424628,538634,651606,753414,925623,424414,925
 Total assets$766,730768,823767,948734,923521,437766,730521,437
 Deposits$632,246635,676627,816632,803442,046632,246442,046
 Loans to deposits98.60%98.88%101.09%95.88%93.86%98.60%93.86%
 Shareholders' equity$105,619103,481101,36098,86577,006105,61977,006
 Full-time equivalent employees1009694946510065
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$623,541629,799627,544540,165407,779626,653405,747
 Earning assets$714,889707,920694,190632,508501,776711,296481,320
 Total assets (net of AFS valuation)$766,960755,842741,463670,942525,934761,432505,395
 Deposits$633,478628,950626,433569,424446,815631,226436,287
 Shareholders' equity$104,745102,707100,50092,09176,440103,73163,782


Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL

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Business, Free News Articles

Bank of Southern California NA Announces First Quarter 2019 Results and Reports Growth Amidst Expansion

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS:BCAL) today reported results for the first quarter ended March 31, 2019. Total assets grew to $769 million for the first quarter of 2019, a 47% increase compared to the first quarter of 2018. Quarterly net income increased 72% to $1.85 million compared to $1.07 million in Q1 of 2018. Total loans ended the quarter at $629 million and total deposits were $636 million.

First Quarter 2019 Financial Highlights
* Total Assets end at $769 million vs. $768 million at December 31, 2018 and $522 million at March 31, 2018, an increase of 47% over the prior year
* Quarterly Net Income of $1.85 million compares to $2.00 million in Q4 2018 and is up 72% compared to $1.07 million in Q1 2018
* Comparisons are affected by the acquisition of Americas United Bank ("AUB") on July 31, 2018

Nathan Rogge, President and CEO of Bank of Southern California said, "Our first quarter results highlight operating improvements in several key financial areas while we also successfully integrated people, processes, and culture as a result of our recent expansion in the Greater Los Angeles and Orange County regions. As we move forward through 2019, we will remain focused on driving profitable growth as we continue to optimize how we deliver banking services to our customers with an emphasis on speed to market."

"To further support the Bank's growth goals, we have completed an internal restructuring leading to the promotions of Tony DiVita to Chief Operating Officer and Gaylin Anderson to Chief Banking Officer. Additionally, we hired two seasoned Group Managing Directors to lead our growing Business Banking and Branch Banking business units. We are optimistic about the opportunities that are ahead of us as we continue to build Bank of Southern California as a leading community business bank in Southern California," added Rogge.

John Farkash, Chairman of the Board said, "We are pleased with the Bank's year over year results which are attributed to the growth and the efficiencies realized from the acquisition as well as our continued solid organic growth. Overall, we remain confident that our strategic priorities will deliver greater value to our shareholders as we progress through the year and beyond."

Additional Financial Highlights
* Total Deposits - the Bank has been focused on repositioning its deposit portfolio mix to lower cost, non-time deposits while reducing reliance of non-core deposits. While total deposits increased approximately $8 million since December 31, 2018, non-time deposits grew by $25 million as time deposits decreased by $17 million, including $11 million of CDARs time deposits. The Bank expects to continue to reposition its deposit portfolio focused on organic non-time deposit growth. This will have a temporary effect on asset growth, but a longer-term positive impact on net interest margin.
* Total Loans declined $6 million during the quarter to $628 million at quarter end. While new loan production slowed modestly during the quarter, total loans paid off were over $30 million during Q1 2019, primarily from longer term real estate loans, as competition increased with refi-rates moving lower during the quarter.
* Net interest income for Q1 2019 decreased $333 thousand, or 4.1%, to $7.7 million, from $8.0 million in the prior quarter, despite a 2.0% increase in average earning assets. The accretion of fair value discount on the loan portfolio, which added 16 basis points to net interest margin in Q1 2019, declined $118 thousand compared to the prior quarter. Net interest margin declined to 4.41% in Q1 2019 from 4.59% in Q4 of 2018, partially due to cost of deposits, which increased from 0.84% in Q4 2018 to 0.96% in Q1 2019.
* Nonperforming assets were 0.43% of total assets at March 31, 2019, compared to 0.60% in the prior quarter. The allowance for loan losses (ALLL) was 0.74% of total loans at March 31, 2019, up from 0.69% in the prior quarter. When including $2.5 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.14% of total loans, up from 1.10% at December 31, 2018.
* The Bank continues to be "well-capitalized", reporting total risk-based capital of 14.6% as of March 31, 2019.

[Quarterly Financial Highlights Table Follows]

More details about our most recent quarterly results and trends are available on our website, by clicking here: https://www.banksocal.com/wp-content/uploads/BSC-Quarterly-Trends-1Q19.pdf

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 to individuals, professionals and small-to-medium 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 ten branches in San Diego County, Los Angeles County, and the Coachella Valley in Riverside County, as well as production offices in Orange County and West Los Angeles. For more information, please visit https://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.

Media Contact:
Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

* LOGO Link for Media: Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS: BCAL / OP: BCAL

###

Bank of Southern California NA

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)
Quarterly1st Qtr Prior Years
($$ in thousands except per share data)2019 2018 2018 2018 2018
1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr2017 2016
EARNINGS
   Net interest income$7,6988,0316,7365,2824,8513,9193,526
   Provision for loan losses$300450450400300169138
   NonInterest income$4205265776021,098404299
   NonInterest expense$5,1985,2795,5873,6524,0532,9722,830
   Income tax expense$771823401526524472353
   Net income$1,8492,0058751,3061,072710504
   Basic earnings per share$0.220.240.110.190.200.140.12
   Average shares outstanding8,409,2728,402,2517,689,8276,991,3275,281,2975,140,4974,307,538
   Ending shares outstanding8,410,5228,408,0228,398,0926,998,7506,953,7205,140,4974,307,538
PERFORMANCE RATIOS
   Return on average assets0.99%1.07%0.52%1.00%0.90%0.67%0.59%
   Return on average common equity7.30%7.91%3.77%6.85%8.53%6.37%5.78%
   Yield on loans5.66%5.63%5.30%5.38%5.13%4.89%4.87%
   Yield on earning assets5.36%5.40%4.87%4.78%4.78%4.27%4.66%
   Cost of deposits0.96%0.84%0.72%0.62%0.53%0.34%0.28%
   Net interest margin4.41%4.59%4.23%4.22%4.27%3.95%4.40%
   Efficiency ratio64.03%61.70%76.40%62.06%68.13%68.75%73.99%
CAPITAL
   Tangible equity to tangible assets11.29%11.01%11.14%14.54%14.14%10.24%9.90%
   Book value (BV) per common share$12.3012.0611.7711.0010.798.838.13
   Tangible BV per common share$10.079.819.4910.8110.598.547.69
ASSET QUALITY
   Net loan charge-offs (recoveries)$(7)(0)(29)341(9)(54)(0)
   Allowance for loan losses (ALLL)$4,6794,3733,9223,4433,3853,1432,565
   ALLL to total loans0.74%0.69%0.65%0.83%0.83%0.90%0.82%
   Loan fair value credit marks (LFVCM)$2,4792,5942,8346817591,3111,766
   ALLL and LFVCM to total loans1.14%1.10%1.11%0.99%1.01%1.28%1.38%
   Nonperforming loans$3,2984,5743,7332,7471,2722,0402,054
   Other real estate owned$0000014698
   Nonperforming assets to total assets0.43%0.60%0.51%0.53%0.24%0.51%0.59%
END OF PERIOD BALANCES
   Total loans$628,538634,651606,753414,925409,196349,348313,971
   Total assets$768,823767,948734,923521,437522,118430,334367,122
   Deposits$635,676627,816632,803442,046444,300382,991312,321
   Loans to deposits98.88%101.09%95.88%93.86%92.10%91.22%100.53%
   Shareholders' equity$103,481101,36098,86577,00675,01645,36738,050
   Full-time equivalent employees96949465736564
AVERAGE BALANCES (QTRLY) | | (YTD)
   Total loans$629,799627,544540,165407,779403,693332,308301,535
   Earning assets$707,920694,190632,508501,776460,636402,698321,752
   Total assets (net of AFS valuation)$755,842741,463670,942525,934484,628426,831343,841
   Deposits$628,950626,433569,424446,815425,641379,957303,409
   Shareholders' equity$102,707100,50092,09176,44050,98345,17537,992

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Business, Free News Articles

Bank of Southern California Announces Fourth Quarter and Year End 2018 Financial Results

SAN DIEGO, Calif. -- SAN DIEGO, Calif., Feb. 11, 2019 (SEND2PRESS NEWSWIRE) -- Bank of Southern California, N.A. (OTC Pink: BCAL) announced quarterly net income of $2.0 million for the fourth quarter of 2018, compared to $875 thousand in the third quarter of 2018 and $1.1 million for the fourth quarter of 2017. For the year ended December 31, 2018, net income was $5.3 million compared to $4.0 million for the year ended December 31, 2017. Results are net of non-recurring expenses of $0.5 million in the fourth quarter of 2018 and $2.1 million for year ended December 31, 2018; these non-recurring expenses are related to the acquisition of Americas United Bank (AUB) in July 2018, and costs associated with consolidating a branch office in December 2018.

Nathan Rogge, President and CEO, commented: "2018 was a record year for Bank of Southern California. In addition to reporting record growth and earnings, we successfully expanded our footprint into the Los Angeles market, continued to grow our client-base, added experienced banking professionals to our team, and completed an over-subscribed capital offering. We also received several distinctions and honors for our strong leadership, commitment to the business community, and dedication to our employees."

Total assets at December 31, 2018, were $768 million, up 60% from $479 million at December 31, 2017. Total loans increased to $635 million at December 31, 2018, compared to $607 million at September 30, 2018 and $399 million at December 31, 2017, an increase of $235 million year over year. Total deposits were $628 million at December 31, 2018, down from $632 million at September 30, 2018, but up $220 million or 54% from $407 million at December 30, 2017. The increase in total assets, loans and deposits is largely attributable to the acquisition of AUB, which added approximately $190 million in loans and $203 million in deposits on July 31, 2018.

Commenting on his prospects for 2019, Nathan Rogge said, "As we start the new year, we are keenly focused on continuing to position Bank of Southern California as a new banking option in the Los Angeles and Orange County markets, achieving our growth and revenue targets, and continue to develop best-in-class employees. We have already made progress on executing several key initiatives related to growing our presence in Southern California, implementing strategies to support our customer experience, and enhancing our employee training and engagement programs.

"The bank continues to be well-capitalized and is well-positioned for further growth and expansion as we move forward to becoming Southern California's Premier Community Business Bank," concluded Rogge.

Additional Financial Highlights
* Net interest income for the quarter ended December 31, 2018, increased 19% to $8.0 million, from $6.7 million in the prior quarter, resulting from a 10% increase in average earning assets, an improved asset mix reflected in the increase in the average loan to deposit ratio during the quarter from 95% to 100%, and an increase in fair value accretion compared to the prior quarter of $297 thousand. Net interest margin of 4.59% includes 22 basis points of fair valuation accretion, an increase from 6 basis points in the prior quarter. This increase in fair value accretion was partially due to full implementation of "Day 2" fair value accounting and partially due to faster than expected loan payoffs in the purchased portfolio. Fair value accretion on a normalized basis is expected 12 to 15 basis points of net interest margin.
* In addition to approximately $149 thousand in merger related expenses incurred during the fourth quarter of 2018, the Bank consolidated its branch office in Palm Desert and accrued $348 thousand in remaining lease costs during the fourth quarter of 2018.
* Nonperforming assets were 0.45% of total assets at December 31, 2018, compared to 0.51% in the prior quarter. The allowance for loan losses (ALLL) was 0.69% of total loans at December 31, 2018, up from 0.65% in the prior quarter; however, when including $2.6 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.10% of total loans, up from 0.97% at December 31, 2017.
* The Bank continues to be "well-capitalized". After raising $26 million in capital earlier in 2018 and completing the merger July 31, 2018, the Bank reported total risk-based capital of 14.4% as of December 31, 2018, up from 13.5% at December 31, 2017.

[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

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 ten branches in San Diego County, Los Angeles County, and the Coachella Valley in Riverside County, and production offices in Orange County and West Los Angeles. For more information, please visit https://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


###

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)
QuarterlyAnnual
($$ in thousands except per share data)2018 2018 2018 2018 2017
4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr2018 2017
EARNINGS
 Net interest income$8,0316,7365,2824,8514,71124,90017,752
 Provision for loan losses$45045040030001,600271
 NonInterest income$5265776021,0987992,8032,209
 NonInterest expense$5,2795,5873,6524,0533,24518,57112,722
 Income tax expense$8234015265241,1322,2743,004
 Net income$2,0058751,3061,0721,1345,2583,965
 Basic earnings per share$0.240.110.190.200.220.740.76
 Average shares outstanding8,402,2517,689,8276,991,3275,281,2975,221,6067,091,1765,189,799
 Ending shares outstanding8,408,0228,398,0926,998,7506,953,7205,223,6278,408,0225,223,627
PERFORMANCE RATIOS
 Return on average assets1.07%0.52%1.00%0.90%0.95%0.87%0.89%
 Return on average common equity7.91%3.77%6.85%8.53%9.08%6.57%8.36%
 Yield on loans5.63%5.30%5.38%5.13%4.94%5.39%5.04%
 Yield on earning assets5.40%4.87%4.78%4.78%4.62%5.01%4.59%
 Cost of deposits0.84%0.72%0.62%0.53%0.47%0.70%0.39%
 Net interest margin4.59%4.23%4.22%4.27%4.17%4.36%4.22%
 Efficiency ratio61.70%76.40%62.06%68.13%58.87%67.04%63.73%
CAPITAL
 Tangible equity to tangible assets11.01%11.14%14.54%14.14%10.10%11.01%10.10%
 Book value (BV) per common share$12.0611.7711.0010.799.5112.069.51
 Tangible BV per common share$9.819.4910.8110.599.259.819.25
ASSET QUALITY
 Net loan charge-offs (recoveries)$(0)(29)341(9)210303115
 Allowance for loan losses (ALLL)$4,3733,9223,4433,3853,0764,3733,076
 ALLL to total loans0.69%0.65%0.83%0.83%0.77%0.69%0.77%
 Loan fair value credit marks (LFVCM)$2,5942,8346817597792,594779
 ALLL and LFVCM to total loans1.10%1.11%0.99%1.01%0.97%1.10%0.97%
 Nonperforming loans$3,4613,7332,7471,2721,3623,4611,362
 Other real estate owned$0000000
 Nonperforming assets to total assets0.45%0.51%0.53%0.24%0.28%0.45%0.28%
END OF PERIOD BALANCES
 Total loans$634,651606,753414,925409,196399,402634,651399,402
 Total assets$767,948734,923521,437522,118479,512767,948479,512
 Deposits$627,816632,803442,046444,300407,485627,816407,485
 Loans to deposits101.09%95.88%93.86%92.10%98.02%101.09%98.02%
 Shareholders' equity$101,36098,86577,00675,01649,698101,36049,698
 Full-time equivalent employees94946573769476
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$627,544540,165407,779403,693394,864495,252360,628
 Earning assets$694,190632,508501,776460,636447,834571,450420,548
 Total assets (net of AFS valuation)$741,463670,942525,934484,628471,271604,727444,262
 Deposits$626,433569,424446,815425,641419,101517,546395,071
 Shareholders' equity$100,50092,09176,44050,98349,54880,07847,421




###

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS: BCAL / OP: BCAL

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Business, Free News Articles, Software

Anow Closes 2018 with 110-percent Year-over-Year Increase in Orders Processed Through Its Digital Appraisal Office Management Technology

RED DEER, Alberta -- Digital appraisal management software developer Anow reported a record 110 percent year-over-year increase in appraisal orders processed through its core appraisal office management platform in 2018 despite an industry-wide, market-driven drop in orders per customer. The announcement follows a year punctuated by major product launches and enhancements as the growing firm continues to lead the appraisal industry in innovation.

"We're proud to put appraisal firms that use Anow light years ahead of their competition," said Anow Founder and President Marty Haldane. "In 2019, we'll continue to redefine the speed, efficiency and transparency with which appraisers work with mortgage lenders and other clients."

Just last month, Nations Valuations Services integrated Anow's appraisal management software into its AppraisalTRAX(TM) management system, fueling faster turn times for its 16,000-strong appraiser network and an improved experience for its mortgage lender customers.

In September, Anow filed patents to protect its proprietary mass collaboration technology, which enables teams of appraisers to radically reduce turn times by working simultaneously on appraisal reports and which Anow expects will power the next generation of bifurcated appraisal products.

Anow also filed patents on its proximity-based assignment system designed to improve the borrower experience and reduce friction in the inspection-setting process.

In August, the company announced its forthcoming Anow Enterprise, a platform for mortgage lenders that enables instant, on-demand appraisal booking and leverages artificial intelligence to pair lender deadlines and quality-control criteria with the best appraiser for the job based on availability, travel schedule and workload.

May 2018 saw the introduction of Anow Connect, a platform that connects appraisal firms directly with their customers via a branded, mobile-first portal that automates appraisal order acceptance, scheduling, status updates, file sharing, messaging, report delivery and payment collection.

Anow also rolled out over 4,100 feature enhancements designed to simplify the lives of appraisers and help make their businesses more efficient. These included significant enhancements to Anow's mobile appraisal and home inspection platforms; simplification of Anow's payment collections, payment processing and payroll systems; significant improvements to the APIs that facilitate integrations with Anow's partners; enhanced reporting; and architectural changes to accommodate the platform's growing volume of appraisers and orders.

Anow also added new capabilities that enable multiple appraisal companies to more seamlessly work together and gave users the ability to import work history into Anow.

Anow is currently accepting participants for a closed beta of its next appraisal software innovation, Anow NEXUS, which is being developed with input from the American Society of Appraisers (ASA), the National Association of Appraisers (NAA) and the Business Association of Real Estate Appraisers (BAREA). For more information, see https://anow.com/NAA.

ABOUT ANOW:

Anow is an appraisal management software developer that simplifies the way real estate appraisers manage their businesses. Launched in 2011 by multi-generational appraisal professional Marty Haldane, Anow streamlines a wide range of everyday appraisal processes while offering unmatched business insights to help appraisers compete in today's digital environment. Powerful order tracking, job assignment, collaboration and scheduling tools allow appraisers and administrative staff to save time, assign appraisals more easily and deliver exceptional service to clients and mortgage lenders from any web-enabled device. Advanced reporting enables business owners to manage fee competition and turn times with ease. Anow is headquartered in Red Deer, Alberta.

For more information, visit https://anow.com/.

Twitter: @AppraisersNow #DigitalAppraisal

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Business, Free News Articles

The Cooksey Team Achieves 35 Percent Increase in Profitability in 2018 Despite Overall Mortgage Market Decline

DALLAS, Texas -- The Cooksey Team, a top-producing retail branch of Mid America Mortgage, Inc., announced today it has achieved year-over-year growth in volume and profitability for the sixth year running. In 2018, The Cooksey Team increased its overall volume by 27 percent over the previous year and increased the number of loan units closed by 28 percent. In addition, the branch decreased its cost to originate by 14 percent, resulting in a 35 percent increase in branch profitability.

"At a time when volumes are down and the cost to originate is up, we've been able to buck industry trends, and that's due in large part to Mid America's commitment to utilizing technology to make our operations more efficient," said Michael Cooksey, founder of The Cooksey Team. "With the adoption of our eClosing process and top-notch CRM system, as well as utilizing Fannie Mae's Day 1 Certainty program, Mid America has modernized its operations, and our LOs are reaping the benefits."

More than 80 percent of Cooksey Team loan originators (LOs) increased their production in 2018, with some achieving as much as 100 percent growth over 2017. In addition, several LOs have achieved top-tier status in their respective markets, including Wesley Ryan Grubbs, Brandon Findley and Darren Lovell, and The Cooksey Team was honored by the Dallas Business Journal as one of North Texas's "Best Places to Work" for the second consecutive year.

"When you have the proper technology and resources in place, along with support from the executive level down, it is possible to thrive in a down market," Cooksey said. "LO and branch success has always been a top priority at Mid America, and not only has the firm's investment in the tools and support paid off tremendously this year, but we expect to see that success continue into 2019 as we look to bring on more top-tier talent."

As the head of Mid America's most successful branch, Cooksey will be leading the firm's branch and LO recruitment efforts in 2019. Loan originators and branches interested in joining Mid America Mortgage should contact Cooksey directly at (972) 767-5701.

About The Cooksey Team:

Headquartered in Dallas, The Cooksey Team is a top performing retail branch of Texas-based lender Mid America Mortgage and has offices located throughout the North Texas and Los Angeles County areas.

With 16 years in the industry and six years with Mid America, Cooksey Team Founder Michael Cooksey brings the experience and knowledge needed to lead a successful mortgage transaction. Utilizing The CORE Training methodology, Michael has coached his own staff, as well as loan officers, brokers and real estate agents across the country, to become top producers. The Cooksey Team loan officers average six closings per month and $250,000 in annual income. In addition, the branch has increased its annual origination volume by nearly 50 percent year-over-year and is projected to achieve $350 million in volume in 2018. For more information on The Cooksey Team, visit https://www.cookseybranch.com/.

About Mid America Mortgage, Inc.:

Mid America Mortgage, Inc., Addison, Texas, is a multi-state, full-service mortgage lender serving consumers and mortgage originators through its retail, wholesale and correspondent channels. In operation since 1940, Mid America has thrived by retaining its entrepreneurial spirit and leading the market in innovation, including its adoption of eClosings and eNotes. The company offers a wide range of residential home loan programs to meet the needs of most home buyers and homeowners and are also the nation's leading provider of Section 184 home loans for Native Americans. Learn more at https://www.midamericamortgage.com/.

Mid America is looking for tech-savvy, service-oriented mortgage professionals to join its growing team. We are dedicated to providing our employees with industry-leading tools and technology to deliver a great package of competitive pricing, programs and knowledgeable service. Want to join our team? Visit http://www.midamericamortgage.com/careers/.

Twitter: @midamericamtge @TheCookseyTeam

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Business, Free News Articles

Bank of Southern California, NA Announces Third Quarter 2018 Financial Results (OTC:BCAL)

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) announced quarterly net income of $874,988 for the third quarter of 2018, compared to $1,088,043 for the third quarter of 2017. For the nine months ended September 30, 2018, net income was $3,253,441, compared to $2,830,295 for the nine months ended September 30, 2017. Results for the quarter and nine months ended September 30, 2018, include approximately $1.2 million and $1.6 million, respectively, in expenses related to the acquisition of Americas United Bank (OTC Pink: AUNB), which was completed on July 31, 2018.

Commenting on the recently completed acquisition of Americas United Bank, Nathan Rogge, President and CEO of Bank of Southern California said, "We are pleased to welcome Americas United Bank customers, employees, and shareholders to Bank of Southern California. We look forward to capitalizing on our newly expanded footprint and realizing greater efficiencies for the benefit of our shareholders, customers and the communities we serve."

"In addition to leveraging Americas United Bank's talented employees, we also hired several tenured and experienced commercial bankers to further expand on the small business opportunities in the market. We are well positioned to meet the needs of the Southern California business community and look forward to continued growth and success," concluded Rogge.

Total assets at September 30, 2018, were $735 million, up 57% from $468 million at September 30, 2017. Total loans increased to $607 million at September 30, 2018, compared to $387 million at September 30, 2017, an increase of $219 million, while total deposits were $633 million at September 30, 2018, compared to $418 million at September 30, 2017, an increase of $215 million. The increase in total assets, loans and deposits is largely attributable to the acquisition of AUNB, which added approximately $190 million in loans and $203 million in deposits on July 31, 2018.

Other Financial Highlights
* Net interest income for the quarter ended September 30, 2018, increased 27.5% to $6.7 million from $5.3 million in the prior quarter, primarily from the 26% increase in average earning assets. Net interest margin of 4.23% includes 6 basis points of fair valuation accretion, which is similar to prior quarters. Net interest income will increase, along with average earning assets, in the fourth quarter as we realize a full period post-merger and the relative impact of fair value accretion is also expected to increase in the fourth quarter.
* Additional cost savings related to synergies from the acquisition of AUB, such as post-conversion data processing expenses, will continue to be realized in the fourth quarter.
* Nonperforming assets were 0.51% of total assets at September 30, 2018, compared to 0.53% in the prior quarter. The allowance for loan losses (ALLL) was 0.65% of total loans at September 30, 2018, compared to 0.83% in the prior quarter; however, when including over $2.8 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.11% of total loans.
* The Bank continues to be "well-capitalized". After raising $26 million in capital earlier in 2018 and completing the merger July 31, 2018, the Bank reported total risk-based capital of 14.3% as of September 30, 2018, up from 13.5% at December 31, 2017.

[Quarterly Financial Highlights Table Follows]

For more details about our quarterly results, please visit the "About Us" / "Financials" page of our website - https://www.banksocal.com/about-us/financials/ - and follow the link labeled: Quarterly Results and Trends

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 https://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






























































































































































































































































































































































































































































































































































































































































Bank of Southern California


Quarterly Financial Highlights
(Unaudited)
Quarterly 9 Months YTD
($$ in thousands except per share data) 2018 2018 2018 2017 2017
3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2018 2017
EARNINGS
 Net interest income $ 6,736 5,282 4,851 4,711 4,802 16,869 13,041
 Provision for loan losses $ 450 400 300 0 0 1,150 271
 NonInterest income $ 577 602 1,098 799 380 2,277 1,410
 NonInterest expense $ 5,587 3,652 4,053 3,245 3,389 13,292 9,477
 Income tax expense $ 401 526 524 1,132 705 1,451 1,872
 Net income $ 875 1,306 1,072 1,134 1,088 3,253 2,830
 Basic earnings per share $ 0.11 0.19 0.20 0.22 0.21 0.49 0.55
 Average shares outstanding 7,689,827 6,991,327 5,281,297 5,221,606 5,219,095 6,654,150 5,179,196
 Ending shares outstanding 8,398,092 6,998,750 6,953,720 5,223,627 5,221,197 8,398,092 5,221,197
PERFORMANCE RATIOS
 Return on average assets 0.52% 1.00% 0.90% 0.95% 0.96% 0.77% 0.87%
 Return on average common equity 3.77% 6.85% 8.53% 9.08% 8.93% 5.93% 8.10%
 Yield on loans 5.30% 5.38% 5.13% 4.94% 5.39% 5.26% 5.08%
 Yield on earning assets 4.87% 4.78% 4.78% 4.62% 4.85% 4.78% 4.58%
 Cost of deposits 0.72% 0.62% 0.53% 0.47% 0.41% 0.63% 0.36%
 Net interest margin 4.23% 4.22% 4.27% 4.17% 4.46% 4.21% 4.24%
 Efficiency ratio 76.40% 62.06% 68.13% 58.87% 65.40% 69.42% 65.58%
CAPITAL
 Tangible equity to tangible assets 11.14% 14.54% 14.14% 10.10% 10.12% 11.14% 10.12%
 Book value (BV) per common share $ 11.77 11.00 10.79 9.51 9.31 11.77 9.31
 Tangible BV per common share $ 9.49 10.81 10.59 9.25 9.04 9.49 9.04
ASSET QUALITY
 Net loan charge-offs (recoveries) $ (29) 341 (9) 210 (106) 304 (95)
 Allowance for loan losses (ALLL) $ 3,922 3,443 3,385 3,076 3,286 3,922 3,286
 ALLL to total loans 0.65% 0.83% 0.83% 0.77% 0.85% 0.65% 0.85%
 Loan fair value credit marks (LFVCM) $ 2,834 681 759 779 847 2,834 847
 ALLL and LFVCM to total loans 1.11% 0.99% 1.01% 0.97% 1.07% 1.11% 1.07%
 Nonperforming loans $ 3,733 2,747 1,272 1,362 1,086 3,733 1,086
 Other real estate owned $ 0 0 0 0 0 0 0
 Nonperforming assets to total assets 0.51% 0.53% 0.24% 0.28% 0.23% 0.51% 0.23%
END OF PERIOD BALANCES
 Total loans $ 606,753 414,925 409,196 399,402 387,790 606,753 387,790
 Total assets $ 734,923 521,437 522,118 479,512 467,976 734,923 467,976
 Deposits $ 632,803 442,046 444,300 407,485 417,519 632,803 417,519
 Loans to deposits 95.88% 93.86% 92.10% 98.02% 92.88% 95.88% 92.88%
 Shareholders' equity $ 98,865 77,006 75,016 49,698 48,619 98,865 48,619
 Full-time equivalent employees 94 65 73 76 63 94 63
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans $ 540,165 407,779 403,693 394,864 359,961 452,590 349,090
 Earning assets $ 632,508 501,776 460,636 447,834 426,992 535,650 411,325
 Total assets (net of AFS valuation) $ 670,942 525,934 484,628 471,271 450,737 565,060 435,160
 Deposits $ 569,424 446,815 425,641 419,101 401,147 482,113 386,972
 Shareholders' equity $ 92,091 76,440 50,983 49,548 48,325 73,322 46,704




Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS: BCAL / OP: BCAL / OTCMKTS:AUNB / OTC:AUNB

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