Business, Free News Articles

Bank of Southern California N.A. Names Joel Ewan Senior Vice President, Credit Administration

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, has announced the appointment of Joel Ewan as Senior Vice President, Credit Administration. In this newly created role, he will be responsible for managing, implementing, and evaluating credit policy initiatives as well as analyzing and structuring commercial credit for clients across multiple industry sectors.

Mr. Ewan is an accomplished professional in the banking industry with nearly 40 years of experience in managing all aspects of commercial and consumer lending in the San Diego region. He brings a wealth of knowledge having held positions at different financial institutions across the region, most recently serving as Executive Vice President for Primary Funding Corporation. Involved in the community, Mr. Ewan served on the Board of Directors for the Risk Management Association and the Neighborhood National Bank Board of Directors. He holds a Master of Business Administration degree with distinction in Finance from the New York University.

"Joel is a strong addition to our underwriting and credit administration team," said Robert Marshall, Executive Vice President and Chief Credit Officer. "He has a long and distinguished career as an executive level credit officer and will play a significant role as we continue to expand our reach throughout Southern California and strategically position the bank for continued growth," concluded Marshall.

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.

*PHOTO link for media: Send2Press.com/300dpi/19-0812s2p-Joel-Ewan-300dpi.jpg

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

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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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Business, Free News Articles

Bank of Southern California NA Completes Acquisition of Americas United Bank

SAN DIEGO, Calif. -- Bank of Southern California, N.A., San Diego, California (OTC Pink: BCAL / OTCMKTS:BCAL) announced today the completion of its acquisition of Americas United Bank, Glendale, California (OTC Pink: AUNB), effective July 31, 2018. Americas United Bank had total assets of approximately $231 million as of June 30, 2018.

Americas United Bank branches will begin operating as Bank of Southern California branches on August 1, 2018, with systems conversion scheduled in October 2018.

The acquisition of Americas United Bank provides Bank of Southern California with an entry into the vibrant Los Angeles market as the Bank continues its strategic expansion in the Southern California region. With the completion of the acquisition, the combined bank will have assets of approximately $720 million, and increases the number of Southern California branch locations to eleven.

"We are pleased to welcome Americas United Bank customers, employees, and shareholders to Bank of Southern California," commented Nathan Rogge, President and Chief Executive Officer of Bank of Southern California.

"This strategic acquisition provides us with a presence in Los Angeles County and a footprint that allows us to now serve four major metropolitan Southern California markets. Our long-term goal is to build a community business bank in Southern California that supports the economic growth of businesses and the communities we serve," concluded Rogge.

Bank of Southern California also announced that its Board of Directors appointed Adriana M. Boeka as a non-executive director. Mrs. Boeka previously served as President and Chief Executive Officer of Americas United Bank.

"Adriana's broad experience leading successful banking organizations in Southern California add a valuable perspective to our Board of Directors," said John Farkash, Chairman of the Board. "We appreciate her willingness to serve as a director and look forward to her contributions and guidance."

Additionally, Bank of Southern California recently hired Gaylin Anderson, as Executive Vice President, Market Executive to lead the Bank's expansion into Los Angeles County. Mr. Anderson most recently served as Managing Director of Community Banking for Banc of California.

MJC Partners, LLC served as financial advisor and Duane Morris LLP served as legal counsel to Bank of Southern California. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and King, Holmes, Paterno & Soriano, LLP served as legal counsel to Americas United Bank.

About Bank of Southern California:

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., 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, 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.

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

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Business, Free News Articles, Real Estate

Bank of Southern California N.A. announces new SBA and Commercial Real Estate Lending Group Led by Steve Pollett

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS:BCAL), announced that Steve Pollett has joined the company as SVP, SBA and Commercial Real Estate Lending Group Manager. With more than 30 years' experience in SBA and Commercial Real Estate lending, Pollett will be responsible for leading a team to provide financing to small and medium-sized businesses throughout the Southern California region. Prior to joining Bank of Southern California, Pollett was Senior Vice President and Group Manager of Commercial Lending with Plaza Bank.

Mr. Pollett brings with him a team of six SBA and Commercial Real Estate lending professionals. Additionally, the bank also increased its underwriting and credit processing staff to support the new team and increased loan production.

"Steve and his team have a proven track record of providing creative and customized financing programs that reflect the individual needs of each business, with a concentrated focus on SBA programs," commented Tony DiVita, EVP and Chief Banking Officer.

"The formation of this new Group allows the bank to continue expanding its reach in Southern California, illustrating the Banks commitment to assisting small and medium-sized businesses that are typically underserved by larger regional and national banks," concluded DiVita.

The Bank's new SBA and Commercial Lending Group will specialize in providing qualifying businesses with as much as 90% financing for the acquisition or refinancing of owner-occupied commercial real estate for up to 30 years. Additionally, they can offer longer and more flexible terms for business acquisition and multi-purpose (non-real estate) loans that can be used for the purchase of equipment, inventory, debt refinancing, and working capital.

Bank of Southern California is ranked as a top small business lender and top originator of SBA loans. The Bank also maintains a Preferred Lender Status granted by the Small Business Loan Administration, which allows the bank to make credit decisions on behalf of the SBA, resulting in quicker processing and funding of SBA guaranteed loans.

About Bank of Southern California:
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., 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 seven branches in San Diego 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.

*PHOTO for Media: Send2Press.com/300dpi/18-0124s2p-sbalending-300dpi.jpg
*Photo Caption: New SBA and Commercial Real Estate Lending Group Led by Steve Pollett.

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Bank of Southern California NA Announces Third Quarter 2017 Results

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS:BCAL) announced quarterly earnings of $1,088,043 for the third quarter of 2017, compared to $1,032,230 for the second quarter of 2017 and $642,186 for the third quarter of 2016. For the first nine months of 2017, net earnings were $2,830,295, compared to $2,106,775 for the first nine months of 2016.

Nathan Rogge, President and CEO of Bank of Southern California, commented, "Our significant improvement in earnings compared to the prior year is the result of the Bank's success in growing our loan and deposit portfolios, which is a testament to how our high quality commercial banking products and services are being received in the San Diego and Coachella Valley markets that we serve."

Total assets ended the third quarter of 2017 at $468 million, up from $434 million at June 30, 2017, and up from $418 million at September 30, 2016. Total loans increased to $388 million at September 30, 2017, compared to $354 million and $332 million at June 30, 2017, and September 30, 2016, respectively, while total deposits increased to $418 million at September 30, 2017, compared to $385 million at June 30, 2017, and $380 million at September 30, 2016.

"2017 is shaping up to be another record year for the Bank and we look forward to continuing this momentum in 2018. We have a great team of business banking professionals and their hard work is reflected in our results," concluded Rogge.

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 seven branches in San Diego and the Coachella Valley in Riverside 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.

Media Contact:
Tony DiVita
Bank of Southern California
(858) 847-4783
tdivita@banksocal.com

Quarterly Financial Highlights Table:
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 - https://www.banksocal.com/about-us/financials/

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Business, Free News Articles

Bank of Southern California NA Announces Promotion of Tony DiVita to Chief Banking Officer

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS:BCAL) announced that Tony DiVita has been promoted to the role of Executive Vice President, Chief Banking Officer. In his expanded role, he will continue to oversee new business origination and customer retention efforts, the Small Business Administration (SBA) Group, and bank marketing.

In addition, he is now responsible for the coordination and management of the entire loan process from sourcing to funding.

"Tony's leadership style and goal-oriented approach have had a tremendous impact on the success of our bank. This promotion acknowledges his many contributions," said President and CEO, Nathan Rogge. "He has consistently delivered results in a way that balances the needs of our customers, employees, and the bank," concluded Rogge.

DiVita joined Bank of Southern California in 2011 as Senior Vice President and Director of Sales and Marketing, and was promoted to Executive Vice President in 2015. He is a seasoned native San Diego banker with over 30 years of local banking experience.

About Bank of Southern California:

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., is locally owned and managed, and offers a range of financial products 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 seven branches in San Diego and the Coachella Valley in Riverside County.

For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

*PHOTO for Media: Send2Press.com/mediaboom/17-0203s2p-Tony-DiVita-300dpi.jpg

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Bank of Southern California, N.A. Selects nCino to Improve Workflow Process

SAN DIEGO, Calif. -- SAN DIEGO, Calif., Oct. 12, 2016 (SEND2PRESS NEWSWIRE) -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS:BCAL) announced today that it has selected nCino's Bank Operating System to automate the Bank's lending and treasury management processes, enabling the bank to ultimately better serve its customers.

Bank of Southern California vetted a handful of solutions, but chose nCino because its platform combines the functionality of an industry leading business process management system with loan origination, a robust customer relationship management (CRM) system, and customized reporting, all delivered in a single, secure, cloud-based environment that easily integrates with the Bank's existing systems.

Tony DiVita, Executive Vice President and Director of Sales for Bank of Southern California, commented, "The bank continues to experience strong year-over-year growth and we were looking for a solution that would be scalable and flexible to support our continued growth. The nCino Bank Operating System will help us improve our process from origination to customer onboarding with a seamless, integrated experience that empowers our employees to better serve our customers. nCino will allow us to be more efficient, which will help us focus more on customer engagement and origination."

"Growing financial institutions need a flexible, scalable solution that allows them to expand while maintaining the same degree of organization, compliance and customer service," said Josh Glover, executive vice president of community and regional financial institutions at nCino. "With nCino's Bank Operating System, Bank of Southern California can more efficiently manage its growth, streamlining internal processes to save time and money while also providing more complete transparency and greater service to its customers."

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, Calif., is locally owned and managed, and offers a range of financial products 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 seven branches in San Diego and the Coachella Valley in Riverside County. For more information, please visit http://www.banksocal.com/ or call (858) 847-4780.

About nCino

nCino is the worldwide leader in cloud banking. With its Bank Operating System, built on the Salesforce platform, financial institutions can deliver the speed and digital experience that customers expect, backed by the quality and transparency that bankers need. Follow @nCino or visit http://www.ncino.com/.

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