San Diego, August 13, 2018 – Bank of Southern California, N.A. (OTC Pink: BCAL) announced quarterly net income of $1,306,150 for the second quarter of 2018, a 26.5% increase compared to $1,032,230 for the second quarter of 2017. For the six months ended June 30, 2018, net income was $2,378,453, a 36.5% improvement compared to $1,742,252 for the six months ended June 30, 2017. Results for the quarter and six months ended June 30, 2018, include approximately $91 thousand and $415 thousand in expenses related to the acquisition of Americas United Bank (OTC Pink: AUNB), which was completed on July 31, 2018.
“After raising $26 million in new capital in the first half of the year and completing our acquisition of Americas United Bank in July, this has already proven to be a transformational period for Bank of Southern California” commented Nathan Rogge, President and CEO of Bank of Southern California. “We are eager to realize the efficiencies of integrating Americas United Bank into Bank of Southern California, as well as recognizing growth opportunities in the Los Angeles market” continued Rogge.
Total assets at June 30, 2018, were $521 million, up 20.1% from $434 million at June 30, 2017. Total loans increased to $415 million at June 30, 2018, compared to $354 million at June 30, 2017, an increase of $61 million, while total deposits were $442 million at June 30, 2018, compared to $385 million at June 30, 2017, an increase of $57 million.
Commenting on the recently completed acquisition of Americas United Bank, Rogge said, “I am pleased to welcome Americas United Bank customers and employees to Bank of Southern California. Our long-term goal is to build a financial institution recognized as the Premier Community Business Bank in Southern California— one that supports the economic growth of local businesses and delivers an exceptional client experience.”
