San Diego, Calif., February 6, 2018 – Bank of Southern California, N.A. (OTC Pink: BCAL) announced quarterly earnings of $1,134,397 for the fourth quarter of 2017, compared to $1,088,043 for the third quarter of 2017 and $902,476 for the fourth quarter of 2016. For the year, net earnings were $3,964,692 in 2017, a 32% increase compared to $3,009,251 for 2016. Results for the fourth quarter and year ended December 2017 include a $200,000 increase in income tax expense due to recent Tax Reform legislation.
“We are very pleased to report our fourth quarter and year-end results. In 2017, we continued to experience strong organic growth in our existing San Diego and Coachella Valley markets, and we expect to see similar results in our recent expansion into Orange County,” commented Nathan Rogge, President and CEO of Bank of Southern California.
Total assets ended the year of 2017 at $480 million, up from $468 million at September 30, 2017 and $424 million at December 31, 2016. Total loans increased to $399 million at December 31, 2017, compared to $388 million and $333 million at September 30, 2017 and December 31, 2016, respectively, while total deposits were $407 million at December 31, 2017, compared to $418 million at September 30, 2017 and $377 million at December 31, 2016.
In addition to the company’s solid financial performance, in 2017, the bank continued to build on its momentum to continue to create an organization that is the bank and employer of choice for Southern California business owners and our employees, with the company executing on two strategic initiatives focused on the customer experience and employee engagement. “We are very grateful for our loyal clients and our experienced team of business banking professionals, who are the reason for our success in 2017,” concluded Rogge.
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 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.
*Quarterly Financial Highlights Table Follows (PDF).
For more details about our quarterly results, please click on the following link: https://www.banksocal.com/wp‐content/uploads/December‐2017‐QTR‐End‐Results‐Web.pdf