Southern California Bancorp reports Q1 EPS 26c vs 44c last year

Net interest margin for the first quarter of 2024 was 3.80%, compared with 4.05% in the prior quarter. “I’m pleased to report a modest improvement in the Bank’s quarter-over-quarter earnings and performance metrics, with net income increasing to $4.9 million in the first quarter, which included $547 thousand in after-tax merger expenses, compared to net income of $4.4 million in the prior quarter,” said David Rainer, Chairman and CEO of the Company and the Bank. “We are excited about our planned merger with California BanCorp, which is expected to be completed later this year, and confident it will create a runway for accretive earnings, with increased efficiencies and the cost savings associated with greater scale.