Southern California Bancorp reports Q2 EPS 1c vs 36c last year

Net interest margin of 3.94%, compared with 3.80% in the prior quarter; average loan yield of 6.21% compared with 6.02% in the prior quarter. “Our second quarter of 2024 financial results were impacted by the sale of other real estate owned properties that sold for $8.3 million, net of selling costs and taxes, resulting in an additional $4.8 million charge to OREO expense in the second quarter,” said David Rainer, Chairman and CEO of the Company and the Bank. “However, we did see improvement in several important financial metrics during the second quarter, including our net interest margin, which increased to 3.94% from 3.80% in the first quarter, as the yield on total interest-earning assets of 5.97% increased 18 basis points and the yield on average total loans increased by 19 basis points to 6.21%. I’m also pleased to report that in the second quarter our cost of funds increased only modestly by 4 basis points to 2.21%, after increasing by 22 and 33 basis points in the prior two quarters, respectively.