SAN DIEGO, Feb. 6, 2018 /PRNewswire/ — 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 up from $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.
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/
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