$Cboe Volatility Index(VIX)$ surged to 25 yesterday, marking the market’s return to extreme fear after months of calm — and the culprits were two regional banks that just blew up. $Zions(ZION)$ plunged 13.14% after revealing a $50 million charge-off tied to a revolving credit facility underwritten by its subsidiary in San Diego. $Western Alliance(WAL)$ also tumbled 10.83%, admitting it had lent to the same group of borrowers.The panic quickly spread across the entire regional banking sector: $Columbia Banking(COLB)$ dropped 7.92%, $Bank of Southern California NA(BCAL)$ fell 7.8%,
Bank of Southern California NA(BCAL) 2023 Earnings Summary
Bullish Points: 1. Net income for the three months ended March 31, 2023, was $8,224,000, compared to $1,446,000 for the same period in 2022. 2. Total interest and dividend income for the three months ended March 31, 2023, was $29,209,000, compared to $18,485,000 for the same period in 2022. 3. Net interest income for the three months ended March 31, 2023, was $24,892,000, compared to $17,795,000 for the same period in 2022. 4. The company's liquidity position remained strong as of March 31, 2023, with total cash and cash equivalents of approximately $102.1 million, compared to $86.8 million at December 31, 2022. Bearish Points: 1. Provision for credit losses for the three months ended March 31, 2023, was $202,000, compared to $1,850,000 for the same period in 2022. 2. The company adopted A
Southern California Bancorp operates as the holding company for Bank of Southern California, N.A. that provides various financial products to individuals, professionals, and small-to medium-sized businesses. The company offers checking, personal and business savings, and money market accounts, as well as certificates of deposit. It also provides home equity lines of credit, business loans and lines of credit, commercial real estate and construction loans, small business administration loans, letters of credit, and personal and business credit cards. In addition, the company provides cash vault, sweep accounts, and remote deposit capture services; online and mobile banking services; courier service; lockbox services; and merchant services. It operates branches in San Diego, Orange, Ventura, Los Angeles, and Riverside counties, as well as the Inland Empire. The company was founded in 2001 and is headquartered in San Diego, California.
08-14
Beneficial Ownership Change
Form SCHEDULE 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend]