Southern California Bancorp CA
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
BCAL$22.06-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| OPERATING ACTIVITIES | ||
| Net income | $25,910 | $16,113 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation on premises and equipment | 1,530 | 1,563 |
| Core deposit intangible amortization | 389 | 438 |
| Amortization of premiums of debt securities | 260 | 823 |
| Gain on sale of loans | (831) | (1,349) |
| Loss on sale and disposal of fixed assets | — | 768 |
| Loss on early debt extinguishment | — | 347 |
| Loans originated for sale | (9,240) | (28,470) |
| Proceeds from loans originated for sale | 11,887 | 21,366 |
| Provision for credit losses | 915 | 5,956 |
| Deferred income tax expense (benefit) | 418 | (2,550) |
| Impairment charges of right-of-use assets | 134 | 136 |
| Stock-based compensation | 4,518 | 3,682 |
| Increase in cash surrender value of bank owned life insurance | (946) | (869) |
| Income from bank owned life insurance | — | (621) |
| Loss on sale of debt securities | 974 | 994 |
| Accretion of net discounts and deferred loan fees | (1,972) | (3,793) |
| Net decrease in other items | (844) | (1,182) |
| Net cash provided by operating activities | 33,102 | 13,352 |
| INVESTING ACTIVITIES | ||
| Proceeds from bank owned life insurance death benefits | — | 1,366 |
| Proceeds from sale of debt securities available for sale | 37,731 | 22,455 |
| Proceeds from maturities and paydowns of debt securities available for sale | 10,618 | 11,184 |
| Proceeds from maturities and paydowns of debt securities held to maturity | — | 74 |
| Purchases of debt securities available for sale | (63,639) | (101,092) |
| Purchases of debt securities held to maturity | — | (54,267) |
| Net purchase of stock investments | (4,051) | (5,010) |
| Net fundings of loans | (59,334) | (390,686) |
| Proceeds from sale of loans held for investment | 50 | 450 |
| Proceeds from sales of premises and equipment | — | 3,911 |
| Purchases of premises and equipment | (302) | (1,081) |
| Net cash used in investing activities | (78,927) | (512,696) |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| FINANCING ACTIVITIES | ||
| Net increase (decrease) in deposits | 11,620 | (41,244) |
| Proceeds of Federal Home Loan Bank advances | 92,000 | 50,000 |
| Repayment of Federal Home Loan Bank advances | (57,000) | — |
| Repayment of other borrowings | — | (3,093) |
| Proceeds from exercise of stock options | 127 | 1,009 |
| Repurchase of common shares | (889) | (574) |
| Net cash provided by financing activities | 45,858 | 6,098 |
| Net change in cash and cash equivalents | 33 | (493,246) |
| Cash and cash equivalents at beginning of year | 86,760 | 580,006 |
| Cash and cash equivalents at end of year | $86,793 | $86,760 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Interest paid | $29,027 | $5,552 |
| Taxes paid | 12,373 | 7,954 |
| Lease liability arising from obtaining right-of-use assets | 3,193 | 4,349 |
| Net assets acquired in business combination: | ||
| Fair value of net assets acquired | — | (1,019) |
| Goodwill adjustments | — | 1,019 |
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