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CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY ONLY
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY ONLY
Southern California Bancorp was organized in 2020 to serve as the holding company for Bank of Southern California, N.A., its wholly owned subsidiary. The earnings of the subsidiary are recognized using the equity method of accounting. The following tables present the parent company only condensed balance sheets at December 31, 2023 and 2022 and the related condensed statements of income and condensed statements of cash flows for the years ended December 31, 2023 and 2022.

Southern California Bancorp (Parent Company Only)
CONDENSED BALANCE SHEETS

December 31,
(dollars in thousands)20232022
ASSETS
Cash $3,586 $3,177 
Investment in bank Subsidiary
301,455 274,714 
Other investments910 315 
Accrued interest and other assets110 214 
Total assets$306,061 $278,420 
December 31,
(dollars in thousands)20232022
LIABILITIES
Subordinated debt and other borrowings$17,865 $17,770 
Accrued interest and other liabilities44 295 
Total liabilities17,909 18,065 
SHAREHOLDERS’ EQUITY
   Common stock 222,036 218,280 
   Retained earnings 70,575 48,516 
   Accumulated other comprehensive loss, net of taxes
(4,459)(6,441)
Total shareholders’ equity288,152 260,355 
Total liabilities and shareholders’ equity$306,061 $278,420 

Southern California Bancorp (Parent Company Only)
CONDENSED STATEMENTS OF INCOME
Year Ended December 31,
(dollars in thousands)20232022
INCOME
Other interest and dividends$— $
Dividends from bank subsidiary2,000 3,000 
Total income2,000 3,002 
EXPENSES
Interest on borrowings1,085 1,155 
Merger and related expenses— 
Other noninterest expense487 655 
Total expenses1,572 1,811 
Income before income taxes
428 1,191 
Income tax benefit
501 519 
Income before equity in undistributed earnings of bank subsidiary
929 1,710 
Equity in undistributed earnings of bank subsidiary
24,981 14,403 
Net income$25,910 $16,113 
Southern California Bancorp (Parent Company Only)
CONDENSED STATEMENTS OF CASH FLOWS

Year Ended December 31,
(dollars in thousands)20232022
OPERATING ACTIVITIES
Net Income$25,910 $16,113 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of debt issuance costs95 95 
Amortization of junior subordinated debentures fair value adjustment— 12 
Loss on early debt extinguishment— 347 
Equity in undistributed earnings of bank subsidiary
(24,981)(14,403)
Other items
(147)481 
Net cash provided by operating activities
877 2,645 
INVESTING ACTIVITIES
Proceeds from junior subordinated debentures investment— 93 
Net purchase of other equity investments(595)(315)
Net cash used in investing activities(595)(222)
FINANCING ACTIVITIES
Repayment of other borrowings— (3,093)
Proceeds from exercise of stock options$127 1,009 
Net cash provided by (used in) financing activities
127 (2,084)
Increase in cash and cash equivalents
409 339 
Cash and cash equivalents, beginning of year3,177 2,838 
Cash and cash equivalents, end of year$3,586 $3,177