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Beach Cities Commercial Bank reports developments tied to its role as a California community-based commercial bank serving Southern California markets. News about BCCB commonly covers quarterly financial results, deposit and loan growth, loan portfolio yields, net interest margin, credit quality, regulatory capital levels, and capital actions.
The bank's updates also describe business banking products and specialty lending activity, including commercial checking and savings accounts, treasury management, business lines of credit, equipment financing, commercial real estate financing, bridge financing, SBA loans, state-guaranteed loans, and construction loans. Governance and management changes are another recurring disclosure category for the OTCQB-traded bank.
Beach Cities Commercial Bank (BCCB) reported its Q3 2024 financial results, showing significant growth in key metrics. Total assets reached $97.04M, up 102% from December 2023. Total loans increased 254% to $78.1M, while deposits grew 193% to $75.8M. The bank maintains strong liquidity at $15.6M (16.1% of total assets) with $27M in contingent borrowing sources. The loan portfolio yield was 8.15% with a 4.28% net interest margin. Q3 net loss decreased 25.7% to $940,000 from Q2's $1.26M loss, while year-to-date net loss stood at $3.54M. The bank reported zero delinquent and non-performing loans, with a credit loss reserve of $796,000.
Beach Cities Commercial Bank (BCCB) reported its second-quarter financial results for 2024. Key highlights include a 69.3% increase in total assets to $81.2 million and a 185.9% rise in total loans to $63.1 million from December 31, 2023. Total deposits surged by 124.7% to $61.3 million. The bank's liquidity remains strong at $14.3 million, 17.7% of total assets, and contingent borrowing is at $25.9 million, 32% of total assets. The loan portfolio yield is 8%, contributing to a net interest margin of 4.14%.
Despite the growth, BCCB reported a second-quarter net loss of $1.27 million, although this reflects an improvement from the first quarter's loss of $1.33 million. Interest income rose by 47% to $1.27 million, while interest expenses nearly doubled due to growth in short-term CDs. Non-interest expenses increased by 8.2% to $1.8 million, attributed to technology-related costs. The bank aims to reduce interest expenses by transitioning from high-cost institutional deposits to non-interest-bearing ones.