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Thursday, Mar 28, 2024

First California Bank Income Drops in Q2

First California Financial Group Inc., the holding company for Camarillo-based First California Bank, announced its Q2 net income was $1.3 million, or $0.11 per share, a loss of $900,000 from Q1. Interest-rate swap contracts were blamed for some of the disappointing results. When adjusted for the impact of the derivatives, first and second quarter earnings were about the same, at 13 cents per share, not far off the analyst expectations of 14 cents. The bank was able to reduce its non-accrual loans to $9.2 million from $11.8 million last quarter. Comparability with the previous year is difficult as the bank just started operations midway into the first quarter of 2007. Total assets increased 1.5 percent in the first half of the year, rising to $1.13 billion but so did costs, with the bank posting an efficiency ratio for the second quarter of 77 percent compared with 65 percent in the previous quarter.

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