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Biz Bahrain
14-02-2025
- Business
- Biz Bahrain
Shaikh Salman bin Rashid Al Khalifa Highlights Bahrain's Growing Equestrian Legacy at BCCB Event
The British Chamber of Commerce Bahrain (BCCB) hosted its monthly business networking lunch, welcoming Shaikh Salman bin Rashid Al Khalifa, High Committee Representative for International Racing at the Rashid Equestrian and Horseracing Club (REHC), as the guest speaker. The event, attended by prominent business leaders and industry stakeholders, provided an opportunity to showcase Bahrain's commitment to the global horseracing industry and explore avenues for international collaboration. Shaikh Salman was warmly welcomed by BCCB Chairman Khalid Al Zayani OBE and the BCCB Executive Committee members. In his address, Shaikh Salman highlighted Bahrain's deep-rooted equestrian heritage and the significant strides made in elevating the sport to international prominence. 'Horseracing in Bahrain is more than just a sport — it is a fundamental part of our culture and history,' Shaikh Salman stated. 'With the unwavering support of our leadership, we have positioned Bahrain as a key player on the global racing stage. The dedication of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa has further strengthened our international presence, particularly through initiatives at the Rashid Equestrian & Horseracing Club (REHC).' In his address, Shaikh Salman emphasised Bahrain's strong ties with the global racing community, particularly its longstanding partnership with the United Kingdom, which has flourished for over four decades. He highlighted the vital role of collaborations with institutions such as Newmarket Racecourse in advancing Bahrain's racing standards and fostering investment opportunities. Shaikh Salman also highlighted Bahrain's expanding equestrian ecosystem, which goes beyond racing to encompass breeding, training, veterinary services, and world-class equine facilities. He invited British businesses to explore opportunities in sponsorship, equestrian services, and event hospitality, recognising the sport's potential to drive economic growth and tourism. 'Since launching our first international race in 2019, Bahrain has gained global recognition, attracting some of the world's top racing professionals,' he noted. 'As we look to the future, we welcome new partnerships that will contribute to the continued success of Bahrain's horseracing industry.' The BCCB networking lunch provided an engaging platform for business leaders to discuss potential collaborations in the equestrian sector, reinforcing the Kingdom's commitment to fostering strong economic and sporting ties with the UK.
Yahoo
06-02-2025
- Business
- Yahoo
Beach Cities Commercial Bank Announces Fourth Quarter 2024 Financial Results
IRVINE, Calif., February 06, 2025--(BUSINESS WIRE)--Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended December 31, 2024. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $130.8 million as of December 31, 2024, which increased by $83.0 million from December 31, 2023 (173% growth). Total loans were $105.6 million as of December 31, 2024, which increased by $84.0 million from December 31, 2023 (378% growth). Total deposits were $112.9 million as of December 31, 2024, which increased by $87.0 million from December 31, 2023 (337%). Total liquidity remains high at $22.1 million, which equates to 16.9% of the Bank's total assets. The Bank also maintains contingent borrowing sources at $33.2 million which equates to 25.3% of total assets. The loan portfolio average yield was 8.05% which contributed to a healthy net interest margin at 4.21% as of December 31, 2024. The Bank maintains a reserve for credit losses of $1.214 million which equates to 1.15% of total loans. As of December 31, 2024, the Bank had zero dollars in delinquent, and non-performing loans. The shareholders' equity was at $15.2 million as of December 31, 2024, which was reduced by $4.2 million from December 31, 2023. The reduction was mainly due to the recording of $927k in credit loss provisions and $3.3 million in operating losses. The Bank's tier 1 capital to average assets ratio was at 14.2% which is considered well-capitalized under the regulatory framework. The Bank reported fourth quarter 2024 net loss of $989k and year-to-date 2024 net loss of $4.52 million. During the fourth quarter, the Bank increased its loan portfolio by $27.5 million. Due to the loan growth, the credit reserve provisions were increased by $371k during the fourth quarter 2024 compared to $117k in the third quarter 2024. Pre-credit provision loss during the fourth quarter 2024 was $618k compared to $823k during the third quarter 2024. During the fourth quarter 2024 the total interest income was $1.86 million compared to $1.61 million recorded during the third quarter 2024, an increase of 16%. The Bank's interest expense from the interest-bearing deposits was $847k for the fourth quarter 2024 compared to $716k for the third quarter 2024, an increase of 20%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high-cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. The fourth quarter 2024 net interest income increased by $110k from the third quarter 2024, an increase of 12%. In the fourth quarter 2024, the Bank sold SBA loans which netted $127k in gain on sale. Total non-interest expenses for the fourth quarter 2024 were $1.735 million compared to $1.721 million incurred during the third quarter 2024, a slight increase of $14k. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 16.9% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal Home Loan Bank of San Francisco. As of December 31, 2024, total contingent borrowing sources unused totaled $33 million or 25% of total assets outstanding. "The Bank's balance sheet continues to grow in a safe and sound manner. As we wrap up 2024, we are excited about 2025 in achieving profitability. Our Board, and the entire Beach Cities Commercial Bank team is laser focused in achieving our strategic goals and objectives," commented H. Kent Falk, CEO. "Our commercial and real estate lending is off to a great start. During the first quarter 2025, the Bank will be applying for the Preferred Lending Status (PLP) with the Small Business Administration (SBA). This will provide the Bank with a huge competitive advantage in offering SBA loans," stated Jeffrey Redeker, President. About Beach Cities Commercial Bank Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach Cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the "BCCB" stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. Beach Cities Commercial Bank Unaudited Statements of Financial Condition Asset As of Dec 31, 2024 As of Sept 30, 2024 Qtr. Growth$ % As of Dec 31, 2023 AnnualGrowth $ AnnualGrowth % Total Cash and Cash Equivalent 22,112,065 15,649,897 6,462,168 41% 21,981,078 130,986 1% Debt Securities Available for Sale 984,026 974,284 9,742 1% 979,802 4,224 0% Gross Loans 105,648,161 78,105,307 27,542,854 35% 22,080,937 83,567,224 378% Allowance for Credit Losses (1,214,000 ) (843,000 ) (371,000 ) (44%) (301,000 ) (913,000 ) (303%) Net Loans 104,434,161 77,262,307 27,171,854 35% 21,779,937 82,654,224 379% Total Fixed Assets 189,608 205,627 (16,019 ) (8%) 267,726 (78,118 ) (29%) Right of Use Assets 1,386,721 1,477,169 (90,448 ) (6%) 1,741,353 (354,632 ) (20%) Prepaids 1,061,411 1,054,014 7,396 1% 1,101,451 (40,040 ) (4%) Total Other Assets 617,725 418,483 199,242 48% 105,425 512,300 486% Total Assets 130,785,716 97,041,781 33,743,935 35% 47,956,772 82,828,944 173% Non-Interest Bearing Deposits 13,870,624 12,035,356 1,835,269 15% 6,672,688 7,197,936 108% NOW Deposits 938,289 847,662 90,626 11% 182,997 755,292 413% Money Market Deposits 48,539,815 30,948,601 17,591,214 57% 18,328,941 30,210,874 165% Total Demand Deposits 63,348,728 43,831,619 19,517,109 45% 25,184,625 38,164,103 152% Savings Accounts 5,058,477 45,736 5,012,740 10,960% 27,415 5,031,062 18,352% Total CDs 44,484,698 31,946,029 12,538,669 39% 646,368 43,838,330 6,782% Total Deposits 112,891,903 75,823,384 37,068,519 49% 25,858,408 87,033,495 337% Other Borrowed < 1 Yr - 2,300,000 (2,300,000 ) (100%) - - 0% Total Other Liabilities 2,661,936 2,801,028 (139,092 ) (5%) 2,711,566 (49,630 ) (2%) Total Liabilities 115,553,839 80,924,412 34,629,426 43% 28,569,974 86,983,865 304% Common Stock 25,116,895 25,116,895 - 0% 25,561,120 (444,225 ) (2%) Additional Paid in Capital 470,347 365,754 104,594 29% (342,303 ) 812,650 237% Accumulated Deficit (10,355,311 ) (9,366,752 ) (988,559 ) (11%) (5,831,486 ) (4,523,826 ) (78%) Accumulated other comprehensive loss (54 ) 1,472 (1,526 ) (104%) (533 ) 479 90% Total Shareholders' Equity 15,231,877 16,117,369 (885,491 ) (5%) 19,386,799 (4,154,921 ) (21%) Total Liabilities & Equity 130,785,716 97,041,781 33,743,935 35% 47,956,772 82,828,944 173% BEACH CITIES COMMERCIAL BANK UNAUDITED STATEMENT OF OPERATIONS For the Three Months Ended For the TwelveMonths Ended For the TwelveMonths Ended December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 1,634,021 $ 1,414,644 $ 1,039,820 $ 603,552 $ 4,692,037 $ 336,181 Interest on debt securities 13,814 13,981 13,216 13,043 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 213,719 179,138 220,164 246,997 860,018 821,283 Total Interest Income 1,861,554 1,607,763 1,273,200 863,592 5,606,109 1,174,784 Interest Expense: Interest on Deposits 847,141 716,112 557,882 283,838 2,404,973 348,700 Interest on Borrowings 12,941 - - - 12,941 - Total Interest Expense 860,082 716,112 557,882 283,838 2,417,914 348,700 Net Interest Income 1,001,472 891,651 715,318 579,754 3,188,195 826,084 Provisions for Credit Losses 385,000 117,000 180,000 245,000 927,000 317,000 Net interest income after provisions for loan losses 616,472 774,651 535,318 334,754 2,261,195 509,084 Non-interest income: Service charges, fees and other 3,036 6,362 4,117 5,147 18,662 1,706 Gain on sale of loans 127,399 - - - 127,399 - Non-Interest expense: Salaries and employee benefits 1,134,175 1,106,821 1,135,056 1,105,393 4,481,445 2,318,336 Occupancy and Equipment expenses 170,923 174,256 175,312 171,013 691,504 408,909 Organization Expenses - - - - - 1,045,800 Data Processing 139,545 185,053 175,117 128,315 628,030 332,424 Professional and Legal 59,734 101,407 171,546 111,763 444,450 469,110 Other Expenses 231,090 153,761 147,836 151,366 684,053 294,946 Total Non-interest expense 1,735,467 1,721,298 1,804,867 1,667,850 6,929,482 4,869,525 Income (Loss) before taxes (988,560 ) (940,285 ) (1,265,432 ) (1,327,949 ) (4,522,226 ) (4,358,735 ) Income tax expense - - 800 800 1,600 800 Net Income (Loss) $ (988,560 ) $ (940,285 ) $ (1,266,232 ) $ (1,328,749 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.39 ) $ (0.37 ) $ (0.50 ) $ (0.52 ) $ (1.77 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,556,112 2,556,112 2,556,112 2,565,864 2,556,112 View source version on Contacts H. Kent Falk, CEOkent@ 949.704.0120 Jeffrey Redeker, Presidentjeff@ 949.704.2080 Najam Saiduddin, CFO/EVPnajam@ 949.704.2275 Sign in to access your portfolio
