Business Context and Reporting Period
Southern California Bancorp, an emerging growth company listed on Nasdaq under ticker BCAL, filed this Form 8-K on November 17, 2023, with the report signed November 21, 2023. The filing concerns a change in the company’s independent registered public accounting firm. The filing does not provide financial results for a reporting period.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, capital, or other operating metrics.
Material Change Versus Prior Comparable Period
Eide Bailly LLP notified the company that it is exiting the financial institution portion of its SEC audit practice and will decline reappointment for the year ending December 31, 2024. Eide Bailly will continue auditing the company’s 2023 financial statements and reviewing interim financial statements for the quarter ending March 31, 2024. The company expects to appoint a new accounting firm in time to review the quarter ending June 30, 2024.
Guidance, Risks, Contingencies, and Unusual Items
- Eide Bailly’s audit reports for the years ended December 31, 2022 and 2021 contained no adverse opinion, disclaimer, or qualification relating to uncertainty, audit scope, or accounting principles.
- The company reported no disagreements with Eide Bailly regarding accounting principles, practices, disclosures, or audit scope and procedures during 2022, 2021, or subsequent interim periods through the filing date.
- The company reported no reportable events under Item 304(a)(1)(v) of Regulation S-K during the two most recent fiscal years or subsequent interim periods.
- Eide Bailly’s response letter dated November 20, 2023 was filed as Exhibit 16.1.
Investor Verification Points
- Confirm the appointment and identity of the successor independent accounting firm.
- Verify that the transition does not delay the 2024 interim review or annual audit.
- Review Eide Bailly’s Exhibit 16.1 letter for any differences from management’s statements.
- Note that the filing identifies the registrant as Southern California Bancorp; the request metadata refers to California Bancorp.