Irvine-based California Republic Bancorp has raised about $90 million in equity and debt offerings.
Nearly $65 million of the total came from issuing 2.4 million shares of common stock, and another $25 million came from offering subordinated debt.
The bank holding company, which focuses on car loans, will use the proceeds to “support the continued nationwide growth of our automobile lending platform, as well as the geographic expansion” of its business, said Chief Executive Jon Wilcox.
California Republic on Monday also reported third-quarter financial results, including profit of $3.3 million versus a net loss of $814,000 in the same period a year earlier.
Net interest income after provisions was $10.6 million, up 63% year-over-year.
Noninterest income totaled $8 million, versus $1 million a year earlier. Much of the gains came from loan sales.
Net loans as of Sept. 30 totaled $610 million, up about 5% year-over-year. About 36% of the loan volume was
The amount of prime auto loan originations totaled $328 million for the quarter, up about 75% year-over-year.
California Republic’s assets as of Sept. 30 totaled $983.3 million, up 23% from the same time last year.
