I should add that I live in Beaumont, CA at about 2600' elevation. At Christmas time we had 5" of rain in a few days' duration. This was followed by very warm, Santa Anna winds weather in January and early February...just right to bring out this fungus it appears. The tree is also shedding a lot of bark down low (where the fungus was growing) and that makes me wonder if the fungus was attached to dead bark as opposed to solid, living tree.
Thanks for the help.
R