California BanCorp (NASDAQ: CALB) (the “Company”), whose subsidiary
is California Bank of Commerce, announced today its financial
results for the second quarter and six months ended June 30, 2024.
The Company reported a net loss of $5.9 million
for the second quarter of 2024, representing a decrease of $9.7
million, or 254%, compared to net income of $3.8 million for the
first quarter of 2024 and a decrease of $11.3 million, or 208%,
compared to $5.4 million in the second quarter of 2023. For the six
months ended June 30, 2024, the Company reported a net loss of $2.0
million representing a decrease of $12.9 million, or 119%, compared
to net income of $10.9 million for the same period in 2023.
Diluted earnings per share of $(0.68) for the
second quarter of 2024, compared to $0.45 for the first quarter of
2024 and $0.65 for the second quarter of 2023. For the six months
ended June 30, 2024, diluted earnings per share of $(0.24),
compared to $1.29 for the same period in 2023.
"As we announced earlier this month, on July 17,
2024, at their respective shareholder meetings, shareholders of
Southern California Bancorp and California BanCorp approved the
merger of the two companies, and we expect the transaction to close
on July 31, 2024,” said Steven Shelton, Chief Executive Officer of
California BanCorp. “Our second quarter results were impacted by a
$13.5 million provision for credit losses, largely as the result of
stepped up resolution activity on loans individually identified
during a rigorous review of our loan portfolio. During the quarter,
we focused our efforts on an active strategy of de-risking our
balance sheet and remained measured in our new loan production,
which led to a decline in total loans. At the same time, we
continued to add new commercial relationships that helped
contribute to an increase in our balances of noninterest-bearing
deposits. We look forward to closing our merger and capitalizing on
the strong market position of our combined entity to continue
adding attractive commercial relationships, generating profitable
growth, and further enhancing the value of our franchise in the
coming years.”
Financial Highlights:
Profitability - three months ended June 30, 2024
compared to March 31, 2024
- Net loss of $5.9 million and
$(0.68) per diluted share, compared to net income of $3.8 million
and $0.45 per share, respectively.
- Revenue of $18.3 million decreased
$1.1 million, or 6%, from $19.4 million for the first quarter of
2024 (See Interim Consolidated Non-GAAP Data).
- Net interest income of $16.8
million decreased $892,000, or 5%, compared to $17.7 million for
the first quarter of 2024.
- Provision for credit losses of
$13.5 million increased $13.4 million from $126,000 for the first
quarter of 2024.
- Non-interest income of $1.5 million
decreased $187,000, or 11%, compared to $1.7 million for the first
quarter of 2024.
- Non-interest expense, excluding
merger related expenses, of $12.5 million decreased $139,000, or
1%, compared to $12.7 million for the first quarter of 2024 (See
Interim Consolidated Non-GAAP Data).
Profitability - six months ended June 30, 2024
compared to June 30, 2023
- Net loss of $2.0 million and
$(0.24) per diluted share, compared to net income of $10.9 million
and $1.29 per diluted share, respectively.
- Revenue of $37.8 million decreased
$1.8 million, or 5%, compared to $39.6 million in the prior year
(See Interim Consolidated Non-GAAP Data).
- Net interest income of $34.5
million decreased $2.9 million, or 8%, compared to $37.4 million
for the same period in the prior year.
- Provision for credit losses of
$13.6 million increased $12.8 million from $802,000 for the six
months ended June 30, 2023.
- Non-interest income of $3.2 million
increased $981,000, or 44%, from $2.2 million for the same period
in the prior year.
- Non-interest expense, excluding
merger related expenses, of $25.2 million increased $1.8 million,
or 8%, compared to $23.4 million for the six months ended June 30,
2023 (See Interim Consolidated Non-GAAP Data).
Financial Position – June 30, 2024 compared to
March 31, 2024
- Total assets decreased by $5.2
million to $1.92 billion; average total assets decreased by $7.0
million to $1.91 billion.
- Total gross loans decreased by
$33.2 million to $1.49 billion; average total gross loans decreased
by $11.1 million to $1.51 billion.
- Total deposits decreased by
$827,000 to $1.64 billion; average total deposits decreased by $7.0
million to $1.62 billion.
- The Company had no other borrowings
at June 30, 2024 or March 31, 2024.
- Capital ratios remain healthy with
a tier I leverage ratio of 9.93%, tier I capital ratio of 10.06%,
and total risk-based capital ratio of 13.93%.
- Book value per share of $23.07
decreased by $0.72, or 3%.
- Tangible book value per share of
$22.20 decreased by $0.71, or 3% (See Interim Consolidated Non-GAAP
Data).
Net Interest Income and
Margin:
Net interest income for the quarter ended June
30, 2024 was $16.8 million, representing a decrease of $892,000, or
5%, from $17.7 million for the three months ended March 31, 2024,
and a decrease of $1.8 million, or 10%, from $18.6 million for the
quarter ended June 30, 2023. The decrease in net interest income
compared to the first quarter of 2024 was primarily attributable to
lower yields on interest earning assets. Compared to the second
quarter of 2023, the decrease in net interest income resulted from
a lower balance of average earning assets which was driven by a
reduction in loan balances as a result of conservative underwriting
combined with decreased demand and pay-offs occurring in the normal
course of business. Additionally, during the current period the
Company incurred higher yields on interest-bearing deposits.
Net interest income for the six months ended
June 30, 2024 was $34.5 million, a decrease of $2.9 million, or 8%
from $37.4 million for the six months ended June 30, 2023. The
decrease in net interest income was primarily attributable to an
increase in higher yields on interest-bearing deposits.
The Company’s net interest margin for the second
quarter of 2024 was 3.71%, compared to 3.89% for the first quarter
of 2024 and 3.93% for the same period in 2023. The Company’s net
interest margin for the six months ended June 30, 2024 was 3.80%
compared to 3.98% for the same period in 2023.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was
$1.5 million, $1.7 million, and $1.1 million, respectively. For the
six months ended June 30, 2024, non-interest income of $3.2 million
compared to $2.2 million for the same period of 2023. The
fluctuations in non-interest income from the prior periods were
primarily due to service charges and loan related fees.
Net interest income and non-interest income
comprised total revenue of $18.3 million, $19.4 million, and $19.8
million for the quarters ended June 30, 2024, March 31, 2024, and
June 30, 2023, respectively. Total revenue for the six months ended
June 30, 2024 and 2023 was $37.8 million and $39.6 million,
respectively (See Interim Consolidated Non-GAAP Data).
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was
$13.2 million, $13.7 million, and $11.6 million, respectively.
Non-interest expense of $26.9 million for the six months ended June
30, 2024 increased by $3.5 million, or 15%, compared to $23.4
million for the same period of 2023. The fluctuations in
non-interest expense from the prior periods was primarily due to
the recognition of merger related expenses. Additionally, compared
to the same periods in the prior year, the Company incurred
increases in salaries and benefits as well as premises and
equipment.
Excluding the impact of merger related expenses,
non-interest expense for the second quarter of 2024, the first
quarter of 2024 and the second quarter of 2023 was $12.5 million,
$12.7 million, and $11.6 million, respectively. For the six months
ended June 30, 2024 and 2023, non-interest expense excluding the
impact of merger related expenses was $25.2 million and $23.4
million, respectively (See Interim Consolidated Non-GAAP Data).
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 71.90%, 70.57%, and 58.66%
for the quarters ended June 30, 2024, March 31, 2024, and June 30,
2023, respectively. Excluding the impact of merger related
expenses, the Company’s efficiency ratio was 68.38% and 65.29% for
the second and first quarters of 2024, respectively. For the six
months ended June 30, 2024 and 2023, the Company’s efficiency ratio
was 71.22% and 59.14%, respectively. Excluding the impact of merger
related expenses, the Company’s efficiency ratio was 66.79% for the
six months ended June 30, 2024 (See Interim Consolidated Non-GAAP
Data).
Balance Sheet:
Total assets were $1.92 billion as of June 30,
2024 and March 31, 2024, compared to total assets of $2.00 billion
at June 30, 2023. The decrease in total assets from the prior year
was primarily due to conservative new loan production, combined
with decreased liquidity related to a reduction in
noninterest-bearing deposits.
Total gross loans decreased by $33.2 million, or
2%, to $1.49 billion at June 30, 2024, from $1.52 billion at March
31, 2024 and decreased $95.9 million, or 6%, from $1.58 billion at
June 30, 2023. During the second quarter of 2024, commercial loans
increased by $1.7 million, or less than 1%, real estate related
loans decreased by $33.0 million, or 4%, and other loans decreased
$1.9 million, or 5%. Compared to the same period in the prior year,
commercial, real estate other, real estate construction and land,
and other loans decreased by $10.1 million, or 2%, $34.8 million,
or 4%, $45.1 million, or 74%, and $5.9 million, or 13%,
respectively.
Total deposits of $1.64 billion at June 30, 2024
remained unchanged from March 31, 2024, and decreased by $99.6
million, or 6%, from $1.74 billion at June 30, 2023. Compared to
the same period last year, the decrease in total deposits was
primarily concentrated in noninterest-bearing demand deposits.
Noninterest-bearing deposits, primarily commercial business
operating accounts, represented 39% of total deposits at both June
30, 2024 and March 31, 2024 and represented 43% of total deposits
at June 30, 2023.
Excluding junior subordinated debt securities,
the Company had no outstanding borrowings at June 30, 2024, March
31, 2024 or June 30, 2023.
Asset Quality:
The provision for credit losses on loans was
$13.7 million for the second quarter of 2024, compared
to $301,000 for the first quarter of 2024 and $340,000
for the second quarter of 2023. The Company had net loan
charge-offs of $13.3 million, or 0.89% of gross loans, during the
second quarter of 2024, net loan charge-offs of $348,000, or 0.02%
of gross loans during the first quarter of 2024 and no charge-offs
or recoveries during the second quarter of 2023.
Non-performing assets (“NPAs”) to total assets
were 1.13% at June 30, 2024, compared to 0.08% at March 31, 2024
and 0.01% at June 30, 2023, with non-performing loans of $21.7
million, $1.5 million and $181,000, respectively, on those
dates.
The allowance for credit losses on loans was
$16.3 million, or 1.10% of total loans, at June 30, 2024, compared
to $16.0 million, or 1.05% of total loans, at March 31, 2024 and
$15.7 million, or 0.99% of total loans, at June 30, 2023.
The allowance for credit losses on unfunded loan
commitments was $1.8 million, or 0.33% of total unfunded loan
commitments, at June 30, 2024, compared to $2.0 million, or 0.32%
of total unfunded loan commitments, at March 31, 2024 and $1.9
million, or 0.31% of total unfunded loan commitments, at June 30,
2023.
Capital Adequacy:
At June 30, 2024, shareholders’ equity totaled
$195.5 million, compared to $200.7 million at March 31, 2024 and
$184.2 million one year ago. Additionally, at June 30, 2024, the
Company’s total risk-based capital ratio, tier one capital ratio,
and leverage ratio were 13.93%, 10.06%, and 9.93%, respectively;
all of which were above the regulatory standards of 10.00%, 8.00%,
and 5.00%, respectively, for “well-capitalized” institutions.
About California BanCorp:
California BanCorp, the parent company for
California Bank of Commerce, offers a broad range of commercial
banking services to closely held businesses and professionals
located throughout Northern California. The Company’s common stock
trades on the Nasdaq Global Select marketplace under the symbol
CALB. For more information on California BanCorp, please visit our
website at www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510) 457-3751Chief Executive
Officerseshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775President, Chief Financial Officer
and Chief Operating Officertsa@bankcbc.com
Use of Non-GAAP Financial
Information:
This press release contains both financial
measures based on GAAP and non-GAAP. Non-GAAP financial measures
are used where management believes them to be helpful in
understanding the Company’s results of operations or financial
position. Where non-GAAP financial measures are used, the
comparable GAAP financial measure, as well as the reconciliation to
the comparable GAAP financial measure, can be found in this press
release. These disclosures should not be viewed as a substitute for
operating results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. The non-GAAP financial measures
included in this press release include: Total Revenue; Adjusted
non-interest expense; Adjusted Efficiency Ratio; Tangible Equity to
Tangible Assets Ratio; Quarterly and Year-to-Date Average Tangible
Equity to Tangible Assets Ratio; and Tangible Book Value Per
Share.
Forward-Looking Statements:
Statements in this news release regarding
expectations and beliefs about future financial performance and
financial condition, as well as trends in the Company’s business
and markets are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements often include words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "project," "outlook,"
or words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could," or "may." The forward-looking
statements in this news release are based on current information
and on assumptions that the Company makes about future events and
circumstances that are subject to a number of risks and
uncertainties that are often difficult to predict and beyond the
Company’s control. As a result of those risks and uncertainties,
the Company’s actual future performance or financial results could
differ, possibly materially, from those expressed in or implied by
the forward-looking statements contained in this news release and
could cause the Company to make changes to future plans. Those
risks and uncertainties include, but are not limited to, the risk
of incurring loan losses, which is an inherent risk of the banking
business; the risk that the Company will not be able to continue
its internal growth rate; the occurrence of any event, change or
other circumstances that could give rise to the right of the
Company or Southern California Bancorp to terminate their agreement
with respect to the pending merger; the outcome of any legal
proceedings that may be instituted against the Company or Southern
California Bancorp; delays in completing the merger with Southern
California Bancorp; the failure to satisfy any of the other
conditions to the merger on a timely basis or at all; the ability
to complete the merger and integration of the Company and Southern
California Bancorp successfully; costs being greater than
anticipated; cost savings being less than anticipated; the risk
that the merger disrupts the business of the Company, Southern
California Bancorp or the combined company; the risk that the
United States economy will experience slowed growth or recession or
will be adversely affected by domestic or international economic
conditions and risks associated with the Federal Reserve Board
taking actions with respect to interest rates, any of which could
adversely affect, among other things, the values of real estate
collateral supporting many of the Company’s loans, interest income
and interest rate margins and, therefore, the Company’s future
operating results; the impacts of the failure of other depository
institutions on investor and depositor sentiments and preferences;
the Company’s ability to manage its liquidity; risks associated
with changes in income tax laws and regulations; and risks
associated with seeking new client relationships and maintaining
existing client relationships. Readers of this news release are
encouraged to review the additional information regarding these and
other risks and uncertainties to which our business is subject that
are contained in our Annual Report on Form 10-K for the year ended
December 31, 2023 which is on file with the Securities and Exchange
Commission (the “SEC”).
Due to these and other possible uncertainties
and risks, readers are cautioned not to place undue reliance on the
forward-looking statements contained in this news release, which
speak only as of today's date, or to make predictions based solely
on historical financial performance. The Company disclaims any
obligation to update forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise, except as may be required by law.
FINANCIAL TABLES FOLLOW
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
|
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) -
PROFITABILITY |
|
|
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
|
|
QUARTERLY HIGHLIGHTS: |
|
Q2 2024 |
|
Q1 2024 |
|
$ |
|
% |
|
|
Q2 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
26,748 |
|
|
$ |
27,382 |
|
|
$ |
(634 |
) |
|
-2 |
% |
|
|
$ |
27,172 |
|
|
$ |
(424 |
) |
|
-2 |
% |
|
|
Interest
expense |
|
|
9,925 |
|
|
|
9,667 |
|
|
|
258 |
|
|
3 |
% |
|
|
|
8,526 |
|
|
|
1,399 |
|
|
16 |
% |
|
|
Net interest income |
|
|
16,823 |
|
|
|
17,715 |
|
|
|
(892 |
) |
|
-5 |
% |
|
|
|
18,646 |
|
|
|
(1,823 |
) |
|
-10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
|
13,506 |
|
|
|
126 |
|
|
|
13,380 |
|
|
10619 |
% |
|
|
|
444 |
|
|
|
13,062 |
|
|
2942 |
% |
|
|
Net interest income after provision for credit losses |
|
|
3,317 |
|
|
|
17,589 |
|
|
|
(14,272 |
) |
|
-81 |
% |
|
|
|
18,202 |
|
|
|
(14,885 |
) |
|
-82 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,518 |
|
|
|
1,705 |
|
|
|
(187 |
) |
|
-11 |
% |
|
|
|
1,135 |
|
|
|
383 |
|
|
34 |
% |
|
|
Non-interest
expense(1) |
|
|
13,188 |
|
|
|
13,704 |
|
|
|
(516 |
) |
|
-4 |
% |
|
|
|
11,603 |
|
|
|
1,585 |
|
|
14 |
% |
|
|
Income before income taxes |
|
|
(8,353 |
) |
|
|
5,590 |
|
|
|
(13,943 |
) |
|
-249 |
% |
|
|
|
7,734 |
|
|
|
(16,087 |
) |
|
-208 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(2,492 |
) |
|
|
1,773 |
|
|
|
(4,265 |
) |
|
-241 |
% |
|
|
|
2,294 |
|
|
|
(4,786 |
) |
|
-209 |
% |
|
|
Net income |
|
$ |
(5,861 |
) |
|
$ |
3,817 |
|
|
$ |
(9,678 |
) |
|
-254 |
% |
|
|
$ |
5,440 |
|
|
$ |
(11,301 |
) |
|
-208 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
(0.68 |
) |
|
$ |
0.45 |
|
|
$ |
(1.13 |
) |
|
-251 |
% |
|
|
$ |
0.65 |
|
|
$ |
(1.33 |
) |
|
-205 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.71 |
% |
|
|
3.89 |
% |
|
-18 Basis
Points |
|
|
|
3.93 |
% |
|
-22 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio(1) |
|
|
71.90 |
% |
|
|
70.57 |
% |
|
+133 Basis
Points |
|
|
|
58.66 |
% |
|
+1324 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS: |
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
54,130 |
|
|
$ |
52,711 |
|
|
$ |
1,419 |
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
19,592 |
|
|
|
15,308 |
|
|
|
4,284 |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
34,538 |
|
|
|
37,403 |
|
|
|
(2,865 |
) |
|
-8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
|
13,632 |
|
|
|
802 |
|
|
|
12,830 |
|
|
1600 |
% |
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
20,906 |
|
|
|
36,601 |
|
|
|
(15,695 |
) |
|
-43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
3,223 |
|
|
|
2,242 |
|
|
|
981 |
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
Non-interest
expense(1) |
|
|
26,892 |
|
|
|
23,446 |
|
|
|
3,446 |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
(2,763 |
) |
|
|
15,397 |
|
|
|
(18,160 |
) |
|
-118 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(719 |
) |
|
|
4,506 |
|
|
|
(5,225 |
) |
|
-116 |
% |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(2,044 |
) |
|
$ |
10,891 |
|
|
$ |
(12,935 |
) |
|
-119 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
(0.24 |
) |
|
$ |
1.29 |
|
|
$ |
(1.53 |
) |
|
-119 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.80 |
% |
|
|
3.98 |
% |
|
-18 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio(1) |
|
|
71.22 |
% |
|
|
59.14 |
% |
|
+1208 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See pro-forma
balances and ratios, excluding the impact of merger related
expenses - Interim Consolidated Non-GAAP Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
|
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
|
PERIOD-END HIGHLIGHTS: |
|
Q2 2024 |
|
Q1 2024 |
|
$ |
|
% |
|
|
Q2 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,917,389 |
|
|
$ |
1,922,541 |
|
|
$ |
(5,152 |
) |
|
-0 |
% |
|
|
$ |
2,005,646 |
|
|
$ |
(88,257 |
) |
|
-4 |
% |
|
Gross
loans |
|
|
1,487,697 |
|
|
|
1,520,891 |
|
|
|
(33,194 |
) |
|
-2 |
% |
|
|
|
1,583,631 |
|
|
|
(95,934 |
) |
|
-6 |
% |
|
Deposits |
|
|
1,638,689 |
|
|
|
1,639,516 |
|
|
|
(827 |
) |
|
-0 |
% |
|
|
|
1,738,296 |
|
|
|
(99,607 |
) |
|
-6 |
% |
|
Tangible
equity(1) |
|
|
188,042 |
|
|
|
193,263 |
|
|
|
(5,221 |
) |
|
-3 |
% |
|
|
|
176,783 |
|
|
|
11,259 |
|
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share(1) |
|
$ |
22.20 |
|
|
$ |
22.91 |
|
|
$ |
(0.71 |
) |
|
-3 |
% |
|
|
$ |
21.09 |
|
|
$ |
1.11 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets(1) |
|
|
9.85 |
% |
|
|
10.09 |
% |
|
-24 Basis
Points |
|
|
|
8.85 |
% |
|
+100 Basis
Points |
|
Gross loans
/ total deposits |
|
|
90.79 |
% |
|
|
92.76 |
% |
|
-197 Basis
Points |
|
|
|
91.10 |
% |
|
-31 Basis
Points |
|
Noninterest-bearing deposits / total deposits |
|
|
39.31 |
% |
|
|
38.64 |
% |
|
+67 Basis
Points |
|
|
|
42.69 |
% |
|
-338 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
|
HIGHLIGHTS: |
|
Q2 2024 |
|
Q1 2024 |
|
$ |
|
% |
|
|
Q2 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,909,125 |
|
|
$ |
1,916,142 |
|
|
$ |
(7,017 |
) |
|
-0 |
% |
|
|
$ |
1,983,877 |
|
|
$ |
(74,752 |
) |
|
-4 |
% |
|
Total
earning assets |
|
|
1,823,785 |
|
|
|
1,831,333 |
|
|
|
(7,548 |
) |
|
-0 |
% |
|
|
|
1,900,918 |
|
|
|
(77,133 |
) |
|
-4 |
% |
|
Gross
loans |
|
|
1,507,625 |
|
|
|
1,518,722 |
|
|
|
(11,097 |
) |
|
-1 |
% |
|
|
|
1,577,529 |
|
|
|
(69,904 |
) |
|
-4 |
% |
|
Deposits |
|
|
1,622,673 |
|
|
|
1,629,636 |
|
|
|
(6,963 |
) |
|
-0 |
% |
|
|
|
1,684,008 |
|
|
|
(61,335 |
) |
|
-4 |
% |
|
Tangible
equity(1) |
|
|
196,841 |
|
|
|
193,094 |
|
|
|
3,747 |
|
|
2 |
% |
|
|
|
175,783 |
|
|
|
21,058 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets(1) |
|
|
10.35 |
% |
|
|
10.12 |
% |
|
+23 Basis
Points |
|
|
|
8.89 |
% |
|
+146 Basis
Points |
|
Gross loans
/ total deposits |
|
|
92.91 |
% |
|
|
93.19 |
% |
|
-28 Basis
Points |
|
|
|
93.68 |
% |
|
-77 Basis
Points |
|
Noninterest-bearing deposits / total deposits |
|
|
39.55 |
% |
|
|
40.34 |
% |
|
-79 Basis
Points |
|
|
|
42.65 |
% |
|
-310 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
HIGHLIGHTS: |
|
Q2 2024 |
|
Q2 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,912,634 |
|
|
$ |
1,979,107 |
|
|
$ |
(66,473 |
) |
|
-3 |
% |
|
|
|
|
|
|
|
|
Total
earning assets |
|
|
1,827,558 |
|
|
|
1,897,448 |
|
|
|
(69,890 |
) |
|
-4 |
% |
|
|
|
|
|
|
|
|
Gross
loans |
|
|
1,513,173 |
|
|
|
1,579,917 |
|
|
|
(66,744 |
) |
|
-4 |
% |
|
|
|
|
|
|
|
|
Deposits |
|
|
1,626,155 |
|
|
|
1,691,925 |
|
|
|
(65,770 |
) |
|
-4 |
% |
|
|
|
|
|
|
|
|
Tangible
equity(1) |
|
|
194,967 |
|
|
|
172,636 |
|
|
|
22,331 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets(1) |
|
|
10.23 |
% |
|
|
8.76 |
% |
|
+147 Basis
Points |
|
|
|
|
|
|
|
|
Gross loans
/ total deposits |
|
|
93.05 |
% |
|
|
93.38 |
% |
|
-33 Basis
Points |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits / total deposits |
|
|
39.94 |
% |
|
|
42.76 |
% |
|
-282 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See Interim Consolidated Non-GAAP Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES (LOANS): |
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
15,981 |
|
|
$ |
16,028 |
|
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
CECL
adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Provision
for credit losses, quarterly |
|
|
13,668 |
|
|
|
301 |
|
|
|
87 |
|
|
|
121 |
|
|
|
340 |
|
|
Charge-offs,
quarterly |
|
|
(13,351 |
) |
|
|
(439 |
) |
|
|
- |
|
|
|
(156 |
) |
|
|
- |
|
|
Recoveries,
quarterly |
|
|
50 |
|
|
|
91 |
|
|
|
20 |
|
|
|
234 |
|
|
|
- |
|
|
Balance, end
of period |
|
$ |
16,348 |
|
|
$ |
15,981 |
|
|
$ |
16,028 |
|
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
21,463 |
|
|
$ |
1,212 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
Loans with
principal or interest contractually past due 90 days or more and
still accruing interest |
|
|
244 |
|
|
|
240 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Nonperforming loans |
|
$ |
21,707 |
|
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Nonperforming assets |
|
$ |
21,707 |
|
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
9,624 |
|
|
$ |
1,159 |
|
|
$ |
3,728 |
|
|
$ |
1,183 |
|
|
$ |
- |
|
|
Real estate other |
|
|
11,515 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Real estate construction and land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
SBA |
|
|
324 |
|
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
181 |
|
|
Other |
|
|
244 |
|
|
|
240 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Nonperforming loans |
|
$ |
21,707 |
|
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (loans) / gross loans |
|
|
1.10 |
% |
|
|
1.05 |
% |
|
|
1.03 |
% |
|
|
1.01 |
% |
|
|
0.99 |
% |
|
Allowance
for credit losses (loans) / nonperforming loans |
|
|
75.31 |
% |
|
|
1100.62 |
% |
|
|
423.91 |
% |
|
|
1288.11 |
% |
|
|
8686.19 |
% |
|
Nonperforming assets / total assets |
|
|
1.13 |
% |
|
|
0.08 |
% |
|
|
0.19 |
% |
|
|
0.06 |
% |
|
|
0.01 |
% |
|
Nonperforming loans / gross loans |
|
|
1.46 |
% |
|
|
0.10 |
% |
|
|
0.24 |
% |
|
|
0.08 |
% |
|
|
0.01 |
% |
|
Net
quarterly charge-offs / gross loans |
|
|
0.89 |
% |
|
|
0.02 |
% |
|
|
-0.00 |
% |
|
|
-0.00 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
|
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
|
06/30/24 |
|
03/31/24 |
|
06/30/23 |
|
06/30/24 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
22,962 |
|
|
$ |
23,574 |
|
|
$ |
23,476 |
|
|
$ |
46,536 |
|
|
$ |
45,948 |
|
|
Federal
funds sold |
|
|
2,542 |
|
|
|
2,334 |
|
|
|
2,238 |
|
|
|
4,876 |
|
|
|
3,998 |
|
|
Investment
securities |
|
|
1,244 |
|
|
|
1,474 |
|
|
|
1,458 |
|
|
|
2,718 |
|
|
|
2,765 |
|
|
Total interest income |
|
|
26,748 |
|
|
|
27,382 |
|
|
|
27,172 |
|
|
|
54,130 |
|
|
|
52,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,366 |
|
|
|
9,096 |
|
|
|
7,493 |
|
|
|
18,462 |
|
|
|
13,515 |
|
|
Other |
|
|
559 |
|
|
|
571 |
|
|
|
1,033 |
|
|
|
1,130 |
|
|
|
1,793 |
|
|
Total interest expense |
|
|
9,925 |
|
|
|
9,667 |
|
|
|
8,526 |
|
|
|
19,592 |
|
|
|
15,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
16,823 |
|
|
|
17,715 |
|
|
|
18,646 |
|
|
|
34,538 |
|
|
|
37,403 |
|
|
Provision
for credit losses |
|
|
13,506 |
|
|
|
126 |
|
|
|
444 |
|
|
|
13,632 |
|
|
|
802 |
|
|
Net interest
income after provision for credit losses |
|
|
3,317 |
|
|
|
17,589 |
|
|
|
18,202 |
|
|
|
20,906 |
|
|
|
36,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
1,147 |
|
|
|
1,379 |
|
|
|
867 |
|
|
|
2,526 |
|
|
|
1,730 |
|
|
Other
non-interest income |
|
|
371 |
|
|
|
326 |
|
|
|
268 |
|
|
|
697 |
|
|
|
512 |
|
|
Total non-interest income |
|
|
1,518 |
|
|
|
1,705 |
|
|
|
1,135 |
|
|
|
3,223 |
|
|
|
2,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE(1) |
|
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
8,925 |
|
|
|
8,852 |
|
|
|
7,831 |
|
|
|
17,777 |
|
|
|
15,707 |
|
|
Premises and
equipment |
|
|
1,431 |
|
|
|
1,452 |
|
|
|
1,168 |
|
|
|
2,883 |
|
|
|
2,348 |
|
|
Merger
related expenses |
|
|
647 |
|
|
|
1,024 |
|
|
|
- |
|
|
|
1,671 |
|
|
|
- |
|
|
Other |
|
|
2,185 |
|
|
|
2,376 |
|
|
|
2,604 |
|
|
|
4,561 |
|
|
|
5,391 |
|
|
Total non-interest expense |
|
|
13,188 |
|
|
|
13,704 |
|
|
|
11,603 |
|
|
|
26,892 |
|
|
|
23,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
(8,353 |
) |
|
|
5,590 |
|
|
|
7,734 |
|
|
|
(2,763 |
) |
|
|
15,397 |
|
|
Income
taxes |
|
|
(2,492 |
) |
|
|
1,773 |
|
|
|
2,294 |
|
|
|
(719 |
) |
|
|
4,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
$ |
(5,861 |
) |
|
$ |
3,817 |
|
|
$ |
5,440 |
|
|
$ |
(2,044 |
) |
|
$ |
10,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
(0.69 |
) |
|
$ |
0.45 |
|
|
$ |
0.65 |
|
|
$ |
(0.24 |
) |
|
$ |
1.30 |
|
|
Diluted
earnings per share |
|
$ |
(0.68 |
) |
|
$ |
0.45 |
|
|
$ |
0.65 |
|
|
$ |
(0.24 |
) |
|
$ |
1.29 |
|
|
Average
common shares outstanding |
|
|
8,456,488 |
|
|
|
8,413,735 |
|
|
|
8,369,907 |
|
|
|
8,480,654 |
|
|
|
8,354,564 |
|
|
Average
common and equivalent shares outstanding |
|
|
8,558,432 |
|
|
|
8,566,712 |
|
|
|
8,414,213 |
|
|
|
8,610,179 |
|
|
|
8,442,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
-1.23 |
% |
|
|
0.80 |
% |
|
|
1.10 |
% |
|
|
-0.21 |
% |
|
|
1.11 |
% |
|
Return on
average equity |
|
|
-11.54 |
% |
|
|
7.66 |
% |
|
|
11.91 |
% |
|
|
-2.03 |
% |
|
|
12.19 |
% |
|
Return on
average tangible equity |
|
|
-11.98 |
% |
|
|
7.95 |
% |
|
|
12.41 |
% |
|
|
-2.11 |
% |
|
|
12.72 |
% |
|
Efficiency
ratio(1) |
|
|
71.90 |
% |
|
|
70.57 |
% |
|
|
58.66 |
% |
|
|
71.22 |
% |
|
|
59.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)See pro-forma balances and ratios, excluding the impact of
merger related expenses - Interim Consolidated Non-GAAP Data |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
14,036 |
|
|
$ |
12,071 |
|
|
$ |
27,520 |
|
|
$ |
17,128 |
|
|
$ |
19,763 |
|
|
Federal
funds sold |
|
|
217,713 |
|
|
|
191,027 |
|
|
|
184,834 |
|
|
|
181,854 |
|
|
|
187,904 |
|
|
Investment
securities |
|
|
125,303 |
|
|
|
126,918 |
|
|
|
145,401 |
|
|
|
149,244 |
|
|
|
151,129 |
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
612,208 |
|
|
|
610,459 |
|
|
|
626,615 |
|
|
|
633,902 |
|
|
|
622,270 |
|
|
Real estate other |
|
|
821,551 |
|
|
|
834,143 |
|
|
|
849,306 |
|
|
|
858,611 |
|
|
|
856,344 |
|
|
Real estate construction and land |
|
|
15,467 |
|
|
|
35,886 |
|
|
|
44,186 |
|
|
|
40,003 |
|
|
|
60,595 |
|
|
SBA |
|
|
3,678 |
|
|
|
3,919 |
|
|
|
4,032 |
|
|
|
4,415 |
|
|
|
4,936 |
|
|
Other |
|
|
34,793 |
|
|
|
36,484 |
|
|
|
35,394 |
|
|
|
36,184 |
|
|
|
39,486 |
|
|
Loans, gross |
|
|
1,487,697 |
|
|
|
1,520,891 |
|
|
|
1,559,533 |
|
|
|
1,573,115 |
|
|
|
1,583,631 |
|
|
Unamortized net deferred loan costs (fees) |
|
1,708 |
|
|
|
1,223 |
|
|
|
1,107 |
|
|
|
1,312 |
|
|
|
1,637 |
|
|
Allowance for credit losses |
|
|
(16,348 |
) |
|
|
(15,981 |
) |
|
|
(16,028 |
) |
|
|
(15,921 |
) |
|
|
(15,722 |
) |
|
Loans, net |
|
|
1,473,057 |
|
|
|
1,506,133 |
|
|
|
1,544,612 |
|
|
|
1,558,506 |
|
|
|
1,569,546 |
|
|
Premises and
equipment, net |
|
|
1,763 |
|
|
|
1,987 |
|
|
|
2,207 |
|
|
|
2,432 |
|
|
|
2,625 |
|
|
Bank owned
life insurance |
|
|
26,273 |
|
|
|
26,084 |
|
|
|
25,878 |
|
|
|
25,697 |
|
|
|
25,519 |
|
|
Goodwill and
core deposit intangible |
|
|
7,415 |
|
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
Accrued interest receivable and other assets |
|
51,829 |
|
|
|
50,899 |
|
|
|
48,021 |
|
|
|
41,614 |
|
|
|
41,708 |
|
|
Total assets |
|
$ |
1,917,389 |
|
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
644,179 |
|
|
$ |
633,489 |
|
|
$ |
657,302 |
|
|
$ |
686,723 |
|
|
$ |
742,160 |
|
|
Demand interest-bearing |
|
|
22,550 |
|
|
|
21,911 |
|
|
|
26,715 |
|
|
|
28,533 |
|
|
|
29,324 |
|
|
Money market and savings |
|
|
633,880 |
|
|
|
656,236 |
|
|
|
631,015 |
|
|
|
672,119 |
|
|
|
633,620 |
|
|
Time |
|
|
338,080 |
|
|
|
327,880 |
|
|
|
310,212 |
|
|
|
319,706 |
|
|
|
333,192 |
|
|
Total deposits |
|
|
1,638,689 |
|
|
|
1,639,516 |
|
|
|
1,625,244 |
|
|
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,360 |
|
|
|
54,326 |
|
|
|
54,291 |
|
|
|
54,256 |
|
|
|
54,221 |
|
|
Other
borrowings |
|
|
- |
|
|
|
- |
|
|
|
75,000 |
|
|
|
- |
|
|
|
- |
|
|
Accrued interest payable and other liabilities |
|
28,883 |
|
|
|
28,014 |
|
|
|
34,909 |
|
|
|
32,465 |
|
|
|
28,894 |
|
|
Total liabilities |
|
|
1,721,932 |
|
|
|
1,721,856 |
|
|
|
1,789,444 |
|
|
|
1,793,802 |
|
|
|
1,821,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
114,095 |
|
|
|
113,566 |
|
|
|
113,227 |
|
|
|
112,656 |
|
|
|
112,167 |
|
|
Retained
earnings |
|
|
82,121 |
|
|
|
87,982 |
|
|
|
84,165 |
|
|
|
78,824 |
|
|
|
73,423 |
|
|
Accumulated
other comprehensive loss |
|
|
(759 |
) |
|
|
(863 |
) |
|
|
(931 |
) |
|
|
(1,365 |
) |
|
|
(1,355 |
) |
|
Total shareholders' equity |
|
|
195,457 |
|
|
|
200,685 |
|
|
|
196,461 |
|
|
|
190,115 |
|
|
|
184,235 |
|
|
Total liabilities and shareholders' equity |
|
$ |
1,917,389 |
|
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
9.93 |
% |
|
|
10.17 |
% |
|
|
9.61 |
% |
|
|
9.27 |
% |
|
|
9.01 |
% |
|
Tier I
risk-based capital ratio |
|
|
10.06 |
% |
|
|
10.15 |
% |
|
|
9.53 |
% |
|
|
9.34 |
% |
|
|
9.07 |
% |
|
Total
risk-based capital ratio |
|
|
13.93 |
% |
|
|
13.93 |
% |
|
|
13.16 |
% |
|
|
13.00 |
% |
|
|
12.73 |
% |
|
Total
equity/ total assets |
|
|
10.19 |
% |
|
|
10.44 |
% |
|
|
9.89 |
% |
|
|
9.58 |
% |
|
|
9.19 |
% |
|
Book value
per share |
|
$ |
23.07 |
|
|
$ |
23.79 |
|
|
$ |
23.38 |
|
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,472,038 |
|
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
|
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
|
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Three months ended March 31, |
|
|
|
|
|
2024 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,507,625 |
|
|
6.13 |
% |
|
$ |
22,962 |
|
$ |
1,518,722 |
|
|
6.24 |
% |
|
$ |
23,574 |
|
|
Federal funds sold |
|
|
190,007 |
|
|
5.38 |
% |
|
|
2,542 |
|
|
174,551 |
|
|
5.38 |
% |
|
|
2,334 |
|
|
Investment securities |
|
|
126,153 |
|
|
3.97 |
% |
|
|
1,244 |
|
|
138,060 |
|
|
4.29 |
% |
|
|
1,474 |
|
|
Total
interest earning assets |
|
|
1,823,785 |
|
|
5.90 |
% |
|
|
26,748 |
|
|
1,831,333 |
|
|
6.01 |
% |
|
|
27,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
17,526 |
|
|
|
|
|
|
|
18,858 |
|
|
|
|
|
|
|
All other assets (2) |
|
|
67,814 |
|
|
|
|
|
|
|
65,951 |
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,909,125 |
|
|
|
|
|
|
$ |
1,916,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
23,735 |
|
|
0.22 |
% |
|
|
13 |
|
$ |
24,736 |
|
|
0.20 |
% |
|
|
12 |
|
|
Money market and savings |
|
|
637,301 |
|
|
3.24 |
% |
|
|
5,128 |
|
|
635,696 |
|
|
3.12 |
% |
|
|
4,928 |
|
|
Time |
|
|
319,899 |
|
|
5.31 |
% |
|
|
4,225 |
|
|
311,884 |
|
|
5.36 |
% |
|
|
4,156 |
|
|
Other |
|
|
54,339 |
|
|
4.14 |
% |
|
|
559 |
|
|
55,130 |
|
|
4.17 |
% |
|
|
571 |
|
|
Total
interest-bearing liabilities |
|
|
1,035,274 |
|
|
3.86 |
% |
|
|
9,925 |
|
|
1,027,446 |
|
|
3.78 |
% |
|
|
9,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
641,738 |
|
|
|
|
|
|
|
657,320 |
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
27,855 |
|
|
|
|
|
|
|
30,856 |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
204,258 |
|
|
|
|
|
|
|
200,520 |
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,909,125 |
|
|
|
|
|
|
$ |
1,916,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.71 |
% |
|
$ |
16,823 |
|
|
|
3.89 |
% |
|
$ |
17,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming
loans are included in average loan balances. No adjustment has been
made for these loans in the calculation of yields. Interest
income on loans includes amortization of net deferred loan costs of
$197,000 and $34,000, respectively. |
|
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.2 million and $16.1 million, respectively. |
|
|
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,507,625 |
|
6.13 |
% |
|
$ |
22,962 |
|
$ |
1,577,529 |
|
5.97 |
% |
|
$ |
23,476 |
|
Federal funds sold |
|
|
190,007 |
|
5.38 |
% |
|
|
2,542 |
|
|
170,608 |
|
5.26 |
% |
|
|
2,238 |
|
Investment securities |
|
|
126,153 |
|
3.97 |
% |
|
|
1,244 |
|
|
152,781 |
|
3.83 |
% |
|
|
1,458 |
|
Total
interest earning assets |
|
|
1,823,785 |
|
5.90 |
% |
|
|
26,748 |
|
|
1,900,918 |
|
5.73 |
% |
|
|
27,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
17,526 |
|
|
|
|
|
|
19,207 |
|
|
|
|
|
All other assets (2) |
|
|
67,814 |
|
|
|
|
|
|
63,752 |
|
|
|
|
|
TOTAL |
|
$ |
1,909,125 |
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
23,735 |
|
0.22 |
% |
|
|
13 |
|
$ |
30,346 |
|
0.16 |
% |
|
|
12 |
|
Money market and savings |
|
|
637,301 |
|
3.24 |
% |
|
|
5,128 |
|
|
609,200 |
|
2.50 |
% |
|
|
3,793 |
|
Time |
|
|
319,899 |
|
5.31 |
% |
|
|
4,225 |
|
|
326,291 |
|
4.53 |
% |
|
|
3,688 |
|
Other |
|
|
54,339 |
|
4.14 |
% |
|
|
559 |
|
|
90,188 |
|
4.59 |
% |
|
|
1,033 |
|
Total
interest-bearing liabilities |
|
|
1,035,274 |
|
3.86 |
% |
|
|
9,925 |
|
|
1,056,025 |
|
3.24 |
% |
|
|
8,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
641,738 |
|
|
|
|
|
|
718,171 |
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
27,855 |
|
|
|
|
|
|
26,441 |
|
|
|
|
|
Shareholders' equity |
|
|
204,258 |
|
|
|
|
|
|
183,240 |
|
|
|
|
|
TOTAL |
|
$ |
1,909,125 |
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.71 |
% |
|
$ |
16,823 |
|
|
|
3.93 |
% |
|
$ |
18,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming
loans are included in average loan balances. No adjustment has been
made for these loans in the calculation of yields. Interest
income on loans includes amortization of net deferred loan costs of
$197,000 and $175,000, respectively. |
|
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.2 million and $15.4 million, respectively. |
|
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
|
(Dollars in
Thousands) |
|
|
|
|
|
Six months ended June 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,513,173 |
|
|
6.18 |
% |
|
$ |
46,536 |
|
$ |
1,579,917 |
|
5.86 |
% |
|
$ |
45,948 |
|
Federal funds sold |
|
|
182,279 |
|
|
5.38 |
% |
|
|
4,876 |
|
|
163,812 |
|
4.92 |
% |
|
|
3,998 |
|
Investment securities |
|
|
132,106 |
|
|
4.14 |
% |
|
|
2,718 |
|
|
153,719 |
|
3.63 |
% |
|
|
2,765 |
|
Total
interest earning assets |
|
|
1,827,558 |
|
|
5.96 |
% |
|
|
54,130 |
|
|
1,897,448 |
|
5.60 |
% |
|
|
52,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,192 |
|
|
|
|
|
|
|
18,656 |
|
|
|
|
|
All other assets (2) |
|
|
66,884 |
|
|
|
|
|
|
|
63,003 |
|
|
|
|
|
TOTAL |
|
$ |
1,912,634 |
|
|
|
|
|
|
$ |
1,979,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
24,236 |
|
|
0.21 |
% |
|
|
25 |
|
$ |
32,179 |
|
0.12 |
% |
|
|
19 |
|
Money market and savings |
|
|
636,499 |
|
|
3.18 |
% |
|
|
10,056 |
|
|
617,885 |
|
2.25 |
% |
|
|
6,897 |
|
Time |
|
|
315,891 |
|
|
5.34 |
% |
|
|
8,381 |
|
|
318,313 |
|
4.18 |
% |
|
|
6,599 |
|
Other |
|
|
54,734 |
|
|
4.15 |
% |
|
|
1,130 |
|
|
80,701 |
|
4.48 |
% |
|
|
1,793 |
|
Total
interest-bearing liabilities |
|
|
1,031,360 |
|
|
3.82 |
% |
|
|
19,592 |
|
|
1,049,078 |
|
2.94 |
% |
|
|
15,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
649,529 |
|
|
|
|
|
|
|
723,548 |
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
29,356 |
|
|
|
|
|
|
|
26,383 |
|
|
|
|
|
Shareholders' equity |
|
|
202,389 |
|
|
|
|
|
|
|
180,098 |
|
|
|
|
|
TOTAL |
|
$ |
1,912,634 |
|
|
|
|
|
|
$ |
1,979,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.80 |
% |
|
$ |
34,538 |
|
|
|
3.98 |
% |
|
$ |
37,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming
loans are included in average loan balances. No adjustment has been
made for these loans in the calculation of |
|
yields. Interest
income on loans includes amortization of net deferred loan costs of
$231,000 and $401,000, respectively. |
|
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $15.7 million and $16.2 million, respectively. |
|
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED NON GAAP DATA (UNAUDITED) |
|
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE: |
|
Three months ended |
|
Six months ended |
|
|
|
06/30/24 |
|
03/31/24 |
|
06/30/23 |
|
06/30/24 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
16,823 |
|
|
$ |
17,715 |
|
|
$ |
18,646 |
|
|
$ |
34,538 |
|
|
$ |
37,403 |
|
|
Non-interest
income |
|
|
1,518 |
|
|
|
1,705 |
|
|
|
1,135 |
|
|
|
3,223 |
|
|
|
2,242 |
|
|
Total
revenue |
|
$ |
18,341 |
|
|
$ |
19,420 |
|
|
$ |
19,781 |
|
|
$ |
37,761 |
|
|
$ |
39,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
ADJUSTED NON-INTEREST EXPENSE AND EFFICIENCY
RATIO: |
|
06/30/24 |
|
03/31/24 |
|
06/30/23 |
|
06/30/24 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
$ |
13,188 |
|
|
$ |
13,704 |
|
|
$ |
11,603 |
|
|
$ |
26,892 |
|
|
$ |
23,446 |
|
|
Less: Merger
related expenses |
|
|
(647 |
) |
|
|
(1,024 |
) |
|
|
- |
|
|
|
(1,671 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense, before merger related expenses |
|
$ |
12,541 |
|
|
$ |
12,680 |
|
|
$ |
11,603 |
|
|
$ |
25,221 |
|
|
$ |
23,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
$ |
18,341 |
|
|
$ |
19,420 |
|
|
$ |
19,781 |
|
|
$ |
37,761 |
|
|
$ |
39,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio |
|
|
68.38 |
% |
|
|
65.29 |
% |
|
|
58.66 |
% |
|
|
66.79 |
% |
|
|
59.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE TANGIBLE EQUITY / |
|
Three months ended |
|
Six months ended |
|
AVERAGE TANGIBLE ASSETS: |
|
06/30/24 |
|
03/31/24 |
|
06/30/23 |
|
06/30/24 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,909,125 |
|
|
$ |
1,916,142 |
|
|
$ |
1,983,877 |
|
|
$ |
1,912,634 |
|
|
$ |
1,979,107 |
|
|
Goodwill and
core deposit intangibles |
|
|
7,417 |
|
|
|
7,426 |
|
|
|
7,457 |
|
|
|
7,422 |
|
|
|
7,462 |
|
|
Tangible
assets |
|
$ |
1,901,708 |
|
|
$ |
1,908,716 |
|
|
$ |
1,976,420 |
|
|
$ |
1,905,212 |
|
|
$ |
1,971,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
204,258 |
|
|
$ |
200,520 |
|
|
$ |
183,240 |
|
|
$ |
202,389 |
|
|
$ |
180,098 |
|
|
Goodwill and
core deposit intangibles |
|
|
7,417 |
|
|
|
7,426 |
|
|
|
7,457 |
|
|
|
7,422 |
|
|
|
7,462 |
|
|
Tangible
equity |
|
$ |
196,841 |
|
|
$ |
193,094 |
|
|
$ |
175,783 |
|
|
$ |
194,967 |
|
|
$ |
172,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
|
10.35 |
% |
|
|
10.12 |
% |
|
|
8.89 |
% |
|
|
10.23 |
% |
|
|
8.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
|
INTERIM
CONSOLIDATED NON-GAAP DATA (UNAUDITED) |
|
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY / TANGIBLE ASSETS: |
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,917,389 |
|
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
Goodwill and
core deposit intangibles |
|
|
7,415 |
|
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
Tangible
assets |
|
$ |
1,909,974 |
|
|
$ |
1,915,119 |
|
|
$ |
1,978,473 |
|
|
$ |
1,976,475 |
|
|
$ |
1,998,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
195,457 |
|
|
$ |
200,685 |
|
|
$ |
196,461 |
|
|
$ |
190,115 |
|
|
$ |
184,235 |
|
|
Goodwill and
core deposit intangibles |
|
|
7,415 |
|
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
Tangible
equity |
|
$ |
188,042 |
|
|
$ |
193,263 |
|
|
$ |
189,029 |
|
|
$ |
182,673 |
|
|
$ |
176,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
|
9.85 |
% |
|
|
10.09 |
% |
|
|
9.55 |
% |
|
|
9.24 |
% |
|
|
8.85 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOOK
VALUE PER SHARE: |
|
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
195,457 |
|
|
$ |
200,685 |
|
|
$ |
196,461 |
|
|
$ |
190,115 |
|
|
$ |
184,235 |
|
|
Common
shares outstanding |
|
|
8,472,038 |
|
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity / common shares outstanding |
|
$ |
23.07 |
|
|
$ |
23.79 |
|
|
$ |
23.38 |
|
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER SHARE: |
06/30/24 |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity |
|
$ |
188,042 |
|
|
$ |
193,263 |
|
|
$ |
189,029 |
|
|
$ |
182,673 |
|
|
$ |
176,783 |
|
|
Common
shares outstanding |
|
|
8,472,038 |
|
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / common shares outstanding |
|
$ |
22.20 |
|
|
$ |
22.91 |
|
|
$ |
22.50 |
|
|
$ |
21.76 |
|
|
$ |
21.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
California BanCorp (NASDAQ:CALB)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024