Welcome to our dedicated page for California Bancorp news (Ticker: BCAL), a resource for investors and traders seeking the latest updates and insights on California Bancorp stock.
California Bancorp (BCAL) delivers relationship-focused banking services to individuals and businesses across California. This news hub provides investors and stakeholders with essential updates on the company's financial performance, strategic initiatives, and market developments.
Access authoritative information including quarterly earnings reports, merger announcements, leadership changes, and regulatory filings. Our curated collection ensures you stay informed about BCAL's commercial lending activities, asset management strategies, and community banking partnerships.
Key updates cover credit risk management practices, branch network expansions, and innovations in customer banking solutions. Bookmark this page for direct access to verified press releases and financial disclosures, carefully organized to support informed decision-making.
California BanCorp (NASDAQ: BCAL) reported strong Q1 2025 financial results with net income of $16.9 million, or $0.52 per diluted share, compared to $16.8 million in Q4 2024 and $4.9 million in Q1 2024.
Key highlights include:
- Net interest margin of 4.65%
- Return on average assets of 1.71%
- Efficiency ratio of 55.6%
- Total assets of $3.98 billion
- Total loans of $3.07 billion
- Total deposits of $3.34 billion
The bank continued its strategy of derisking the balance sheet by reducing Sponsor Finance portfolio exposure and decreasing reliance on brokered deposits, which declined by $107.4 million. Tangible book value increased to $12.29 per common share, up $0.58 from the previous quarter.
California BanCorp (NASDAQ: BCAL) reported Q4 2024 net income of $16.8 million ($0.51 per diluted share), compared to a Q3 2024 net loss of $16.5 million. Full-year 2024 net income was $5.4 million ($0.22 per diluted share), down from $25.9 million in 2023.
Key Q4 2024 metrics include: net interest margin of 4.61%, total assets of $4.03 billion, total loans of $3.16 billion, and total deposits of $3.40 billion. The company recorded a reversal of provision for credit losses of $3.8 million in Q4, compared to a provision of $23.0 million in Q3.
The company's merger with California BanCorp, completed on July 31, 2024, created a bank holding company with approximately $4.25 billion in assets and 14 branches across California. The total merger consideration was approximately $216.6 million, resulting in preliminary goodwill of $74.7 million.
California Bank of Commerce, subsidiary of California BanCorp (Nasdaq: BCAL), has appointed Jerry Legg as Senior Vice President, Director of Public Sector Banking, effective November 12, 2024. Legg brings over 30 years of experience in public sector banking and will operate from the Bank's Sacramento office, reporting to EVP Chris Barr. His extensive background includes senior positions at Public Trust Advisors, Five Star Bank, River City Bank, Rabobank, and the California State Treasurer's Office.
California BanCorp reported a net loss of $16.5 million ($0.59 loss per share) for Q3 2024, compared to net income of $190,000 in Q2 2024. The loss primarily reflects the merger with Southern California Bancorp, which closed on July 31, 2024. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California. Key metrics include:
- Net interest margin: 4.43%
- Total assets: $4.36 billion
- Total loans: $3.23 billion
- Total deposits: $3.74 billion
- Noninterest-bearing deposits: $1.37 billion (36.6% of total deposits)
California Bank of Commerce, N.A., a subsidiary of California BanCorp (Nasdaq: BCAL), has announced the promotion of Michele Wirfel to Executive Vice President and Chief Operating Officer, effective September 20, 2024. Wirfel succeeds Thomas Sa, who has left to pursue other opportunities. With over 30 years of banking experience, Wirfel previously served as Chief Banking Officer at California Bank of Commerce for six years prior to its recent merger with Bank of Southern California on July 31, 2024.
CEO Steven Shelton expressed confidence in Wirfel's appointment, citing her dedication, hard work, and leadership ability. Wirfel's extensive experience includes various management positions at California Bank of Commerce since its inception in 2007, as well as roles at Scott Valley Bank and Civicbank of Commerce. She holds a Bachelor of Science in Business Administration and Finance from California State University, Chico.
Southern California Bancorp (NASDAQ: BCAL) and California BanCorp have successfully completed their merger of equals on July 31, 2024. The combined holding company, now named California BanCorp, will trade on Nasdaq under the symbol BCAL. The merged bank, California Bank of Commerce, N.A., has total assets of approximately $4.2 billion and combines 13 full-service branches in Southern California with one full-service branch and four loan production offices in the Bay Area.
Each share of California BanCorp common stock was converted into 1.59 shares of Southern California Bancorp common stock. The new Board of Directors consists of 12 members, equally split between the two original companies. Full integration is expected by September 23, 2024, with no immediate changes for customers' banking services.
Southern California Bancorp (NASDAQ: BCAL) reported net income of $190,000 ($0.01 per diluted share) for Q2 2024, down from $4.9 million ($0.26 per diluted share) in Q1 2024. The decrease was primarily due to a $4.8 million charge from the sale of other real estate owned properties. Key highlights include:
- Net interest margin increased to 3.94% from 3.80% in Q1
- Average loan yield rose to 6.21% from 6.02% in Q1
- Cost of funds increased modestly by 4 basis points to 2.21%
- Total deposits grew 0.3% to $1.94 billion
- Nonperforming assets ratio improved to 0.20% from 0.84% in Q1
The company expects to close its merger with California BanCorp on July 31, 2024, following shareholder approval.
Southern California Bancorp (Nasdaq: BCAL) and California BanCorp (Nasdaq: CALB) have received shareholder approvals for their merger of equals. The merger, announced on January 30, 2024, will result in California BanCorp merging into Southern California Bancorp. Shareholders also approved changing the company's name to California BanCorp and amending bylaws to allow for 7-13 board members. The merger has received all regulatory approvals and is expected to close on July 31, 2024. Both companies' CEOs expressed satisfaction with the overwhelming shareholder support, viewing the merger as a step towards creating the premier commercial banking franchise in California.
The Bank of Southern California, a subsidiary of Southern California Bancorp (Nasdaq: BCAL), has announced the hiring of three seasoned commercial lenders: Ayub Kathrada, Dayana McAlister, and Ayaz Dadabhoy. Kathrada has been appointed as Executive Vice President, Regional Manager; McAlister as Senior Vice President, Relationship Manager Team Lead; and Dadabhoy as First Vice President, Portfolio Manager. The team, with over 65 years of combined experience, will operate out of the Cerritos office, serving the greater Los Angeles region. Their arrival is expected to bolster the bank's relationship-based banking services, targeting middle-market businesses. The hiring aims to leverage their proven track record in growing banking relationships and revenues.
Southern California Bancorp and California BanCorp have received regulatory approval for their merger of equals, expected to close in the third quarter of 2024. The merger between the two bank holding companies will create a premier statewide commercial banking franchise in California.
