Welcome to our dedicated page for California BanCorp news (Ticker: CALB), a resource for investors and traders seeking the latest updates and insights on California BanCorp stock.
California BanCorp Common Stock (Symbol: CALB) represents the equity stake in California BanCorp, the holding company for California Bank of Commerce. Based in Northern California and serving the San Francisco Bay Area, California BanCorp delivers a tailored banking experience for closely held businesses and professionals.
The company offers a wide spectrum of commercial banking services, including commercial checking, savings, and money market accounts, certificates of deposit, treasury and cash management services, and foreign exchange services. It is also involved in lending with products like commercial and industrial loans, asset-based loans, loans for dental and veterinary professionals, and commercial real estate loans. The bank's robust online and mobile banking services ensure clients can manage their accounts seamlessly.
California BanCorp's strategic focus is on partnerships and innovations that enhance their service offerings. Recent developments include a significant merger with Southern California Bancorp, which promises to expand their footprint, increase product offerings, and enhance shareholder value. This merger is set to be completed by the third quarter of 2024 and will create a franchise with extensive reach across California. This will provide more career opportunities for employees and a broader range of services for mid-market businesses.
The company's financial condition remains strong, supported by a solid deposit base and prudent risk management strategies. Leadership from executives like Steven Shelton, CEO, and Thomas Sa, President, CFO, and COO, underscores their commitment to growth and excellence.
For the latest news, regulatory filings, and financial details, investors are encouraged to visit the SEC's website or the 'Investor Relations' sections on the websites of California BanCorp and Southern California Bancorp.
Southern California Bancorp 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 will operate as California Bank of Commerce, N.A. Key points:
- Total assets of approximately $4.2 billion
- Expanded presence with 13 full-service branches in Southern California and 5 locations in the Bay Area
- Each share of California BanCorp stock converted to 1.59 shares of Southern California Bancorp stock
- 12-member Board of Directors equally represented by both companies
- Full integration expected by September 23, 2024
Customers will experience no immediate changes to their banking services.
California BanCorp (NASDAQ: CALB) reported a net loss of $5.9 million for Q2 2024, down from $3.8 million net income in Q1 2024 and $5.4 million in Q2 2023. The company's diluted EPS was $(0.68) for Q2 2024. The results were impacted by a $13.5 million provision for credit losses. Total assets decreased to $1.92 billion, with total gross loans down to $1.49 billion. Total deposits remained stable at $1.64 billion. The company's net interest margin was 3.71% for Q2 2024. Non-performing assets to total assets increased to 1.13%. The company maintains strong capital ratios, with a total risk-based capital ratio of 13.93%.
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 see California BanCorp merging into Southern California Bancorp. Shareholders also approved changing the company name to California BanCorp and amending bylaws to allow 7-13 board members. David Rainer, Chairman and CEO of Southern California Bancorp, and Steven Shelton, CEO of California BanCorp, expressed satisfaction with the overwhelming shareholder support. The merger has received all necessary regulatory approvals and is expected to close on July 31, 2024. Both executives believe this merger will create the premier commercial banking franchise in California, benefiting shareholders, clients, employees, and communities.
Southern California Bancorp and California BanCorp have received regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco for their merger of equals. The merger between the two bank holding companies is expected to close in the third quarter of 2024, pending shareholder approvals.
California BanCorp reported net income of $3.8 million for the first quarter of 2024, a 29% decrease from the previous quarter and a 30% decrease from the same quarter last year. Excluding merger related expenses, net income was $4.8 million. Diluted earnings per share were $0.45, down from $0.63 in the previous quarter. The Company's net interest income decreased by 5% to $17.7 million, and total revenue decreased by 2% to $19.4 million. Non-interest income increased by 27% to $1.7 million. Total assets decreased to $1.92 billion, total gross loans decreased to $1.52 billion, and total deposits increased to $1.64 billion. The Company's efficiency ratio was 70.57%. Capital ratios remain healthy with a tier I leverage ratio of 10.17%. Tangible book value per share increased by 2% to $22.91.
California BanCorp (NASDAQ: CALB) announced its financial results for Q1 2023, reporting net income of $5.5 million, a 29% decrease from Q4 2022 but a 48% increase year-over-year. Diluted EPS was $0.64, down from $0.91 in Q4 2022. Total revenue decreased 17% to $19.9 million, driven by declines in net interest income, down 14% to $18.8 million. Despite a 6% annualized growth in loans, deposits fell 4% to $1.72 billion. The company improved liquidity through short-term borrowings, which affected profitability but was viewed as prudent. The net interest margin was 4.02%, down from 4.32% in Q4 2022. Shareholders' equity rose to $178.6 million, maintaining robust capital ratios above regulatory standards.
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