California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024
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%.
California BanCorp (NASDAQ: CALB) ha riportato una perdita netta di 5,9 milioni di dollari per il secondo trimestre del 2024, rispetto a un utile netto di 3,8 milioni di dollari nel primo trimestre del 2024 e 5,4 milioni di dollari nel secondo trimestre del 2023. L'EPS diluito è stato di $(0,68) per il secondo trimestre del 2024. I risultati sono stati influenzati da una dotazione di 13,5 milioni di dollari per perdite su crediti. Gli attivi totali sono diminuiti a 1,92 miliardi di dollari, con i prestiti lordi totali ridotti a 1,49 miliardi di dollari. I depositi totali sono rimasti stabili a 1,64 miliardi di dollari. Il margine d'interesse netto della società era del 3,71% per il secondo trimestre del 2024. Gli attivi non performanti rispetto agli attivi totali sono aumentati a 1,13%. La società mantiene solidi rapporti patrimoniali, con un rapporto di capitale totale basato sul rischio di 13,93%.
California BanCorp (NASDAQ: CALB) reportó una pérdida neta de 5,9 millones de dólares para el segundo trimestre de 2024, en comparación con una ganancia neta de 3,8 millones de dólares en el primer trimestre de 2024 y 5,4 millones de dólares en el segundo trimestre de 2023. La EPS diluida fue de $(0,68) para el segundo trimestre de 2024. Los resultados se vieron afectados por una provisión de 13,5 millones de dólares para pérdidas crediticias. Los activos totales disminuyeron a 1,92 mil millones de dólares, con préstamos brutos totales bajando a 1,49 mil millones de dólares. Los depósitos totales se mantuvieron estables en 1,64 mil millones de dólares. El margen de interés neto de la compañía era del 3,71% para el segundo trimestre de 2024. Los activos no productivos en relación con los activos totales aumentaron a 1,13%. La compañía mantiene sólidos ratios de capital, con un ratio total de capital basado en riesgos de 13,93%.
캘리포니아 밴크orp (NASDAQ: CALB)는 2024년 2분기 당기순손실이 590만 달러라고 보고했습니다. 이는 2024년 1분기 380만 달러의 순이익 및 2023년 2분기 540만 달러에서 감소한 수치입니다. 2024년 2분기 희석 주당 순이익은 $(0.68)이었습니다. 결과는 1350만 달러의 신용 손실 대비 충당금에 의해 영향을 받았습니다. 총 자산은 19억 2000만 달러로 감소하였고, 총 대출은 14억 9000만 달러로 줄었습니다. 총 예금은 16억 4000만 달러로 안정세를 유지했습니다. 회사의 순이자 마진은 3.71%로 2024년 2분기에 기록되었습니다. 비수익자산 대비 총 자산 비율은 1.13%로 증가했습니다. 해당 회사는 13.93%의 위험 기반 자본 비율로 강력한 자본 비율을 유지하고 있습니다.
California BanCorp (NASDAQ: CALB) a annoncé une perte nette de 5,9 millions de dollars pour le deuxième trimestre de 2024, en baisse par rapport à un bénéfice net de 3,8 millions de dollars au premier trimestre de 2024 et de 5,4 millions de dollars au deuxième trimestre de 2023. Le BPA dilué était de $(0,68) pour le deuxième trimestre de 2024. Les résultats ont été affectés par une provision de 13,5 millions de dollars pour pertes de crédit. Les actifs totaux ont diminué à 1,92 milliard de dollars, avec des prêts bruts totaux tombant à 1,49 milliard de dollars. Les dépôts totaux sont restés stables à 1,64 milliard de dollars. La marge d'intérêt nette de l'entreprise était de 3,71% pour le deuxième trimestre de 2024. Le ratio des actifs non performants par rapport aux actifs totaux a augmenté à 1,13%. L'entreprise maintient des ratios de capital solides, avec un ratio de capital total fondé sur le risque de 13,93%.
California BanCorp (NASDAQ: CALB) meldete einen Nettoverlust von 5,9 Millionen Dollar für das 2. Quartal 2024, im Vergleich zu einem Nettogewinn von 3,8 Millionen Dollar im 1. Quartal 2024 und 5,4 Millionen Dollar im 2. Quartal 2023. Das verwässerte EPS betrug $(0,68) für das 2. Quartal 2024. Die Ergebnisse wurden durch eine Rückstellung von 13,5 Millionen Dollar für Kreditverluste beeinflusst. Die Gesam assets sanken auf 1,92 Milliarden Dollar, mit einem Rückgang der Gesamtforderungen auf 1,49 Milliarden Dollar. Die Gesamtguthaben blieben stabil bei 1,64 Milliarden Dollar. Der Nettozinsspanne der Gesellschaft betrug 3,71% im 2. Quartal 2024. Der Anteil der notleidenden Aktiva an den Gesam assets stieg auf 1,13%. Das Unternehmen weist starke Kapitalquoten auf, mit einer gesamten risikobasierten Kapitalquote von 13,93%.
- Maintained stable total deposits at $1.64 billion
- Strong capital ratios with total risk-based capital ratio of 13.93%
- Increase in noninterest-bearing deposits, representing 39% of total deposits
- Net loss of $5.9 million for Q2 2024, down from $3.8 million net income in Q1 2024
- Diluted EPS decreased to $(0.68) for Q2 2024 from $0.45 in Q1 2024
- $13.5 million provision for credit losses in Q2 2024
- Total gross loans decreased by $33.2 million to $1.49 billion
- Net interest margin declined to 3.71% from 3.89% in Q1 2024
- Non-performing assets to total assets increased to 1.13% from 0.08% in Q1 2024
Insights
California BanCorp's Q2 2024 results reveal significant challenges, with a notable shift from profitability to loss. The net loss of
Key financial metrics paint a concerning picture:
- Revenue decreased by
6% quarter-over-quarter to$18.3 million - Net interest income fell by
5% to$16.8 million - Diluted EPS plummeted to
$(0.68) from$0.45 in Q1 2024 - Efficiency ratio deteriorated to
71.90% from70.57% in Q1 2024
The bank's asset quality has notably worsened, with non-performing assets to total assets ratio jumping to
On a positive note, the bank maintains strong capital ratios, with a total risk-based capital ratio of
The impending merger with Southern California Bancorp, expected to close on July 31, 2024, could provide strategic benefits, but integration risks and potential further credit quality issues may pose challenges in the near term.
California BanCorp's Q2 2024 results highlight a concerning trend in the banking sector, particularly for regional banks. The significant provision for credit losses of
The bank's strategy of "de-risking" the balance sheet, while prudent, has led to a decline in total loans by
The shift in deposit composition is noteworthy. While total deposits remained stable quarter-over-quarter, the year-over-year decrease of
The increase in non-performing assets (NPAs) to
The upcoming merger with Southern California Bancorp presents both opportunities and challenges. While it may strengthen market position and potentially improve efficiency, the integration process could divert management attention from addressing credit quality issues and improving core operations.
In the current banking environment, characterized by high interest rates and economic uncertainty, California BanCorp's performance underscores the importance of robust risk management and the potential vulnerabilities of regional banks to rapid shifts in credit quality.
OAKLAND, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- 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
Diluted earnings per share of
"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
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 , or6% , 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 , or5% , 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 , or11% , 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 , or1% , 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 , or5% , 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 , or8% , 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 , or44% , 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 , or8% , 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 t o$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 of10.06% , and total risk-based capital ratio of13.93% . - Book value per share of
$23.07 decreased by$0.72 , or3% . - Tangible book value per share of
$22.20 decreased by$0.71 , or3% (See Interim Consolidated Non-GAAP Data).
Net Interest Income and Margin:
Net interest income for the quarter ended June 30, 2024 was
Net interest income for the six months ended June 30, 2024 was
The Company’s net interest margin for the second quarter of 2024 was
Non-Interest Income:
The Company’s non-interest income for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was
Net interest income and non-interest income comprised total revenue of
Non-Interest Expense:
The Company’s non-interest expense for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was
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
The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was
Balance Sheet:
Total assets were
Total gross loans decreased by
Total deposits of
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
Non-performing assets (“NPAs”) to total assets were
The allowance for credit losses on loans was
The allowance for credit losses on unfunded loan commitments was
Capital Adequacy:
At June 30, 2024, shareholders’ equity totaled
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) 457-3751
Chief Executive Officer
seshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775
President, Chief Financial Officer and Chief Operating Officer
tsa@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 | ||||||||||||||||||||||
| (2) Other noninterest-earning assets includes the allowance for credit losses of | ||||||||||||||||||||||
| (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 | |||||||||||||||||||
| (2) Other noninterest-earning assets includes the allowance for credit losses of | |||||||||||||||||||
| (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 | ||||||||||||||||||||
| (2) Other noninterest-earning assets includes the allowance for loan losses of | ||||||||||||||||||||
| (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 | |||||||||||
FAQ
What was California BanCorp's (CALB) net income for Q2 2024?
How did CALB's Q2 2024 earnings compare to the previous quarter?
What was the main factor affecting CALB's Q2 2024 results?
How did CALB's total deposits change in Q2 2024?
What was CALB's net interest margin for Q2 2024?
