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 (formerly NASDAQ: CALB) was the parent company of California Bank of Commerce, a commercial bank serving closely held businesses and professionals in Northern California. This news page aggregates historical press releases and market updates related to California BanCorp and its subsidiary, including earnings announcements, strategic developments, and corporate actions.
Company news has included detailed quarterly and annual financial results, highlighting trends in net income, net interest income, non-interest income, efficiency ratios, loan and deposit balances, and capital levels. Management commentary in these releases has discussed conservative underwriting, balance sheet management, asset quality, and the composition of noninterest-bearing commercial deposits.
A major focus of more recent news has been the all-stock merger of equals between Southern California Bancorp and California BanCorp. Announcements on January 30, 2024, May 13, 2024, July 18, 2024, and July 31, 2024 describe the execution of the definitive merger agreement, receipt of regulatory and shareholder approvals, and the closing of the transaction. These items explain how California BanCorp merged with and into Southern California Bancorp, how their banking subsidiaries combined, and how the combined holding company now trades on Nasdaq under the symbol BCAL.
Investors and researchers can use this news archive to review how California BanCorp communicated its financial performance, risk management, and strategic direction over time, as well as to understand the background and terms of its merger of equals and the transition from the CALB ticker to BCAL.
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.
California BanCorp (Nasdaq: CALB) announced the appointment of Theodore A. Wilm to its Board of Directors on March 21, 2023. Wilm brings 38 years of experience from PricewaterhouseCoopers, specializing in audit management and strategic growth within financial services. His background includes advising on enterprise risk management, information technology, and structural reorganizations. Chairman Stephen Cortese expressed confidence that Wilm’s expertise will significantly benefit the bank, particularly in financial oversight and risk management. This leadership change aims to enhance the company’s strategic positioning in commercial banking services across Northern California.
California BanCorp (NASDAQ: CALB) announced strong financial results for Q4 2022, with net income reaching $7.7 million, a 39% increase from Q3 2022 and a 141% rise year-over-year. Annual net income also grew 58% to $21.1 million. Diluted EPS for Q4 was $0.91, compared to $0.66 in Q3 2022 and $0.38 in Q4 2021. The company reported a revenue increase of 20% in Q4, totaling $23.8 million. Total deposits rose by $82.7 million, with non-interest-bearing deposits representing 45% of the total. Despite an economic slowdown, CALB maintains a strong profitability trajectory and a solid balance sheet, positioning itself for future growth.
California Bank of Commerce has launched a new division, CBC Specialty Banking, to enhance its lending capabilities across various commercial markets. This division introduces a comprehensive asset-based lending platform, offering tailored credit solutions ranging from $2 million to $30 million. Led by industry veterans including Larry LaCroix, the division aims to strengthen relationships with private equity firms and expand its reach nationwide. Notable hires include Ari Kramer and Derek Rosenstrauch, enhancing expertise in sponsor finance and asset-based lending.
California BanCorp (NASDAQ: CALB) reported robust financial results for Q3 2022, with net income reaching $5.5 million, up 30% from Q2 and 72% year-over-year. Diluted earnings per share (EPS) rose to $0.66, compared to $0.51 in Q2 2022 and $0.39 in Q3 2021. Total revenue for the quarter was $19.8 million, reflecting a 13% increase from Q2. Loan growth was strong, with a 23% annualized increase, while net interest margin expanded by 29 basis points. Despite a positive outlook, the company is preparing for a potential economic slowdown.
California BanCorp (NASDAQ: CALB) reported a net income of $4.2 million for Q2 2022, up 16% from Q1 2022 and 2% from Q2 2021. Diluted EPS rose to $0.51, a 15% increase from Q1 and 2% year-over-year. Total revenue for the quarter was $17.6 million, a 3% increase from Q1 and 20% from the previous year. Loan growth reached 38% annualized, excluding PPP loans, bolstered by strong demand. However, total deposits decreased by 3% to $1.55 billion. The company maintains strong asset quality with nonperforming assets at just 0.03%.
California BanCorp (Nasdaq: CALB) appointed Thomas A. Sa as President, effective immediately. Sa retains his roles as CFO and COO. This change reflects the company's growth and aims to enhance management structure. CEO Steven E. Shelton highlighted Sa's significant contributions and the need for leadership focused on new business development and diversification. Sa expressed pride in the bank's achievements and commitment to executing the strategic plan. Additionally, the company acknowledges risks from economic conditions and the ongoing impact of the COVID-19 pandemic on operations.
California BanCorp (NASDAQ: CALB) reported a net income of $3.7 million, a 15% increase from Q4 2021 and a 31% rise from Q1 2021. Diluted earnings per share were $0.44, up from $0.38 sequentially. Revenues reached $17.1 million, a 14% increase quarter-over-quarter, driven by a 155% rise in non-interest income due to solar loan sales. The loan portfolio grew by 2% to $1.40 billion, despite total assets decreasing by 8% to $1.86 billion. Asset quality remains stable with NPAs at 0.03%.
California BanCorp (CALB) reported a net income of $3.2 million for Q4 2021, marking a 78% increase from Q4 2020. For the year, net income reached $13.4 million, up 211% year-over-year. Diluted EPS stood at $0.38 for Q4 and $1.61 for the year, reflecting strong performance despite a 2% decrease in total assets to $2.02 billion. Loan growth was a highlight, with a 33% annualized increase in new loans. The company anticipates continued growth in 2022, supported by healthy markets and increasing loan demand.
California BanCorp (NASDAQ: CALB) reported its financial results for Q3 2021, with a net income of $3.2 million, down 23% from Q2 2021, but up 550% from Q3 2020. Diluted EPS was $0.39, compared to $0.50 in Q2 2021. For the nine months ending September 30, 2021, net income reached $10.2 million, up 305% year-over-year. Total assets rose to $2.05 billion, and total deposits increased by $62.3 million, or 4%. The bank completed a $35 million subordinated debt offering to support growth, while net interest margin decreased to 2.87% due to excess liquidity.
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