California BanCorp (NASDAQ: CALB) (the “Company”), whose subsidiary
is California Bank of Commerce, announced today its financial
results for the first quarter ended March 31, 2024.
The Company reported net income of $3.8 million
for the first quarter of 2024, representing a decrease of $1.5
million, or 29%, compared to $5.3 million for the fourth quarter of
2023 and a decrease of $1.6 million, or 30%, compared to $5.4
million in the first quarter of 2023. Excluding the impact of
merger related expenses pertaining to the pending transaction with
Southern California Bancorp, the Company’s net income for the first
quarter of 2024 was $4.8 million (See Interim Consolidated Non-GAAP
Data).
Diluted earnings per share were $0.45 for the
first quarter of 2024, compared to $0.63 for the fourth quarter of
2023 and $0.64 for the first quarter of 2023. Excluding
the impact of merger related expenses, the Company’s diluted
earnings per share were $0.57 for the first quarter of 2024 (See
Interim Consolidated Non-GAAP Data).
“We delivered another quarter of strong
financial performance while maintaining our conservative approach
to new loan production and prudent balance sheet management, which
resulted in our adjusted return on average assets remaining above
1% when our merger-related expenses are excluded,” said Steven
Shelton, Chief Executive Officer of California BanCorp. “We saw
positive trends in many key areas including good stability in our
net interest margin, disciplined expense management excluding the
merger-related expense we recorded in the quarter, and improvement
in our asset quality as a result of successfully resolving problem
loans with minimal loss incurred. We had a small decline in the
size of our balance sheet in the first quarter, as our conservative
approach to new loan production resulted in new loan originations
being below the level of payoffs we had in the quarter, while we
also saw the usual seasonal outflows of demand deposits that occur
in the first quarter. These outflows were partially offset by our
continued success in adding new commercial relationships that bring
noninterest-bearing deposits to the bank.
“We are making good progress on the integration
planning for our merger with Southern California Bancorp, which we
continue to expect to close during the third quarter of 2024. Prior
to the closing, our focus will remain on preparing for a smooth
integration so that we can quickly realize all of the synergies
projected from our combination, evaluating opportunities to
optimize our balance sheet ahead of the merger, and continuing to
add attractive commercial relationships that further strengthen our
deposit base. As we progress with our integration planning and
evaluate the strong market position we will have following the
merger, we continue to believe that the combined company will have
good opportunities to steadily grow our client roster, increase our
market share, generate profitable growth, and consistently enhance
the value of our franchise in the years ahead,” said Mr.
Shelton.
Financial Highlights:
Profitability - three months ended March 31,
2024 compared to December 31, 2023
- Excluding the impact of merger
related expenses, net income of $4.8 million and $0.57 per diluted
share, compared to $5.3 million and $0.63 per share, respectively
(See Interim Consolidated Non-GAAP Data).
- Revenue of $19.4 million decreased
$500,000, or 2%, from $19.9 million for the fourth quarter of
2023.
- Net interest income of $17.7
million decreased $859,000, or 5%, compared to $18.6 million for
the fourth quarter of 2023.
- Provision for credit losses of
$126,000 decreased $55,000, or 30%, from $181,000 for the fourth
quarter of 2023.
- Non-interest income of $1.7 million
increased $366,000, or 27%, compared to $1.3 million for the fourth
quarter of 2023.
- Non-interest expense, excluding
capitalized loan origination costs and merger related expenses, of
$13.1 million increased $52,000, or less than 1%, compared to $13.0
million for the fourth quarter of 2023 (See Interim Consolidated
Non-GAAP Data).
Financial Position – March 31, 2024 compared to
December 31, 2023
- Total assets decreased by $63.4
million to $1.92 billion; average total assets decreased by $68.2
million to $1.92 billion.
- Total gross loans decreased by
$38.6 million to $1.52 billion; average total gross loans decreased
by $53.3 million to $1.52 billion.
- Total deposits increased by $14.3
million to $1.64 billion; average total deposits decreased by $71.0
million to $1.63 billion.
- The Company had no other borrowings
at March 31, 2024 compared to $75.0 million at December 31,
2023.
- Capital ratios remain healthy with
a tier I leverage ratio of 10.17%, tier I capital ratio of 10.15%,
and total risk-based capital ratio of 13.93%.
- Book value per share of $23.79
increased by $0.41, or 2%.
- Tangible book value per share of
$22.91 increased by $0.41, or 2% (See Interim Consolidated Non-GAAP
Data).
Net Interest Income and
Margin:
Net interest income for the quarter ended March
31, 2024 was $17.7 million, representing a decrease of $859,000, or
5%, from $18.6 million for the three months ended December 31,
2023, and a decrease of $1.0 million, or 6%, from $18.7 million for
the quarter ended March 31, 2023. The decrease in net interest
income compared to the fourth quarter of 2023 was primarily
attributable to 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. Compared to the first quarter of
2023, the decrease in net interest income resulted from a less
favorable mix of earning assets and an increase in the cost of
deposits, which negatively impacted net interest margin.
The Company’s net interest margin for the first
quarter of 2024 was 3.89%, compared to 3.88% for the fourth quarter
of 2023 and 4.02% for the same period in 2023.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended March 31, 2024, December 31, 2023, and March 31,
2023 was $1.7 million, $1.3 million, and $1.1 million,
respectively. The increase in non-interest income from the fourth
quarter of 2023 and the same period in the prior year was primarily
due to an increase in service charges and loan related fees.
Net interest income and non-interest income
comprised total revenue of $19.4 million, $19.9 million, and $19.9
million for the quarters ended March 31, 2024, December 31, 2023,
and March 31, 2023, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended March 31, 2024, December 31, 2023, and March 31,
2023 was $13.7 million, $12.2 million, and $11.8 million,
respectively. The increase in non-interest expense from the prior
periods was primarily due to the recognition of merger related
expenses, combined with a decrease in capitalized loan origination
costs. Additionally, compared to the same period in the prior year,
the Company incurred increases in salaries and benefits as well as
premises and equipment. Excluding capitalized loan
origination costs and the impact of merger related expenses,
non-interest expense for the first quarter of 2024, the fourth
quarter of 2023 and the first quarter of 2023 was $13.1 million,
$13.0 million, and $12.5 million, respectively (See Interim
Consolidated Non-GAAP Data).
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 70.57%, 61.36%, and 59.62%
for the quarters ended March 31, 2024, December 31, 2023, and March
31, 2023, respectively. Excluding the impact of merger related
expenses, the Company’s efficiency ratio was 65.29% for the first
quarter of 2024 (See Interim Consolidated Non-GAAP Data).
Balance Sheet:
Total assets of $1.92 billion as of March 31,
2024 represented a decrease of $63.4 million compared to $1.99
billion at December 31, 2023, and a decrease of $128.2 million
compared to total assets of $2.05 billion at March 31, 2023. The
decrease in total assets from the prior periods was primarily due
to conservative new loan production, combined with decreased
liquidity related to a reduction in other
borrowings.
Total gross loans decreased by $38.6 million, or
2%, to $1.52 billion at March 31, 2024, from $1.56 billion at
December 31, 2023 and decreased $96.4 million, or 6%, from $1.62
billion at March 31, 2023. During the first quarter of 2024,
commercial loans decreased by $16.2 million, or 3%, real estate
related loans decreased by $23.5 million, or 3%, and other loans
increased $1.1 million, or 2%. Compared to the same
period in the prior year, commercial, real estate other, real
estate construction and land, and other loans decreased by $46.1
million, or 7%, $19.3 million, or 2%, $28.0 million, or 44%, and
$3.0 million, or 7%, respectively.
Total deposits increased by $14.3 million, or
1%, to $1.64 billion at March 31, 2024 from $1.63 billion at
December 31, 2023, and decreased by $78.1 million, or 5%, from
$1.72 billion at March 31, 2023. The increase in total deposits
during the first quarter of 2024 was primarily due to an increase
in money market and savings accounts of $25.2 million, or 4%, and
an increase in time deposits of $17.7 million, or 6%, partially
offset by a decrease in demand deposits of $28.6 million, or 4%.
The decrease in demand deposits was primarily due to the seasonal
outflow of deposits that occurs at the beginning of the year for
many of our business clients. Compared to the same
period last year, the decrease in total deposits was primarily
concentrated in noninterest-bearing demand deposits, partially
offset by an increase in money market and savings
accounts. Noninterest-bearing deposits, primarily
commercial business operating accounts, represented 38.6% of total
deposits at March 31, 2024, compared to 40.4% at December 31, 2023
and 43.1% at March 31, 2023.
Excluding junior subordinated debt securities,
the Company had no outstanding borrowings at March 31, 2024,
compared to outstanding borrowings of $75.0 million at December 31,
2023 and March 31, 2023.
Asset Quality:
The provision for credit losses on loans was
$301,000 for the first quarter of 2024, compared
to $87,000 for the fourth quarter of 2023 and $464,000
for the first quarter of 2023. The Company had net loan charge-offs
of $348,000, or 0.02% of gross loans, during the first quarter of
2024, net loan recoveries of $20,000, or 0.00 % of gross loans
during the fourth quarter of 2023 and net loan charge-offs of
$247,000, or 0.02% of gross loans, during the first quarter of
2023.
Non-performing assets (“NPAs”) to total assets
were 0.08% at March 31, 2024, compared to 0.19% at December 31,
2023 and 0.01% at March 31, 2023, with non-performing loans of $1.5
million, $3.8 million and $222,000, respectively, on those
dates.
The allowance for credit losses on loans was
$16.0 million, or 1.05% of total loans, at March 31, 2024, compared
to $16.0 million, or 1.03% of total loans, at December 31, 2023 and
$15.4 million, or 0.95% of total loans, at March 31, 2023.
The allowance for credit losses on unfunded loan
commitments was $2.0 million, or 0.32% of total unfunded loan
commitments, at March 31, 2024, compared to $2.2 million, or 0.32%
of total unfunded loan commitments, at December 31, 2023 and $1.7
million, or 0.29% of total unfunded loan commitments, at March 31,
2023.
Capital Adequacy:
At March 31, 2024, shareholders’ equity totaled
$200.7 million, compared to $196.5 million at December 31, 2023 and
$178.6 million one year ago. Additionally, at March 31, 2024, the
Company’s total risk-based capital ratio, tier one capital ratio,
and leverage ratio were 13.93%, 10.15%, and 10.17%, respectively;
all of which were above the regulatory standards of 10.00%, 8.00%,
and 5.00%, respectively, for “well-capitalized” institutions.
“In the past year we achieved 11.9% growth in
tangible book value as we accreted capital and strengthened
liquidity in response to a very challenging environment for the
industry. Our prudent balance sheet management resulted
in increases in all of our capital ratios during the first quarter,
while we used our strong liquidity to pay off all of our FHLB
borrowings early in the quarter,” said Thomas A. Sa, President,
Chief Financial Officer and Chief Operating Officer of California
BanCorp.
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) 457-3775President, 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: Adjusted Net Income;
Adjusted Earnings Per Share; Total Revenue; Adjusted non-interest
expense; Adjusted Return on Average Assets; Adjusted Return on
Average Equity; Adjusted Return on Average Tangible Equity;
Adjusted Efficiency Ratio; Tangible Equity to Tangible Assets
Ratio; Quarterly 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 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”). Additional information will be set forth in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024,
which we expect to file with the SEC during the second quarter of
2024, and readers of this release are urged to review the
additional information that will be contained in that report.
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: |
|
Q1 2024 |
|
Q4 2023 |
|
$ |
|
% |
|
|
Q1 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
27,382 |
|
|
$ |
28,405 |
|
|
$ |
(1,023 |
) |
|
-4 |
% |
|
|
$ |
25,539 |
|
|
$ |
1,843 |
|
|
7 |
% |
Interest
expense |
|
|
9,667 |
|
|
|
9,831 |
|
|
|
(164 |
) |
|
-2 |
% |
|
|
|
6,782 |
|
|
|
2,885 |
|
|
43 |
% |
Net interest income |
|
|
17,715 |
|
|
|
18,574 |
|
|
|
(859 |
) |
|
-5 |
% |
|
|
|
18,757 |
|
|
|
(1,042 |
) |
|
-6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
|
126 |
|
|
|
181 |
|
|
|
(55 |
) |
|
-30 |
% |
|
|
|
358 |
|
|
|
(232 |
) |
|
-65 |
% |
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for credit
losses |
|
|
17,589 |
|
|
|
18,393 |
|
|
|
(804 |
) |
|
-4 |
% |
|
|
|
18,399 |
|
|
|
(810 |
) |
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,705 |
|
|
|
1,339 |
|
|
|
366 |
|
|
27 |
% |
|
|
|
1,107 |
|
|
|
598 |
|
|
54 |
% |
Non-interest
expense (1) |
|
|
13,704 |
|
|
|
12,218 |
|
|
|
1,486 |
|
|
12 |
% |
|
|
|
11,843 |
|
|
|
1,861 |
|
|
16 |
% |
Income before income taxes |
|
|
5,590 |
|
|
|
7,514 |
|
|
|
(1,924 |
) |
|
-26 |
% |
|
|
|
7,663 |
|
|
|
(2,073 |
) |
|
-27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
1,773 |
|
|
|
2,173 |
|
|
|
(400 |
) |
|
-18 |
% |
|
|
|
2,212 |
|
|
|
(439 |
) |
|
-20 |
% |
Net income
(1) |
|
$ |
3,817 |
|
|
$ |
5,341 |
|
|
$ |
(1,524 |
) |
|
-29 |
% |
|
|
$ |
5,451 |
|
|
$ |
(1,634 |
) |
|
-30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share (1) |
|
$ |
0.45 |
|
|
$ |
0.63 |
|
|
$ |
(0.18 |
) |
|
-29 |
% |
|
|
$ |
0.64 |
|
|
$ |
(0.19 |
) |
|
-30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.89 |
% |
|
|
3.88 |
% |
|
+1 Basis Points |
|
|
|
4.02 |
% |
|
-13 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio (1) |
|
|
70.57 |
% |
|
|
61.36 |
% |
|
+921 Basis
Points |
|
|
|
59.62 |
% |
|
+1095 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: |
|
Q1 2024 |
|
Q4 2023 |
|
$ |
|
% |
|
|
Q1 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
(63,364 |
) |
|
-3 |
% |
|
|
$ |
2,050,774 |
|
|
$ |
(128,233 |
) |
|
-6 |
% |
Gross
loans |
|
|
1,520,891 |
|
|
|
1,559,533 |
|
|
|
(38,642 |
) |
|
-2 |
% |
|
|
|
1,617,263 |
|
|
|
(96,372 |
) |
|
-6 |
% |
Deposits |
|
|
1,639,516 |
|
|
|
1,625,244 |
|
|
|
14,272 |
|
|
1 |
% |
|
|
|
1,717,610 |
|
|
|
(78,094 |
) |
|
-5 |
% |
Tangible
equity (1) |
|
|
193,263 |
|
|
|
189,029 |
|
|
|
4,234 |
|
|
2 |
% |
|
|
|
171,099 |
|
|
|
22,164 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share (1) |
|
$ |
22.91 |
|
|
$ |
22.50 |
|
|
$ |
0.41 |
|
|
2 |
% |
|
|
$ |
20.48 |
|
|
$ |
2.43 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets (1) |
|
|
10.09 |
% |
|
|
9.55 |
% |
|
+54 Basis
Points |
|
|
|
8.37 |
% |
|
+172 Basis
Points |
Gross loans
/ total deposits |
|
|
92.76 |
% |
|
|
95.96 |
% |
|
-320 Basis
Points |
|
|
|
94.16 |
% |
|
-140 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
38.64 |
% |
|
|
40.44 |
% |
|
-180 Basis
Points |
|
|
|
43.12 |
% |
|
-448 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q1 2024 |
|
Q4 2023 |
|
$ |
|
% |
|
|
Q1 2023 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,916,142 |
|
|
$ |
1,984,337 |
|
|
$ |
(68,195 |
) |
|
-3 |
% |
|
|
$ |
1,974,285 |
|
|
$ |
(58,143 |
) |
|
-3 |
% |
Total
earning assets |
|
|
1,831,333 |
|
|
|
1,896,954 |
|
|
|
(65,621 |
) |
|
-3 |
% |
|
|
|
1,893,940 |
|
|
|
(62,607 |
) |
|
-3 |
% |
Gross
loans |
|
|
1,518,722 |
|
|
|
1,571,994 |
|
|
|
(53,272 |
) |
|
-3 |
% |
|
|
|
1,582,332 |
|
|
|
(63,610 |
) |
|
-4 |
% |
Deposits |
|
|
1,629,636 |
|
|
|
1,700,625 |
|
|
|
(70,989 |
) |
|
-4 |
% |
|
|
|
1,699,930 |
|
|
|
(70,294 |
) |
|
-4 |
% |
Tangible
equity (1) |
|
|
193,094 |
|
|
|
187,399 |
|
|
|
5,695 |
|
|
3 |
% |
|
|
|
169,454 |
|
|
|
23,640 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets (1) |
|
|
10.12 |
% |
|
|
9.48 |
% |
|
+64 Basis
Points |
|
|
|
8.62 |
% |
|
+150 Basis
Points |
Gross loans
/ total deposits |
|
|
93.19 |
% |
|
|
92.44 |
% |
|
+75 Basis
Points |
|
|
|
93.08 |
% |
|
+11 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
40.34 |
% |
|
|
41.46 |
% |
|
-112 Basis
Points |
|
|
|
42.88 |
% |
|
-254 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): |
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
16,028 |
|
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
CECL
adjustment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,840 |
) |
Provision
for credit losses, quarterly |
|
|
301 |
|
|
|
87 |
|
|
|
121 |
|
|
|
340 |
|
|
|
464 |
|
Charge-offs,
quarterly |
|
|
(439 |
) |
|
|
- |
|
|
|
(156 |
) |
|
|
- |
|
|
|
(247 |
) |
Recoveries,
quarterly |
|
|
91 |
|
|
|
20 |
|
|
|
234 |
|
|
|
- |
|
|
|
- |
|
Balance, end
of period |
|
$ |
15,981 |
|
|
$ |
16,028 |
|
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
1,212 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
Loans with
principal or interest contractually |
|
|
|
|
|
|
|
|
|
|
past due 90 days or more and still accruing |
|
|
|
|
|
|
|
|
|
|
interest |
|
|
240 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,159 |
|
|
$ |
3,728 |
|
|
$ |
1,183 |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Real estate construction and
land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
53 |
|
|
|
53 |
|
|
|
53 |
|
|
|
181 |
|
|
|
222 |
|
Other |
|
|
240 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
1,452 |
|
|
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (loans) / gross loans |
|
|
1.05 |
% |
|
|
1.03 |
% |
|
|
1.01 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
Allowance
for credit losses (loans) / nonperforming loans |
|
|
1100.62 |
% |
|
|
423.91 |
% |
|
|
1288.11 |
% |
|
|
8686.19 |
% |
|
|
6928.83 |
% |
Nonperforming assets / total assets |
|
|
0.08 |
% |
|
|
0.19 |
% |
|
|
0.06 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Nonperforming loans / gross loans |
|
|
0.10 |
% |
|
|
0.24 |
% |
|
|
0.08 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
Net
quarterly charge-offs / gross loans |
|
|
0.02 |
% |
|
|
-0.00 |
% |
|
|
-0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
03/31/24 |
|
12/31/23 |
|
03/31/23 |
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Loans |
$ |
23,574 |
|
|
$ |
24,523 |
|
|
$ |
22,472 |
|
Federal
funds sold |
|
2,334 |
|
|
|
2,386 |
|
|
|
1,760 |
|
Investment
securities |
|
1,474 |
|
|
|
1,496 |
|
|
|
1,307 |
|
Total interest income |
|
27,382 |
|
|
|
28,405 |
|
|
|
25,539 |
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
|
9,096 |
|
|
|
9,234 |
|
|
|
6,022 |
|
Other |
|
571 |
|
|
|
597 |
|
|
|
760 |
|
Total interest expense |
|
9,667 |
|
|
|
9,831 |
|
|
|
6,782 |
|
|
|
|
|
|
|
Net interest
income |
|
17,715 |
|
|
|
18,574 |
|
|
|
18,757 |
|
Provision
for credit losses |
|
126 |
|
|
|
181 |
|
|
|
358 |
|
Net interest
income after provision |
|
|
|
|
|
for credit losses |
|
17,589 |
|
|
|
18,393 |
|
|
|
18,399 |
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
Service
charges and other fees |
|
1,379 |
|
|
|
1,055 |
|
|
|
863 |
|
Other
non-interest income |
|
326 |
|
|
|
284 |
|
|
|
244 |
|
Total non-interest income |
|
1,705 |
|
|
|
1,339 |
|
|
|
1,107 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE (1) |
|
|
|
|
|
Salaries and
benefits |
|
8,852 |
|
|
|
8,449 |
|
|
|
7,876 |
|
Premises and
equipment |
|
1,452 |
|
|
|
1,554 |
|
|
|
1,180 |
|
Merger
related expenses |
|
1,024 |
|
|
|
- |
|
|
|
- |
|
Other |
|
2,376 |
|
|
|
2,215 |
|
|
|
2,787 |
|
Total non-interest expense |
|
13,704 |
|
|
|
12,218 |
|
|
|
11,843 |
|
|
|
|
|
|
|
Income
before income taxes |
|
5,590 |
|
|
|
7,514 |
|
|
|
7,663 |
|
Income
taxes |
|
1,773 |
|
|
|
2,173 |
|
|
|
2,212 |
|
|
|
|
|
|
|
NET
INCOME (1) |
$ |
3,817 |
|
|
$ |
5,341 |
|
|
$ |
5,451 |
|
|
|
|
|
|
|
EARNINGS PER SHARE (1) |
|
|
|
|
|
Basic
earnings per share |
$ |
0.45 |
|
|
$ |
0.64 |
|
|
$ |
0.65 |
|
Diluted
earnings per share |
$ |
0.45 |
|
|
$ |
0.63 |
|
|
$ |
0.64 |
|
Average
common shares outstanding |
|
8,413,735 |
|
|
|
8,398,497 |
|
|
|
8,339,080 |
|
Average
common and equivalent |
|
|
|
|
|
shares outstanding |
|
8,566,712 |
|
|
|
8,525,420 |
|
|
|
8,492,067 |
|
|
|
|
|
|
|
PERFORMANCE MEASURES (1) |
|
|
|
|
|
Return on
average assets |
|
0.80 |
% |
|
|
1.07 |
% |
|
|
1.12 |
% |
Return on
average equity |
|
7.66 |
% |
|
|
10.88 |
% |
|
|
12.50 |
% |
Return on
average tangible equity |
|
7.95 |
% |
|
|
11.31 |
% |
|
|
13.05 |
% |
Efficiency
ratio |
|
70.57 |
% |
|
|
61.36 |
% |
|
|
59.62 |
% |
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
12,071 |
|
|
$ |
27,520 |
|
|
$ |
17,128 |
|
|
$ |
19,763 |
|
|
$ |
15,121 |
|
Federal
funds sold |
|
|
191,027 |
|
|
|
184,834 |
|
|
|
181,854 |
|
|
|
187,904 |
|
|
|
198,804 |
|
Investment
securities |
|
|
126,918 |
|
|
|
145,401 |
|
|
|
149,244 |
|
|
|
151,129 |
|
|
|
153,769 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
610,459 |
|
|
|
626,615 |
|
|
|
633,902 |
|
|
|
622,270 |
|
|
|
656,519 |
|
Real estate other |
|
|
834,143 |
|
|
|
849,306 |
|
|
|
858,611 |
|
|
|
856,344 |
|
|
|
853,431 |
|
Real estate construction and land |
|
|
35,886 |
|
|
|
44,186 |
|
|
|
40,003 |
|
|
|
60,595 |
|
|
|
63,928 |
|
SBA |
|
|
3,919 |
|
|
|
4,032 |
|
|
|
4,415 |
|
|
|
4,936 |
|
|
|
5,610 |
|
Other |
|
|
36,484 |
|
|
|
35,394 |
|
|
|
36,184 |
|
|
|
39,486 |
|
|
|
37,775 |
|
Loans, gross |
|
|
1,520,891 |
|
|
|
1,559,533 |
|
|
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
1,617,263 |
|
Unamortized net deferred loan costs (fees) |
|
1,223 |
|
|
|
1,107 |
|
|
|
1,312 |
|
|
|
1,637 |
|
|
|
1,765 |
|
Allowance for credit losses |
|
|
(15,981 |
) |
|
|
(16,028 |
) |
|
|
(15,921 |
) |
|
|
(15,722 |
) |
|
|
(15,382 |
) |
Loans, net |
|
|
1,506,133 |
|
|
|
1,544,612 |
|
|
|
1,558,506 |
|
|
|
1,569,546 |
|
|
|
1,603,646 |
|
Premises and
equipment, net |
|
|
1,987 |
|
|
|
2,207 |
|
|
|
2,432 |
|
|
|
2,625 |
|
|
|
2,848 |
|
Bank owned
life insurance |
|
|
26,084 |
|
|
|
25,878 |
|
|
|
25,697 |
|
|
|
25,519 |
|
|
|
25,334 |
|
Goodwill and
core deposit intangible |
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
Accrued interest receivable and other assets |
|
50,899 |
|
|
|
48,021 |
|
|
|
41,614 |
|
|
|
41,708 |
|
|
|
43,790 |
|
Total assets |
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
633,489 |
|
|
$ |
657,302 |
|
|
$ |
686,723 |
|
|
$ |
742,160 |
|
|
$ |
740,650 |
|
Demand interest-bearing |
|
|
21,911 |
|
|
|
26,715 |
|
|
|
28,533 |
|
|
|
29,324 |
|
|
|
30,798 |
|
Money market and savings |
|
|
656,236 |
|
|
|
631,015 |
|
|
|
672,119 |
|
|
|
633,620 |
|
|
|
616,864 |
|
Time |
|
|
327,880 |
|
|
|
310,212 |
|
|
|
319,706 |
|
|
|
333,192 |
|
|
|
329,298 |
|
Total deposits |
|
|
1,639,516 |
|
|
|
1,625,244 |
|
|
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,326 |
|
|
|
54,291 |
|
|
|
54,256 |
|
|
|
54,221 |
|
|
|
54,186 |
|
Other
borrowings |
|
|
- |
|
|
|
75,000 |
|
|
|
- |
|
|
|
- |
|
|
|
75,000 |
|
Accrued interest payable and other liabilities |
|
28,014 |
|
|
|
34,909 |
|
|
|
32,465 |
|
|
|
28,894 |
|
|
|
25,417 |
|
Total liabilities |
|
|
1,721,856 |
|
|
|
1,789,444 |
|
|
|
1,793,802 |
|
|
|
1,821,411 |
|
|
|
1,872,213 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
113,566 |
|
|
|
113,227 |
|
|
|
112,656 |
|
|
|
112,167 |
|
|
|
111,609 |
|
Retained
earnings |
|
|
87,982 |
|
|
|
84,165 |
|
|
|
78,824 |
|
|
|
73,423 |
|
|
|
68,082 |
|
Accumulated
other comprehensive loss |
|
|
(863 |
) |
|
|
(931 |
) |
|
|
(1,365 |
) |
|
|
(1,355 |
) |
|
|
(1,130 |
) |
Total shareholders' equity |
|
|
200,685 |
|
|
|
196,461 |
|
|
|
190,115 |
|
|
|
184,235 |
|
|
|
178,561 |
|
Total liabilities and shareholders'
equity |
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
10.17 |
% |
|
|
9.61 |
% |
|
|
9.27 |
% |
|
|
9.01 |
% |
|
|
8.76 |
% |
Tier I
risk-based capital ratio |
|
|
10.15 |
% |
|
|
9.53 |
% |
|
|
9.34 |
% |
|
|
9.07 |
% |
|
|
8.54 |
% |
Total
risk-based capital ratio |
|
|
13.93 |
% |
|
|
13.16 |
% |
|
|
13.00 |
% |
|
|
12.73 |
% |
|
|
12.08 |
% |
Total
equity/ total assets |
|
|
10.44 |
% |
|
|
9.89 |
% |
|
|
9.58 |
% |
|
|
9.19 |
% |
|
|
8.71 |
% |
Book value
per share |
|
$ |
23.79 |
|
|
$ |
23.38 |
|
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
Three months ended December 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,518,722 |
|
|
6.24 |
% |
|
$ |
23,574 |
|
$ |
1,571,994 |
|
|
6.19 |
% |
|
$ |
24,523 |
Federal funds sold |
|
|
174,551 |
|
|
5.38 |
% |
|
|
2,334 |
|
|
177,331 |
|
|
5.34 |
% |
|
|
2,386 |
Investment securities |
|
|
138,060 |
|
|
4.29 |
% |
|
|
1,474 |
|
|
147,629 |
|
|
4.02 |
% |
|
|
1,496 |
Total
interest earning assets |
|
|
1,831,333 |
|
|
6.01 |
% |
|
|
27,382 |
|
|
1,896,954 |
|
|
5.94 |
% |
|
|
28,405 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,858 |
|
|
|
|
|
|
|
20,310 |
|
|
|
|
|
All other assets (2) |
|
|
65,951 |
|
|
|
|
|
|
|
67,073 |
|
|
|
|
|
TOTAL |
|
$ |
1,916,142 |
|
|
|
|
|
|
$ |
1,984,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
24,736 |
|
|
0.20 |
% |
|
|
12 |
|
$ |
28,678 |
|
|
0.29 |
% |
|
|
21 |
Money market and savings |
|
|
635,696 |
|
|
3.12 |
% |
|
|
4,928 |
|
|
638,623 |
|
|
3.02 |
% |
|
|
4,857 |
Time |
|
|
311,884 |
|
|
5.36 |
% |
|
|
4,156 |
|
|
328,270 |
|
|
5.26 |
% |
|
|
4,356 |
Other |
|
|
55,130 |
|
|
4.17 |
% |
|
|
571 |
|
|
56,715 |
|
|
4.18 |
% |
|
|
597 |
Total
interest-bearing liabilities |
|
|
1,027,446 |
|
|
3.78 |
% |
|
|
9,667 |
|
|
1,052,286 |
|
|
3.71 |
% |
|
|
9,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
657,320 |
|
|
|
|
|
|
|
705,054 |
|
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
30,856 |
|
|
|
|
|
|
|
32,161 |
|
|
|
|
|
Shareholders' equity |
|
|
200,520 |
|
|
|
|
|
|
|
194,836 |
|
|
|
|
|
TOTAL |
|
$ |
1,916,142 |
|
|
|
|
|
|
$ |
1,984,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.89 |
% |
|
$ |
17,715 |
|
|
|
3.88 |
% |
|
$ |
18,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$34,000 and $53,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $16.1 million and $15.9 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 March 31, |
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,518,722 |
|
6.24 |
% |
|
$ |
23,574 |
|
$ |
1,582,332 |
|
5.76 |
% |
|
$ |
22,472 |
Federal funds sold |
|
|
174,551 |
|
5.38 |
% |
|
|
2,334 |
|
|
156,941 |
|
4.55 |
% |
|
|
1,760 |
Investment securities |
|
|
138,060 |
|
4.29 |
% |
|
|
1,474 |
|
|
154,667 |
|
3.43 |
% |
|
|
1,307 |
Total
interest earning assets |
|
|
1,831,333 |
|
6.01 |
% |
|
|
27,382 |
|
|
1,893,940 |
|
5.47 |
% |
|
|
25,539 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,858 |
|
|
|
|
|
|
18,098 |
|
|
|
|
All other assets (2) |
|
|
65,951 |
|
|
|
|
|
|
62,247 |
|
|
|
|
TOTAL |
|
$ |
1,916,142 |
|
|
|
|
|
$ |
1,974,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
24,736 |
|
0.20 |
% |
|
|
12 |
|
$ |
34,032 |
|
0.08 |
% |
|
$ |
7 |
Money market and savings |
|
|
635,696 |
|
3.12 |
% |
|
|
4,928 |
|
|
626,666 |
|
2.01 |
% |
|
|
3,104 |
Time |
|
|
311,884 |
|
5.36 |
% |
|
|
4,156 |
|
|
310,246 |
|
3.81 |
% |
|
|
2,911 |
Other |
|
|
55,130 |
|
4.17 |
% |
|
|
571 |
|
|
71,108 |
|
4.33 |
% |
|
|
760 |
Total
interest-bearing liabilities |
|
|
1,027,446 |
|
3.78 |
% |
|
|
9,667 |
|
|
1,042,052 |
|
2.64 |
% |
|
|
6,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
657,320 |
|
|
|
|
|
|
728,986 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
30,856 |
|
|
|
|
|
|
26,326 |
|
|
|
|
Shareholders' equity |
|
|
200,520 |
|
|
|
|
|
|
176,921 |
|
|
|
|
TOTAL |
|
$ |
1,916,142 |
|
|
|
|
|
$ |
1,974,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.89 |
% |
|
$ |
17,715 |
|
|
|
4.02 |
% |
|
$ |
18,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$34,000 and $226,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $16.1 million and $17.0 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME: |
|
Three months ended |
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,817 |
|
|
$ |
5,341 |
|
$ |
5,401 |
|
$ |
5,440 |
|
$ |
5,451 |
Add:
After-tax merger related expenses |
|
|
1,024 |
|
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Adjusted net
income |
|
$ |
4,841 |
|
|
$ |
5,341 |
|
$ |
5,401 |
|
$ |
5,440 |
|
$ |
5,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER SHARE: |
|
Three months ended |
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
|
$ |
4,841 |
|
|
$ |
5,341 |
|
$ |
5,401 |
|
$ |
5,440 |
|
$ |
5,451 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted
basic earnings per share |
|
$ |
0.58 |
|
|
$ |
0.64 |
|
$ |
0.64 |
|
$ |
0.65 |
|
$ |
0.65 |
Adjusted
diluted earnings per share |
|
$ |
0.57 |
|
|
$ |
0.63 |
|
$ |
0.64 |
|
$ |
0.65 |
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
Average
common shares outstanding |
|
|
8,413,735 |
|
|
|
8,398,497 |
|
|
8,390,138 |
|
|
8,369,907 |
|
|
8,339,080 |
Average
common and equivalent |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
|
8,566,712 |
|
|
|
8,525,420 |
|
|
8,455,917 |
|
|
8,414,213 |
|
|
8,492,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REVENUE: |
|
Three months ended |
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
$ |
17,715 |
|
|
$ |
18,574 |
|
$ |
18,578 |
|
$ |
18,646 |
|
$ |
18,757 |
Non-interest
income |
|
|
1,705 |
|
|
|
1,339 |
|
|
1,294 |
|
|
1,135 |
|
|
1,107 |
Total
revenue |
|
$ |
19,420 |
|
|
$ |
19,913 |
|
$ |
19,872 |
|
$ |
19,781 |
|
$ |
19,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
Three months ended |
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
$ |
13,704 |
|
|
$ |
12,218 |
|
$ |
11,851 |
|
$ |
11,603 |
|
$ |
11,843 |
Add:
Capitalized loan origination costs |
|
|
414 |
|
|
|
824 |
|
|
668 |
|
|
694 |
|
|
651 |
Less: Merger
related expenses |
|
|
(1,024 |
) |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
Total
non-interest expense, before |
|
|
|
|
|
|
|
|
|
|
capitalization of loan origination
costs |
|
|
|
|
|
|
|
|
|
and merger related expenses |
|
$ |
13,094 |
|
|
$ |
13,042 |
|
$ |
12,519 |
|
$ |
12,297 |
|
$ |
12,494 |
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED NON-GAAP DATA (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE |
|
Three months ended |
ASSETS: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income |
|
$ |
4,841 |
|
|
$ |
5,341 |
|
|
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
5,451 |
|
Average
assets |
|
|
1,916,142 |
|
|
|
1,984,337 |
|
|
|
1,993,147 |
|
|
|
1,983,877 |
|
|
|
1,974,285 |
|
Adjusted
return on average assets |
|
|
1.02 |
% |
|
|
1.07 |
% |
|
|
1.08 |
% |
|
|
1.10 |
% |
|
|
1.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE |
|
Three months ended |
EQUITY: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
|
$ |
4,841 |
|
|
$ |
5,341 |
|
|
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
5,451 |
|
Average
equity |
|
|
200,520 |
|
|
|
194,836 |
|
|
|
188,831 |
|
|
|
183,240 |
|
|
|
176,921 |
|
Adjusted
return on average equity |
|
|
9.71 |
% |
|
|
10.88 |
% |
|
|
11.35 |
% |
|
|
11.91 |
% |
|
|
12.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED RETURN ON AVERAGE |
|
Three months ended |
TANGIBLE EQUITY: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
|
$ |
4,841 |
|
|
$ |
5,341 |
|
|
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
5,451 |
|
Average
tangible equity |
|
|
193,094 |
|
|
|
187,399 |
|
|
|
181,384 |
|
|
|
175,752 |
|
|
|
169,454 |
|
Adjusted return on average tangible equity |
|
10.08 |
% |
|
|
11.31 |
% |
|
|
11.81 |
% |
|
|
12.42 |
% |
|
|
13.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EFFICIENCY RATIO: |
|
Three months ended |
|
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
$ |
13,704 |
|
|
$ |
12,218 |
|
|
$ |
11,851 |
|
|
$ |
11,603 |
|
|
$ |
11,843 |
|
Less: Merger
related expenses |
|
|
(1,024 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-interest expense, before |
|
|
|
|
|
|
|
|
|
|
merger related expenses |
|
$ |
12,680 |
|
|
$ |
12,218 |
|
|
$ |
11,851 |
|
|
$ |
11,603 |
|
|
$ |
11,843 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
|
$ |
19,420 |
|
|
$ |
19,913 |
|
|
$ |
19,872 |
|
|
$ |
19,781 |
|
|
$ |
19,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio |
|
|
65.29 |
% |
|
|
61.36 |
% |
|
|
59.64 |
% |
|
|
58.66 |
% |
|
|
59.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED NON-GAAP DATA (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY / TANGIBLE ASSETS: |
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,922,541 |
|
|
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
Goodwill and
core deposit intangibles |
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
Tangible
assets |
|
$ |
1,915,119 |
|
|
$ |
1,978,473 |
|
|
$ |
1,976,475 |
|
|
$ |
1,998,194 |
|
|
$ |
2,043,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
200,685 |
|
|
$ |
196,461 |
|
|
$ |
190,115 |
|
|
$ |
184,235 |
|
|
$ |
178,561 |
|
Goodwill and
core deposit intangibles |
|
|
7,422 |
|
|
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
Tangible
equity |
|
$ |
193,263 |
|
|
$ |
189,029 |
|
|
$ |
182,673 |
|
|
$ |
176,783 |
|
|
$ |
171,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
|
10.09 |
% |
|
|
9.55 |
% |
|
|
9.24 |
% |
|
|
8.85 |
% |
|
|
8.37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE TANGIBLE |
|
Three months ended |
EQUITY / TANGIBLE ASSETS: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,916,142 |
|
|
$ |
1,984,337 |
|
|
$ |
1,993,147 |
|
|
$ |
1,983,877 |
|
|
$ |
1,974,285 |
|
Goodwill and
core deposit intangibles |
|
|
7,426 |
|
|
|
7,437 |
|
|
|
7,447 |
|
|
|
7,488 |
|
|
|
7,467 |
|
Tangible
assets |
|
$ |
1,908,716 |
|
|
$ |
1,976,900 |
|
|
$ |
1,985,700 |
|
|
$ |
1,976,389 |
|
|
$ |
1,966,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
200,520 |
|
|
$ |
194,836 |
|
|
$ |
188,831 |
|
|
$ |
183,240 |
|
|
$ |
176,921 |
|
Goodwill and
core deposit intangibles |
|
|
7,426 |
|
|
|
7,437 |
|
|
|
7,447 |
|
|
|
7,488 |
|
|
|
7,467 |
|
Tangible
equity |
|
$ |
193,094 |
|
|
$ |
187,399 |
|
|
$ |
181,384 |
|
|
$ |
175,752 |
|
|
$ |
169,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
|
10.12 |
% |
|
|
9.48 |
% |
|
|
9.13 |
% |
|
|
8.89 |
% |
|
|
8.62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOOK
VALUE PER SHARE: |
|
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
200,685 |
|
|
$ |
196,461 |
|
|
$ |
190,115 |
|
|
$ |
184,235 |
|
|
$ |
178,561 |
|
Common
shares outstanding |
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity / common |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
$ |
23.79 |
|
|
$ |
23.38 |
|
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER SHARE: |
03/31/24 |
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity |
|
$ |
193,263 |
|
|
$ |
189,029 |
|
|
$ |
182,673 |
|
|
$ |
176,783 |
|
|
$ |
171,099 |
|
Common
shares outstanding |
|
|
8,436,732 |
|
|
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / common |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
$ |
22.91 |
|
|
$ |
22.50 |
|
|
$ |
21.76 |
|
|
$ |
21.09 |
|
|
$ |
20.48 |
|
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From May 2024 to Jun 2024
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From Jun 2023 to Jun 2024