Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2023

CALIFORNIA BANCORP

(Exact name of registrant as specified in its charter)

California

001-39242

82-1751097

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)


1300 Clay Street, Suite 500
Oakland, California		94612
(Address of Principal Executive Offices)		(Zip Code)

(510) 457-3737

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange

on which registered

Common Stock

CALB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On July 27, 2023, California BanCorp (the “Company”) issued a press release setting forth its unaudited financial results for the quarter and six months ended June 30, 2023. A copy of the Company’s press release is furnished as Exhibit 99.1 and is hereby incorporated by reference.

Item 7.01

Regulation FD Disclosure.

Over the upcoming weeks, members of management will be presenting to or conducting one-on-one meetings with investors, analysts or other third parties about the Company and its latest financial results. A copy of the presentation slides, updated with the Company’s financial results for the second quarter and six months ended June 30, 2023, substantially in the form expected to be used in such presentations and meetings, is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information furnished under this Item 2.02 and Item 7.01 and the related Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits


Exhibit No.		Description

99.1		Press Release dated July 27, 2023

99.2		Investor Presentation dated June 30, 2023

104		Cover Page Interactive Date File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CALIFORNIA BANCORP

Date: July 27, 2023	By:	/s/ THOMAS A. SA
		Thomas A. Sa President, Chief Financial Officer and Chief Operating Officer

Exhibit 99.1

LOGO

California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2023

Oakland, CA – July 27, 2023 – California BanCorp (NASDAQ: CALB), whose subsidiary is California Bank of Commerce, announced today its financial results for the second quarter and six months ended June 30, 2023.

The Company reported net income of $5.4 million for the second quarter of 2023, representing a decrease of $11,000, or 0%, compared to $5.5 million for the first quarter of 2023 and an increase of $1.2 million, or 28%, compared to $4.2 million in the second quarter of 2022. For the six months ended June 30, 2023, net income was $10.9 million representing an increase of $3.0 million, or 38%, compared to $7.9 million for the same period in 2022.

Diluted earnings per share of $0.65 for the second quarter of 2023 compared to $0.64 for the first quarter of 2023 and $0.51 for the second quarter of 2022. For the six months ended June 30, 2023, diluted earnings per share of $1.29 compared to $0.94 for the same period in 2022.

“We executed well in the second quarter and continued to generate strong financial performance with our return on average assets remaining above 1% while maintaining a prudent approach to risk management with a high level of capital, liquidity and reserves,” said Steven Shelton, Chief Executive Officer of California BanCorp. “We continued to see good stability in our deposit base and noninterest-bearing deposits remained above 40% of our total deposits, which reflects the strength of our relationship-oriented approach and the loyalty of the client base we have built. Due to the stability in our deposit base, we were able to repay the borrowings we added towards the end of the first quarter, which helped limit the amount of compression that we had in our net interest margin and support profitability. We also maintained disciplined expense control, which enabled us to continue realizing more operating leverage and improve our efficiency ratio.”

“Given our conservative approach in the current environment, we expect our balance sheet to be relatively flat over the remainder of the year. However, given the strength of the franchise we have built and the reputation we have developed for providing a superior level of service and expertise, we continue to believe that we have good opportunities to continue adding deposit relationships with high quality commercial clients. While we will continue to maintain disciplined expense control, our strong financial performance enables us to continue to make investments in our technology platform, including our treasury management solutions, that will further enhance our level of client service and improve our ability to add new client relationships. We believe these investments will help us to continue growing our client base, add more scale and improve our efficiencies, and further increase the value of our franchise,” said Mr. Shelton.

Financial Highlights:

Profitability – three months ended June 30, 2023 compared to March 31, 2023

•

Net income of $5.4 million and $0.65 per diluted share, compared to $5.5 million and $0.64 per diluted share, respectively.

•

Revenue of $19.8 million decreased $83,000, or 0%, compared to $19.9 million for the first quarter of 2023.

•

Net interest income of $18.6 million decreased $111,000, or 1%, compared to $18.8 million for the first quarter of 2023.

•

Provision for credit losses of $444,000 increased $86,000, or 24%, from $358,000 for the first quarter of 2023.

•

Non-interest income of $1.1 million remained consistent with the first quarter of 2023.

•

Non-interest expense, excluding capitalized loan origination costs, of $12.3 million decreased $197,000, or 2%, compared to $12.5 million for the first quarter of 2023.

Profitability – six months ended June 30, 2023 compared to June 30, 2022

•

Net income of $10.9 million and $1.29 per diluted share, compared to $7.9 million and $0.94 per diluted share, respectively.

•

Revenue of $39.6 million increased $4.9 million, or 14%, compared to $34.7 million in the prior year.

•

Net interest income of $37.4 million increased $6.7 million, or 22%, compared to $30.7 million for the same period in the prior year.

•

Provision for credit losses of $802,000 decreased $1.1 million, or 57%, from $1.9 million for the six months ended June 30, 2022.

•

Non-interest income of $2.2 million decreased $1.7 million, or 43%, from $3.9 million for the same period in the prior year.

•

Non-interest expense, excluding capitalized loan origination costs, of $24.8 million increased $1.0 million, or 4%, compared to $23.8 million for the six months ended June 30, 2022.

Financial Position – June 30, 2023 compared to March 31, 2023

•

Total assets decreased by $45.1 million, or 2%, to $2.01 billion; average total assets increased by $9.6 million to $1.98 billion.

•

Total gross loans decreased by $33.6 million, or 2%, to $1.58 billion.

•

Total deposits increased by $20.7 million, or 1%, to $1.74 billion.

•

Excluding junior subordinated debt securities, the Company had no other borrowings outstanding compared to $75.0 million at March 31, 2023.

•

Capital ratios remain healthy with a tier I leverage ratio of 9.01%, tier I capital ratio of 9.07% and total risk-based capital ratio of 12.73%.

•

Tangible book value per share of $21.09 increased by $0.61, or 3%.

Net Interest Income and Margin:

Net interest income for the quarter ended June 30, 2023 was $18.6 million, a decrease of $111,000 or 1%, from $18.8 million for the three months ended March 31, 2023, and an increase of $2.4 million, or 15%, from $16.2 million for the quarter ended June 30, 2022. The decrease in net interest income from the first quarter of 2023 was a result of lower net interest margin. The increase in net interest income compared to the second quarter of 2022 was primarily attributable to the growth of the loan portfolio and an increase in net interest margin.

Net interest income for the six months ended June 30, 2023 was $37.4 million, an increase of $6.7 million, or 22% over $30.7 million for the six months ended June 30, 2022. The increase in net interest income was primarily attributable to an increase in interest income as the result of a more favorable mix of earning assets combined with higher yields on those assets.

The Company’s net interest margin for the second quarter of 2023 was 3.93%, compared to 4.02% for the first quarter of 2023 and 3.65% for the same period in 2022. The decrease in margin compared to the prior quarter was primarily due to an increase in the cost of deposits and other borrowings. The increase in margin from the same period last year was primarily the result of a more favorable mix of earning assets combined with higher yields, partially offset by an increase in cost of deposits.

The Company’s net interest margin for the six months ended June 30, 2023 was 3.98% compared to 3.42% for the same period in 2022. The increase in margin compared to prior year was primarily due to loan growth and increased yields on earnings assets, partially offset by an increase in the cost of deposits and other borrowings.

Non-Interest Income:

The Company’s non-interest income for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022 was $1.1 million, $1.1 million and $1.4 million, respectively. The decrease in non-interest income from the second quarter of 2022 was primarily due to a decrease in service charges and other fee income.

For the six months ended June 30, 2023, non-interest income of $2.2 million compared to $3.9 million for the same period of 2022. The decrease in non-interest income from prior year was the result of a decrease in service charges and loan related fees and a gain recognized in the first quarter of 2022 on the sale of a portion of our solar loan portfolio.

Net interest income and non-interest income comprised total revenue of $19.8 million, $19.9 million, and $17.6 million for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively. Total revenue for the six months ended June 30, 2023 and 2022 was $39.6 million and $34.7 million, respectively.

Non-Interest Expense:

The Company’s non-interest expense for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022 was $11.6 million, $11.8 million, and $10.8 million, respectively. The increase in non-interest expense from the second quarter of 2022 was primarily due to an increase in salaries and benefits related to investments to support the continued growth of the business, partially offset by a reduction in capitalized loan origination costs. Excluding capitalized loan origination costs, non-interest expense for the second quarter of 2023, the first quarter of 2023 and the second quarter of 2022 was $12.3 million, $12.5 million, and $11.9 million, respectively.

Non-interest expense of $23.4 million for the six months ended June 30, 2023 increased by $1.7 million, or 8%, compared to $21.7 million for the same period of 2022. Excluding capitalized loan origination costs, non-interest expense was $24.8 million for the six months ended June 30, 2023 and $23.8 million for the same period in 2022 which reflects investment in infrastructure to support the continued growth of the Company.

The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was 58.66%, 59.62%, and 61.41% for the quarters ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively. For the six months ended June 30, 2023 and 2022, the Company’s efficiency ratio was 59.14% and 62.68%, respectively.

Balance Sheet:

Total assets of $2.01 billion as of June 30, 2023, represented a decrease of $45.1 million, or 2%, compared to $2.05 billion at March 31, 2023 and an increase of $120.3 million, or 6%, compared to $1.89 billion at June 30, 2022. The decrease in total assets from the prior quarter was primarily the result of a modest reduction in line utilization in our commercial loan portfolio. Compared to the same period in the prior year, total assets increased primarily due to strong loan growth in the commercial and real estate portfolios.

Total gross loans decreased by $33.6 million, or 2%, to $1.58 billion at June 30, 2023, from $1.62 billion at March 31, 2023 and increased by $83.3 million, or 6%, compared to $1.50 billion at June 30, 2022. During the second quarter of 2023, the reduction in gross loans was primarily the result of commercial loans decreasing by $34.2 million, or 5%. Compared to the same period in the prior year, commercial loans increased by $32.7 million, or 6%, and real estate other loans increased by $61.8 million, or 8%, primarily due to organic growth. These increases were partially offset by a decrease in SBA loans of $8.4 million, or 63%, primarily due to PPP loan forgiveness.

Total deposits increased by $20.7 million, or 1%, to $1.74 billion at June 30, 2023 from $1.72 billion at March 31, 2023, and increased by $186.2 million, or 12%, from $1.55 billion at June 30, 2022. The increase in total deposits from the end of the first quarter of 2023 was primarily due to an increase in money market and savings deposits of $16.8 million. Compared to the same period last year, the increase in total deposits was primarily concentrated in time deposits as a result of higher balances of short-term brokered certificates of deposits which were added to temporarily increase liquidity. Non-interest bearing deposits, primarily commercial business operating accounts, represented 42.7% of total deposits at June 30, 2023, compared to 43.1% at March 31, 2023 and 46.1% at June 30, 2022.

As of June 30, 2023, the Company had no outstanding borrowings, excluding junior subordinated debt securities, compared to $75.0 million at March 31, 2023 and $100.0 million at June 30, 2022. The decrease in borrowings during the second quarter of 2023 compared to the prior periods was primarily due to increased liquidity generated from the deposit portfolio.

Asset Quality:

The provision for credit losses on loans decreased to $340,000 for the second quarter of 2023 compared to $464,000 for the first quarter of 2023, and $925,000 for the second quarter of 2022. The Company did not have any loan charge-offs or recoveries during the second quarter of 2023, a loan charge-off of $247,000, or 0.02% of gross loans, and no recoveries during the first quarter of 2023, and no loan charge-offs or recoveries during the second quarter of 2022.

Non-performing assets (“NPAs”) to total assets of 0.01% at June 30, 2023 and March 31, 2023 compared to 0.03% at June 30, 2022, with non-performing loans of $181,000, $222,000 and $549,000, respectively, on those dates.

The allowance for credit losses on loans increased by $340,000 to $15.7 million, or 0.99% of total loans, at June 30, 2023, compared to $15.4 million, or 0.95% of total loans, at March 31, 2023 and $16.0 million, or 1.06% of total loans, at June 30, 2022. On January 1, 2023, the Company adopted the new current expected credit losses (CECL) standard. The Company’s allowance for credit losses on loans was 0.95% upon adoption on January 1, 2023 compared to 1.07% at December 31, 2022.

The allowance for credit losses on unfunded loan commitments increased by $156,000 to $1.9 million, or 0.31% of total unfunded loan commitments, at June 30, 2023, compared to $1.7 million, or 0.29% of total unfunded loan commitments, at March 31, 2023 and $430,000, or 0.7% of total unfunded loan commitments at June 30, 2022. The Company’s allowance for credit losses on unfunded loan commitments was 0.28% upon the adoption of CECL on January 1, 2023 compared to 0.07% at December 31, 2022.

Capital Adequacy:

At June 30, 2023, shareholders’ equity totaled $184.2 million compared to $178.6 million at March 31, 2023 and $158.7 million one year ago. As a result, the Company’s total risk-based capital ratio, tier I capital ratio and tier I leverage ratio of 12.73%, 9.07%, and 9.01%, respectively, were all above the regulatory standards for “well-capitalized” institutions of 10.00%, 8.00% and 5.00% respectively.

“Our strong financial performance and prudent balance sheet management resulted in an increase in all of our capital ratios and a 3% increase in our tangible book value per share during the second quarter,” said Thomas A. Sa, President, Chief Financial Officer and Chief Operating Officer of California BanCorp. “We also continue to have exceptional asset quality with non-performing assets remaining at just 0.01% of total assets. Further, our exposure to investor office commercial real estate, excluding medical offices, sits at just 4.0% of total loans, with no exposure in downtown San Francisco. With our high level of capital and liquidity, stable deposit base, strong asset quality, and well managed interest rate sensitivity, we believe we are well positioned to effectively manage through the current challenging environment and create long-term value for our shareholders.”

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 webite 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.

Forward-Looking Information:

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 financial results in the future 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; 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, 2022 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 June 30, 2023, which we expect to file with the SEC during the third quarter of 2023, 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 FINANCIAL INFORMATION (UNAUDITED) – PROFITABILITY

(Dollars in Thousands, Except Per Share Data)


							Change									Change
*QUARTERLY HIGHLIGHTS:*	Q2 2023			Q1 2023			$			%			Q2 2022			$			%
Interest income	$	27,172		$	25,539		$	1,633			6	%	$	17,706		$	9,466			53	%
Interest expense		8,526			6,782			1,744			26	%		1,483			7,043			475	%

Net interest income		18,646			18,757			(111	)		-1	%		16,223			2,423			15	%

Provision for credit losses		444			358			86			24	%		925			(481	)		-52	%

Net interest income after provision for credit losses		18,202			18,399			(197	)		-1	%		15,298			2,904			19	%

Non-interest income		1,135			1,107			28			3	%		1,394			(259	)		-19	%
Non-interest expense		11,603			11,843			(240	)		-2	%		10,819			784			7	%

Income before income taxes		7,734			7,663			71			1	%		5,873			1,861			32	%

Income tax expense		2,294			2,212			82			4	%		1,629			665			41	%

Net income	$	5,440		$	5,451		$	(11	)		0	%	$	4,244		$	1,196			28	%

Diluted earnings per share	$	0.65		$	0.64		$	0.01			2	%	$	0.51		$	0.14			27	%

Net interest margin		3.93	%		4.02	%		-9 Basis Points						3.65	%		+28 Basis Points

Efficiency ratio		58.66	%		59.62	%		-96 Basis Points						61.41	%		-275 Basis Points



							Change
*YEAR-TO-DATE HIGHLIGHTS:*	Q2 2023			Q2 2022			$			%
Interest income	$	52,711		$	33,630		$	19,081			57	%
Interest expense		15,308			2,881			12,427			431	%

Net interest income		37,403			30,749			6,654			22	%

Provision for loan losses		802			1,875			(1,073	)		-57	%

Net interest income after provision for loan losses		36,601			28,874			7,727			27	%

Non-interest income		2,242			3,928			(1,686	)		-43	%
Non-interest expense		23,446			21,735			1,711			8	%

Income before income taxes		15,397			11,067			4,330			39	%

Income tax expense		4,506			3,150			1,356			43	%

Net income	$	10,891		$	7,917		$	2,974			38	%

Diluted earnings per share	$	1.29		$	0.94		$	0.35			37	%

Net interest margin		3.98	%		3.42	%		+56 Basis Points

Efficiency ratio		59.14	%		62.68	%		-354 Basis Points

CALIFORNIA BANCORP AND SUBSIDIARY

SELECTED FINANCIAL INFORMATION (UNAUDITED) – FINANCIAL POSITION

(Dollars in Thousands, Except Per Share Data)


							Change									Change
*PERIOD-END HIGHLIGHTS:*	Q2 2023			Q1 2023			$			%			Q2 2022			$		%
Total assets	$	2,005,646		$	2,050,774		$	(45,128	)		-2	%	$	1,885,352		$	120,294		6	%
Gross loans		1,583,631			1,617,263			(33,632	)		-2	%		1,500,379			83,252		6	%
Deposits		1,738,296			1,717,610			20,686			1	%		1,552,139			186,157		12	%
Tangible equity		176,783			171,099			5,684			3	%		151,251			25,532		17	%

Tangible book value per share	$	21.09		$	20.48		$	0.61			3	%	$	18.19		$	2.90		16	%

Tangible equity / total assets		8.81	%		8.34	%		+47 Basis Points						8.02	%		+79 Basis Points
Gross loans / total deposits		91.10	%		94.16	%		-306 Basis Points						96.67	%		-557 Basis Points
Noninterest-bearing deposits / total deposits		42.69	%		43.12	%		-43 Basis Points						46.09	%		-340 Basis Points

*QUARTERLY AVERAGE HIGHLIGHTS:*							Change									Change
*QUARTERLY AVERAGE HIGHLIGHTS:*	Q2 2023			Q1 2023			$			%			Q2 2022			$		%
Total assets	$	1,983,877		$	1,974,285		$	9,592			0	%	$	1,864,196		$	119,681		6	%
Total earning assets		1,900,918			1,893,940			6,978			0	%		1,783,017			117,901		7	%
Gross loans		1,577,529			1,582,332			(4,803	)		0	%		1,464,922			112,607		8	%
Deposits		1,684,008			1,699,930			(15,922	)		-1	%		1,567,412			116,596		7	%
Tangible equity		175,783			169,454			6,329			4	%		150,176			25,607		17	%

Tangible equity / total assets		8.86	%		8.58	%		+28 Basis Points						8.06	%		+80 Basis Points
Gross loans / total deposits		93.68	%		93.08	%		+60 Basis Points						93.46	%		+50 Basis Points
Noninterest-bearing deposits / total deposits		42.65	%		42.88	%		-23 Basis Points						46.86	%		-421 Basis Points



*YEAR-TO-DATE AVERAGE HIGHLIGHTS:*							Change
*YEAR-TO-DATE AVERAGE HIGHLIGHTS:*	Q2 2023			Q2 2022			$		%
Total assets	$	1,979,107		$	1,896,191		$	82,916		4	%
Total earning assets		1,897,448			1,814,448			83,000		5	%
Gross loans		1,579,917			1,418,315			161,602		11	%
Deposits		1,691,925			1,609,478			82,447		5	%
Tangible equity		172,636			148,115			24,521		17	%

Tangible equity / total assets		8.72	%		7.81	%		+91 Basis Points
Gross loans / total deposits		93.38	%		88.12	%		+526 Basis Points
Noninterest-bearing deposits / total deposits		42.76	%		45.85	%		-309 Basis Points

CALIFORNIA BANCORP AND SUBSIDIARY

SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) – ASSET QUALITY

(Dollars in Thousands)


*ALLOWANCE FOR CREDIT LOSSES (LOANS):*	06/30/23			03/31/23			12/31/22			09/30/22			06/30/22
Balance, beginning of period	$	15,382		$	17,005		$	16,555		$	15,957		$	15,032
CECL adjustment		—			(1,840	)		—			—			—
Provision for credit losses, quarterly		340			464			1,100			800			925
Charge-offs, quarterly		—			(247	)		(650	)		(202	)		—
Recoveries, quarterly		—			—			—			—			—

Balance, end of period	$	15,722		$	15,382		$	17,005		$	16,555		$	15,957


*NONPERFORMING ASSETS:*	06/30/23			03/31/23			12/31/22			09/30/22			06/30/22
Loans accounted for on a non-accrual basis	$	181		$	222		$	1,250		$	182		$	549
Loans with principal or interest contractually past due 90 days or more and still accruing interest		—			—			—			161			—

Nonperforming loans	$	181		$	222		$	1,250		$	343		$	549
Other real estate owned		—			—			—			—			—

Nonperforming assets	$	181		$	222		$	1,250		$	343		$	549

Loans restructured and in compliance with modified terms		—			—			—			—			—

Nonperforming assets and restructured loans	$	181		$	222		$	1,250		$	343		$	549

Nonperforming loans by asset type:
Commercial	$	—		$	—		$	1,028		$	161		$	—
Real estate other		—			—			—			—			—
Real estate construction and land		—			—			—			—			—
SBA		181			222			222			182			549
Other		—			—			—			—			—

Nonperforming loans	$	181		$	222		$	1,250		$	343		$	549


*ASSET QUALITY:*	06/30/23			03/31/23			12/31/22			09/30/22			06/30/22
Allowance for credit losses (loans) / gross loans		0.99	%		0.95	%		1.07	%		1.04	%		1.06	%
Allowance for credit losses (loans) / nonperforming loans		8686.19	%		6928.83	%		1360.40	%		4826.53	%		2906.56	%
Nonperforming assets / total assets		0.01	%		0.01	%		0.06	%		0.02	%		0.03	%
Nonperforming loans / gross loans		0.01	%		0.01	%		0.08	%		0.02	%		0.04	%
Net quarterly charge-offs / gross loans		0.00	%		0.02	%		0.04	%		0.01	%		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
	06/30/23			03/31/23			06/30/22			06/30/23			06/30/22
INTEREST INCOME
Loans	$	23,476		$	22,472		$	16,298		$	45,948		$	31,184
Federal funds sold		2,238			1,760			280			3,998			416
Investment securities		1,458			1,307			1,128			2,765			2,030

Total interest income		27,172			25,539			17,706			52,711			33,630

INTEREST EXPENSE
Deposits		7,493			6,022			796			13,515			1,602
Other		1,033			760			687			1,793			1,279

Total interest expense		8,526			6,782			1,483			15,308			2,881

Net interest income		18,646			18,757			16,223			37,403			30,749
Provision for credit losses		444			358			925			802			1,875

Net interest income after provision for credit losses		18,202			18,399			15,298			36,601			28,874

NON-INTEREST INCOME
Service charges and other fees		867			863			1,134			1,730			2,023
Gain on sale of loans		—			—			—			—			1,393
Other non-interest income		268			244			260			512			512

Total non-interest income		1,135			1,107			1,394			2,242			3,928

NON-INTEREST EXPENSE
Salaries and benefits		7,831			7,876			7,146			15,707			14,239
Premises and equipment		1,168			1,180			1,267			2,348			2,569
Other		2,604			2,787			2,406			5,391			4,927

Total non-interest expense		11,603			11,843			10,819			23,446			21,735

Income before income taxes		7,734			7,663			5,873			15,397			11,067
Income taxes		2,294			2,212			1,629			4,506			3,150

NET INCOME	$	5,440		$	5,451		$	4,244		$	10,891		$	7,917

EARNINGS PER SHARE
Basic earnings per share	$	0.65		$	0.65		$	0.51		$	1.30		$	0.96

Diluted earnings per share	$	0.65		$	0.64		$	0.51		$	1.29		$	0.94

Average common shares outstanding		8,369,907			8,339,080			8,295,014			8,354,564			8,285,950

Average common and equivalent shares outstanding		8,414,213			8,492,067			8,395,701			8,442,607			8,393,776

PERFORMANCE MEASURES
Return on average assets		1.10	%		1.12	%		0.91	%		1.11	%		0.84	%
Return on average equity		11.91	%		12.50	%		10.80	%		12.19	%		10.26	%
Return on average tangible equity		12.41	%		13.05	%		11.34	%		12.72	%		10.78	%
Efficiency ratio		58.66	%		59.62	%		61.41	%		59.14	%		62.68	%

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in Thousands)


	06/30/23			03/31/23			12/31/22			09/30/22			06/30/22
ASSETS
Cash and due from banks	$	19,763		$	15,121		$	16,686		$	24,709		$	20,378
Federal funds sold		187,904			198,804			215,696			216,345			138,057
Investment securities		151,129			153,769			155,878			157,531			165,309
Loans:
Commercial		622,270			656,519			634,535			643,131			589,562
Real estate other		856,344			853,431			848,241			824,867			794,504
Real estate construction and land		60,595			63,928			63,730			71,523			63,189
SBA		4,936			5,610			7,220			8,565			13,310
Other		39,486			37,775			39,695			39,815			39,814

Loans, gross		1,583,631			1,617,263			1,593,421			1,587,901			1,500,379
Unamortized net deferred loan costs (fees)		1,637			1,765			2,040			1,902			2,570
Allowance for credit losses		(15,722	)		(15,382	)		(17,005	)		(16,555	)		(15,957	)

Loans, net		1,569,546			1,603,646			1,578,456			1,573,248			1,486,992
Premises and equipment, net		2,625			2,848			3,072			3,382			3,736
Bank owned life insurance		25,519			25,334			25,127			24,955			24,788
Goodwill and core deposit intangible		7,452			7,462			7,472			7,483			7,493
Accrued interest receivable and other assets		41,708			43,790			39,828			40,848			38,599

Total assets	$	2,005,646		$	2,050,774		$	2,042,215		$	2,048,501		$	1,885,352

LIABILITIES
Deposits:
Demand noninterest-bearing	$	742,160		$	740,650		$	811,671		$	758,716		$	715,432
Demand interest-bearing		29,324			30,798			37,815			35,183			45,511
Money market and savings		633,620			616,864			671,016			597,244			626,156
Time		333,192			329,298			271,238			317,935			165,040

Total deposits		1,738,296			1,717,610			1,791,740			1,709,078			1,552,139

Junior subordinated debt securities		54,221			54,186			54,152			54,117			54,097
Other borrowings		—			75,000			—			100,000			100,000
Accrued interest payable and other liabilities		28,894			25,417			24,069			21,248			20,372

Total liabilities		1,821,411			1,872,213			1,869,961			1,884,443			1,726,608

SHAREHOLDERS’ EQUITY
Common stock		112,167			111,609			111,257			110,786			110,289
Retained earnings		73,423			68,082			62,297			54,628			49,106
Accumulated other comprehensive loss		(1,355	)		(1,130	)		(1,300	)		(1,356	)		(651	)

Total shareholders’ equity		184,235			178,561			172,254			164,058			158,744

Total liabilities and shareholders’ equity	$	2,005,646		$	2,050,774		$	2,042,215		$	2,048,501		$	1,885,352


CAPITAL ADEQUACY
Tier I leverage ratio		9.01	%		8.76	%		7.98	%		8.21	%		8.27	%
Tier I risk-based capital ratio		9.07	%		8.54	%		8.23	%		7.98	%		8.09	%
Total risk-based capital ratio		12.73	%		12.08	%		11.77	%		11.57	%		11.84	%
Total equity/ total assets		9.19	%		8.71	%		8.43	%		8.01	%		8.42	%
Book value per share	$	21.98		$	21.37		$	20.67		$	19.70		$	19.09
Common shares outstanding		8,383,772			8,355,378			8,332,479			8,327,781			8,317,161

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,
	2023							2023
	Average Balance		Yields or Rates			Interest Income/ Expense		Average Balance		Yields or Rates			Interest Income/ Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,577,529		5.97	%	$	23,476	$	1,582,332		5.76	%	$	22,472
Federal funds sold		170,608		5.26	%		2,238		156,941		4.55	%		1,760
Investment securities		152,781		3.83	%		1,458		154,667		3.43	%		1,307

Total interest earning assets		1,900,918		5.73	%		27,172		1,893,940		5.47	%		25,539

Noninterest-earning assets:
Cash and due from banks		19,207							18,098
All other assets (2)		63,752							62,247

TOTAL	$	1,983,877						$	1,974,285

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	30,346		0.16	%		12	$	34,032		0.08	%	$	7
Money market and savings		609,200		2.50	%		3,793		626,666		2.01	%		3,104
Time		326,291		4.53	%		3,688		310,246		3.81	%		2,911
Other		90,188		4.59	%		1,033		71,108		4.33	%		760

Total interest-bearing liabilities		1,056,025		3.24	%		8,526		1,042,052		2.64	%		6,782

Noninterest-bearing liabilities:
Demand deposits		718,171							728,986
Accrued expenses and other liabilities		26,441							26,326
Shareholders’ equity		183,240							176,921

TOTAL	$	1,983,877						$	1,974,285


Net interest income and margin (3)				3.93	%	$	18,646				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 $175,000 and $226,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for credit losses of $15.4 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 AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)

(Dollars in Thousands)


	Three months ended June 30,
	2023							2022
	Average Balance		Yields or Rates			Interest Income/ Expense		Average Balance		Yields or Rates			Interest Income/ Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,577,529		5.97	%	$	23,476	$	1,464,922		4.46	%	$	16,298
Federal funds sold		170,608		5.26	%		2,238		145,329		0.77	%		280
Investment securities		152,781		3.83	%		1,458		172,766		2.62	%		1,128

Total interest earning assets		1,900,918		5.73	%		27,172		1,783,017		3.98	%		17,706

Noninterest-earning assets:
Cash and due from banks		19,207							19,735
All other assets (2)		63,752							61,444

TOTAL	$	1,983,877						$	1,864,196

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	30,346		0.16	%		12	$	42,380		0.08	%	$	8
Money market and savings		609,200		2.50	%		3,793		636,692		0.37	%		582
Time		326,291		4.53	%		3,688		153,859		0.54	%		206
Other		90,188		4.59	%		1,033		119,970		2.30	%		687

Total interest-bearing liabilities		1,056,025		3.24	%		8,526		952,901		0.62	%		1,483

Noninterest-bearing liabilities:
Demand deposits		718,171							734,481
Accrued expenses and other liabilities		26,441							19,139
Shareholders’ equity		183,240							157,675

TOTAL	$	1,983,877						$	1,864,196


Net interest income and margin (3)				3.93	%	$	18,646				3.65	%	$	16,223

(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) fees of $(175,000) and $83,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for credit losses of $15.4 million and $15.0 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)


	Six months ended June 30,
	2023							2022
	Average Balance		Yields or Rates			Interest Income/ Expense		Average Balance		Yields or Rates			Interest Income/ Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,579,917		5.86	%	$	45,948	$	1,418,314		4.43	%	$	31,184
Federal funds sold		163,812		4.92	%		3,998		244,809		0.34	%		416
Investment securities		153,719		3.63	%		2,765		151,324		2.71	%		2,030

Total interest earning assets		1,897,448		5.60	%		52,711		1,814,447		3.74	%		33,630

Noninterest-earning assets:
Cash and due from banks		18,656							19,244
All other assets (2)		63,003							62,500

TOTAL	$	1,979,107						$	1,896,191

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	32,179		0.12	%		19	$	40,300		0.09	%		17
Money market and savings		617,885		2.25	%		6,897		679,662		0.37	%		1,247
Time		318,313		4.18	%		6,599		151,588		0.45	%		338
Other		80,701		4.48	%		1,793		110,370		2.34	%		1,279

Total interest-bearing liabilities		1,049,078		2.94	%		15,308		981,920		0.59	%		2,881

Noninterest-bearing liabilities:
Demand deposits		723,548							737,928
Accrued expenses and other liabilities		26,383							20,724
Shareholders’ equity		180,098							155,619

TOTAL	$	1,979,107						$	1,896,191


Net interest income and margin (3)				3.98	%	$	37,403				3.42	%	$	30,749

(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) fees of $(401,000) and $402,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for loan losses of $16.2 million and $14.6 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)


*REVENUE:*	Three months ended						Six months ended
	06/30/23		03/31/23		06/30/22		06/30/23		06/30/22
Net interest income	$	18,646	$	18,757	$	16,223	$	37,403	$	30,749
Non-interest income		1,135		1,107		1,394		2,242		3,928

Total revenue	$	19,781	$	19,864	$	17,617	$	39,645	$	34,677


*NON-INTEREST EXPENSE:*	Three months ended						Six months ended
	06/30/23		03/31/23		06/30/22		06/30/23		06/30/22
Total non-interest expense	$	11,603	$	11,843	$	10,819	$	23,446	$	21,735
Total capitalized loan origination costs		694		651		1,073		1,345		2,057

Total operating expenses, before capitalization of loan origination costs	$	12,297	$	12,494	$	11,892	$	24,791	$	23,792

Exhibit 99.2 INVESTOR PRESENTATION Q2 2023 Steven E. Shelton Thomas A. Sa CEO President, CFO & COO

FORWARD-LOOKING STATEMENTS During the course of the presentation and any transcript that may result, written or otherwise, California BanCorp (the “Company”) may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks. Although the Company may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 2

OVERVIEW OF CALIFORNIA BANCORP FOCUSED REGIONAL OFFICE FOOTPRINT COMPANY OVERVIEW ► Established in 2007 as a relationship focused commercial business bank serving Northern California with $2.0 billion in assets and a (1) market capitalization of ~$126 million ► Majority of executive management joined the bank at inception ► Significant commercial core deposit base ► Primary relationship managers with average banking experience of over 25 years and average loan books of $45 million ► Positioned to leverage recent investments to enhance our platform and extend our markets Walnut Creek FINANCIAL SNAPSHOT – 6/30/23 Balance Sheet ($mm) Q1 2023 Profitability (%) Assets 2,006 ROAA 1.10 (2) Loans 1,584 ROATCE 12.41 Deposits 1,738 Net Interest Margin 3.93 Tangible Equity 177 Efficiency Ratio 58.66 Loans/ Deposits (%) 91% Cost of Deposits 1.78 Loan Composition (%) Deposit Composition (%) C&I Loans / Gross Loans 39.3 DDA/ Total Deposits 42.7 CRE Loans / Gross Loans 54.1 Core Deposits/ Total Deposits 80.8 ► Headquarters/Regional Office in Oakland Capital Ratios ► Regional Offices in San Jose, Walnut Creek and Sacramento (Consolidated) (%) Credit Metrics (%) ► Branch services in Walnut Creek TCE / TA 8.81 NPAs / Loans & OREO 0.01 Leverage Ratio 9.01 NPAs / Assets 0.01 Tier 1 Ratio 9.07 Reserves / Gross Loans 0.99 (1) Based on CALB’s stock price of $15.00 as of 6/30/2023 TRBC Ratio 12.73 NCOs / Avg. Loans 0.00 3

INVESTMENT HIGHLIGHTS Branch light, commercial Experienced management focused business bank with team and seasoned C&I Proven organic and strong middle market relationship teams with strong acquisitive growth story relationships throughout ties to the local markets Northern California Strong earnings outlook as Quality core deposit Disciplined underwriting franchise and commercial standards with best-in-class efficiencies from investments relationship strategy asset quality metrics are realized 4 3

nd 2 QUARTER 2023 HIGHLIGHTS § Net income of $5.4 million Continued Strong § Diluted EPS of $0.65 Financial Performance § ROA of 1.10%, ROE of 11.91% and NIM of 3.93% § Total deposits increased from end of prior quarter Stable Deposit Base § Noninterest-bearing deposits remain above 40% of total deposits § Stability of deposit base enabled repayment of borrowings added in 1Q23 § Total loans declined slightly from end of prior quarter as conservative underwriting Conservative Approach to criteria and pricing discipline result in lower loan production New Loan Production § Commercial loans declined due to period-end volatility in credit line utilization § Strong financial performance and prudent balance sheet management drives increases in all capital ratios from end of prior quarter Increases in Capital Ratios and § Minimal AOCI impact Tangible Book Value § TBV/share increased 3.0% during 2Q23 § Non-performing assets to total assets remained at 0.01% Continued Strong § Net charge-offs/average loans of 0.00% Asset Quality § Allowance to NPLs of 8,686% 5

BRANCH LIGHT, COMMERCIAL FOCUSED BUSINESS BANK IMPRESSIVE LOAN GROWTH BUSINESS MODEL OVERVIEW $2,000 2015 – Q2’23 CAGR ► Middle market commercial banking focus Total gross loans = 16% $1,500 $2 • Privately owned companies with $30 million - $300 million in Gross loans (ex. PPP) = 16% $73 annual revenue $306 $1,000 • Clients with minimum lending relationships of $2 million or $1 $1,591 $1,584 $1,304 million in deposits $1,063 $500 $950 $847 $733 $628 $518 $0 ► Portfolio managed over the long term to ~39% C&I loans 2015 2016 2017 2018 2019 2020 2021 2022 Q2-2023 and ~43% noninterest-bearing deposits ► Investing in other asset generating business lines Gross Loans (ex. PPP) PPP Loans • Asset-Based Lending division established in July 2011 • Practice Acquisition division established in March 2011 STRONG DEPOSIT GROWTH • Construction division established December 2015 • Sponsor Finance division established in February 2020 $2,000 2015 – Q2’23 $1,800 CAGR = 16.8% $1,792 $1,600 $1,738 ► Strong core commercial deposit generation strategy $1,680 $1,400 $1,532 • Utilize technology with minimal branches $1,200 • Provide commercial cash management services to middle $1,000 market clients $988 $800 $874 • Dedicated treasury management sales team and platform $600 $760 $650 $400 $542 $200 $0 2015 2016 2017 2018 2019 2020 2021 2022 Q2-2023 Dollars in millions Data as of 12/31 for each respective year 6

TAKING SHARE FROM NATIONAL/REGIONAL BANKS PRODUCT AND SERVICE DIFFERENTIATION OUR “TYPICAL CLIENT” Combine Capabilities of a Big Bank with the $8 M ~$75 M $3 M High Service Levels of a Community Bank revolving line in annual equipment with $3 M average ► Attract top talent with deep market experience to compete revenue term loan outstanding against and win business from large banks ► Professional team with a consultative delivery process $5 M $5 M $3 M ► Invest in systems, tools, and technology for success in niche markets money market commercial real demand deposit accounts to hold ► Offer clients access to key decision makers estate loan operating account surplus deposits ► Ability to execute quickly, with market leading responsiveness Fee income driven by commercial portfolio account analysis and treasury management services INDUSTRY & SPECIALTY LENDING FOCUS Commercial Banking Focused on Four Core Industries Manufacturing and Professional Contractor Investor CRE Distribution Specialty Lending Groups Practice Asset Based Sponsor Construction Acquisition Lending Finance 7

EXPERIENCED MANAGEMENT TEAM ► Previously served as an Executive Vice President of the Bank primarily responsible for managing production since the Bank’s founding in 2007 Years at CALB: 16 Steven E. Shelton, Age : 58 ► Served for thirteen years in various executive management positions including President of Years in Industry: 37 CEO CivicBank of Commerce ► More than 30 years’ experience in executive finance and risk management roles, most recently Joined 2019 serving as Chief Risk Officer for Western Alliance Bank. Thomas A. Sa, Age: ► Previously served in various executive and director roles at Bridge Bank and its holding company 57 President, CFO & COO Years in Industry: 33 Bridge Capital Holdings (BBNK), including Chief Financial Officer and Chief Strategy Officer. ► Previously served as Deputy Chief Credit Officer and part of senior management from 2007 to 2018 Vivian Mui, Years at CALB: 16 Age Age : 84 : 40► 17 years of experience in various positions including lending and credit administration at SEVP & CCO Years in Industry: 20 Mechanics Bank Scott Myers Joined 2019 ► Veteran banker with more than 15 years banking experience in the Sacramento area Age : 49 SEVP & CLO► Previously served as Wells Fargo Senior Vice President and Sacramento Region Manager Years in Industry: 25 ► Previously served as the Bank’s Executive Vice President & East Bay Market President Years at CALB: 16 Michele Wirfel, Age ► Has worked in financial management and commercial banking since 1991 in various executive : 51 SEVP & CBO Years in Industry: 30 management positions including regional manager for CivicBank of Commerce ► Previously served as a Senior Vice President and Chief Information Officer for North Bay Bancorp Tom M. Dorrance, Years at CALB: 16 Age ► Has worked in financial management and commercial banking since 1992 including I.T. : 57 SEVP Technology & Operations Years in Industry: 29 Manager at CivicBank of Commerce ► Served as Executive Vice President and CCO from 2007 through 2017 Years at CALB: 16 John Lindstedt, ► Previously served in various executive management positions including Executive Vice President Years in Industry: 53 SEVP & CCO Emeritus and Senior Lending Officer for Wells Fargo’s corporate bank and President & CCO of CivicBank of Commerce 8

DEMONSTRATED GROWTH TRACK RECORD SUCCESSFUL EXPANSION THROUGHOUT NORTHERN CALIFORNIA Launched Sponsor 2015 – Completed Holding Company formed Finance in February Completed $25.0 $4 million private placement expansion into Q2’23 Asset 2020 in June 2017 million private offering at $12.86 per share to the CAGR of Walnut Creek LPO opened offering of payoff SBLF in May 2016 Listed on the Sacramento common stock in 16.1% in July 2017 NASDAQ stock Region August 2018 Completed acquisition of Pan market in March Pacific Bank ($131 million in 2020 Completed assets) in December 2015 Completed $20 $35 million million sub-debt $16 million common stock sub-debt offering in offering at $9.90 per share to offering in September 2020 August 2021 fund growth in June 2014 Bank founded in March 2007 with Practice Acquisition $27.5 million in Division opened in capital March 2011 $21.09 $19.78 San Jose ABL Division $17.33 opened in July 2011 $15.77 $15.16 $2,042 $2,015 $2,006 $1,906 $14.20 $12.01 $11.16 $10.48 $10.19 $9.61 $8.90 $8.21 $8.58 $1,152 $7.94 $7.04 $6.70 $1,006 $866 $765 $653 $446 $365 $350 $53 $194 $240 $299 $137 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q2-2023 Dollars in millions Assets ($mm) TBVPS Tangible book value per share and capital offering price adjusted for historical stock splits 9 Data as of 12/31 for each respective year

STRONG AND GROWING CORE DEPOSIT BASE DEPOSIT COMPOSITION HISTORICAL DEPOSIT COMPOSITION Time deposits $1,792 $1,738 $1,800 19% 2015 –Q2’23 CAGR $1,680 Demand DDA: 17.2% deposits $1,532 $1,600 Total Deposits: 16.8% 43% $1,400 $1,200 Money market $988 & savings $1,000 deposits $874 $812 $742 Interest bearing $771 36% $761 demand deposits $800 $673 45% 2% 46% $650 43% $542 44% $600 DEPOSIT PORTFOLIO HIGHLIGHTS–6/30/23 $387 $352 $400 $315 $285 39% $225 40% ► Deposits increased $21 million from 3/31/23 with increases across 41% $200 44% 42% all categories except for interest-bearing demand $0 ► Resilient core deposit base driven by commercial clients 2015 2016 2017 2018 2019 2020 2021 2022 Q2-2023 • 95%+ of commercial relationships hold deposits at the bank • Core deposits comprise 81% of total deposits Total Deposits NIB Deposits Cost of 0.23% 0.24% 0.35% 0.55% 0.81% 0.48% 0.27% 0.47% 1.78% ► Utilize remote deposit capture and commercial cash Deposits management to generate and retain deposits Core 91% 94% 93% 94% 88% 87% 91% 85% 81% Deposit Mix ► Treasury management division established in Q4-2019 Dollars in millions Core deposits defined as total deposits less time deposits and brokered deposits. 10 Data as of 12/31 for each respective year

DEPOSIT BASE CHARACTERISTICS ►Granular, well diversified deposit base ►No meaningful industry concentrations ►No venture capital or crypto-related deposits ►High percentage of deposits related to operating accounts and credit facilities creates sticky deposit base ►Strong deposit pipeline centered in operating accounts ►Insured and Collateralized Deposits represent 62% of total deposits ►Liquidity coverage of uninsured deposits exceeds 100% 11

DIVERSIFIED COMMERCIAL LOAN PORTFOLIO (1) LOAN PORTFOLIO COMPOSITION HISTORICAL LOAN COMPOSITION 2017 – Q2’23 CAGR Other 3% $1,584 $1,593 $1,600 C&I: 12.3% $1,377 $1,369 Construction 4% Total Loans: 15.0% $950 $1,100 $847 $733 $635 $622 $474 $415 $600 $390 Commercial 39% $341 $329 CRE - Non-Owner 40% 45% 41% 34% 40% 39% $100 30% Occupied 36% (41% (39% (36% ex.PPP) ex.PPP) ex.PPP) -$400 2017 2018 2019 2020 2021 2022 2Q23 Total Loans C&I Loans Yield on CRE - Owner 4.88% 5.09% 5.19% 4.22% 4.29% 4.96% 5.97% Loans (3) Occupied 18% Loans / 96% 97% 96% 89% 82% 89% 91% Deposits (2) OPERATING LOC USAGE GROSS LOAN FUNDING VS. NET LOAN GROWTH $200 $1,000 50% 43% 40% 39% 38% $150 34% $800 40% $167 $100 $129 $131 $600 30% $124 $888 $88 $889 $884 $862 $400 $823 20% $50 $6 $42 $24 $43 $380 $353 $347 $200 $327 10% $0 $310 -$34 $0 0% -$50 2Q22 3Q22 4Q22 1Q23 2Q23 2Q22 3Q22 4Q22 1Q23 2Q23 Commitment Amount Gross Balance Usage Gross Loan Funding Net Loan Growth Dollars in millions (1) Data as of 12/31 for each respective year 12 (2) Excludes PPP loans

NEW LOAN PRODUCTION IN 2Q23 (1) BOOKING NEW LOANS AT ATTRACTIVE RATES ► Funded new loans with balances of $43 million in 2Q23 compared to $42 million in 1Q23 and $167 million in 2Q22 ► Weighted average rate on newly funded loans was 8.41% in 1Q23 compared to 7.72% in 1Q23 and 4.57% in 2Q22 ► 2Q23 new loan dollar mix was 83% commercial, 17% CRE and 0% other (1) (1) NEW LOAN FUNDINGS WTD. AVG. RATE ON NEW LOANS $200 8.41% $0 7.72% $150 $1 $2 6.72% $93 $45 $100 5.87% $63 4.57% $50 $0 $85 $0 $7 $73 $17 $59 $36 $25 $0 2Q22 3Q22 4Q22 1Q23 2Q23 Commercial CRE Other 2Q22 3Q22 4Q22 1Q23 2Q23 Dollars in millions (1) Excludes PPP loans 13

CRE LOAN PORTFOLIO – INVESTOR CRE CONSERVATIVELY UNDERWRITTEN PORTFOLIO WITH AVERAGE LTV OF 48.9% (1) (1) INVESTOR CRE BY PROPERTY TYPE INVESTOR CRE BY GEOGRAPHIC BREAKDOWN 4% 1% 15% Mobile Home Land Out of State Park 6% Multi-Family 32% 6% Retail Other 9% Other California 48% Bay Area 19% Industrial 28% 17% Sacramento 15% Office Mixed-Use (1) Data as a percent of total investor CRE, $577 million Data as of 6/30/2023 14

CRE LOAN PORTFOLIO – INVESTOR CRE: OFFICE (1) CRE PORTFOLIO COMPOSITION INVESTOR CRE OFFICE COMPOSITION CRE Office Investor - $98 million (6% of Total Loans) Medical/Dental - $34 million (2% of Total Loans) CRE Office OO - $73 million (5% of Total Loans) Office - $64 million (4% of Total Loans) CRE Other $685 million (43% of Total Loans) INVESTOR CRE NON-MEDICAL OFFICE PORTFOLIO HIGHLIGHTS (2) GEOGRAPHY ► Office CRE represents 10.8% of total loan portfolio with more Out of State - $1 million than 80% of credits being recourse loans (<1% of Total Loans) • Investor Office Non-Medical/Dental portfolio represents 4% of total portfolio Sacramento - $23 million (2% of Total Loans) ► No exposure to downtown San Francisco market ► Majority of credits are located in suburban markets with stable tenants like medical and dental practices Bay Area -$39 million (2% of Total Loans) ► Conservative underwriting criteria with low LTVs and high DCRs 15

COMMERCIAL LOAN PORTFOLIO WELL-DIVERSIFIED PORTFOLIO WITH FOCUS ON STRONG BORROWERS IN RECESSION RESISTANT INDUSTRIES (1) (2) COMMERCIAL LOAN PORTFOLIO COMMERCIAL – SPONSOR FINANCE 11% 9% 4% 6% Home Health Care Other Schools and 26% 4% Misc. Services Instruction Retail All Others <4% Real Estate & 8% Leasing Mortgage and Nonmortgage Loan Brokers 5% 6% Wholesale Pharmacies and Drug Retailers 7% 9% 49% Other Computer Manufacturing 4% Services Related Services Pet and Pet Supplies Retailers 8% Info, Finance & Insurance 8% 6% Other Management Software Publishers Consulting Services 6% 19% 7% Executive Search Contractors Other Food Services Manufacturing SPONSOR FINANCE HIGHLIGHTS ► Weighted Average Senior Leverage: 1.88 ► Weighted Total Leverage: 2.54 ► Weighted Average FCCR: 2.26 (1) Data as a percent of total Commercial Loans, $622 million► Overall Credit Quality Trend: Stable (2) Data as a percent of total Sponsor Finance Loans, $221 million 16 Data as of 6/30/2023

ASSET QUALITY TRENDS (1) (1) RESERVES / LOANS NET CHARGE-OFFS (RECOVERIES) ($000S) $2,500 1.4% $2,000 1.2% 1.28% 1.27% $2,052 1.17% $1,872 1.0% $1,500 1.07% 1.03% 1.02% 0.99% 0.8% $851 $1,000 0.6% $500 $247 $618 0.4% $34 $0 0.2% -$65 -$500 0.0% 2017 2018 2019 2020 2021 2022 YTD 2023 2017 2018 2019 2020 2021 2022 Q2-2023 (2) NCOS (RECOVERIES) / AVG. LOANS (%) NONPERFORMING ASSETS $10 2.5% 0.75% $8 2.0% 0.50% 0.23% $6 1.5% 0.15% 0.25% 0.09% 0.02% 0.01% 0.00% $4 1.0% 0.00% 0.44% 0.00% -0.25% $2 0.5% 0.25% 0.24% 0.06% 0.01% 0.01% 0.01% -0.50% $0 0.0% 2017 2018 2019 2020 2021 2022 Q2-2023 -0.75% 2017 2018 2019 2020 2021 2022 YTD 2023 Nonaccruals NPAs / Total Assets (1) CECL Methodology adopted 1/1/2023 17 (2) Net charge-offs for 2020 were concentrated in 2Q20 related to non-systemic issues NPAs ($MM) NPAs /Total Assets

HISTORICAL PROFITABILITY TRENDS ROAA ROATCE $2.51 1.2% 15% $2.50 1.11% 1.0% $2.00 13.76% 1.08% $1.61 12% 12.72% $1.19 $1.50 0.8% $0.85 $0.86 9% $1.00 $1.29 9.78% $0.53 9.37% 0.6% 0.94% 0.68% $0.50 0.69% 0.66% 7.71% 6% 0.4% $0.00 5.87% 0.2% 0.25% -$0.50 3% 3.41% 0.0% -$1.00 0% 2017 2018 2019 2020 2021 2022 YTD 2023 2017 2018 2019 2020 2021 2022 YTD 2023 ROAA (%) EPS EFFICIENCY RATIO NET INTEREST MARGIN 100% 5% 80% 4% 4.15% 4.12% 4.09% 3.98% 77.3% 3.79% 73.5% 68.7% 60% 3% 66.7% 59.6% 59.1% 2.89% 57.0% 2.76% 40% 2% 1% 20% 0% 0% 2017 2018 2019 2020 2021 2022 YTD 2023 2017 2018 2019 2020 2021 2022 YTD 2023 18

Disciplined Expense Management Driving Greater Operating Leverage ► Investment phase in 2018-2019 (talent, product development, and technology) built highly leverageable infrastructure and strong commercial banking team ► Following investment phase, revenue growth rate has been well in excess of expense growth rate, resulting in greater operating leverage and increasing profitability OPERATING EXPENSES BEFORE CAPITALIZED LOAN ORIGINATION COSTS $12.7 $12.5 $12.3 $12.3 $11.9 $11.9 $11.7 $11.6 $1.0 $0.7 $0.7 $11.1 $1.1 $1.0 $1.1 $1.2 $1.6 $1.2 $11.7 $11.8 $11.6 $11.2 $10.9 $10.8 $10.5 $10.0 $9.8 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Total operating expenses, as reported Capitalized loan origination costs Dollars in millions 19

CAPITAL RATIOS – BANK ONLY TCE / TA LEVERAGE RATIO 16% 16% 12% 12% 11.42% 11.31% 11.32% 10.44% 10.95% 10.23% 10.42% 10.35% 9.51% 8% 8% 9.36% 8.02% 7.20% 4% 4% 0% 0% 2018 2019 2020 2021 2022 2Q2023 2018 2019 2020 2021 2022 2Q2023 TOTAL CAPITAL RATIO TIER 1 RATIO 16% 16% 12% 12% 12.52% 12.46% 12.32% 12.25% 11.79% 11.40% 11.56% 11.38% 10.94% 10.79% 10.54% 10.38% 8% 8% 4% 4% 0% 0% 2018 2019 2020 2021 2022 2Q2023 2018 2019 2020 2021 2022 2Q2023 Data as of 12/31 for each respective year Closed subordinated debt offerings to support consolidated capital ratios totaling $20 million in 2020 and $35 million in 2021 20

2023 OUTLOOK AND PRIORITIES CONSERVATIVE Remain conservative in new loan production until economic conditions LOAN PRODUCTION improve with near-term focus primarily on high quality C&I loans CONTINUE GROWING Capitalize on growing reputation and increased scale to continue DEPOSIT MARKET SHARE adding new relationships with clients that provide lower-cost deposits Past investments in talent and technology enable us to tightly manage expenses and realize more operating leverage while continuing to add EXPENSE MANAGEMENT talent in areas that provide high value opportunities Capitalize on improved treasury management platform to continue adding TREASURY MANAGEMENT new commercial relationships that drive higher levels of fee income Make adjustments in interest rate sensitivity as rate environment evolves to INTEREST RATE protect NIM when Fed starts to reduce interest rates RISK MANAGEMENT Strength of franchise, with excellent asset quality, high level of reserves, and stable deposit base, positions the Company well to continue generating PROFITABILITY strong financial performance even in a more challenging environment 21

SUMMARY Northern California Strong commercial loan Experienced management commercial business bank portfolio with corresponding team and seasoned C&I with a disciplined approach commercial relationship relationship managers to credit underwriting deposits Keen focus on relationship Proven organic and core deposits in deposit rich acquisition growth industries capabilities 22 3

Please send questions to ir@bankcbc.com Or Call 510.457.3751 CaliforniaBankofCommerce.com

Document and Entity Information	Jul. 27, 2023
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001752036
Document Type	8-K
Document Period End Date	Jul. 27, 2023
Entity Registrant Name	CALIFORNIA BANCORP
Entity Incorporation State Country Code	CA
Entity File Number	001-39242
Entity Tax Identification Number	82-1751097
Entity Address, Address Line One	1300 Clay Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	(510)
Local Phone Number	457-3737
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock
Trading Symbol	CALB
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false