California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
third quarter and nine months ended September 30, 2023.
The Company reported net income of $5.4 million
for both the third and second quarters of 2023, compared to $5.5
million for the third quarter of 2022. For the nine months ended
September 30, 2023, net income was $16.3 million, representing an
increase of $2.9 million, or 21%, compared to $13.4 million for the
same period in 2022.
Diluted earnings per share were $0.64 for the
third quarter of 2023, compared to $0.65 for the second quarter of
2023 and $0.66 for the third quarter of 2022. For the nine months
ended September 30, 2023, diluted earnings per share were $1.93,
compared to $1.60 for the same period in 2022.
“Our third quarter results reflect the strength
of the franchise we have built, as we continued to deliver strong
financial performance with our return on average assets remaining
above 1% despite the challenging operating environment,” said
Steven Shelton, Chief Executive Officer of California BanCorp. “We
saw continued stability in our deposit base, net interest margin,
and asset quality, along with disciplined expense control, which
enabled us to generate earnings that were consistent with the prior
quarter. As expected, given our conservative approach in the
current environment, our balance sheet remained relatively flat
with the prior quarter, although we continued to have success in
adding new full banking relationships including operating deposit
accounts and high quality commercial lending opportunities.
“Given the continued economic uncertainty, we
will continue to maintain our conservative approach to new loan
production. However, we believe the competitive environment remains
favorable for us to continue adding new commercial deposit
relationships and taking market share as we are seeing increasing
opportunities to attract clients who are looking for a commercial
bank with a strong balance sheet, robust treasury management
solutions, and a superior level of service. Over the near-term, we
expect to continue to generate a strong level of profitability
while maintaining a high level of capital, liquidity, and reserves,
and adding new full banking relationships that will contribute to
our long-term profitable growth and further increasing the value of
our franchise,” said Mr. Shelton.
Financial Highlights:
Profitability - three months ended September 30,
2023 compared to June 30, 2023
- Net income of $5.4 million and
$0.64 per diluted share, compared to $5.4 million and $0.65 per
diluted share, respectively.
- Revenue of $19.8 million increased
$91,000, or 0%, compared to $19.8 million for the second quarter of
2023.
- Net interest income of $18.6
million decreased $68,000, or 0%, compared to $18.6 million for the
second quarter of 2023.
- Provision for credit losses of
$314,000 decreased $130,000, or 29%, from $444,000 for the second
quarter of 2023.
- Non-interest income of $1.3 million
increased $159,000, or 14%, compared to $1.1 million for the second
quarter of 2023.
- Non-interest expense, excluding
capitalized loan origination costs, of $12.5 million increased
$222,000, or 2%, compared to $12.3 million for the second quarter
of 2023.
Profitability - nine months ended September 30,
2023 compared to September 30, 2022
- Net income of $16.3 million and
$1.93 per diluted share, compared to $13.4 million and $1.60 per
diluted share, respectively.
- Revenue of $59.5 million increased
$5.0 million, or 9%, compared to $54.5 million in the prior
year.
- Net interest income of $56.0
million increased $6.9 million, or 14%, compared to $49.1 million
for the same period in the prior year.
- Provision for credit losses of $1.1
million decreased $1.6 million, or 58%, from $2.7 million for the
nine months ended September 30, 2022.
- Non-interest income of $3.5 million
decreased $1.9 million, or 35%, from $5.4 million for the same
period in the prior year.
- Non-interest expense, excluding
capitalized loan origination costs, of $37.3 million decreased $1.2
million, or 3%, compared to $36.1 million for the nine months ended
September 30, 2022.
Financial Position – September 30, 2023 compared
to June 30, 2023
- Total assets decreased by $21.7
million, or 1%, to $1.98 billion; average total assets increased by
$9.3 million to $1.99 billion.
- Total gross loans decreased by
$10.5 million, or 1%, to $1.57 billion; average total gross loans
decreased by $25.8 million to $1.55 billion.
- Total deposits decreased by $31.2
million, or 2%, to $1.71 billion; average total deposits increased
by $35.4 million to $1.72 billion.
- Excluding junior subordinated debt
securities, the Company had no other borrowings outstanding at
September 30, 2023 and June 30, 2023.
- Capital ratios remain healthy with
a tier I leverage ratio of 9.27%, tier I capital ratio of 9.34% and
total risk-based capital ratio of 13.00%.
- Tangible book value per share of
$21.76 increased by $0.67, or 3%.
Net Interest Income and
Margin:
Net interest income for the quarters ended
September 30, 2023 and June 30, 2023 was $18.6 million, compared to
$18.4 million for the three months ended September 30, 2022. Net
interest income for the nine months ended September 30, 2023 was
$56.0 million, an increase of $6.9 million, or 14% over $49.1
million for the nine months ended September 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 third
quarter of 2023 was 3.86%, compared to 3.93% for the second quarter
of 2023 and 3.94% for the same period in 2022. The decrease in
margin compared to the prior quarter was primarily due to an
unfavorable shift in the mix of average interest earning assets
combined with an increase in the cost of deposits. The decrease in
margin from the same period last year was primarily the result of
an increase in the cost of deposits, partially offset by a more
favorable mix of earning assets with higher yields.
The Company’s net interest margin for the nine
months ended September 30, 2023 was 3.94% compared to 3.60% 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 September 30, 2023, June 30, 2023, and September 30,
2022 was $1.3 million, $1.1 million and $1.5 million, respectively.
For the nine months ended September 30, 2023, non-interest income
of $3.5 million compared to $5.4 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 second 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 $19.9 million, $19.8 million, and $19.8
million for the quarters ended September 30, 2023, June 30, 2023,
and September 30, 2022, respectively. Total revenue for the nine
months ended September 30, 2023 and 2022 was $59.5 million and
$54.5 million, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended September 30, 2023, June 30, 2023, and September 30,
2022 was $11.9 million, $11.6 million, and $11.2 million,
respectively. The increase in non-interest expense from the second
quarter of 2023 and third quarter of 2022 was primarily due to an
increase in salaries and benefits, partially offset by a reduction
in capitalized loan origination costs. Excluding capitalized loan
origination costs, non-interest expense for the third quarter of
2023, the second quarter of 2023 and the third quarter of 2022 was
$12.5 million, $12.3 million, and $12.3 million, respectively.
Non-interest expense of $35.3 million for the
nine months ended September 30, 2023 increased by $2.3 million, or
7%, compared to $33.0 million for the same period of 2022.
Excluding capitalized loan origination costs, non-interest expense
was $37.3 million for the nine months ended September 30, 2023 and
$36.1 million for the same period in 2022 which reflects investment
in infrastructure to support the growth of the Company.
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 59.64%, 58.66%, and 56.52%
for the quarters ended September 30, 2023, June 30, 2023, and
September 30, 2022, respectively. For the nine months ended
September 30, 2023 and 2022, the Company’s efficiency ratio was
59.31% and 60.44%, respectively.
Balance Sheet:
Total assets of $1.98 billion as of September
30, 2023, represented a decrease of $21.7 million, or 1%, compared
to $2.01 billion at June 30, 2023 and a decrease of $64.6 million,
or 3%, compared to $2.05 billion at September 30, 2022. The
decrease in total assets from the prior quarter was primarily the
result of conservative new loan production combined with a modest
reduction in deposit balances at the end of the quarter. Compared
to the same period in the prior year, total assets decreased
primarily due to conservative new loan production during 2023 and
decreased liquidity as a result of a reduction in other
borrowings.
Total gross loans decreased by $10.5 million, or
1%, to $1.57 billion at September 30, 2023, from $1.58 billion at
June 30, 2023 and decreased by $14.8 million, or 1%, compared to
$1.59 billion at September 30, 2022. During the third quarter of
2023, the reduction in gross loans was primarily the result of
construction and land loans decreasing by $20.6 million, or 34%,
due to the completion of a large construction project, partially
offset by an increase in commercial loans of $11.6 million.
Compared to the same period in the prior year, real estate other
loans increased by $33.7 million, or 4%, primarily due to organic
growth, and commercial, construction and land, and other loans
decreased by $9.2 million, $31.5 million, and $7.8 million,
respectively.
Total deposits decreased by $31.2 million, or
2%, to $1.71 billion at September 30, 2023 from $1.74 billion at
June 30, 2023, and decreased by $2.0 million, or 0%, from $1.71
billion at September 30, 2022. The decrease in total deposits from
the end of the second quarter of 2023 was primarily due to a
decrease in demand deposits of $56.2 million, or 7%, and a decrease
in time deposits of $13.5 million, or 4%, offset by an increase in
money market and savings deposits of $38.5 million, or 6%.
Noninterest-bearing deposits, primarily commercial business
operating accounts, represented 40.2% of total deposits at
September 30, 2023, compared to 42.7% at June 30, 2023 and 44.4% at
September 30, 2022.
At September 30, 2023 and June 30, 2023, the
Company had no outstanding borrowings, excluding junior
subordinated debt securities, compared to $100.0 million at
September 30, 2022.
Asset Quality:
The provision for credit losses on loans
decreased to $121,000 for the third quarter of 2023 compared
to $340,000 for the second quarter of 2023, and $800,000
for the third quarter of 2022. The Company had loan charge-offs of
$156,000 and recoveries of $234,000 during the third quarter of
2023, no loan charge-offs or recoveries during the second quarter
of 2023, and loan charge-offs of $202,000 and no recoveries during
the third quarter of 2022.
Non-performing assets (“NPAs”) to total assets
were 0.06% at September 30, 2023, 0.01% at June 30, 2023 and 0.02%
at September 30, 2022, with non-performing loans of $1.2 million,
$181,000 and $343,000, respectively, on those dates. The increase
in non-performing loans during the third quarter of 2023 was due to
a loan in our commercial portfolio for which the borrower has
entered into a liquidation process; however, this loan has a state
guarantee and no additional loss is expected for the Company as of
September 30, 2023.
The allowance for credit losses on loans
increased by $199,000 to $15.9 million, or 1.01% of total loans, at
September 30, 2023, compared to $15.7 million, or 0.99% of total
loans, at June 30, 2023 and $16.6 million, or 1.04% of total loans,
at September 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 $170,000 to $2.0 million, or 0.32% of
total unfunded loan commitments, at September 30, 2023, compared to
$1.9 million, or 0.31% of total unfunded loan commitments, at June
30, 2023 and $430,000, or 0.07% of total unfunded loan commitments
at September 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 September 30, 2023, shareholders’ equity
totaled $190.1 million compared to $184.2 million at June 30, 2023
and $164.1 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 13.00%, 9.34%, and 9.27%, respectively, were all above the
regulatory standards for “well-capitalized” institutions of 10.00%,
8.00% and 5.00% respectively.
“With our strong financial performance and
prudent balance sheet management, we continued to increase our
capital ratios and tangible book value per share,” said Thomas A.
Sa, President, Chief Financial Officer and Chief Operating Officer
of California BanCorp. “We also continue to have exceptional asset
quality with a very low level of non-performing assets and net
recoveries in the quarter. With the strong balance sheet we have
built, we believe we are well positioned to support the continued
growth of our franchise and create additional long-term value for
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
website at www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510) 457-3751Chief Executive
Officerseshelton@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.
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 September 30, 2023, which we expect to file
with the SEC during the fourth 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
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CALIFORNIA BANCORP AND SUBSIDIARY |
|
SELECTED FINANCIAL INFORMATION (UNAUDITED) -
PROFITABILITY |
|
(Dollars in Thousands, Except Per Share Data) |
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Change |
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Change |
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QUARTERLY HIGHLIGHTS: |
Q3 2023 |
|
Q2 2023 |
|
$ |
|
% |
|
|
Q3 2022 |
|
$ |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
28,094 |
|
|
$ |
27,172 |
|
|
$ |
922 |
|
|
3 |
% |
|
|
$ |
21,168 |
|
|
$ |
6,926 |
|
|
33 |
% |
|
Interest expense |
|
9,516 |
|
|
|
8,526 |
|
|
|
990 |
|
|
12 |
% |
|
|
|
2,805 |
|
|
|
6,711 |
|
|
239 |
% |
|
Net interest income |
|
18,578 |
|
|
|
18,646 |
|
|
|
(68 |
) |
|
-0 |
% |
|
|
|
18,363 |
|
|
|
215 |
|
|
1 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
314 |
|
|
|
444 |
|
|
|
(130 |
) |
|
-29 |
% |
|
|
|
800 |
|
|
|
(486 |
) |
|
-61 |
% |
|
Net interest income after provision for credit losses |
|
18,264 |
|
|
|
18,202 |
|
|
|
62 |
|
|
0 |
% |
|
|
|
17,563 |
|
|
|
701 |
|
|
4 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
1,294 |
|
|
|
1,135 |
|
|
|
159 |
|
|
14 |
% |
|
|
|
1,484 |
|
|
|
(190 |
) |
|
-13 |
% |
|
Non-interest expense |
|
11,851 |
|
|
|
11,603 |
|
|
|
248 |
|
|
2 |
% |
|
|
|
11,217 |
|
|
|
634 |
|
|
6 |
% |
|
Income before income taxes |
|
7,707 |
|
|
|
7,734 |
|
|
|
(27 |
) |
|
-0 |
% |
|
|
|
7,830 |
|
|
|
(123 |
) |
|
-2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
2,306 |
|
|
|
2,294 |
|
|
|
12 |
|
|
1 |
% |
|
|
|
2,308 |
|
|
|
(2 |
) |
|
-0 |
% |
|
Net income |
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
(39 |
) |
|
-1 |
% |
|
|
$ |
5,522 |
|
|
$ |
(121 |
) |
|
-2 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
(0.01 |
) |
|
-2 |
% |
|
|
$ |
0.66 |
|
|
$ |
(0.02 |
) |
|
-3 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.86 |
% |
|
|
3.93 |
% |
|
-7 Basis Points |
|
|
|
3.94 |
% |
|
-8 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
59.64 |
% |
|
|
58.66 |
% |
|
+98 Basis Points |
|
|
|
56.52 |
% |
|
+312 Basis Points |
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| |
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Change |
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YEAR-TO-DATE HIGHLIGHTS: |
Q3 2023 |
|
Q3 2022 |
|
$ |
|
% |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
80,804 |
|
|
$ |
54,798 |
|
|
$ |
26,006 |
|
|
47 |
% |
|
|
|
|
|
|
|
|
Interest expense |
|
24,824 |
|
|
|
5,686 |
|
|
|
19,138 |
|
|
337 |
% |
|
|
|
|
|
|
|
|
Net interest income |
|
55,980 |
|
|
|
49,112 |
|
|
|
6,868 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
|
1,116 |
|
|
|
2,675 |
|
|
|
(1,559 |
) |
|
-58 |
% |
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
54,864 |
|
|
|
46,437 |
|
|
|
8,427 |
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
3,536 |
|
|
|
5,412 |
|
|
|
(1,876 |
) |
|
-35 |
% |
|
|
|
|
|
|
|
|
Non-interest expense |
|
35,297 |
|
|
|
32,952 |
|
|
|
2,345 |
|
|
7 |
% |
|
|
|
|
|
|
|
|
Income before income taxes |
|
23,103 |
|
|
|
18,897 |
|
|
|
4,206 |
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
6,812 |
|
|
|
5,458 |
|
|
|
1,354 |
|
|
25 |
% |
|
|
|
|
|
|
|
|
Net income |
$ |
16,291 |
|
|
$ |
13,439 |
|
|
$ |
2,852 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
1.93 |
|
|
$ |
1.60 |
|
|
$ |
0.33 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.94 |
% |
|
|
3.60 |
% |
|
+34 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
59.31 |
% |
|
|
60.44 |
% |
|
-113 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
|
SELECTED FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
|
(Dollars in Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Change |
|
|
|
|
Change |
|
PERIOD-END HIGHLIGHTS: |
Q3 2023 |
|
Q2 2023 |
|
$ |
|
% |
|
|
Q3 2022 |
|
$ |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
(21,729 |
) |
|
-1 |
% |
|
|
$ |
2,048,501 |
|
|
$ |
(64,584 |
) |
|
-3 |
% |
|
Gross loans |
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
(10,516 |
) |
|
-1 |
% |
|
|
|
1,587,901 |
|
|
|
(14,786 |
) |
|
-1 |
% |
|
Deposits |
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
(31,215 |
) |
|
-2 |
% |
|
|
|
1,709,078 |
|
|
|
(1,997 |
) |
|
-0 |
% |
|
Tangible equity |
|
182,673 |
|
|
|
176,783 |
|
|
|
5,890 |
|
|
3 |
% |
|
|
|
156,575 |
|
|
|
26,098 |
|
|
17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
$ |
21.76 |
|
|
$ |
21.09 |
|
|
$ |
0.67 |
|
|
3 |
% |
|
|
$ |
18.80 |
|
|
$ |
2.96 |
|
|
16 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / tangible assets |
|
9.24 |
% |
|
|
8.85 |
% |
|
+39 Basis Points |
|
|
|
7.67 |
% |
|
+157 Basis Points |
|
Gross loans / total deposits |
|
92.15 |
% |
|
|
91.10 |
% |
|
+105 Basis Points |
|
|
|
92.91 |
% |
|
-76 Basis Points |
|
Noninterest-bearing deposits / total deposits |
|
40.23 |
% |
|
|
42.69 |
% |
|
-246 Basis Points |
|
|
|
44.39 |
% |
|
-416 Basis Points |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
|
QUARTERLY AVERAGE HIGHLIGHTS: |
Q3 2023 |
|
Q2 2023 |
|
$ |
|
% |
|
|
Q3 2022 |
|
$ |
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,993,147 |
|
|
$ |
1,983,877 |
|
|
$ |
9,270 |
|
|
0 |
% |
|
|
$ |
1,930,227 |
|
|
$ |
62,920 |
|
|
3 |
% |
|
Total earning assets |
|
1,910,755 |
|
|
|
1,900,918 |
|
|
|
9,837 |
|
|
1 |
% |
|
|
|
1,849,242 |
|
|
|
61,513 |
|
|
3 |
% |
|
Gross loans |
|
1,551,708 |
|
|
|
1,577,529 |
|
|
|
(25,821 |
) |
|
-2 |
% |
|
|
|
1,523,442 |
|
|
|
28,266 |
|
|
2 |
% |
|
Deposits |
|
1,719,416 |
|
|
|
1,684,008 |
|
|
|
35,408 |
|
|
2 |
% |
|
|
|
1,592,096 |
|
|
|
127,320 |
|
|
8 |
% |
|
Tangible equity |
|
181,384 |
|
|
|
175,752 |
|
|
|
5,632 |
|
|
3 |
% |
|
|
|
155,448 |
|
|
|
25,936 |
|
|
17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / tangible assets |
|
9.13 |
% |
|
|
8.89 |
% |
|
+24 Basis Points |
|
|
|
8.08 |
% |
|
+105 Basis Points |
|
Gross loans / total deposits |
|
90.25 |
% |
|
|
93.68 |
% |
|
-343 Basis Points |
|
|
|
95.69 |
% |
|
-544 Basis Points |
|
Noninterest-bearing deposits / total deposits |
|
41.59 |
% |
|
|
42.65 |
% |
|
-106 Basis Points |
|
|
|
46.41 |
% |
|
-482 Basis Points |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE HIGHLIGHTS: |
Q3 2023 |
|
Q3 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
1,983,839 |
|
|
$ |
1,907,661 |
|
|
$ |
76,178 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
Total earning assets |
|
1,901,933 |
|
|
|
1,826,172 |
|
|
|
75,761 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
Gross loans |
|
1,570,411 |
|
|
|
1,453,741 |
|
|
|
116,670 |
|
|
8 |
% |
|
|
|
|
|
|
|
|
Deposits |
|
1,701,189 |
|
|
|
1,603,620 |
|
|
|
97,569 |
|
|
6 |
% |
|
|
|
|
|
|
|
|
Tangible equity |
|
175,584 |
|
|
|
150,587 |
|
|
|
24,997 |
|
|
17 |
% |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / tangible assets |
|
8.88 |
% |
|
|
7.92 |
% |
|
+96 Basis Points |
|
|
|
|
|
|
|
|
Gross loans / total deposits |
|
92.31 |
% |
|
|
90.65 |
% |
|
+166 Basis Points |
|
|
|
|
|
|
|
|
Noninterest-bearing deposits / total deposits |
|
42.36 |
% |
|
|
46.04 |
% |
|
-368 Basis Points |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
|
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES (LOANS): |
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
CECL adjustment |
|
- |
|
|
|
- |
|
|
|
(1,840 |
) |
|
|
- |
|
|
|
- |
|
|
Provision for credit losses, quarterly |
|
121 |
|
|
|
340 |
|
|
|
464 |
|
|
|
1,100 |
|
|
|
800 |
|
|
Charge-offs, quarterly |
|
(156 |
) |
|
|
- |
|
|
|
(247 |
) |
|
|
(650 |
) |
|
|
(202 |
) |
|
Recoveries, quarterly |
|
234 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Balance, end of period |
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans accounted for on a non-accrual basis |
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
182 |
|
|
Loans with principal or interest contractually past due 90 days or
more and still accruing interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
161 |
|
|
Nonperforming loans |
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
Other real estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Nonperforming assets |
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
1,183 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,028 |
|
|
$ |
161 |
|
|
Real estate other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Real estate construction and land |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
SBA |
|
53 |
|
|
|
181 |
|
|
|
222 |
|
|
|
222 |
|
|
|
182 |
|
|
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Nonperforming loans |
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses (loans) / gross loans |
|
1.01 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
1.07 |
% |
|
|
1.04 |
% |
|
Allowance for credit losses (loans) / nonperforming loans |
|
1288.11 |
% |
|
|
8686.19 |
% |
|
|
6928.83 |
% |
|
|
1360.40 |
% |
|
|
4826.53 |
% |
|
Nonperforming assets / total assets |
|
0.06 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
|
Nonperforming loans / gross loans |
|
0.08 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
|
|
0.02 |
% |
|
Net quarterly charge-offs / gross loans |
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
|
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
|
(Dollars in Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
09/30/23 |
|
06/30/23 |
|
09/30/22 |
|
09/30/23 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
23,804 |
|
|
$ |
23,476 |
|
|
$ |
19,084 |
|
|
$ |
69,752 |
|
|
$ |
50,268 |
|
|
Federal funds sold |
|
2,814 |
|
|
|
2,238 |
|
|
|
867 |
|
|
|
6,811 |
|
|
|
1,283 |
|
|
Investment securities |
|
1,476 |
|
|
|
1,458 |
|
|
|
1,217 |
|
|
|
4,241 |
|
|
|
3,247 |
|
|
Total interest income |
|
28,094 |
|
|
|
27,172 |
|
|
|
21,168 |
|
|
|
80,804 |
|
|
|
54,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
8,961 |
|
|
|
7,493 |
|
|
|
1,672 |
|
|
|
22,476 |
|
|
|
3,274 |
|
|
Other |
|
555 |
|
|
|
1,033 |
|
|
|
1,133 |
|
|
|
2,348 |
|
|
|
2,412 |
|
|
Total interest expense |
|
9,516 |
|
|
|
8,526 |
|
|
|
2,805 |
|
|
|
24,824 |
|
|
|
5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
18,578 |
|
|
|
18,646 |
|
|
|
18,363 |
|
|
|
55,980 |
|
|
|
49,112 |
|
|
Provision for credit losses |
|
314 |
|
|
|
444 |
|
|
|
800 |
|
|
|
1,116 |
|
|
|
2,675 |
|
|
Net interest income after provision for credit losses |
|
18,264 |
|
|
|
18,202 |
|
|
|
17,563 |
|
|
|
54,864 |
|
|
|
46,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
1,003 |
|
|
|
867 |
|
|
|
1,237 |
|
|
|
2,733 |
|
|
|
3,260 |
|
|
Gain on sale of loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,393 |
|
|
Other non-interest income |
|
291 |
|
|
|
268 |
|
|
|
247 |
|
|
|
803 |
|
|
|
759 |
|
|
Total non-interest income |
|
1,294 |
|
|
|
1,135 |
|
|
|
1,484 |
|
|
|
3,536 |
|
|
|
5,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
8,238 |
|
|
|
7,831 |
|
|
|
7,415 |
|
|
|
23,945 |
|
|
|
21,654 |
|
|
Premises and equipment |
|
1,155 |
|
|
|
1,168 |
|
|
|
1,275 |
|
|
|
3,503 |
|
|
|
3,844 |
|
|
Other |
|
2,458 |
|
|
|
2,604 |
|
|
|
2,527 |
|
|
|
7,849 |
|
|
|
7,454 |
|
|
Total non-interest expense |
|
11,851 |
|
|
|
11,603 |
|
|
|
11,217 |
|
|
|
35,297 |
|
|
|
32,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
7,707 |
|
|
|
7,734 |
|
|
|
7,830 |
|
|
|
23,103 |
|
|
|
18,897 |
|
|
Income taxes |
|
2,306 |
|
|
|
2,294 |
|
|
|
2,308 |
|
|
|
6,812 |
|
|
|
5,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
5,522 |
|
|
$ |
16,291 |
|
|
$ |
13,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
1.95 |
|
|
$ |
1.62 |
|
|
Diluted earnings per share |
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
1.93 |
|
|
$ |
1.60 |
|
|
Average common shares outstanding |
|
8,390,138 |
|
|
|
8,369,907 |
|
|
|
8,322,529 |
|
|
|
8,366,584 |
|
|
|
8,298,269 |
|
|
Average common and equivalent shares outstanding |
|
8,455,917 |
|
|
|
8,414,213 |
|
|
|
8,405,669 |
|
|
|
8,438,444 |
|
|
|
8,394,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.08 |
% |
|
|
1.10 |
% |
|
|
1.13 |
% |
|
|
1.10 |
% |
|
|
0.94 |
% |
|
Return on average equity |
|
11.35 |
% |
|
|
11.91 |
% |
|
|
13.45 |
% |
|
|
11.90 |
% |
|
|
11.37 |
% |
|
Return on average tangible equity |
|
11.81 |
% |
|
|
12.41 |
% |
|
|
14.09 |
% |
|
|
12.40 |
% |
|
|
11.93 |
% |
|
Efficiency ratio |
|
59.64 |
% |
|
|
58.66 |
% |
|
|
56.52 |
% |
|
|
59.31 |
% |
|
|
60.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
|
INTERIM CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
17,128 |
|
|
$ |
19,763 |
|
|
$ |
15,121 |
|
|
$ |
16,686 |
|
|
$ |
24,709 |
|
|
Federal funds sold |
|
181,854 |
|
|
|
187,904 |
|
|
|
198,804 |
|
|
|
215,696 |
|
|
|
216,345 |
|
|
Investment securities |
|
149,244 |
|
|
|
151,129 |
|
|
|
153,769 |
|
|
|
155,878 |
|
|
|
157,531 |
|
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
633,902 |
|
|
|
622,270 |
|
|
|
656,519 |
|
|
|
634,535 |
|
|
|
643,131 |
|
|
Real estate other |
|
858,611 |
|
|
|
856,344 |
|
|
|
853,431 |
|
|
|
848,241 |
|
|
|
824,867 |
|
|
Real estate construction and land |
|
40,003 |
|
|
|
60,595 |
|
|
|
63,928 |
|
|
|
63,730 |
|
|
|
71,523 |
|
|
SBA |
|
4,415 |
|
|
|
4,936 |
|
|
|
5,610 |
|
|
|
7,220 |
|
|
|
8,565 |
|
|
Other |
|
36,184 |
|
|
|
39,486 |
|
|
|
37,775 |
|
|
|
39,695 |
|
|
|
39,815 |
|
|
Loans, gross |
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
1,617,263 |
|
|
|
1,593,421 |
|
|
|
1,587,901 |
|
|
Unamortized net deferred loan costs (fees) |
|
1,312 |
|
|
|
1,637 |
|
|
|
1,765 |
|
|
|
2,040 |
|
|
|
1,902 |
|
|
Allowance for credit losses |
|
(15,921 |
) |
|
|
(15,722 |
) |
|
|
(15,382 |
) |
|
|
(17,005 |
) |
|
|
(16,555 |
) |
|
Loans, net |
|
1,558,506 |
|
|
|
1,569,546 |
|
|
|
1,603,646 |
|
|
|
1,578,456 |
|
|
|
1,573,248 |
|
|
Premises and equipment, net |
|
2,432 |
|
|
|
2,625 |
|
|
|
2,848 |
|
|
|
3,072 |
|
|
|
3,382 |
|
|
Bank owned life insurance |
|
25,697 |
|
|
|
25,519 |
|
|
|
25,334 |
|
|
|
25,127 |
|
|
|
24,955 |
|
|
Goodwill and core deposit intangible |
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
|
|
7,472 |
|
|
|
7,483 |
|
|
Accrued interest receivable and other assets |
|
41,614 |
|
|
|
41,708 |
|
|
|
43,790 |
|
|
|
39,828 |
|
|
|
40,848 |
|
|
Total assets |
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
$ |
686,723 |
|
|
$ |
742,160 |
|
|
$ |
740,650 |
|
|
$ |
811,671 |
|
|
$ |
758,716 |
|
|
Demand interest-bearing |
|
28,533 |
|
|
|
29,324 |
|
|
|
30,798 |
|
|
|
37,815 |
|
|
|
35,183 |
|
|
Money market and savings |
|
672,119 |
|
|
|
633,620 |
|
|
|
616,864 |
|
|
|
671,016 |
|
|
|
597,244 |
|
|
Time |
|
319,706 |
|
|
|
333,192 |
|
|
|
329,298 |
|
|
|
271,238 |
|
|
|
317,935 |
|
|
Total deposits |
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debt securities |
|
54,256 |
|
|
|
54,221 |
|
|
|
54,186 |
|
|
|
54,152 |
|
|
|
54,117 |
|
|
Other borrowings |
|
- |
|
|
|
- |
|
|
|
75,000 |
|
|
|
- |
|
|
|
100,000 |
|
|
Accrued interest payable and other liabilities |
|
32,465 |
|
|
|
28,894 |
|
|
|
25,417 |
|
|
|
24,069 |
|
|
|
21,248 |
|
|
Total liabilities |
|
1,793,802 |
|
|
|
1,821,411 |
|
|
|
1,872,213 |
|
|
|
1,869,961 |
|
|
|
1,884,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
112,656 |
|
|
|
112,167 |
|
|
|
111,609 |
|
|
|
111,257 |
|
|
|
110,786 |
|
|
Retained earnings |
|
78,824 |
|
|
|
73,423 |
|
|
|
68,082 |
|
|
|
62,297 |
|
|
|
54,628 |
|
|
Accumulated other comprehensive loss |
|
(1,365 |
) |
|
|
(1,355 |
) |
|
|
(1,130 |
) |
|
|
(1,300 |
) |
|
|
(1,356 |
) |
|
Total shareholders' equity |
|
190,115 |
|
|
|
184,235 |
|
|
|
178,561 |
|
|
|
172,254 |
|
|
|
164,058 |
|
|
Total liabilities and shareholders' equity |
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
9.27 |
% |
|
|
9.01 |
% |
|
|
8.76 |
% |
|
|
7.98 |
% |
|
|
8.21 |
% |
|
Tier I risk-based capital ratio |
|
9.34 |
% |
|
|
9.07 |
% |
|
|
8.54 |
% |
|
|
8.23 |
% |
|
|
7.98 |
% |
|
Total risk-based capital ratio |
|
13.00 |
% |
|
|
12.73 |
% |
|
|
12.08 |
% |
|
|
11.77 |
% |
|
|
11.57 |
% |
|
Total equity/ total assets |
|
9.58 |
% |
|
|
9.19 |
% |
|
|
8.71 |
% |
|
|
8.43 |
% |
|
|
8.01 |
% |
|
Book value per share |
$ |
22.64 |
|
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
$ |
20.67 |
|
|
$ |
19.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
8,332,479 |
|
|
|
8,327,781 |
|
| |
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
|
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Three months ended June 30, |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,551,708 |
|
|
6.09 |
% |
|
$ |
23,804 |
|
|
$ |
1,577,529 |
|
|
5.97 |
% |
|
$ |
23,476 |
|
|
Federal funds sold |
|
208,725 |
|
|
5.35 |
% |
|
|
2,814 |
|
|
|
170,608 |
|
|
5.26 |
% |
|
|
2,238 |
|
|
Investment securities |
|
150,322 |
|
|
3.90 |
% |
|
|
1,476 |
|
|
|
152,781 |
|
|
3.83 |
% |
|
|
1,458 |
|
|
Total interest earning assets |
|
1,910,755 |
|
|
5.83 |
% |
|
|
28,094 |
|
|
|
1,900,918 |
|
|
5.73 |
% |
|
|
27,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
20,351 |
|
|
|
|
|
|
|
19,207 |
|
|
|
|
|
|
All other assets (2) |
|
62,041 |
|
|
|
|
|
|
|
63,752 |
|
|
|
|
|
|
TOTAL |
$ |
1,993,147 |
|
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
28,766 |
|
|
0.33 |
% |
|
|
24 |
|
|
$ |
30,346 |
|
|
0.16 |
% |
|
|
12 |
|
|
Money market and savings |
|
642,909 |
|
|
2.95 |
% |
|
|
4,775 |
|
|
|
609,200 |
|
|
2.50 |
% |
|
|
3,793 |
|
|
Time |
|
332,662 |
|
|
4.96 |
% |
|
|
4,162 |
|
|
|
326,291 |
|
|
4.53 |
% |
|
|
3,688 |
|
|
Other |
|
54,235 |
|
|
4.06 |
% |
|
|
555 |
|
|
|
90,188 |
|
|
4.59 |
% |
|
|
1,033 |
|
|
Total interest-bearing liabilities |
|
1,058,572 |
|
|
3.57 |
% |
|
|
9,516 |
|
|
|
1,056,025 |
|
|
3.24 |
% |
|
|
8,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
715,079 |
|
|
|
|
|
|
|
718,171 |
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
30,665 |
|
|
|
|
|
|
|
26,441 |
|
|
|
|
|
|
Shareholders' equity |
|
188,831 |
|
|
|
|
|
|
|
183,240 |
|
|
|
|
|
|
TOTAL |
$ |
1,993,147 |
|
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
3.86 |
% |
|
$ |
18,578 |
|
|
|
|
3.93 |
% |
|
$ |
18,646 |
|
|
(1) |
Nonperforming loans are included in average loan balances. No
adjustment has been made for these loans in the calculation
of yields. Interest income on loans includes amortization of
net deferred loan costs of $82,000 and $175,000, respectively. |
|
(2) |
Other noninterest-earning assets includes the allowance for credit
losses of $15.8 million and $15.4 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 September
30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,551,708 |
|
|
6.09 |
% |
|
$ |
23,804 |
|
|
$ |
1,523,442 |
|
|
4.97 |
% |
|
$ |
19,084 |
|
|
Federal funds sold |
|
208,725 |
|
|
5.35 |
% |
|
|
2,814 |
|
|
|
162,314 |
|
|
2.12 |
% |
|
|
867 |
|
|
Investment securities |
|
150,322 |
|
|
3.90 |
% |
|
|
1,476 |
|
|
|
163,486 |
|
|
2.95 |
% |
|
|
1,217 |
|
|
Total interest earning assets |
|
1,910,755 |
|
|
5.83 |
% |
|
|
28,094 |
|
|
|
1,849,242 |
|
|
4.54 |
% |
|
|
21,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
20,351 |
|
|
|
|
|
|
|
20,153 |
|
|
|
|
|
|
All other assets (2) |
|
62,041 |
|
|
|
|
|
|
|
60,832 |
|
|
|
|
|
|
TOTAL |
$ |
1,993,147 |
|
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
28,766 |
|
|
0.33 |
% |
|
|
24 |
|
|
$ |
40,044 |
|
|
0.08 |
% |
|
$ |
8 |
|
|
Money market and savings |
|
642,909 |
|
|
2.95 |
% |
|
|
4,775 |
|
|
|
600,100 |
|
|
0.62 |
% |
|
|
938 |
|
|
Time |
|
332,662 |
|
|
4.96 |
% |
|
|
4,162 |
|
|
|
213,001 |
|
|
1.35 |
% |
|
|
726 |
|
|
Other |
|
54,235 |
|
|
4.06 |
% |
|
|
555 |
|
|
|
154,101 |
|
|
2.92 |
% |
|
|
1,133 |
|
|
Total interest-bearing liabilities |
|
1,058,572 |
|
|
3.57 |
% |
|
|
9,516 |
|
|
|
1,007,246 |
|
|
1.10 |
% |
|
|
2,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
715,079 |
|
|
|
|
|
|
|
738,951 |
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
30,665 |
|
|
|
|
|
|
|
21,094 |
|
|
|
|
|
|
Shareholders' equity |
|
188,831 |
|
|
|
|
|
|
|
162,936 |
|
|
|
|
|
|
TOTAL |
$ |
1,993,147 |
|
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
3.86 |
% |
|
$ |
18,578 |
|
|
|
|
3.94 |
% |
|
$ |
18,363 |
|
|
(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 $(82,000) and $100,000,
respectively. |
|
(2) |
Other noninterest-earning assets includes the allowance for credit
losses of $15.8 million and $16.0 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September
30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,570,411 |
|
|
5.94 |
% |
|
$ |
69,752 |
|
|
$ |
1,453,741 |
|
|
4.62 |
% |
|
$ |
50,268 |
|
|
Federal funds sold |
|
178,948 |
|
|
5.09 |
% |
|
|
6,811 |
|
|
|
217,008 |
|
|
0.79 |
% |
|
|
1,283 |
|
|
Investment securities |
|
152,574 |
|
|
3.72 |
% |
|
|
4,241 |
|
|
|
155,423 |
|
|
2.79 |
% |
|
|
3,247 |
|
|
Total interest earning assets |
|
1,901,933 |
|
|
5.68 |
% |
|
|
80,804 |
|
|
|
1,826,172 |
|
|
4.01 |
% |
|
|
54,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
19,227 |
|
|
|
|
|
|
|
19,550 |
|
|
|
|
|
|
All other assets (2) |
|
62,679 |
|
|
|
|
|
|
|
61,939 |
|
|
|
|
|
|
TOTAL |
$ |
1,983,839 |
|
|
|
|
|
|
$ |
1,907,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
31,029 |
|
|
0.19 |
% |
|
|
43 |
|
|
$ |
40,214 |
|
|
0.08 |
% |
|
|
25 |
|
|
Money market and savings |
|
626,318 |
|
|
2.49 |
% |
|
|
11,672 |
|
|
|
652,849 |
|
|
0.45 |
% |
|
|
2,185 |
|
|
Time |
|
323,148 |
|
|
4.45 |
% |
|
|
10,761 |
|
|
|
172,284 |
|
|
0.83 |
% |
|
|
1,064 |
|
|
Other |
|
71,782 |
|
|
4.37 |
% |
|
|
2,348 |
|
|
|
125,108 |
|
|
2.58 |
% |
|
|
2,412 |
|
|
Total interest-bearing liabilities |
|
1,052,277 |
|
|
3.15 |
% |
|
|
24,824 |
|
|
|
990,455 |
|
|
0.77 |
% |
|
|
5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
720,694 |
|
|
|
|
|
|
|
738,273 |
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
27,827 |
|
|
|
|
|
|
|
20,848 |
|
|
|
|
|
|
Shareholders' equity |
|
183,041 |
|
|
|
|
|
|
|
158,085 |
|
|
|
|
|
|
TOTAL |
$ |
1,983,839 |
|
|
|
|
|
|
$ |
1,907,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
3.94 |
% |
|
$ |
55,980 |
|
|
|
|
3.60 |
% |
|
$ |
49,112 |
|
|
(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 $(482,000) and $501,000,
respectively. |
|
(2) |
Other noninterest-earning assets includes the allowance for loan
losses of $16.1 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 NON GAAP DATA
(UNAUDITED) |
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE: |
Three months ended |
|
Nine months ended |
| |
09/30/23 |
|
06/30/23 |
|
09/30/22 |
|
09/30/23 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
18,578 |
|
|
$ |
18,646 |
|
|
$ |
18,363 |
|
|
$ |
55,980 |
|
|
$ |
49,112 |
|
|
Non-interest income |
|
1,294 |
|
|
|
1,135 |
|
|
|
1,484 |
|
|
|
3,536 |
|
|
|
5,412 |
|
|
Total revenue |
$ |
19,872 |
|
|
$ |
19,781 |
|
|
$ |
19,847 |
|
|
$ |
59,516 |
|
|
$ |
54,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
Three months ended |
|
Nine months ended |
| |
09/30/23 |
|
06/30/23 |
|
09/30/22 |
|
09/30/23 |
|
09/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
$ |
11,851 |
|
|
$ |
11,603 |
|
|
$ |
11,217 |
|
|
$ |
35,297 |
|
|
$ |
32,952 |
|
|
Total capitalized loan origination costs |
|
668 |
|
|
|
694 |
|
|
|
1,102 |
|
|
|
2,013 |
|
|
|
3,160 |
|
|
Total operating expenses, before capitalization of loan origination
costs |
$ |
12,519 |
|
|
$ |
12,297 |
|
|
$ |
12,319 |
|
|
$ |
37,310 |
|
|
$ |
36,112 |
|
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From Mar 2024 to Apr 2024
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From Apr 2023 to Apr 2024
