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    California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024

    7/29/24 8:00:00 AM ET
    $CALB
    Major Banks
    Finance
    Get the next $CALB alert in real time by email

    OAKLAND, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the second quarter and six months ended June 30, 2024.

    The Company reported a net loss of $5.9 million for the second quarter of 2024, representing a decrease of $9.7 million, or 254%, compared to net income of $3.8 million for the first quarter of 2024 and a decrease of $11.3 million, or 208%, compared to $5.4 million in the second quarter of 2023. For the six months ended June 30, 2024, the Company reported a net loss of $2.0 million representing a decrease of $12.9 million, or 119%, compared to net income of $10.9 million for the same period in 2023.

    Diluted earnings per share of $(0.68) for the second quarter of 2024, compared to $0.45 for the first quarter of 2024 and $0.65 for the second quarter of 2023. For the six months ended June 30, 2024, diluted earnings per share of $(0.24), compared to $1.29 for the same period in 2023.

    "As we announced earlier this month, on July 17, 2024, at their respective shareholder meetings, shareholders of Southern California Bancorp and California BanCorp approved the merger of the two companies, and we expect the transaction to close on July 31, 2024," said Steven Shelton, Chief Executive Officer of California BanCorp. "Our second quarter results were impacted by a $13.5 million provision for credit losses, largely as the result of stepped up resolution activity on loans individually identified during a rigorous review of our loan portfolio. During the quarter, we focused our efforts on an active strategy of de-risking our balance sheet and remained measured in our new loan production, which led to a decline in total loans. At the same time, we continued to add new commercial relationships that helped contribute to an increase in our balances of noninterest-bearing deposits. We look forward to closing our merger and capitalizing on the strong market position of our combined entity to continue adding attractive commercial relationships, generating profitable growth, and further enhancing the value of our franchise in the coming years."

    Financial Highlights:

    Profitability - three months ended June 30, 2024 compared to March 31, 2024

    • Net loss of $5.9 million and $(0.68) per diluted share, compared to net income of $3.8 million and $0.45 per share, respectively.
    • Revenue of $18.3 million decreased $1.1 million, or 6%, from $19.4 million for the first quarter of 2024 (See Interim Consolidated Non-GAAP Data).
    • Net interest income of $16.8 million decreased $892,000, or 5%, compared to $17.7 million for the first quarter of 2024.
    • Provision for credit losses of $13.5 million increased $13.4 million from $126,000 for the first quarter of 2024.
    • Non-interest income of $1.5 million decreased $187,000, or 11%, compared to $1.7 million for the first quarter of 2024.
    • Non-interest expense, excluding merger related expenses, of $12.5 million decreased $139,000, or 1%, compared to $12.7 million for the first quarter of 2024 (See Interim Consolidated Non-GAAP Data).

    Profitability - six months ended June 30, 2024 compared to June 30, 2023

    • Net loss of $2.0 million and $(0.24) per diluted share, compared to net income of $10.9 million and $1.29 per diluted share, respectively.
    • Revenue of $37.8 million decreased $1.8 million, or 5%, compared to $39.6 million in the prior year (See Interim Consolidated Non-GAAP Data).
    • Net interest income of $34.5 million decreased $2.9 million, or 8%, compared to $37.4 million for the same period in the prior year.
    • Provision for credit losses of $13.6 million increased $12.8 million from $802,000 for the six months ended June 30, 2023.
    • Non-interest income of $3.2 million increased $981,000, or 44%, from $2.2 million for the same period in the prior year.
    • Non-interest expense, excluding merger related expenses, of $25.2 million increased $1.8 million, or 8%, compared to $23.4 million for the six months ended June 30, 2023 (See Interim Consolidated Non-GAAP Data).

    Financial Position – June 30, 2024 compared to March 31, 2024

    • Total assets decreased by $5.2 million to $1.92 billion; average total assets decreased by $7.0 million to $1.91 billion.
    • Total gross loans decreased by $33.2 million to $1.49 billion; average total gross loans decreased by $11.1 million to $1.51 billion.
    • Total deposits decreased by $827,000 to $1.64 billion; average total deposits decreased by $7.0 million to $1.62 billion.
    • The Company had no other borrowings at June 30, 2024 or March 31, 2024.
    • Capital ratios remain healthy with a tier I leverage ratio of 9.93%, tier I capital ratio of 10.06%, and total risk-based capital ratio of 13.93%.
    • Book value per share of $23.07 decreased by $0.72, or 3%.
    • Tangible book value per share of $22.20 decreased by $0.71, or 3% (See Interim Consolidated Non-GAAP Data).

    Net Interest Income and Margin:

    Net interest income for the quarter ended June 30, 2024 was $16.8 million, representing a decrease of $892,000, or 5%, from $17.7 million for the three months ended March 31, 2024, and a decrease of $1.8 million, or 10%, from $18.6 million for the quarter ended June 30, 2023. The decrease in net interest income compared to the first quarter of 2024 was primarily attributable to lower yields on interest earning assets. Compared to the second quarter of 2023, the decrease in net interest income resulted from a lower balance of average earning assets which was driven by a reduction in loan balances as a result of conservative underwriting combined with decreased demand and pay-offs occurring in the normal course of business. Additionally, during the current period the Company incurred higher yields on interest-bearing deposits.

    Net interest income for the six months ended June 30, 2024 was $34.5 million, a decrease of $2.9 million, or 8% from $37.4 million for the six months ended June 30, 2023. The decrease in net interest income was primarily attributable to an increase in higher yields on interest-bearing deposits.

    The Company's net interest margin for the second quarter of 2024 was 3.71%, compared to 3.89% for the first quarter of 2024 and 3.93% for the same period in 2023. The Company's net interest margin for the six months ended June 30, 2024 was 3.80% compared to 3.98% for the same period in 2023.

    Non-Interest Income:

    The Company's non-interest income for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was $1.5 million, $1.7 million, and $1.1 million, respectively. For the six months ended June 30, 2024, non-interest income of $3.2 million compared to $2.2 million for the same period of 2023. The fluctuations in non-interest income from the prior periods were primarily due to service charges and loan related fees.

    Net interest income and non-interest income comprised total revenue of $18.3 million, $19.4 million, and $19.8 million for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Total revenue for the six months ended June 30, 2024 and 2023 was $37.8 million and $39.6 million, respectively (See Interim Consolidated Non-GAAP Data).

    Non-Interest Expense:

    The Company's non-interest expense for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was $13.2 million, $13.7 million, and $11.6 million, respectively. Non-interest expense of $26.9 million for the six months ended June 30, 2024 increased by $3.5 million, or 15%, compared to $23.4 million for the same period of 2023. The fluctuations in non-interest expense from the prior periods was primarily due to the recognition of merger related expenses. Additionally, compared to the same periods in the prior year, the Company incurred increases in salaries and benefits as well as premises and equipment.

    Excluding the impact of merger related expenses, non-interest expense for the second quarter of 2024, the first quarter of 2024 and the second quarter of 2023 was $12.5 million, $12.7 million, and $11.6 million, respectively. For the six months ended June 30, 2024 and 2023, non-interest expense excluding the impact of merger related expenses was $25.2 million and $23.4 million, respectively (See Interim Consolidated Non-GAAP Data).

    The Company's efficiency ratio, the ratio of non-interest expense to revenues, was 71.90%, 70.57%, and 58.66% for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Excluding the impact of merger related expenses, the Company's efficiency ratio was 68.38% and 65.29% for the second and first quarters of 2024, respectively. For the six months ended June 30, 2024 and 2023, the Company's efficiency ratio was 71.22% and 59.14%, respectively. Excluding the impact of merger related expenses, the Company's efficiency ratio was 66.79% for the six months ended June 30, 2024 (See Interim Consolidated Non-GAAP Data).

    Balance Sheet:

    Total assets were $1.92 billion as of June 30, 2024 and March 31, 2024, compared to total assets of $2.00 billion at June 30, 2023. The decrease in total assets from the prior year was primarily due to conservative new loan production, combined with decreased liquidity related to a reduction in noninterest-bearing deposits.

    Total gross loans decreased by $33.2 million, or 2%, to $1.49 billion at June 30, 2024, from $1.52 billion at March 31, 2024 and decreased $95.9 million, or 6%, from $1.58 billion at June 30, 2023. During the second quarter of 2024, commercial loans increased by $1.7 million, or less than 1%, real estate related loans decreased by $33.0 million, or 4%, and other loans decreased $1.9 million, or 5%. Compared to the same period in the prior year, commercial, real estate other, real estate construction and land, and other loans decreased by $10.1 million, or 2%, $34.8 million, or 4%, $45.1 million, or 74%, and $5.9 million, or 13%, respectively.

    Total deposits of $1.64 billion at June 30, 2024 remained unchanged from March 31, 2024, and decreased by $99.6 million, or 6%, from $1.74 billion at June 30, 2023. Compared to the same period last year, the decrease in total deposits was primarily concentrated in noninterest-bearing demand deposits. Noninterest-bearing deposits, primarily commercial business operating accounts, represented 39% of total deposits at both June 30, 2024 and March 31, 2024 and represented 43% of total deposits at June 30, 2023.

    Excluding junior subordinated debt securities, the Company had no outstanding borrowings at June 30, 2024, March 31, 2024 or June 30, 2023.

    Asset Quality:

    The provision for credit losses on loans was $13.7 million for the second quarter of 2024, compared to $301,000 for the first quarter of 2024 and $340,000 for the second quarter of 2023. The Company had net loan charge-offs of $13.3 million, or 0.89% of gross loans, during the second quarter of 2024, net loan charge-offs of $348,000, or 0.02% of gross loans during the first quarter of 2024 and no charge-offs or recoveries during the second quarter of 2023.

    Non-performing assets ("NPAs") to total assets were 1.13% at June 30, 2024, compared to 0.08% at March 31, 2024 and 0.01% at June 30, 2023, with non-performing loans of $21.7 million, $1.5 million and $181,000, respectively, on those dates.

    The allowance for credit losses on loans was $16.3 million, or 1.10% of total loans, at June 30, 2024, compared to $16.0 million, or 1.05% of total loans, at March 31, 2024 and $15.7 million, or 0.99% of total loans, at June 30, 2023.

    The allowance for credit losses on unfunded loan commitments was $1.8 million, or 0.33% of total unfunded loan commitments, at June 30, 2024, compared to $2.0 million, or 0.32% of total unfunded loan commitments, at March 31, 2024 and $1.9 million, or 0.31% of total unfunded loan commitments, at June 30, 2023.

    Capital Adequacy:

    At June 30, 2024, shareholders' equity totaled $195.5 million, compared to $200.7 million at March 31, 2024 and $184.2 million one year ago. Additionally, at June 30, 2024, the Company's total risk-based capital ratio, tier one capital ratio, and leverage ratio were 13.93%, 10.06%, and 9.93%, respectively; all of which were above the regulatory standards of 10.00%, 8.00%, and 5.00%, respectively, for "well-capitalized" institutions.

    About California BanCorp:

    California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The Company's common stock trades on the Nasdaq Global Select marketplace under the symbol CALB. For more information on California BanCorp, please visit our website at www.californiabankofcommerce.com.

    Contacts:

    Steven E. Shelton, (510) 457-3751

    Chief Executive Officer

    [email protected]

    Thomas A. Sa, (510) 457-3775

    President, Chief Financial Officer and Chief Operating Officer

    [email protected]

    Use of Non-GAAP Financial Information:

    This press release contains both financial measures based on GAAP and non-GAAP. Non-GAAP financial measures are used where management believes them to be helpful in understanding the Company's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The non-GAAP financial measures included in this press release include: Total Revenue; Adjusted non-interest expense; Adjusted Efficiency Ratio; Tangible Equity to Tangible Assets Ratio; Quarterly and Year-to-Date Average Tangible Equity to Tangible Assets Ratio; and Tangible Book Value Per Share.

    Forward-Looking Statements:

    Statements in this news release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Company's business and markets are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release are based on current information and on assumptions that the Company makes about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Company's control. As a result of those risks and uncertainties, the Company's actual future performance or financial results could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Southern California Bancorp to terminate their agreement with respect to the pending merger; the outcome of any legal proceedings that may be instituted against the Company or Southern California Bancorp; delays in completing the merger with Southern California Bancorp; the failure to satisfy any of the other conditions to the merger on a timely basis or at all; the ability to complete the merger and integration of the Company and Southern California Bancorp successfully; costs being greater than anticipated; cost savings being less than anticipated; the risk that the merger disrupts the business of the Company, Southern California Bancorp or the combined company; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Company's loans, interest income and interest rate margins and, therefore, the Company's future operating results; the impacts of the failure of other depository institutions on investor and depositor sentiments and preferences; the Company's ability to manage its liquidity; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Readers of this news release are encouraged to review the additional information regarding these and other risks and uncertainties to which our business is subject that are contained in our Annual Report on Form 10-K for the year ended December 31, 2023 which is on file with the Securities and Exchange Commission (the "SEC").

    Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today's date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.

    FINANCIAL TABLES FOLLOW





     CALIFORNIA BANCORP AND SUBSIDIARY 
     SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY 
     (Dollars in Thousands, Except Per Share Data) 
                      
           Change    Change 
     QUARTERLY HIGHLIGHTS: Q2 2024 Q1 2024 $ %  Q2 2023 $ % 
                      
     Interest income $26,748  $27,382  $(634) -2%  $27,172  $(424) -2% 
     Interest expense  9,925   9,667   258  3%   8,526   1,399  16% 
     Net interest income  16,823   17,715   (892) -5%   18,646   (1,823) -10% 
                      
     Provision for credit losses  13,506   126   13,380  10619%   444   13,062  2942% 
     Net interest income after provision for credit losses  3,317   17,589   (14,272) -81%   18,202   (14,885) -82% 
                      
     Non-interest income  1,518   1,705   (187) -11%   1,135   383  34% 
     Non-interest expense(1)  13,188   13,704   (516) -4%   11,603   1,585  14% 
     Income before income taxes  (8,353)  5,590   (13,943) -249%   7,734   (16,087) -208% 
                      
     Income tax expense  (2,492)  1,773   (4,265) -241%   2,294   (4,786) -209% 
     Net income $(5,861) $3,817  $(9,678) -254%  $5,440  $(11,301) -208% 
                      
     Diluted earnings per share $(0.68) $0.45  $(1.13) -251%  $0.65  $(1.33) -205% 
                      
     Net interest margin  3.71%  3.89% -18 Basis Points   3.93% -22 Basis Points 
                      
     Efficiency ratio(1)  71.90%  70.57% +133 Basis Points   58.66% +1324 Basis Points 
                      
                      
                      
                      
                      
                      
         Change        
     YEAR-TO-DATE HIGHLIGHTS:  2024   2023  $ %        
                      
     Interest income $54,130  $52,711  $1,419  3%        
     Interest expense  19,592   15,308   4,284  28%        
     Net interest income  34,538   37,403   (2,865) -8%        
                      
     Provision for credit losses  13,632   802   12,830  1600%        
     Net interest income after provision for credit losses  20,906   36,601   (15,695) -43%        
                      
     Non-interest income  3,223   2,242   981  44%        
     Non-interest expense(1)  26,892   23,446   3,446  15%        
     Income before income taxes  (2,763)  15,397   (18,160) -118%        
                      
     Income tax expense  (719)  4,506   (5,225) -116%        
     Net income $(2,044) $10,891  $(12,935) -119%        
                      
     Diluted earnings per share $(0.24) $1.29  $(1.53) -119%        
                      
     Net interest margin  3.80%  3.98% -18 Basis Points        
                      
     Efficiency ratio(1)  71.22%  59.14% +1208 Basis Points        
                      
                      
                      
     (1)See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data   
                      



     CALIFORNIA BANCORP AND SUBSIDIARY
     SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION
     (Dollars in Thousands, Except Per Share Data)
                     
           Change    Change
     PERIOD-END HIGHLIGHTS: Q2 2024 Q1 2024 $ %  Q2 2023 $ %
                     
     Total assets $1,917,389  $1,922,541  $(5,152) -0%  $2,005,646  $(88,257) -4%
     Gross loans  1,487,697   1,520,891   (33,194) -2%   1,583,631   (95,934) -6%
     Deposits  1,638,689   1,639,516   (827) -0%   1,738,296   (99,607) -6%
     Tangible equity(1)  188,042   193,263   (5,221) -3%   176,783   11,259  6%
                     
     Tangible book value per share(1) $22.20  $22.91  $(0.71) -3%  $21.09  $1.11  5%
                     
     Tangible equity / tangible assets(1)  9.85%  10.09% -24 Basis Points   8.85% +100 Basis Points
     Gross loans / total deposits  90.79%  92.76% -197 Basis Points   91.10% -31 Basis Points
     Noninterest-bearing deposits / total deposits  39.31%  38.64% +67 Basis Points   42.69% -338 Basis Points
                     
                     
     QUARTERLY AVERAGE     Change    Change
     HIGHLIGHTS: Q2 2024 Q1 2024 $ %  Q2 2023 $ %
                     
     Total assets $1,909,125  $1,916,142  $(7,017) -0%  $1,983,877  $(74,752) -4%
     Total earning assets  1,823,785   1,831,333   (7,548) -0%   1,900,918   (77,133) -4%
     Gross loans  1,507,625   1,518,722   (11,097) -1%   1,577,529   (69,904) -4%
     Deposits  1,622,673   1,629,636   (6,963) -0%   1,684,008   (61,335) -4%
     Tangible equity(1)  196,841   193,094   3,747  2%   175,783   21,058  12%
                     
     Tangible equity / tangible assets(1)  10.35%  10.12% +23 Basis Points   8.89% +146 Basis Points
     Gross loans / total deposits  92.91%  93.19% -28 Basis Points   93.68% -77 Basis Points
     Noninterest-bearing deposits / total deposits  39.55%  40.34% -79 Basis Points   42.65% -310 Basis Points
                     
                     
     YEAR-TO-DATE AVERAGE     Change       
     HIGHLIGHTS: Q2 2024 Q2 2023 $ %       
                     
     Total assets $1,912,634  $1,979,107  $(66,473) -3%       
     Total earning assets  1,827,558   1,897,448   (69,890) -4%       
     Gross loans  1,513,173   1,579,917   (66,744) -4%       
     Deposits  1,626,155   1,691,925   (65,770) -4%       
     Tangible equity(1)  194,967   172,636   22,331  13%       
                     
     Tangible equity / tangible assets(1)  10.23%  8.76% +147 Basis Points       
     Gross loans / total deposits  93.05%  93.38% -33 Basis Points       
     Noninterest-bearing deposits / total deposits  39.94%  42.76% -282 Basis Points       
                     
     (1)See Interim Consolidated Non-GAAP Data             
                     





     CALIFORNIA BANCORP AND SUBSIDIARY
     SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY
     (Dollars in Thousands)
                
                
     ALLOWANCE FOR CREDIT LOSSES (LOANS):06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
                
     Balance, beginning of period $15,981  $16,028  $15,921  $15,722  $15,382 
     CECL adjustment  -   -   -   -   - 
     Provision for credit losses, quarterly  13,668   301   87   121   340 
     Charge-offs, quarterly  (13,351)  (439)  -   (156)  - 
     Recoveries, quarterly  50   91   20   234   - 
     Balance, end of period $16,348  $15,981  $16,028  $15,921  $15,722 
                
                
                
                
     NONPERFORMING ASSETS: 06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     Loans accounted for on a non-accrual basis $21,463  $1,212  $3,781  $1,236  $181 
     Loans with principal or interest contractually past due 90 days or more and still accruing interest  244   240   -   -   - 
     Nonperforming loans $21,707  $1,452  $3,781  $1,236  $181 
     Other real estate owned  -   -   -   -   - 
     Nonperforming assets $21,707  $1,452  $3,781  $1,236  $181 
                
                
     Nonperforming loans by asset type:          
     Commercial $9,624  $1,159  $3,728  $1,183  $- 
     Real estate other  11,515   -   -   -   - 
     Real estate construction and land  -   -   -   -   - 
     SBA  324   53   53   53   181 
     Other  244   240   -   -   - 
     Nonperforming loans $21,707  $1,452  $3,781  $1,236  $181 
                
                
                
                
     ASSET QUALITY: 06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     Allowance for credit losses (loans) / gross loans  1.10%  1.05%  1.03%  1.01%  0.99%
     Allowance for credit losses (loans) / nonperforming loans  75.31%  1100.62%  423.91%  1288.11%  8686.19%
     Nonperforming assets / total assets  1.13%  0.08%  0.19%  0.06%  0.01%
     Nonperforming loans / gross loans  1.46%  0.10%  0.24%  0.08%  0.01%
     Net quarterly charge-offs / gross loans  0.89%  0.02%  -0.00%  -0.00%  0.00%
                





     CALIFORNIA BANCORP AND SUBSIDIARY
     INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
     (Dollars in Thousands, Except Per Share Data)
                
       Three months ended

     Six months ended

       06/30/24 03/31/24 06/30/23 06/30/24 06/30/23
                
     INTEREST INCOME          
     Loans $22,962  $23,574  $23,476  $46,536  $45,948 
     Federal funds sold  2,542   2,334   2,238   4,876   3,998 
     Investment securities  1,244   1,474   1,458   2,718   2,765 
     Total interest income  26,748   27,382   27,172   54,130   52,711 
                
     INTEREST EXPENSE          
     Deposits  9,366   9,096   7,493   18,462   13,515 
     Other  559   571   1,033   1,130   1,793 
     Total interest expense  9,925   9,667   8,526   19,592   15,308 
                
     Net interest income  16,823   17,715   18,646   34,538   37,403 
     Provision for credit losses  13,506   126   444   13,632   802 
     Net interest income after provision for credit losses  3,317   17,589   18,202   20,906   36,601 
                
     NON-INTEREST INCOME          
     Service charges and other fees  1,147   1,379   867   2,526   1,730 
     Other non-interest income  371   326   268   697   512 
     Total non-interest income  1,518   1,705   1,135   3,223   2,242 
                
     NON-INTEREST EXPENSE(1)          
     Salaries and benefits  8,925   8,852   7,831   17,777   15,707 
     Premises and equipment  1,431   1,452   1,168   2,883   2,348 
     Merger related expenses  647   1,024   -   1,671   - 
     Other  2,185   2,376   2,604   4,561   5,391 
     Total non-interest expense  13,188   13,704   11,603   26,892   23,446 
                
     Income before income taxes  (8,353)  5,590   7,734   (2,763)  15,397 
     Income taxes  (2,492)  1,773   2,294   (719)  4,506 
                
     NET INCOME $(5,861) $3,817  $5,440  $(2,044) $10,891 
                
     EARNINGS PER SHARE          
     Basic earnings per share $(0.69) $0.45  $0.65  $(0.24) $1.30 
     Diluted earnings per share $(0.68) $0.45  $0.65  $(0.24) $1.29 
     Average common shares outstanding  8,456,488   8,413,735   8,369,907   8,480,654   8,354,564 
     Average common and equivalent shares outstanding  8,558,432   8,566,712   8,414,213   8,610,179   8,442,607 
                
     PERFORMANCE MEASURES          
     Return on average assets  -1.23%  0.80%  1.10%  -0.21%  1.11%
     Return on average equity  -11.54%  7.66%  11.91%  -2.03%  12.19%
     Return on average tangible equity  -11.98%  7.95%  12.41%  -2.11%  12.72%
     Efficiency ratio(1)  71.90%  70.57%  58.66%  71.22%  59.14%
                
     (1)See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data      





     CALIFORNIA BANCORP AND SUBSIDIARY
     INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     (Dollars in Thousands)
                
       06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     ASSETS          
     Cash and due from banks $14,036  $12,071  $27,520  $17,128  $19,763 
     Federal funds sold  217,713   191,027   184,834   181,854   187,904 
     Investment securities  125,303   126,918   145,401   149,244   151,129 
     Loans:          
     Commercial  612,208   610,459   626,615   633,902   622,270 
     Real estate other  821,551   834,143   849,306   858,611   856,344 
     Real estate construction and land  15,467   35,886   44,186   40,003   60,595 
     SBA  3,678   3,919   4,032   4,415   4,936 
     Other  34,793   36,484   35,394   36,184   39,486 
     Loans, gross  1,487,697   1,520,891   1,559,533   1,573,115   1,583,631 
     Unamortized net deferred loan costs (fees) 1,708   1,223   1,107   1,312   1,637 
     Allowance for credit losses  (16,348)  (15,981)  (16,028)  (15,921)  (15,722)
     Loans, net  1,473,057   1,506,133   1,544,612   1,558,506   1,569,546 
     Premises and equipment, net  1,763   1,987   2,207   2,432   2,625 
     Bank owned life insurance  26,273   26,084   25,878   25,697   25,519 
     Goodwill and core deposit intangible  7,415   7,422   7,432   7,442   7,452 
     Accrued interest receivable and other assets 51,829   50,899   48,021   41,614   41,708 
     Total assets $1,917,389  $1,922,541  $1,985,905  $1,983,917  $2,005,646 
                
     LIABILITIES          
     Deposits:          
     Demand noninterest-bearing $644,179  $633,489  $657,302  $686,723  $742,160 
     Demand interest-bearing  22,550   21,911   26,715   28,533   29,324 
     Money market and savings  633,880   656,236   631,015   672,119   633,620 
     Time  338,080   327,880   310,212   319,706   333,192 
     Total deposits  1,638,689   1,639,516   1,625,244   1,707,081   1,738,296 
                
     Junior subordinated debt securities  54,360   54,326   54,291   54,256   54,221 
     Other borrowings  -   -   75,000   -   - 
     Accrued interest payable and other liabilities 28,883   28,014   34,909   32,465   28,894 
     Total liabilities  1,721,932   1,721,856   1,789,444   1,793,802   1,821,411 
                
     SHAREHOLDERS' EQUITY          
     Common stock  114,095   113,566   113,227   112,656   112,167 
     Retained earnings  82,121   87,982   84,165   78,824   73,423 
     Accumulated other comprehensive loss  (759)  (863)  (931)  (1,365)  (1,355)
     Total shareholders' equity  195,457   200,685   196,461   190,115   184,235 
     Total liabilities and shareholders' equity $1,917,389  $1,922,541  $1,985,905  $1,983,917  $2,005,646 
                
     CAPITAL ADEQUACY          
     Tier I leverage ratio  9.93%  10.17%  9.61%  9.27%  9.01%
     Tier I risk-based capital ratio  10.06%  10.15%  9.53%  9.34%  9.07%
     Total risk-based capital ratio  13.93%  13.93%  13.16%  13.00%  12.73%
     Total equity/ total assets  10.19%  10.44%  9.89%  9.58%  9.19%
     Book value per share $23.07  $23.79  $23.38  $22.64  $21.98 
                
     Common shares outstanding  8,472,038   8,436,732   8,402,482   8,395,483   8,383,772 





     CALIFORNIA BANCORP AND SUBSIDIARY 
     INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED) 
     (Dollars in Thousands) 
                   
         Three months ended June 30,

      Three months ended March 31, 
        2024  2024 
                   
         Yields Interest   Yields Interest 
       Average or Income/ Average or Income/ 
       Balance Rates Expense Balance Rates Expense 
     ASSETS             
     Interest earning assets:             
     Loans (1) $1,507,625  6.13% $22,962 $1,518,722  6.24% $23,574 
     Federal funds sold  190,007  5.38%  2,542  174,551  5.38%  2,334 
     Investment securities  126,153  3.97%  1,244  138,060  4.29%  1,474 
     Total interest earning assets  1,823,785  5.90%  26,748  1,831,333  6.01%  27,382 
                  
     Noninterest-earning assets:             
     Cash and due from banks  17,526       18,858      
     All other assets (2)  67,814       65,951      
     TOTAL $1,909,125      $1,916,142      
                   
                   
     LIABILITIES AND SHAREHOLDERS' EQUITY             
     Interest-bearing liabilities:             
     Deposits:             
     Demand $23,735  0.22%  13 $24,736  0.20%  12 
     Money market and savings  637,301  3.24%  5,128  635,696  3.12%  4,928 
     Time  319,899  5.31%  4,225  311,884  5.36%  4,156 
     Other  54,339  4.14%  559  55,130  4.17%  571 
     Total interest-bearing liabilities  1,035,274  3.86%  9,925  1,027,446  3.78%  9,667 
                   
     Noninterest-bearing liabilities:             
     Demand deposits  641,738       657,320      
     Accrued expenses and other liabilities  27,855       30,856      
     Shareholders' equity  204,258       200,520      
     TOTAL $1,909,125      $1,916,142      
                   
     Net interest income and margin (3)   3.71% $16,823   3.89% $17,715 
                   
     (1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of $197,000 and $34,000, respectively.
     (2) Other noninterest-earning assets includes the allowance for credit losses of $15.2 million and $16.1 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,
        2024  2023
                  
         Yields Interest   Yields Interest
       Average or Income/ Average or Income/
       Balance Rates Expense Balance Rates Expense
     ASSETS            
     Interest earning assets:            
     Loans (1) $1,507,625 6.13% $22,962 $1,577,529 5.97% $23,476
     Federal funds sold  190,007 5.38%  2,542  170,608 5.26%  2,238
     Investment securities  126,153 3.97%  1,244  152,781 3.83%  1,458
     Total interest earning assets  1,823,785 5.90%  26,748  1,900,918 5.73%  27,172
                 
     Noninterest-earning assets:            
     Cash and due from banks  17,526      19,207    
     All other assets (2)  67,814      63,752    
     TOTAL $1,909,125     $1,983,877    
                  
                  
     LIABILITIES AND SHAREHOLDERS' EQUITY            
     Interest-bearing liabilities:            
     Deposits:            
     Demand $23,735 0.22%  13 $30,346 0.16%  12
     Money market and savings  637,301 3.24%  5,128  609,200 2.50%  3,793
     Time  319,899 5.31%  4,225  326,291 4.53%  3,688
     Other  54,339 4.14%  559  90,188 4.59%  1,033
     Total interest-bearing liabilities  1,035,274 3.86%  9,925  1,056,025 3.24%  8,526
                  
     Noninterest-bearing liabilities:            
     Demand deposits  641,738      718,171    
     Accrued expenses and other liabilities  27,855      26,441    
     Shareholders' equity  204,258      183,240    
     TOTAL $1,909,125     $1,983,877    
                  
     Net interest income and margin (3)   3.71% $16,823   3.93% $18,646
                  
     (1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of $197,000 and $175,000, respectively.
     (2) Other noninterest-earning assets includes the allowance for credit losses of $15.2 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)
      
       Six months ended June 30,
        2024  2023
                  
         Yields Interest   Yields Interest
       Average or Income/ Average or Income/
       Balance Rates Expense Balance Rates Expense
     ASSETS            
     Interest earning assets:            
     Loans (1) $1,513,173  6.18% $46,536 $1,579,917 5.86% $45,948
     Federal funds sold  182,279  5.38%  4,876  163,812 4.92%  3,998
     Investment securities  132,106  4.14%  2,718  153,719 3.63%  2,765
     Total interest earning assets  1,827,558  5.96%  54,130  1,897,448 5.60%  52,711
                 
     Noninterest-earning assets:            
     Cash and due from banks  18,192       18,656    
     All other assets (2)  66,884       63,003    
     TOTAL $1,912,634      $1,979,107    
                  
     LIABILITIES AND SHAREHOLDERS' EQUITY            
     Interest-bearing liabilities:            
     Deposits:            
     Demand $24,236  0.21%  25 $32,179 0.12%  19
     Money market and savings  636,499  3.18%  10,056  617,885 2.25%  6,897
     Time  315,891  5.34%  8,381  318,313 4.18%  6,599
     Other  54,734  4.15%  1,130  80,701 4.48%  1,793
     Total interest-bearing liabilities  1,031,360  3.82%  19,592  1,049,078 2.94%  15,308
                  
     Noninterest-bearing liabilities:            
     Demand deposits  649,529       723,548    
     Accrued expenses and other liabilities  29,356       26,383    
     Shareholders' equity  202,389       180,098    
     TOTAL $1,912,634      $1,979,107    
                  
     Net interest income and margin (3)   3.80% $34,538   3.98% $37,403
                  
     (1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of
     yields. Interest income on loans includes amortization of net deferred loan costs of $231,000 and $401,000, respectively.
     (2) Other noninterest-earning assets includes the allowance for loan losses of $15.7 million and $16.2 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, Except Per Share Data)
                
     TOTAL REVENUE: Three months ended Six months ended
       06/30/24 03/31/24 06/30/23 06/30/24 06/30/23
                
     Net interest income $16,823  $17,715  $18,646  $34,538  $37,403 
     Non-interest income  1,518   1,705   1,135   3,223   2,242 
     Total revenue $18,341  $19,420  $19,781  $37,761  $39,645 
                
                
       Three months ended Six months ended
     ADJUSTED NON-INTEREST EXPENSE AND EFFICIENCY RATIO: 06/30/24 03/31/24 06/30/23 06/30/24 06/30/23
                
     Non-interest expense $13,188  $13,704  $11,603  $26,892  $23,446 
     Less: Merger related expenses  (647)  (1,024)  -   (1,671)  - 
                
     Total non-interest expense, before merger related expenses $12,541  $12,680  $11,603  $25,221  $23,446 
                
     Total revenue $18,341  $19,420  $19,781  $37,761  $39,645 
                
     Adjusted efficiency ratio  68.38%  65.29%  58.66%  66.79%  59.14%
                
                
     AVERAGE TANGIBLE EQUITY / Three months ended Six months ended
     AVERAGE TANGIBLE ASSETS: 06/30/24 03/31/24 06/30/23 06/30/24 06/30/23
                
     Total assets $1,909,125  $1,916,142  $1,983,877  $1,912,634  $1,979,107 
     Goodwill and core deposit intangibles  7,417   7,426   7,457   7,422   7,462 
     Tangible assets $1,901,708  $1,908,716  $1,976,420  $1,905,212  $1,971,645 
                
                
     Total shareholders' equity $204,258  $200,520  $183,240  $202,389  $180,098 
     Goodwill and core deposit intangibles  7,417   7,426   7,457   7,422   7,462 
     Tangible equity $196,841  $193,094  $175,783  $194,967  $172,636 
                
                
     Tangible equity / tangible assets  10.35%  10.12%  8.89%  10.23%  8.76%
                



     CALIFORNIA BANCORP AND SUBSIDIARY
     INTERIM CONSOLIDATED NON-GAAP DATA (UNAUDITED)
     (Dollars in Thousands)
                
     TANGIBLE EQUITY / TANGIBLE ASSETS:06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     Total assets $1,917,389  $1,922,541  $1,985,905  $1,983,917  $2,005,646 
     Goodwill and core deposit intangibles  7,415   7,422   7,432   7,442   7,452 
     Tangible assets $1,909,974  $1,915,119  $1,978,473  $1,976,475  $1,998,194 
                
     Total shareholders' equity $195,457  $200,685  $196,461  $190,115  $184,235 
     Goodwill and core deposit intangibles  7,415   7,422   7,432   7,442   7,452 
     Tangible equity $188,042  $193,263  $189,029  $182,673  $176,783 
                
                
     Tangible equity / tangible assets  9.85%  10.09%  9.55%  9.24%  8.85%
                
                
     BOOK VALUE PER SHARE: 06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     Total shareholders' equity $195,457  $200,685  $196,461  $190,115  $184,235 
     Common shares outstanding  8,472,038   8,436,732   8,402,482   8,395,483   8,383,772 
                
     Total shareholders' equity / common shares outstanding $23.07  $23.79  $23.38  $22.64  $21.98 
                
                
     TANGIBLE BOOK VALUE PER SHARE:06/30/24 03/31/24 12/31/23 09/30/23 06/30/23
                
     Tangible equity $188,042  $193,263  $189,029  $182,673  $176,783 
     Common shares outstanding  8,472,038   8,436,732   8,402,482   8,395,483   8,383,772 
                
     Tangible equity / common shares outstanding $22.20  $22.91  $22.50  $21.76  $21.09 
                


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    • SEC Form 15-12G filed by California BanCorp

      15-12G - California BanCorp (0001752036) (Filer)

      8/12/24 4:34:45 PM ET
      $CALB
      Major Banks
      Finance
    • SEC Form EFFECT filed by California BanCorp

      EFFECT - California BanCorp (0001752036) (Filer)

      8/5/24 12:15:02 AM ET
      $CALB
      Major Banks
      Finance
    • SEC Form 25-NSE filed by California BanCorp

      25-NSE - California BanCorp (0001752036) (Subject)

      7/31/24 5:17:15 PM ET
      $CALB
      Major Banks
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    • Southern California Bancorp and California Bancorp Complete Merger of Equals

      SAN DIEGO and OAKLAND, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (NASDAQ:BCAL), the holding company for Bank of Southern California, N.A., and California BanCorp, the holding company for California Bank of Commerce, announce the successful closing of their previously announced merger of equals. Effective July 31, 2024, California BanCorp has merged with and into Southern California Bancorp, and California Bank of Commerce has merged with and into Bank of Southern California, N.A. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The combined holding company will tra

      7/31/24 4:45:44 PM ET
      $BCAL
      $CALB
      Major Banks
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    • California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024

      OAKLAND, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the second quarter and six months ended June 30, 2024. The Company reported a net loss of $5.9 million for the second quarter of 2024, representing a decrease of $9.7 million, or 254%, compared to net income of $3.8 million for the first quarter of 2024 and a decrease of $11.3 million, or 208%, compared to $5.4 million in the second quarter of 2023. For the six months ended June 30, 2024, the Company reported a net loss of $2.0 million representing a decrease of $12.9 million, or 119%, compared to ne

      7/29/24 8:00:00 AM ET
      $CALB
      Major Banks
      Finance
    • Southern California Bancorp and California BanCorp Announce Receipt of Shareholder Approvals for Merger of Equals

      SAN DIEGO and OAKLAND, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- Southern California Bancorp (NASDAQ:BCAL), the holding company for Bank of Southern California, N.A., and California BanCorp (NASDAQ:CALB), the holding company for California Bank of Commerce, announce that at meetings of their respective shareholders held on July 17, 2024, Southern California Bancorp and California BanCorp shareholders approved the merger of California BanCorp with and into Southern California Bancorp, with Southern California Bancorp the surviving corporation pursuant to the Merger Agreement, dated January 30, 2024, by and between Southern California Bancorp and California BanCorp. Shareholders of Southe

      7/18/24 8:00:00 AM ET
      $BCAL
      $CALB
      Major Banks
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    • California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024

      OAKLAND, Calif., July 29, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the second quarter and six months ended June 30, 2024. The Company reported a net loss of $5.9 million for the second quarter of 2024, representing a decrease of $9.7 million, or 254%, compared to net income of $3.8 million for the first quarter of 2024 and a decrease of $11.3 million, or 208%, compared to $5.4 million in the second quarter of 2023. For the six months ended June 30, 2024, the Company reported a net loss of $2.0 million representing a decrease of $12.9 million, or 119%, compared to ne

      7/29/24 8:00:00 AM ET
      $CALB
      Major Banks
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    • California BanCorp Reports Financial Results for the First Quarter Ended March 31, 2024

      OAKLAND, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the first quarter ended March 31, 2024. The Company reported net income of $3.8 million for the first quarter of 2024, representing a decrease of $1.5 million, or 29%, compared to $5.3 million for the fourth quarter of 2023 and a decrease of $1.6 million, or 30%, compared to $5.4 million in the first quarter of 2023. Excluding the impact of merger related expenses pertaining to the pending transaction with Southern California Bancorp, the Company's net income for the first quarter of 2024 was $4.8 m

      4/29/24 8:00:00 AM ET
      $CALB
      Major Banks
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    • California BanCorp Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023

      OAKLAND, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company reported net income of $5.3 million for the fourth quarter of 2023, compared to $5.4 million for the third quarter of 2023 and $7.7 million for the fourth quarter of 2022. For the twelve months ended December 31, 2023, net income was $21.6 million, representing an increase of $525,000, or 2%, compared to $21.1 million for the same period in 2022. Diluted earnings per share were $0.63 for the fourth quarter of 2023, compared to

      1/30/24 6:30:00 AM ET
      $CALB
      Major Banks
      Finance
    • California BanCorp upgraded by Keefe Bruyette with a new price target

      Keefe Bruyette upgraded California BanCorp from Mkt Perform to Outperform and set a new price target of $25.00 from $20.00 previously

      8/2/23 7:36:00 AM ET
      $CALB
      Major Banks
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    • California BanCorp Appoints Theodore A. Wilm to Board of Directors

      OAKLAND, Calif., March 21, 2023 (GLOBE NEWSWIRE) -- California BanCorp (the "Company") (NASDAQ:CALB), the parent company of California Bank of Commerce (the "Bank"), today announced that Theodore A. Wilm has been appointed to the Board of Directors of the Company and the Bank. Mr. Wilm is an accomplished and experienced advisor and certified public accountant with extensive strategic expertise and in-depth knowledge of board and audit committee best practices. Mr. Wilm had a 38 year career with the public accounting firm PricewaterhouseCoopers. In addition to serving many of the firm's larger financial services clients as an audit partner, Mr. Wilm advised mutual funds, investment managem

      3/21/23 4:30:00 PM ET
      $CALB
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    • How Women Lead Appoints Sue Harnett, Shannon Nash, Vanessa Small & Millicent Tracey to Executive Board

      Shreya Jain and Christy Swindling Kennedy Join Organization's Silicon Valley Board How Women Lead, a national organization of top executive women focused on activating their individual and collective power to influence the change they want to see in the world through leadership, investment and philanthropy, has made four strategic additions to their executive board in Sue Harnett, Board Director: OFG Holding Company Bank, Life Storage, American Enterprise Group, Goalsetter (VC Board Rep); Shannon Nash, Board Director: UserTesting; CFO: Wing; Millicent Tracey, Board Director: California Bank of Commerce and Vanessa Small, Board Director: EDNA Life; Scientific Advisor, DigitalDx Ventures. "

      6/21/22 8:57:00 AM ET
      $CALB
      $GOOGL
      $HLTH
      $USER
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    • California BanCorp Appoints Julie Levenson to Board of Directors

      OAKLAND, Calif., Feb. 08, 2021 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (Nasdaq: CALB), the parent company of California Bank of Commerce (the “Bank”), today announced that Julie J. Levenson has been appointed to the Board of Directors of the Company and the Bank. Levenson is a career investment banker and financial adviser. She is a founding partner of La Honda Advisors, a Silicon Valley-based boutique advisory firm that provides M&A and capital markets advice to companies in the technology, consumer and health-tech industries. Previously, she served as a managing director of several investment banking firms, including Cowen and Company, Houlihan Lokey, Bear Stearns & Co. a

      2/8/21 4:30:00 PM ET
      $CALB
      Major Banks
      Finance