false 0001752036 0001752036 2024-07-29 2024-07-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2024
CALIFORNIA BANCORP
(Exact name of registrant as specified in its charter)
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California |
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001-39242 |
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82-1751097 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification Number) |
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1300 Clay Street, Suite 500 |
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Oakland, California |
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94612 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(510) 457-3737
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock |
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CALB |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On July 29, 2024, California BanCorp (the “Company”) issued a press release setting forth its unaudited financial results for the quarter and six months ended June 30, 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 and is hereby incorporated by reference.
Item 7.01 Regulation FD Disclosure.
Over the upcoming weeks, members of management will be presenting to or conducting one-on-one meetings with investors, analysts or other third parties about the Company and its latest financial results. A copy of the presentation slides, updated with the Company’s financial results for the quarter and six months ended June 30, 2024, substantially in the form expected to be used in such presentations and meetings, is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under this Item 2.02 and Item 7.01 and the related Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CALIFORNIA BANCORP |
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Date: July 29, 2024 |
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By: |
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/s/ THOMAS A. SA |
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Thomas A. Sa President, Chief Financial Officer and Chief Operating Officer |
Exhibit 99.1
California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30,
2024
Oakland, CA July 29, 2024 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:
Profitabilitythree months ended June 30, 2024 compared to March 31, 2024
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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. |
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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). |
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Net interest income of $16.8 million decreased $892,000, or 5%, compared to $17.7 million for
the first quarter of 2024. |
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Provision for credit losses of $13.5 million increased $13.4 million from $126,000 for the first
quarter of 2024. |
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Non-interest income of $1.5 million decreased $187,000, or 11%,
compared to $1.7 million for the first quarter of 2024. |
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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). |
Profitabilitysix months ended June 30, 2024 compared to June 30, 2023
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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. |
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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). |
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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. |
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Provision for credit losses of $13.6 million increased $12.8 million from $802,000 for the six months
ended June 30, 2023. |
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Non-interest income of $3.2 million increased $981,000, or 44%, from
$2.2 million for the same period in the prior year. |
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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
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Total assets decreased by $5.2 million to $1.92 billion; average total assets decreased by
$7.0 million to $1.91 billion. |
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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. |
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Total deposits decreased by $827,000 to $1.64 billion; average total deposits decreased by $7.0 million
to $1.62 billion. |
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The Company had no other borrowings at June 30, 2024 or March 31, 2024. |
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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%. |
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Book value per share of $23.07 decreased by $0.72, or 3%. |
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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 Companys 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 Companys 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 Companys 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 Companys 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 Companys 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 Companys 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 Companys efficiency ratio was 71.22% and 59.14%, respectively. Excluding the impact of merger related expenses, the Companys 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 Companys 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 Companys common stock trades on the Nasdaq Global Select marketplace under the symbol CALB. For more information on California BanCorp, please visit our website at
www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510) 457-3751
Chief Executive Officer
seshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775
President, Chief Financial Officer and Chief Operating Officer
tsa@bankcbc.com
Use of Non-GAAP Financial Information:
This press release contains both financial measures based on GAAP and non-GAAP.
Non-GAAP financial measures are used where management believes them to be helpful in understanding the Companys 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 Companys 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 Companys control. As a result of
those risks and uncertainties, the Companys 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 Companys loans, interest income and interest
rate margins and, therefore, the Companys future operating results; the impacts of the failure of other depository institutions on investor and depositor sentiments and preferences; the Companys 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 todays 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)
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Change |
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Change |
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QUARTERLY HIGHLIGHTS: |
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Q2 2024 |
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Q1 2024 |
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$ |
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% |
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Q2 2023 |
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$ |
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% |
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Interest income |
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$ |
26,748 |
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$ |
27,382 |
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$ |
(634 |
) |
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-2 |
% |
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$ |
27,172 |
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$ |
(424 |
) |
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-2 |
% |
Interest expense |
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9,925 |
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9,667 |
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258 |
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3 |
% |
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8,526 |
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1,399 |
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16 |
% |
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Net interest income |
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16,823 |
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17,715 |
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(892 |
) |
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-5 |
% |
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18,646 |
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(1,823 |
) |
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-10 |
% |
Provision for credit losses |
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13,506 |
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126 |
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13,380 |
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10619 |
% |
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444 |
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13,062 |
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2942 |
% |
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Net interest income after provision for credit losses |
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3,317 |
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17,589 |
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(14,272 |
) |
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-81 |
% |
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18,202 |
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(14,885 |
) |
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-82 |
% |
Non-interest income |
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1,518 |
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1,705 |
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(187 |
) |
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-11 |
% |
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1,135 |
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383 |
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34 |
% |
Non-interest expense (1) |
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13,188 |
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13,704 |
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(516 |
) |
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-4 |
% |
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11,603 |
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1,585 |
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14 |
% |
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Income before income taxes |
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(8,353 |
) |
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5,590 |
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(13,943 |
) |
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-249 |
% |
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7,734 |
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(16,087 |
) |
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-208 |
% |
Income tax expense |
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(2,492 |
) |
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1,773 |
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(4,265 |
) |
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-241 |
% |
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2,294 |
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(4,786 |
) |
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-209 |
% |
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Net income |
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$ |
(5,861 |
) |
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$ |
3,817 |
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$ |
(9,678 |
) |
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|
-254 |
% |
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$ |
5,440 |
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$ |
(11,301 |
) |
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-208 |
% |
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Diluted earnings per share |
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$ |
(0.68 |
) |
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$ |
0.45 |
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$ |
(1.13 |
) |
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-251 |
% |
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$ |
0.65 |
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$ |
(1.33 |
) |
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-205 |
% |
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Net interest margin |
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3.71 |
% |
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3.89 |
% |
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-18 Basis Points |
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3.93 |
% |
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-22 Basis Points |
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Efficiency ratio (1) |
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71.90 |
% |
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70.57 |
% |
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+133 Basis Points |
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58.66 |
% |
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+1324 Basis Points |
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Change |
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YEAR-TO-DATE HIGHLIGHTS: |
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2024 |
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2023 |
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$ |
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|
% |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NON-INTEREST EXPENSE |
|
Three months ended |
|
|
Six months ended |
|
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 |
|
INVESTOR PRESENTATION Q2 2024 Steven
E. Shelton CEO Thomas A. Sa President, CFO & COO Exhibit 99.2
FORWARD-LOOKING STATEMENTS During the
course of the presentation and any transcript that may result, written or otherwise, California BanCorp (the “Company”) may make projections or other forward-looking statements regarding a variety of items. Such forward-looking
statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks. Although the Company may
indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the
forward-looking statements will be realized. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the
occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Based on CALB’s stock price of
$21.50 as of 6/28/24 Walnut Creek Headquarters/Regional Office in Oakland Regional Offices in San Jose, Walnut Creek and Sacramento Branch services in Walnut Creek OVERVIEW OF CALIFORNIA BANCORP Established in 2007 as a relationship focused
commercial business bank serving Northern California with $1.92 billion in assets and a market capitalization of ~$182 million(1) Majority of executive management joined the bank at inception Significant commercial core deposit base Primary
relationship managers with average banking experience of over 25 years and average loan books of $45 million Positioned to leverage recent investments to enhance our platform and extend our markets FOCUSED REGIONAL OFFICE FOOTPRINT COMPANY OVERVIEW
FINANCIAL SNAPSHOT – 6/30/24 Balance Sheet ($mm) Q2 2024 Profitability (%) Assets 1,917 ROAA -1.23 Loans 1,488 ROATCE -11.98 Deposits 1,639 Net Interest Margin 3.71 Tangible Equity 188 Efficiency Ratio 71.90
Loans/ Deposits (%) 91% Cost of Deposits 2.32 Loan Composition (%) Deposit Composition (%) C&I Loans / Gross Loans 41.1 DDA/ Total Deposits 39.1 CRE Loans / Gross Loans 55.2 Core
Deposits/ Total Deposits 79.4 Capital Ratios (Consolidated) (%) Credit Metrics (%) TCE / TA 9.85 NPAs / Loans & OREO 1.46 Leverage Ratio 9.93 NPAs / Assets 1.13 Tier 1 Ratio 10.06
Reserves / Gross Loans 1.10 TRBC Ratio 13.93 NCOs / Avg. Loans 0.89
BRANCH LIGHT, COMMERCIAL FOCUSED
BUSINESS BANK Middle market commercial banking focus Privately owned companies with $30 million - $300 million in annual revenue Clients with minimum lending relationships of $2 million or $1 million in deposits Portfolio managed over the long term
to ~41% C&I loans and ~38% noninterest-bearing deposits Investing in other asset generating business lines Asset-Based Lending division established in July 2011 Practice Acquisition division established in March 2011 Construction division
established December 2015 Sponsor Finance division established in February 2020 Strong core commercial deposit generation strategy Utilize technology with minimal branches Provide commercial cash management services to middle market clients
Dedicated treasury management sales team and platform Dollars in millions Data as of 12/31 for each respective year 2015 – Q2’24 CAGR = 14.4% BUSINESS MODEL OVERVIEW LOAN GROWTH DEPOSIT GROWTH 2015 – Q2’24 CAGR Total gross
loans = 13.9% Gross loans (ex. PPP) = 13.9%
TAKING SHARE FROM NATIONAL/REGIONAL
BANKS Combine Capabilities of a Big Bank with the High Service Levels of a Community Bank Attract top talent with deep market experience to compete against and win business from large banks Professional team with a consultative delivery process
Invest in systems, tools, and technology for success in niche markets Offer clients access to key decision makers Ability to execute quickly, with market leading responsiveness PRODUCT AND SERVICE DIFFERENTIATION INDUSTRY & SPECIALTY LENDING
FOCUS OUR “TYPICAL CLIENT” Commercial Banking Focused on Four Core Industries Manufacturing and Distribution Professional Contractor Investor CRE Practice Acquisition Asset Based Lending Sponsor Finance Construction Specialty Lending
Groups ~$75 M in annual revenue $8 M revolving line with $3 M average outstanding $3 M equipment term loan $5 M commercial real estate loan $3 M demand deposit operating account $5 M money market accounts to hold surplus deposits Fee income driven
by commercial portfolio account analysis and treasury management services
EXPERIENCED MANAGEMENT TEAM Served as
Executive Vice President and CCO from 2007 through 2017 Previously served in various executive management positions including Executive Vice President and Senior Lending Officer for Wells Fargo’s corporate bank and President & CCO of
CivicBank of Commerce John Lindstedt, SEVP & CCO Emeritus Tom M. Dorrance, SEVP Technology & Operations Previously served as a Senior Vice President and Chief Information Officer for North Bay Bancorp Has worked in financial management and
commercial banking since 1992 including I.T. Manager at CivicBank of Commerce Michele Wirfel, SEVP & CBO Previously served as the Bank’s Executive Vice President & East Bay Market President Has worked in financial management and
commercial banking since 1991 in various executive management positions including regional manager for CivicBank of Commerce Age: 84 Age: 57 Age: 51 Previously served as an Executive Vice President of the Bank primarily responsible for managing
production since the Bank’s founding in 2007 Served for thirteen years in various executive management positions including President of CivicBank of Commerce Steven E. Shelton, CEO Age: 58 Years at CALB: 16 Years in Industry: 37 Years at CALB:
16 Years in Industry: 53 Years at CALB: 16 Years in Industry: 29 Years at CALB: 16 Years in Industry: 30 Veteran banker with more than 15 years banking experience in the Sacramento area Previously served as Wells Fargo Senior Vice President and
Sacramento Region Manager Scott Myers SEVP & CLO Age: 49 Joined 2019 Years in Industry: 25 More than 30 years’ experience in executive finance and risk management roles, most recently serving as Chief Risk Officer for Western Alliance
Bank. Previously served in various executive and director roles at Bridge Bank and its holding company Bridge Capital Holdings (BBNK), including Chief Financial Officer and Chief Strategy Officer. Thomas A. Sa, President, CFO & COO Age: 57
Joined 2019 Years in Industry: 33 Previously served as Deputy Chief Credit Officer and part of senior management from 2007 to 2018 17 years of experience in various positions including lending and credit administration at Mechanics Bank Vivian Mui,
SEVP & CCO Age: 40 Years at CALB: 16 Years in Industry: 20
Dollars in millions Tangible book
value per share and capital offering price adjusted for historical stock splits Data as of 12/31 for each respective year DEMONSTRATED GROWTH TRACK RECORD $16 million common stock offering at $9.90 per share to fund growth in June 2014 $4 million
private placement offering at $12.86 per share to payoff SBLF in May 2016 Completed acquisition of Pan Pacific Bank ($131 million in assets) in December 2015 2015 – Q2’24 Asset CAGR of 13.9% Practice Acquisition Division opened in March
2011 Completed $25.0 million private offering of common stock in August 2018 Holding Company formed in June 2017 Walnut Creek LPO opened in July 2017 Bank founded in March 2007 with $27.5 million in capital Completed expansion into the Sacramento
Region San Jose ABL Division opened in July 2011 Launched Sponsor Finance in February 2020 Completed $20 million sub-debt offering in September 2020 Listed on the NASDAQ stock market in March 2020 SUCCESSFUL EXPANSION THROUGHOUT NORTHERN CALIFORNIA
Completed $35 million sub-debt offering in August 2021
Dollars in millions Core deposits
defined as total deposits less time deposits and brokered deposits. Data as of 12/31 for each respective year 2015 – Q2’24 CAGR DDA: 13.6% Total Deposits: 14.3% 0.23% 0.24% 0.35% Cost of Deposits 94% 93% 94% Core Deposit Mix 0.81% 88%
0.55% 91% 0.48% 87% 0.27% 91% 42% 44% 41% 39% 44% 46% 40% HISTORICAL DEPOSIT COMPOSITION DEPOSIT PORTFOLIO HIGHLIGHTS–6/30/24 STRONG CORE DEPOSIT BASE Deposits were neutral in 2Q24 as new deposit relationships offset seasonal outflows Core
deposit base driven by commercial clients 95%+ of commercial relationships hold deposits at the bank Core deposits comprise 79% of total deposits Utilize remote deposit capture and commercial cash management to generate and retain deposits Treasury
management division established in Q4-2019 DEPOSIT COMPOSITION 0.47% 85% 2.15% 81% 2.32% 79%
Dollars in millions Data as of 12/31
for each respective year Excludes PPP loans DIVERSIFIED COMMERCIAL LOAN PORTFOLIO HISTORICAL LOAN COMPOSITION(1) OPERATING LOC USAGE LOAN PORTFOLIO COMPOSITION GROSS LOAN FUNDING VS. NET LOAN GROWTH(2) (3) 5.19% 96% 5.09% 97% 4.22% 89% Yield on
Loans Loans /Deposits 4.29% 82% 40% 41% 30% (39% ex.PPP) 4.96% 89% 40% (41% ex.PPP) 40% 6.00% 96% 41% 6.13% 91%
NEW LOAN PRODUCTION IN 2Q24 BOOKING
NEW LOANS AT ATTRACTIVE RATES(1) NEW LOAN FUNDINGS(1) WTD. AVG. RATE ON NEW LOANS(1) Funded new loans with balances of $23 million in 2Q24 compared to $11 million in 1Q24 and $43 million in 2Q23 Weighted average rate on newly funded loans was 9.22%
in 2Q24 compared to 7.82% in 1Q24 and 8.41% in 2Q23 2Q24 new loan dollar mix was 88% commercial, 11% CRE, and 1% other. Dollars in millions Excludes PPP loans
CRE LOAN PORTFOLIO – INVESTOR
CRE Conservatively underwriting portfolio with an average LTV of 49% Active risk management, stress testing, and evaluation of portfolio results in early recognition and resolution of potential problem credits, consistently strong asset quality, and
minimal losses in the portfolio INVESTOR CRE BY PROPERTY TYPE(1) INVESTOR CRE BY GEOGRAPHIC BREAKDOWN (1) Data as a percent of total investor CRE, $583 million Data as of 6/30/2024
CRE LOAN PORTFOLIO – INVESTOR
CRE: OFFICE INVESTOR CRE OFFICE COMPOSITION(1) PORTFOLIO HIGHLIGHTS CRE PORTFOLIO COMPOSITION INVESTOR CRE NON-MEDICAL OFFICE GEOGRAPHY(2) Office CRE represents 11% of total loan portfolio with more than 80% of credits being recourse loans Investor
Office Non-Medical/Dental portfolio represents 4% of total portfolio No exposure to downtown San Francisco market Majority of credits are located in suburban markets with stable tenants like medical and dental practices Conservative underwriting
criteria with low LTVs and high DCRs
COMMERCIAL LOAN PORTFOLIO
WELL-DIVERSIFIED PORTFOLIO WITH FOCUS ON STRONG BORROWERS IN RECESSION RESISTANT INDUSTRIES COMMERCIAL LOAN PORTFOLIO(1) COMMERCIAL – SPONSOR FINANCE(2) Data as a percent of total Commercial Loans, $612 million Data as a percent of total
Sponsor Finance Loans, $210 million Data as of 6/30/2024 SPONSOR FINANCE HIGHLIGHTS Weighted Average Senior Leverage: 1.90 Weighted Total Leverage: 2.81 Weighted Average FCCR: 1.72
NET CHARGE-OFFS (RECOVERIES)
($000S)(1) NONPERFORMING ASSETS RESERVES / LOANS (1) NCOS (RECOVERIES) / AVG. LOANS (%) CECL Methodology adopted 1/1/2023 ASSET QUALITY TRENDS
ASSET QUALITY TRENDS RISK GRADE
SEGMENT SNAPSHOT ($000’s) Special Pass Watch Mention Substandard Nonaccrual Total June 30, 2024 Commercial and Industrial $ 470,720 $ 35,196 $ 24,434 $ 72,233 $ 9,624 $ 612,207 Real Estate - Other 745,723 34,411 20,581 9,320 11,516 821,551
Real Estate - Const & Land 10,943 - - 4,524 - 15,467 SBA 2,936 59 75 285 324 3,679 Other 34,793 - - - - 34,793 Total Gross Loans 1,265,115 69,666 45,090 86,362 21,464 1,487,697 March 31, 2024 Commercial and Industrial $ 491,815 $ 59,689 $ 25,720
$ 32,076 $ 1,159 $ 610,459 Real Estate - Other 757,955 27,839 41,569 6,780 - 834,143 Real Estate - Construction and Land 14,561 2,566 14,227 4,532 - 35,886 SBA 3,018 61 88 699 53 3,919 Other 36,484 - - - - 36,484 Total Gross Loans 1,303,833 90,155
81,604 44,087 1,212 1,520,891 RISK GRADE TRENDS ($000’s)
ROATCE NET INTEREST MARGIN ROAA
EFFICIENCY RATIO HISTORICAL PROFITABILITY TRENDS
Disciplined Expense Management
Driving Greater Operating Leverage Investment phase in 2018-2019 (talent, product development, and technology) built highly leverageable infrastructure and strong commercial banking team Operating expenses in 1Q24 and 2Q24 include merger related
costs of $1.0 million and $647 thousand respectively Dollars in millions OPERATING EXPENSES BEFORE CAPITALIZED LOAN ORIGINATION COSTS
CAPITAL RATIOS – BANK ONLY
Data as of 12/31 for each respective year Closed subordinated debt offerings to support consolidated capital ratios totaling $20 million in 2020 and $35 million in 2021 LEVERAGE RATIO TIER 1 RATIO TCE / TA TOTAL CAPITAL RATIO
Northern California commercial
business bank with a disciplined approach to credit underwriting Proven organic and acquisition growth capabilities Strong commercial loan portfolio with corresponding commercial relationship deposits Experienced management team and seasoned C&I
relationship managers Keen focus on relationship core deposits in deposit rich industries SUMMARY 3
Please send questions to
ir@bankcbc.com Or Call 510.457.3751 CaliforniaBankofCommerce.com
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