Financial Overview - As of December 31, 2024, California BanCorp had total consolidated assets of $4.03 billion, total loans of $3.16 billion, total deposits of $3.40 billion, and total shareholders' equity of $511.8 million[24]. - The merger with California BanCorp (CALB) was completed on July 31, 2024, resulting in a combined bank holding company with approximately $4.25 billion in assets and 14 branches across California[34]. - The total aggregate consideration paid for the merger was approximately $216.6 million, which included approximately $74.0 million of preliminary goodwill[34]. - As of July 31, 2024, CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion prior to the merger[34]. - Total deposits reached $3.40 billion, including noninterest-bearing demand deposits of $1.26 billion (37.0% of total deposits) and a total deposit cost of 2.01% for the year ended December 31, 2024[66]. Business Strategy - California BanCorp's strategy focuses on serving small to medium-sized businesses, targeting a market with approximately 1.7 million such businesses in California[36]. - The company has expanded its branch network through acquisitions, including the acquisition of Bank of Santa Clarita, completed on October 1, 2021, and the merger with CALB[28]. - The company operates 14 branch offices and four loan production offices, with a focus on key Southern California markets[35]. - The company emphasizes a relationship-based banking approach, providing personalized service to small business owners, which is generally unavailable from larger banks[30]. Loan Portfolio - California BanCorp's lending products primarily include construction and land development loans, commercial real estate loans, commercial and industrial loans, SBA loans, and consumer loans[23]. - As of December 31, 2024, the company had total loans held for investment of $3.14 billion, with non-SBA loans accounting for $2.95 billion (93.9%) and SBA loans for $189.4 million (6.1%)[50]. - The real estate loans portfolio totaled $2.01 billion, representing 64.0% of loans held for investment, with non-owner occupied commercial real estate loans at $1.13 billion and multifamily residential loans at $244.0 million[56]. - The company reported $693.5 million in commercial and industrial loans, which constituted 22.1% of the loans held for investment, with $4.9 million classified as non-performing[58]. - The company had $222.0 million in construction and land development loans, representing 7.1% of the loans held for investment, with $9.7 million classified as non-performing[53]. - As of December 31, 2024, the company had $24.7 million in consumer loans, accounting for 0.7% of total loans held for investment, with $150 thousand in consumer solar loans over 90 days past due[64]. - The company had $189.4 million in SBA loans, which represented 6.1% of total loans held for investment, with $374 thousand classified as non-performing[63]. Capital and Regulatory Compliance - The company maintains a capital conservation buffer of 2.5% of risk-weighted assets, increasing minimum CET1 capital, Tier 1 capital, and total capital ratios to 7.0%, 8.5%, and 10.5% respectively[88]. - Total Capital to Risk-Weighted Assets ratio as of December 31, 2024, was 10.0%, exceeding the minimum required of 8.0%[89]. - Tier 1 Capital to Risk-Weighted Assets ratio was 8.0%, above the minimum requirement of 6.0%[89]. - CET1 Capital to Risk-Weighted Assets ratio was 6.5%, surpassing the minimum requirement of 4.5%[89]. - The company is subject to consolidated capital rules at the bank holding company level starting from the third quarter of 2024[85]. - The company has not elected to be a financial holding company, limiting its activities to those determined by the Federal Reserve[99]. - The company is required to consult with the Federal Reserve before repurchasing shares or paying dividends that exceed its earnings for the quarter[102]. - The company is extensively regulated under federal and state law, primarily by the Federal Reserve and the OCC[82]. Risk Management - The company emphasizes risk reduction in its loan portfolio by maintaining a maximum loan-to-value ratio of 75% for construction and land development loans[53]. - The company faces risks related to economic downturns in California, where it primarily operates, which could adversely affect credit quality and profitability[152]. - A significant portion of the loan portfolio is secured by real estate, making the company vulnerable to downturns in the local real estate market, potentially impacting profitability[154]. - Changes in interest rates could significantly affect net interest income, with potential adverse impacts on loan origination and repayment rates[155][158]. - The company may experience gaps in interest rate sensitivities between assets and liabilities, which could negatively impact earnings if market rates move unfavorably[157]. - The company relies on independent appraisals for real estate values, which may not be realizable in foreclosure situations, increasing credit risk[146]. - The company’s credit risk management practices may not fully prevent losses in its loan portfolio, despite adherence to sound underwriting practices[167]. - The company relies on independent appraisals for real estate securing loans, which may not reflect realizable values, increasing the risk of loss upon foreclosure[168]. Operational and Compliance Risks - The company is subject to various restrictions on capital distributions, including dividends, which can be up to 100% of net income for the year-to-date plus retained net income for the two preceding years without prior OCC approval[115]. - The Bank's ability to make loans is limited to 15% of unimpaired capital and surplus, with a potential increase to 25% if secured by readily marketable collateral[119]. - The Bank received a "satisfactory" overall rating in its most recent Community Reinvestment Act evaluation in 2024, with an "outstanding" rating on Community Development[126]. - The company must comply with anti-money laundering regulations, which include developing policies to monitor compliance and prevent suspicious activities[128]. - The company is subject to the Dodd-Frank Act, which centralizes consumer financial protection responsibilities with the CFPB, affecting compliance costs and operational regulations[134]. - Regulatory changes and increased scrutiny in the financial services industry could lead to higher compliance costs and operational uncertainties[137]. - The company is exposed to risks from severe weather and natural disasters, particularly in California, which could disrupt operations and increase loan defaults[151]. - The company may need to raise additional capital, but availability of such capital is uncertain, posing liquidity risks[146]. - Liquidity is essential for the company's operations, and any substantial changes in liquidity levels could adversely affect its financial condition[179]. - The company plans to pursue acquisitions as part of its growth strategy, which may strain its operational and financial resources[188]. - The integration of CALB with the company may incur unexpected costs and the anticipated benefits may not be realized[190]. - The company has not recorded goodwill impairment as of December 31, 2024, but future impairment could adversely affect its financial condition[191]. - The company's reputation is critical for business success, and any negative impact could materially affect its operations[192]. - Competition in the banking and financial services industry is intense, which may limit the company's growth and profitability[194]. - The company relies heavily on its executive management team, and the loss of key personnel could adversely affect its operations[195]. - The company is subject to stringent capital requirements, and failure to comply could result in regulatory restrictions and affect its financial condition[202]. Technological and Cybersecurity Risks - The financial services industry is experiencing rapid technological changes, with a focus on artificial intelligence and machine learning to enhance customer interactions and data analysis[205]. - Competitors may have greater resources for technological investments, potentially leading to a competitive disadvantage for the company[205]. - Cybersecurity risks, including e-fraud and data breaches, pose significant threats, with potential reputational and financial consequences[209]. - The company relies on robust information security measures, but evolving cyber threats may require additional resources for protection and remediation[208]. - The use of artificial intelligence in products and services carries risks of reputational harm and potential legal liabilities due to flawed algorithms or biased data[211]. - The enterprise risk management framework may not effectively mitigate risks, leading to potential losses and reputational damage[212]. - Operational risks include employee errors and misconduct, which could result in financial losses and regulatory sanctions[213]. - The company is dependent on data and modeling for decision-making, with faulty data potentially leading to adverse outcomes and regulatory scrutiny[216]. Environmental and Compliance Considerations - Compliance with environmental laws has not materially impacted capital expenditures or earnings, with no significant costs associated with environmental regulations identified[135]. - Environmental liabilities may arise from real estate properties securing the loan portfolio, potentially incurring substantial costs[217].

Exhibit 99.1 CALIFORNIA BANCORP REPORTS NET INCOME OF $16.8 MILLION FOR THE FOURTH QUARTER AND $5.4 MILLION FOR THE FULL YEAR OF 2024 San Diego, Calif., January 29, 2025 – California BanCorp ("us," "we," "our," or the "Company") (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the "Bank") announces its consolidated financial results for the fourth quarter and full year of 2024. The Company reported net income of $16.8 million, or $0.51 per diluted share, for the fourth quarter of 2 ...

California BanCorp (BCAL) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following y ...

Shares of California BanCorp (BCAL) have gained 0.2% over the past four weeks to close the last trading session at $16.30, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $20.67 indicates a potential upside of 26.8%.The average comprises three short-term price targets ranging from a low of $19 to a high of $22, with a standard deviation of $1.53. While the lowest estimate indica ...

San Diego, Calif., Jan. 29, 2025 (GLOBE NEWSWIRE) -- California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the fourth quarter and full year of 2024. The Company reported net income of $16.8 million, or $0.51 per diluted share, for the fourth quarter of 2024, compared to a net loss of $16.5 million, or $0.59 per diluted share for the third quarter of 2024, and net income ...

California BanCorp (BCAL) has been beaten down lately with too much selling pressure. While the stock has lost 10.5% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator ...

California BanCorp (BCAL) has been on a downward spiral lately with significant selling pressure. After declining 7.9% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of REXR, REXR.PR.C either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to wh ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) T QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number 001-41684 CALIFORNIA BANCORP (Exact name of registrant as specified in its charter) California 84-3288397 (S ...

Executive Appointment - California Bank of Commerce appoints Jerry Legg as Senior Vice President, Director of Public Sector Banking, effective November 12, 2024 [1] - Legg will report to Executive Vice President, Specialty Banking Manager Chris Barr and operate from the Bank's Sacramento office [1] Professional Background - Jerry Legg brings over 30 years of experience in public sector banking, including roles at Public Trust Advisors, Five Star Bank, River City Bank, Rabobank, and the California State Treasurer's Office [2] - Legg holds a Bachelor of Science degree from Rutgers University [3] Company Overview - California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California [4] - Its subsidiary, California Bank of Commerce, offers financial products and services to individuals, professionals, and small to medium-sized businesses through 14 branch offices and four loan production offices in California [4] - The bank emphasizes a solutions-driven, relationship-based approach to banking, providing accessibility to decision-makers and fostering strong client partnerships [4]