Financial Performance - Diluted earnings per share for Q2 2024 was $(0.68), down from $0.45 in Q1 2024 and $0.65 in Q2 2023[1] - The company reported a net loss of $5.9 million for Q2 2024, a decrease of $9.7 million, or 254%, compared to a net income of $3.8 million in Q1 2024[30] - Net loss for the second quarter of 2024 was $2.0 million, or $(0.24) per diluted share, compared to net income of $10.9 million, or $1.29 per diluted share in the prior year[47] - Net income for the period was a loss of $2.04 million, down from a profit of $10.89 million in the same period last year, representing a 119% decline[71] - Diluted earnings per share fell to $(0.24) from $1.29, reflecting a 119% decrease[71] Revenue and Income - Total revenue for Q2 2024 was $18.34 million, down from $19.42 million in Q1 2024 and $19.78 million in Q2 2023[19] - Revenue for the second quarter of 2024 was $18.3 million, a decrease of $1.1 million, or 6%, from $19.4 million in the first quarter of 2024[46] - Total revenue for the three months ended June 30, 2024, was $18,341 million, a decrease of 5.6% from $19,420 million for the three months ended March 31, 2024[78] - Total revenue for the six months ended June 30, 2024, was $37,761 million, a decrease of 4.8% from $39,645 million for the six months ended June 30, 2023[78] Interest Income and Expenses - Net interest income for Q2 2024 was $16.8 million, a decrease of $892,000, or 5%, from Q1 2024 and a decrease of $1.8 million, or 10%, from Q2 2023[5] - Net interest income after provision for credit losses was $3.32 million for Q2 2024, compared to $17.59 million in Q1 2024[27] - Year-to-date interest income rose to $54.13 million, a 3% increase from $52.71 million in 2023[71] - Total interest-bearing liabilities increased to $1.04 billion, with a total interest expense of $19.59 million, up 28% from the previous year[71] Non-Interest Income and Expenses - Non-interest income decreased by $187,000, or 11%, to $1.5 million compared to Q1 2024[3] - Non-interest income for the six months ended June 30, 2024 was $3.2 million, an increase of $981,000, or 44%, from $2.2 million for the same period in 2023[47] - The company’s total non-interest expense for Q2 2024 was $13.19 million, an increase from $13.70 million in Q1 2024 and $11.60 million in Q2 2023[19] - Non-interest expense for Q2 2024 was $13.2 million, an increase of 15% compared to $11.6 million in Q2 2023, primarily due to merger-related expenses[65] Assets and Liabilities - Total assets as of June 30, 2024, were $1.917 billion, a slight decrease from $1.923 billion as of March 31, 2024[15] - Total assets decreased to $1.92 billion as of June 30, 2024, from $2.00 billion a year earlier, primarily due to conservative new loan production and reduced liquidity[66] - 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[53] - Total deposits were $1.639 billion as of June 30, 2024, compared to $1.625 billion as of December 31, 2023[15] - Total deposits decreased by $827,000 to $1.64 billion at June 30, 2024[49] Credit Quality - The allowance for credit losses on unfunded loan commitments was $1.8 million, or 0.33% of total unfunded loan commitments, as of June 30, 2024[8] - Provision for credit losses increased to $13.5 million, up from $126,000 in the first quarter of 2024[32] - Non-performing assets to total assets increased to 1.13% at June 30, 2024, compared to 0.08% at March 31, 2024, and 0.01% at June 30, 2023[23] - Nonperforming loans rose to $21,707 million in Q2 2024, compared to $1,452 million in Q1 2024, indicating a significant increase in credit risk[60] - The allowance for credit losses on loans was 1.10% of gross loans as of June 30, 2024, up from 1.05% in Q1 2024[60] Equity and Ratios - Book value per share decreased by $0.72, or 3%, to $23.07 as of June 30, 2024[4] - Shareholders' equity totaled $195.5 million at June 30, 2024, down from $200.7 million at March 31, 2024[41] - The tangible equity to tangible assets ratio improved to 10.35% as of June 30, 2024, from 10.12% at March 31, 2024[29] - The tangible equity to tangible assets ratio was 9.85% in Q2 2024, down from 10.09% in Q1 2024[64] Mergers and Future Outlook - The company is in the process of completing a merger with Southern California Bancorp, which may impact future performance and financial results[10] - The company expects to close the merger with Southern California Bancorp on July 31, 2024, aiming to enhance its market position and growth opportunities[46]

Financial Performance - The company reported a net loss of $5.9 million for Q2 2024, a decrease of $9.7 million compared to a net income of $3.8 million in Q1 2024 and a decrease of $11.3 million from $5.4 million in Q2 2023 [41][50] - For the six months ended June 30, 2024, the company reported a net loss of $2.0 million, down from a net income of $10.9 million for the same period in 2023 [42][41] - Total revenue for Q2 2024 was $18.3 million, a decrease of $1.1 million, or 6%, from $19.4 million in Q1 2024 [50][42] Net Interest Income and Margin - Net interest income for Q2 2024 was $16.8 million, down $892,000, or 5%, from $17.7 million in Q1 2024 and down $1.8 million, or 10%, from $18.6 million in Q2 2023 [43][50] - The company's net interest margin for Q2 2024 was 3.71%, compared to 3.89% in Q1 2024 and 3.93% in Q2 2023 [23][50] Provision for Credit Losses - The provision for credit losses on loans was $13.7 million for Q2 2024, compared to $301,000 in Q1 2024 and $340,000 in Q2 2023 [40][41] - Net loan charge-offs for Q2 2024 were $13.3 million, or 0.89% of gross loans, compared to net loan charge-offs of $348,000, or 0.02% in Q1 2024 [40][41] Deposits and Assets - Total deposits were $1.64 billion as of June 30, 2024, unchanged from March 31, 2024, but down $99.6 million, or 6%, from $1.74 billion at June 30, 2023 [9][51] - Total assets were $1.92 billion as of June 30, 2024, consistent with March 31, 2024, but down from $2.00 billion at June 30, 2023 [46][51] Efficiency Ratio - The company's efficiency ratio was 71.90% for Q2 2024, compared to 70.57% in Q1 2024 and 58.66% in Q2 2023 [8][28] - Excluding merger-related expenses, the adjusted efficiency ratio was 68.38% for Q2 2024 [28][50] Shareholder Equity and Capital Ratios - Shareholders' equity totaled $195.5 million at June 30, 2024, down from $200.7 million at March 31, 2024, but up from $184.2 million a year ago [11][51] - The company's total risk-based capital ratio was 13.93%, tier one capital ratio was 10.06%, and leverage ratio was 9.93%, all above regulatory standards [11][51]

Core Viewpoint - Monteverde & Associates PC is investigating California BanCorp regarding its proposed merger with Southern California Bancorp, where California BanCorp shareholders will own approximately 42.9% of the combined company [1]. Group 1 - Monteverde & Associates PC has been recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report [1]. - The shareholder vote for the merger is scheduled for July 17, 2024 [4]. - The firm operates from the Empire State Building in New York City [1][6]. Group 2 - The firm has a successful track record in recovering money for shareholders through class action lawsuits [6]. - The investigation is part of the firm's broader efforts to ensure that no company, director, or officer is above the law [5].

Core Points - Monteverde & Associates PC is investigating California BanCorp regarding its proposed merger with Southern California Bancorp, where California BanCorp shareholders will own approximately 42.9% of the combined company [2]. Group 1 - The shareholder vote for the merger is scheduled for July 17, 2024 [3]. - Monteverde & Associates PC has a successful track record in recovering money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report [2][4].

Financial Performance - Adjusted net income for Q1 2024 was $4.841 million, down from $5.451 million in Q1 2023, representing a decrease of 11.2%[161] - Diluted earnings per share for Q1 2024 were $0.45, compared to $0.64 in Q1 2023; excluding merger-related expenses, diluted earnings per share were $0.57[164] - Net income for Q1 2024 was $3.8 million, representing a decrease of $1.6 million or 30% compared to $5.5 million in Q1 2023[186] - Total revenue for Q1 2024 was $19.420 million, down 2.24% from $19.864 million in Q1 2023[184] Loan and Deposit Trends - Average loans decreased by $63.6 million, or 4%, year-over-year, while average non-interest-bearing deposits decreased by $71.7 million, or 10%[166] - Gross loan balances decreased by $38.6 million, or 2%, from December 31, 2023, primarily due to reductions in commercial and industrial loans and real estate-related loans[178] - As of March 31, 2024, total deposits amounted to $1,639,516 thousand, a slight increase from $1,625,244 thousand on December 31, 2023, reflecting a growth of approximately 0.9%[244] Income and Expense Analysis - Net interest income for the three months ended March 31, 2024, was $17.715 million, a decrease of 5.55% from $18.757 million in the same period of 2023[184] - Non-interest income increased by $598,000, or 54%, in Q1 2024, primarily due to higher service charges and fees related to treasury management activities[174] - Total non-interest expense for Q1 2024 was $13.704 million, an increase of 16% from $11.843 million in Q1 2023[175] - Non-interest expense for Q1 2024 was $13.704 million, an increase of 15.63% from $11.843 million in Q1 2023[196] Credit Losses and Asset Quality - The provision for credit losses for Q1 2024 was $126,000, with $301,000 related to loans and $(195,000) for unfunded loan commitments[172] - The provision for credit losses was $301,000 in Q1 2024, down from $464,000 in Q1 2023[193] - Total nonperforming loans decreased to $1.452 million as of March 31, 2024, from $3.781 million at December 31, 2023[202] Capital Ratios and Regulatory Compliance - The Bank's Tier 1 risk-based capital ratio improved to 12.69% as of March 31, 2024, compared to 12.04% on December 31, 2023, representing an increase of 0.65 percentage points[247] - The total capital to risk-weighted assets ratio increased to 13.63% as of March 31, 2024, from 12.96% at the end of 2023, showing a rise of 0.67 percentage points[247] - The leverage ratio also improved to 12.72% as of March 31, 2024, compared to 12.14% on December 31, 2023, reflecting an increase of 0.58 percentage points[247] - The Company is subject to heightened regulatory compliance and legal risk, but management does not expect any legal actions to materially affect its financial condition[207] Asset and Deposit Composition - The composition of deposits as of March 31, 2024, included 39% in demand noninterest-bearing, 1% in demand interest-bearing, 40% in money market and savings, and 20% in time deposits[244] - The Company reported wholesale brokered time deposits of $261.6 million as of March 31, 2024, up from $244.0 million as of December 31, 2023, indicating a growth of approximately 7%[246] Methodology and Management Insights - The Company adopted the Current Expected Credit Losses (CECL) Methodology effective January 1, 2023, to estimate the allowance for credit losses[245] - Management believes the allowance for credit losses is adequate based on a quarterly evaluation of risk, although specific figures were not disclosed[245] - The Company maintains high levels of liquid balances in demand deposit accounts, primarily generated through core customer relationships[246] Efficiency Metrics - The efficiency ratio for Q1 2024 was 70.57%, compared to 59.62% in Q1 2023; excluding merger-related expenses, the efficiency ratio was 65.29%[175] - The adjusted efficiency ratio for Q1 2024 was 65.29%, compared to 59.62% in Q1 2023[186] - The average rate paid on interest-bearing liabilities increased by 114 basis points to 3.78% in Q1 2024 from 2.64% in Q1 2023[171] - The yield on average earning assets increased by 54 basis points to 6.01% in Q1 2024 from 5.47% in Q1 2023[188]

California Bank of Commerce (CALB) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.64 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.64%. A quarter ago, it was expected that this company would post earnings of $0.63 per share when it actually produced earnings of $0.63, delivering no surprise.Over the last four quarters, the compan ...

Financial Performance - The Company reported net income of $3.8 million for Q1 2024, a decrease of $1.5 million, or 29%, from Q4 2023, and a decrease of $1.6 million, or 30%, from Q1 2023[3]. - Revenue for Q1 2024 was $19.4 million, down $500,000, or 2%, from $19.9 million in Q4 2023[5]. - Net interest income decreased by $859,000, or 5%, to $17.7 million in Q1 2024 compared to Q4 2023, primarily due to a lower balance of average earning assets[8]. - Non-interest income increased by 27% to $1,705 million compared to Q4 2023 and by 54% compared to Q1 2023[39]. - Net income for Q1 2024 was $3,817 million, a decrease of 29% from Q4 2023 and a decrease of 30% from Q1 2023[39]. - Diluted earnings per share for Q1 2024 was $0.45, down 29% from Q4 2023 and down 30% from Q1 2023[39]. - Adjusted net income for Q1 2024 was $4,841,000, down from $5,341,000 in Q4 2023, representing a decrease of 9.34%[54]. - Adjusted diluted earnings per share for Q1 2024 was $0.57, compared to $0.63 in Q4 2023, reflecting a decline of 9.52%[54]. Asset and Liability Management - Total assets decreased by $63.4 million to $1.92 billion as of March 31, 2024, compared to $1.99 billion at December 31, 2023[31]. - Total deposits increased by $14.3 million, or 1%, to $1.64 billion at March 31, 2024, from $1.63 billion at December 31, 2023[32]. - The Company had no outstanding borrowings at March 31, 2024, compared to $75.0 million at December 31, 2023[12]. - Total assets decreased by 3% to $1,922,541 million from Q4 2023 and by 6% from Q1 2023[40]. - Deposits increased by 1% to $1,639,516 million from Q4 2023 but decreased by 5% from Q1 2023[40]. - Total liabilities and shareholders' equity stood at $1,916,142, with total interest-bearing liabilities of $1,027,446[52]. Credit Quality - The provision for credit losses was $301,000 for Q1 2024, compared to $87,000 for Q4 2023[13]. - Non-performing assets to total assets were 0.08% at March 31, 2024, down from 0.19% at December 31, 2023[33]. - Nonperforming assets decreased to $1,452 million from $3,781 million in Q4 2023[41]. - The allowance for credit losses as a percentage of gross loans was 1.05% in Q1 2024, up from 1.03% in Q4 2023[41]. Capital Ratios - The Company's capital ratios remain healthy, with a tier I leverage ratio of 10.17% and a total risk-based capital ratio of 13.93%[7]. - Tier I leverage ratio improved to 10.17%, up from 9.61% in the previous quarter and 9.01% year-over-year[43]. - Tangible equity increased by 2% to $193,263 million from Q4 2023 and by 13% from Q1 2023[40]. - Book value per share increased to $23.79, up from $23.38 in the previous quarter and $21.37 year-over-year[43]. - Total shareholders' equity reached $200,685 million as of 03/31/24, up from $196,461 million on 12/31/23, reflecting an increase of approximately 1.1%[58]. Future Outlook - The Company expects to close its merger with Southern California Bancorp in Q3 2024, focusing on integration planning and optimizing the balance sheet[25]. - The company reported a risk of incurring loan losses, which is inherent in the banking business, and potential impacts from economic conditions[46]. - The company anticipates challenges in maintaining its internal growth rate due to economic uncertainties[46]. - The company plans to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, in the second quarter of 2024[46].

OAKLAND, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the first quarter ended March 31, 2024. The Company reported net income of $3.8 million for the first quarter of 2024, representing a decrease of $1.5 million, or 29%, compared to $5.3 million for the fourth quarter of 2023 and a decrease of $1.6 million, or 30%, compared to $5.4 million in the first quarter of 2023. ...

Financial Position - As of December 31, 2023, the company had total consolidated assets of $1.99 billion, total gross loans of $1.56 billion, total deposits of $1.63 billion, and total shareholders' equity of $196.5 million[17]. - The Company had $460.0 million in reciprocal deposits as of December 31, 2023, compared to $46.9 million at the end of 2022, with insured deposits representing 61% of the total deposit portfolio[407]. - The Tier 1 risk-based capital ratio improved to 12.04% as of December 31, 2023, from 10.54% a year earlier, while the total capital to risk-weighted assets ratio increased to 12.96% from 11.40%[414]. Loan Portfolio Composition - Commercial and industrial loans constituted approximately $626.6 million, or 40% of the company's loan portfolio[27]. - Real estate loans, including commercial real estate loans, made up approximately $849.3 million, or 54% of the loan portfolio[31]. - Construction and development loans accounted for approximately $44.2 million, or 3% of the loan portfolio[30]. - Consumer loans totaled approximately $35.4 million, representing about 2% of the loan portfolio[35]. - The Company’s loan portfolio composition and maturity distribution were detailed, indicating a focus on managing loan performance and risk[400]. Credit Quality and Risks - Total nonperforming loans increased to $3.781 million as of December 31, 2023, from $1.250 million a year earlier, resulting in a nonperforming loans to gross loans ratio of 0.24% compared to 0.08%[402]. - The allowance for credit losses on loans to nonperforming loans ratio was 423.91% as of December 31, 2023, down from 1360.40% the previous year[402]. - The Company reported an ending balance of $16.028 million for the allowance for credit losses as of December 31, 2023, compared to $17.005 million the previous year[403]. - The aggregate amount of time deposits exceeding the FDIC insurance limit decreased to $33.9 million as of December 31, 2023, from $43.6 million a year earlier[409]. - The company faces significant risks related to its proposed merger with Southern California Bancorp, including potential disruptions to business and challenges in retaining employees and customers[14]. Tax and Regulatory Environment - The income tax expense for the year ended December 31, 2023, was $9.0 million, compared to $8.8 million for the previous year, with effective tax rates of 29.3% and 29.4% respectively[397]. - The Company adopted a new accounting standard for credit losses effective January 1, 2023, impacting the reporting of prior period amounts[392]. Market Position and Strategy - The banking industry is highly competitive, with the company facing competition from various local, regional, and national financial institutions[21]. - The company emphasizes maintaining close relationships with customers for ongoing credit monitoring and loan servicing[24]. - The company is positioned to be moderately asset sensitive, with earnings expected to increase in a rising rate environment[412].

California Bank of Commerce (CALB) came out with quarterly earnings of $0.63 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.63 per share when it actually produced earnings of $0.64, delivering a surprise of 1.59%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.California Bank of C ...