Oakland, CA – April 29, 2024 – 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. Exhibit 99.1 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. Excludi ...

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 ...

OAKLAND, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- California BanCorp (NASDAQ:CALB) (the "Company"), whose subsidiary is California Bank of Commerce, announced today its financial results for the fourth quarter and twelve months ended December 31, 2023. The Company reported net income of $5.3 million for the fourth quarter of 2023, compared to $5.4 million for the third quarter of 2023 and $7.7 million for the fourth quarter of 2022. For the twelve months ended December 31, 2023, net income was $21.6 millio ...

FORM 10-Q California 82-1751097 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 1300 Clay Street, Suite 500 Oakland, California 94612 (Address of principal executive offices) (510) 457-3737 (Registrant's telephone number, including area code) Page Part I - Financial Information Item 1. Financial Statements 3 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 CALIFORNIA BANCORP (Exact name of registrant as specified in its charter) 1300 Clay Street, Suite 500 Oakland, California 94612 (Address of principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant has submitted elect ...

FORM 10-Q For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 California 82-1751097 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (510) 457-3737 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding ...

Financial Performance - The company reported a net income of $21.1 million for the fiscal year ended December 31, 2022, compared to $13.4 million in the previous year, representing a growth of 57.5%[462] - Net income for the year ended December 31, 2022, was $21,108 million, an increase from $13,368 million in 2021, representing a growth of 58%[464] - The company reported total deposits of $1,791,740,000 as of December 31, 2022, up from $1,680,138,000 in 2021, indicating an increase of about 6.7%[566] - The company made a fully vested contribution to the 401(k) Plan of $792,000 in 2022, an increase from $745,000 in 2021, which is a rise of about 6.3%[589] Asset and Loan Growth - As of December 31, 2022, total consolidated assets were $2.04 billion, total gross loans were $1.59 billion, total deposits were $1.79 billion, and total shareholders' equity was $172.3 million[38] - Total shareholders' equity increased from $150.8 million in 2021 to $172.3 million in 2022, reflecting a growth of 14.2%[462] - Total gross loans as of December 31, 2022, amounted to $1,593,421,000, an increase from $1,376,649,000 as of December 31, 2021, representing a growth of approximately 15.8%[511] - The company’s total assets measured at fair value on a recurring basis were $47,012,000 as of December 31, 2022, down from $67,981,000 in 2021, indicating a decrease of approximately 30.7%[575] Risk and Credit Assessment - The company faces risks related to credit and lending, particularly in commercial real estate and construction portfolios[34] - The provision for loan losses was $3,775 million in 2022, compared to only $4 million in 2021, indicating a significant increase in risk assessment[464] - The allowance for loan losses as of December 31, 2022, was $17,005,000, up from $14,081,000 as of December 31, 2021, indicating an increase of about 20.5%[516] - Interest forgone on nonaccrual loans was $199,000 for the year ended December 31, 2022, compared to $43,000 in 2021, indicating a significant increase[496] Regulatory and Compliance - The company is subject to evolving federal and state banking regulations, which may impact its operations and capital requirements[35] - The company’s capital adequacy ratios as of December 31, 2022, are subject to regulatory requirements, which could impact financial statements if minimum capital requirements are not met[591] Cash Flow and Investments - Net cash provided by operating activities increased to $28,663 million in 2022 from $16,209 million in 2021, marking a rise of 77%[464] - The net cash used for investing activities was $271,973 million in 2022, a substantial increase from $59,013 million in 2021[464] - The company reported no cash flow from investing activities in December 2022, compared to $(30,000,000) in 2021, reflecting a significant reduction in investment outflows[596] Deposits and Borrowing - Customer deposits increased by $111,602 million in 2022, although this was a decrease from $147,932 million in 2021[464] - The Company had a borrowing capacity of approximately $393.0 million under its arrangement with the Federal Reserve Bank as of December 31, 2022, an increase from $218.9 million in 2021[500] - The available borrowing capacity under the Federal Home Loan Bank arrangement was approximately $335,100,000 as of December 31, 2022, compared to $88,100,000 as of December 31, 2021, representing an increase of about 279.5%[525] Operational Strategy - The company aims to achieve long-term success through measures such as earnings per share growth, return on assets, and core deposit growth[39] - The company is focused on attracting and retaining experienced bankers to support its business strategy and growth[34] Taxation - The Company reported a provision for income taxes of $8.798 million for the year ended December 31, 2022, compared to $5.094 million for 2021[560] - The effective tax rate increased to 29.4% in 2022 from 27.9% in 2021[560] Miscellaneous - The impact of the COVID-19 epidemic continues to pose risks to the company's operations and the broader economy[34] - Management assessed the effectiveness of internal control over financial reporting and determined that it was effective as of December 31, 2022[598]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OF 15(d) OR THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-----------------------------------------------------------------------------------------|------------------------------------------------------------------- ...