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California Banp(CALB) - 2024 Q2 - Quarterly Results
CALBCalifornia Banp(CALB)2024-07-29 12:01

Financial Performance - Diluted earnings per share for Q2 2024 was (0.68),downfrom(0.68), down from 0.45 in Q1 2024 and 0.65inQ22023[1]−Thecompanyreportedanetlossof0.65 in Q2 2023[1] - The company reported a net loss of 5.9 million for Q2 2024, a decrease of 9.7million,or2549.7 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 2.0million,or2.0 million, or (0.24) per diluted share, compared to net income of 10.9million,or10.9 million, or 1.29 per diluted share in the prior year[47] - Net income for the period was a loss of 2.04million,downfromaprofitof2.04 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(0.24) from 1.29, reflecting a 119% decrease[71] Revenue and Income - Total revenue for Q2 2024 was 18.34million,downfrom18.34 million, down from 19.42 million in Q1 2024 and 19.78millioninQ22023[19]−Revenueforthesecondquarterof2024was19.78 million in Q2 2023[19] - Revenue for the second quarter of 2024 was 18.3 million, a decrease of 1.1million,or61.1 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 18,341million,adecreaseof5.618,341 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 37,761million,adecreaseof4.837,761 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 16.8million,adecreaseof16.8 million, a decrease of 892,000, or 5%, from Q1 2024 and a decrease of 1.8million,or101.8 million, or 10%, from Q2 2023[5] - Net interest income after provision for credit losses was 3.32 million for Q2 2024, compared to 17.59millioninQ12024[27]−Year−to−dateinterestincomeroseto17.59 million in Q1 2024[27] - Year-to-date interest income rose to 54.13 million, a 3% increase from 52.71millionin2023[71]−Totalinterest−bearingliabilitiesincreasedto52.71 million in 2023[71] - Total interest-bearing liabilities increased to 1.04 billion, with a total interest expense of 19.59million,up2819.59 million, up 28% from the previous year[71] Non-Interest Income and Expenses - Non-interest income decreased by 187,000, or 11%, to 1.5millioncomparedtoQ12024[3]−Non−interestincomeforthesixmonthsendedJune30,2024was1.5 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,or44981,000, or 44%, from 2.2 million for the same period in 2023[47] - The company’s total non-interest expense for Q2 2024 was 13.19million,anincreasefrom13.19 million, an increase from 13.70 million in Q1 2024 and 11.60millioninQ22023[19]−Non−interestexpenseforQ22024was11.60 million in Q2 2023[19] - Non-interest expense for Q2 2024 was 13.2 million, an increase of 15% compared to 11.6millioninQ22023,primarilyduetomerger−relatedexpenses[65]AssetsandLiabilities−TotalassetsasofJune30,2024,were11.6 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 1.923billionasofMarch31,2024[15]−Totalassetsdecreasedto1.923 billion as of March 31, 2024[15] - Total assets decreased to 1.92 billion as of June 30, 2024, from 2.00billionayearearlier,primarilyduetoconservativenewloanproductionandreducedliquidity[66]−Totalgrossloansdecreasedby2.00 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 1.49billionatJune30,2024,from1.49 billion at June 30, 2024, from 1.52 billion at March 31, 2024[53] - Total deposits were 1.639billionasofJune30,2024,comparedto1.639 billion as of June 30, 2024, compared to 1.625 billion as of December 31, 2023[15] - Total deposits decreased by 827,000to827,000 to 1.64 billion at June 30, 2024[49] Credit Quality - The allowance for credit losses on unfunded loan commitments was 1.8million,or0.331.8 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 126,000inthefirstquarterof2024[32]−Non−performingassetstototalassetsincreasedto1.13126,000 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 1,452millioninQ12024,indicatingasignificantincreaseincreditrisk[60]−Theallowanceforcreditlossesonloanswas1.101,452 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 23.07asofJune30,2024[4]−Shareholders′equitytotaled23.07 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]