California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024

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$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$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$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$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]