CALIFORNIA BANCORP REPORTS NET INCOME OF $15.7 MILLION FOR THE THIRD QUARTER OF 2025

Core Viewpoint - California BanCorp reported a net income of $15.7 million for Q3 2025, reflecting a strong performance compared to previous quarters and a significant recovery from a net loss in Q3 2024 [2][9]. Financial Performance - Net income for Q3 2025 was $15.7 million, or $0.48 per diluted share, compared to $14.1 million, or $0.43 per diluted share in Q2 2025, and a net loss of $16.5 million, or $0.59 per diluted share in Q3 2024 [2][9]. - Pre-tax, pre-provision income for Q3 was $21.8 million, an increase of $2.4 million from the prior quarter [9]. - Total noninterest income decreased to $2.7 million in Q3 2025, down from $2.9 million in Q2 2025 [17]. Asset Quality - The non-performing assets to total assets ratio improved to 0.38% at September 30, 2025, down from 0.46% at June 30, 2025 [28]. - Total non-performing loans decreased to $15.6 million, or 0.52% of total loans held for investment, compared to 0.61% in the prior quarter [28][34]. Capital and Shareholder Value - The tangible book value per common share increased to $13.39 at September 30, 2025, up from $12.82 at June 30, 2025 [35]. - The company repurchased 89,500 shares of common stock at an average price of $15.22, totaling $1.4 million under the stock repurchase program [37]. Deposits and Loans - Total deposits rose to $3.46 billion, an increase of $147.4 million or 4.4% from $3.31 billion at June 30, 2025 [24]. - Total loans held for investment were $2.99 billion, a slight decrease of $1.3 million compared to the previous quarter [22]. Interest Income and Margin - Net interest income for Q3 2025 was $42.5 million, up from $41.4 million in Q2 2025 [10]. - The net interest margin decreased to 4.52% from 4.61% in the prior quarter, primarily due to a decrease in the yield on total interest-earning assets [11]. Credit Losses - The company recorded a reversal of provision for credit losses of $15 thousand in Q3 2025, compared to a reversal of $634 thousand in the prior quarter [14]. - The allowance for credit losses was 1.46% of total loans held for investment at September 30, 2025 [34].