California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
first quarter ended March 31, 2023.
The Company reported net income of $5.5 million
for the first quarter of 2023, representing a decrease of $2.2
million, or 29%, compared to $7.7 million for the fourth quarter of
2022 and an increase of $1.8 million, or 48%, compared to $3.7
million in the first quarter of 2022.
Diluted earnings per share of $0.64 for the
first quarter of 2023 compared to $0.91 for the fourth quarter of
2022 and $0.44 for the first quarter of 2022.
“Despite the more challenging operating
environment that we saw during the first quarter, we continued to
generate strong financial performance with our return on average
assets remaining above 1%,” said Steven Shelton, Chief Executive
Officer of California BanCorp. “While being more conservative in
our approach to new loan production, we continued to generate high
quality lending opportunities that resulted in our total loans
increasing at a 6% annualized rate in the first quarter, with most
of the growth coming in our commercial portfolio. During the first
two months of the quarter, we saw the usual seasonal outflows of
deposits largely related to tax payments and profit distributions
among our clients, followed by an increase in deposits during March
as existing clients rebuilt their account balances and we continued
to add new deposit relationships. Due to the strong relationships
we have with our clients based on the level of service and
expertise that we provide, as well as the high level of operating
accounts that we maintain, we have built a sticky deposit base that
has demonstrated excellent stability during the turmoil that has
impacted the banking industry over the past two months.”
“While our deposit base was stable in March, we
increased our liquidity through short-term borrowings and brokered
deposits, which had an impact on our level of profitability in the
first quarter, but we believed was prudent from a risk management
perspective. The short-term nature of the borrowings and brokered
deposits provides us with the flexibility to make adjustments in
our funding mix as market conditions change, which should
positively impact our net interest margin. Our primary goal this
year is to continue to develop deposit relationships with high
quality commercial clients that maintain their operating accounts
with the bank. We believe the current challenges in the broader
banking industry have made the environment more favorable for
attracting new clients given our strong balance sheet and the
compelling value proposition that we can offer. We believe our
success in adding new clients will contribute to the continued
long-term profitable growth of the company and further increase the
value of our franchise,” said Mr. Shelton.
Financial Highlights:
Profitability - three months ended March 31,
2023 compared to December 31, 2022
- Net income of $5.5 million and
$0.64 per diluted share, compared to $7.7 million and $0.91 per
share, respectively.
- Revenue of $19.9 million decreased
$3.9 million, or 17%, from $23.8 million for the fourth quarter of
2022.
- Net interest income of $18.8
million decreased $3.1 million, or 14%, compared to $21.9 million
for the fourth quarter of 2022.
- Provision for loan losses of
$358,000 decreased $742,000, or 67%, from $1.1 million for the
fourth quarter of 2022.
- Non-interest income of $1.1 million
decreased $855,000, or 44%, compared to 2.0 million for the fourth
quarter of 2022.
- Non-interest expense, excluding
capitalized loan origination costs, of $12.5 million decreased
$179,000, or 1%, compared to $12.7 million for the fourth quarter
of 2022.
Financial Position – March 31, 2023 compared to
December 31, 2022
- Total assets increased by $6.8
million to $2.05 billion; average total assets decreased by $113.9
million to $1.97 billion.
- Gross loans increased by $23.8
million to $1.62 billion; average gross loans decreased by $39.0
million to $1.58 billion.
- Deposits decreased by $74.1 million
to $1.72 billion; average deposits decreased by $85.8 million to
$1.70 billion. Insured and collateralized deposits represented 53%
of the total deposit portfolio at March 31, 2023.
- Other borrowings were $75.0 million
at March 31, 2023 compared to no balances outstanding at December
31, 2022.
- Tangible book value per share of
$20.48 increased by $0.70, or 4%.
Net Interest Income and
Margin:
Net interest income for the quarter ended March
31, 2023 was $18.8 million, representing a decrease of $3.1
million, or 14%, from $21.9 million for the three months ended
December 31, 2022, and an increase of $4.2 million, or 29%, from
$14.5 million for the quarter ended March 31, 2022. The decrease in
net interest income compared to the fourth quarter of 2022 was
primarily attributable to lower balances of average earning assets
and a decrease in net interest margin. Additionally, during the
fourth quarter of 2022, commercial loans totaling $57.9 million
that were previously purchased at a discount were paid off,
resulting in the remaining unamortized discount of $1.4 million
being accelerated into interest income. Compared to the first
quarter of 2022, the increase in net interest income resulted from
a more favorable mix of earning assets and the rising rate
environment, which positively impacted net interest margin.
The Company’s net interest margin for the first
quarter of 2023 was 4.02%, compared to 4.32% for the fourth quarter
of 2022 and 3.19% for the same period in 2022. The decrease in
margin compared to the prior quarter was primarily due to lower
average earning assets, an increase in the cost of deposits and
other borrowings, and the accelerated loan fees recognized in the
fourth quarter of 2022. The increase in margin compared to the
first quarter of 2022 was primarily due to growth in the loan
portfolio and increased yields on earning assets, partially offset
by an increase in the cost of deposits and other borrowings.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended March 31, 2023, December 31, 2022, and March 31,
2022 was $1.1 million, $2.0 million, and $2.5 million,
respectively. The decrease in non-interest income from the fourth
quarter of 2022 was primarily due to a decrease in loan related
fees. The decrease in non-interest income from the same period in
the prior year was attributable to a gain of $1.4 million
recognized on the sale of a portion of our solar loan portfolio
during the first quarter of 2022.
Net interest income and non-interest income
comprised total revenue of $19.9 million, $23.8 million, and $17.1
million for the quarters ended March 31, 2023, December 31, 2022,
and March 31, 2022, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended March 31, 2023, December 31, 2022, and March 31,
2022 was $11.8 million, $11.7 million, and $10.9 million,
respectively. The increase in non-interest expense from the prior
periods was primarily due to an increase in salaries and benefits
related to investments to support the continued growth of the
business, combined with a decrease in capitalized loan origination
costs and an increase in loan administration expenses. Excluding
capitalized loan origination costs, non-interest expense for the
first quarter of 2023, the fourth quarter of 2022 and the first
quarter of 2022 was $12.5 million, $12.7 million, and $11.9
million, respectively.
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 59.62%, 49.17%, and 63.99%
for the quarters ended March 31, 2023, December 31, 2022, and March
31, 2022, respectively.
Balance Sheet:
Total assets of $2.05 billion as of March 31,
2023 represented an increase of $6.9 million compared to $2.04
billion at December 31, 2022, and increased $189.5 million compared
to total assets of $1.86 billion at March 31, 2022. The increase in
total assets from the prior quarter was primarily due to growth of
the loan portfolio, partially offset by decreased liquidity related
to the seasonal outflow of deposits that occurs at the beginning of
the year for many of our business clients. Compared to the same
period in the prior year, total assets increased primarily due to
strong loan growth in the commercial and real estate other
portfolios.
Total gross loans were $1.62 billion at March
31, 2023, compared to $1.59 billion at December 31, 2022 and $1.40
billion at March 31, 2022. During the first quarter of 2023,
commercial and real estate other loans increased by $27.2 million,
or 2%, due to organic growth, partially offset by decreases in SBA,
and other loans related to the ordinary course of business.
Compared to the same period in the prior year, commercial, real
estate other, and real estate construction and land loans increased
by $133.7 million, or 26%, $111.8 million, or 15%, and $12.7
million, or 25%, respectively, due to organic growth.
These increases were partially offset by a decrease in SBA loans of
$38.4 million, or 87%, primarily due to PPP loan forgiveness, and a
decrease in other loans of $3.0 million, or 7%, due to normal loan
activity.
Total deposits decreased by $74.1 million, or
4%, to $1.72 billion at March 31, 2023, from $1.79 billion at
December 31, 2022, and increased by $117.1 million, or 7%, from
$1.60 billion at March 31, 2022. The decrease in total deposits
from the end of the fourth quarter of 2022 was primarily due to the
seasonal outflow of deposits that occurs at the beginning of the
year and was comprised of decreases in non-interest bearing demand
deposits of $71.0 million, interest bearing demand deposits of $7.0
million, and money market and savings deposits of $54.2 million.
These decreases were partially offset by an increase in time
deposits of $58.1 million as a result of higher balances of
short-term brokered certificates of deposits which were added to
temporarily increase liquidity. Compared to the same period last
year, the increase in total deposits was primarily concentrated in
time deposits, partially offset by a reduction in demand deposits
and money market and savings deposits as a result of outflows
related to forgiveness of PPP loans. Non-interest bearing deposits,
primarily commercial business operating accounts, represented 43.1%
of total deposits at March 31, 2023, compared to 45.3% at December
31, 2022 and 46.7% at March 31, 2022.
As of March 31, 2023, the Company had
outstanding borrowings of $75.0 million, excluding junior
subordinated debt securities, compared to no outstanding borrowings
at December 31, 2022 and $32.2 million of outstanding borrowings at
March 31, 2022.
Asset Quality:
The provision for credit losses decreased
to $358,000 for the first quarter of 2023, compared
to $1.1 million for the fourth quarter of 2022 and
$950,000 for the first quarter of 2022. The Company had net loan
charge-offs of $247,000, or 0.02% of gross loans, during the first
quarter of 2023 and $650,000, or 0.04% of gross loans, during the
fourth quarter of 2022. The Company had net loan
recoveries of $1,000, or 0.00% of gross loans, during the first
quarter of 2022.
Non-performing assets (“NPAs”) to total assets
were 0.01% at March 31, 2023, compared to 0.06% at December 31,
2022 and 0.03% at March 31, 2022, with non-performing loans of
$222,000, $1.3 million and $549,000, respectively, on those
dates.
The allowance for credit losses was $17.1
million, or 1.06% of total loans, at March 31, 2023, compared to
the allowance for loan losses of $17.0 million, or 1.07% of total
loans, at December 31, 2022 and $15.0 million, or 1.07% of total
loans, at March 31, 2022. On January 1, 2023, the Company adopted
the new current expected credit losses (CECL) standard. The
Company’s allowance for credit losses to total loans upon adoption
on January 1, 2023 was 1.07% and remained consistent with the
coverage as of December 31, 2022.
Capital Adequacy:
At March 31, 2023, shareholders’ equity totaled
$178.6 million, compared to $172.3 million at December 31, 2022 and
$154.6 million one year ago. Additionally, at March 31, 2023, the
Company’s total risk-based capital ratio, tier one capital ratio,
and leverage ratio were 12.08%, 8.54%, and 8.76%, respectively; all
of which were above the regulatory standards of 10.00%, 8.00%, and
5.00%, respectively, for “well-capitalized” institutions.
“Our strong financial performance and prudent
balance sheet management resulted in an increase in all of our
capital ratios and a 4% increase in our tangible book value per
share during the first quarter,” said Thomas A. Sa, President,
Chief Financial Officer and Chief Operating Officer of California
BanCorp. “We have high levels of capital and liquidity, a stable
deposit base, a low level of unrealized losses in our investment
portfolio, and exceptional asset quality with minimal exposure to
areas of concern such as office commercial real estate loans in
major metropolitan areas. As such, we believe we are very well
positioned to effectively manage through the current challenging
environment and continue growing our client base given the
fundamental strength of our franchise.”
About California BanCorp:
California BanCorp, the parent company for
California Bank of Commerce, offers a broad range of commercial
banking services to closely held businesses and professionals
located throughout Northern California. The Company’s common stock
trades on the Nasdaq Global Select marketplace under the symbol
CALB. For more information on California BanCorp, call us at
510-457-3751, or visit us at www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510)
457-3751 Chief
Executive
Officer seshelton@bankcbc.com
Thomas
A. Sa, (510) 457-3775President, Chief Financial Officer and Chief
Operating Officertsa@bankcbc.com
Use of Non-GAAP Financial
Information:
This press release contains both financial
measures based on GAAP and non-GAAP. Non-GAAP financial measures
are used where management believes them to be helpful in
understanding the Company’s results of operations or financial
position. Where non-GAAP financial measures are used, the
comparable GAAP financial measure, as well as the reconciliation to
the comparable GAAP financial measure, can be found in this press
release. These disclosures should not be viewed as a substitute for
operating results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies.
Forward-Looking
Information:
Statements in this news release regarding
expectations and beliefs about future financial performance and
financial condition, as well as trends in the Company’s business
and markets are "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements often include words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate," "project," "outlook,"
or words of similar meaning, or future or conditional verbs such as
"will," "would," "should," "could," or "may." The forward-looking
statements in this news release are based on current information
and on assumptions that the Company makes about future events and
circumstances that are subject to a number of risks and
uncertainties that are often difficult to predict and beyond the
Company’s control. As a result of those risks and uncertainties,
the Company’s actual financial results in the future could differ,
possibly materially, from those expressed in or implied by the
forward-looking statements contained in this news release and could
cause the Company to make changes to future plans. Those risks and
uncertainties include, but are not limited to, the risk of
incurring loan losses, which is an inherent risk of the banking
business; the risk that the Company will not be able to continue
its internal growth rate; uncertainties related to the coronavirus
pandemic; the impact of higher inflation rates; the risk that the
United States economy will experience slowed growth or recession or
will be adversely affected by domestic or international economic
conditions and risks associated with the Federal Reserve Board
taking actions with respect to interest rates, any of which could
adversely affect, among other things, the values of real estate
collateral supporting many of the Company’s loans, loan demand,
interest income and interest rate margins and, therefore, the
Company’s future operating results; risks associated with changes
in income tax laws and regulations; and risks associated with
seeking new client relationships and maintaining existing client
relationships. Readers of this news release are encouraged to
review the additional information regarding these and other risks
and uncertainties to which our business is subject that are
contained in our Annual Report on Form 10-K for the year ended
December 31, 2022 which is on file with the Securities and Exchange
Commission (the “SEC”). Additional information will be set forth in
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2023, which we expect to file with the SEC during the second
quarter of 2023, and readers of this release are urged to review
the additional information that will be contained in that
report.
Due to these and other possible uncertainties
and risks, readers are cautioned not to place undue reliance on the
forward-looking statements contained in this news release, which
speak only as of today's date, or to make predictions based solely
on historical financial performance. The Company disclaims any
obligation to update forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise, except as may be required by law.
FINANCIAL TABLES FOLLOW
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
QUARTERLY HIGHLIGHTS: |
|
Q1 2023 |
|
Q4 2022 |
|
$ |
|
% |
|
|
Q1 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
25,539 |
|
|
$ |
27,480 |
|
|
$ |
(1,941 |
) |
|
-7 |
% |
|
|
$ |
15,924 |
|
|
$ |
9,615 |
|
|
60 |
% |
Interest
expense |
|
|
6,782 |
|
|
|
5,620 |
|
|
|
1,162 |
|
|
21 |
% |
|
|
|
1,398 |
|
|
|
5,384 |
|
|
385 |
% |
Net interest income |
|
|
18,757 |
|
|
|
21,860 |
|
|
|
(3,103 |
) |
|
-14 |
% |
|
|
|
14,526 |
|
|
|
4,231 |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
|
358 |
|
|
|
1,100 |
|
|
|
(742 |
) |
|
-67 |
% |
|
|
|
950 |
|
|
|
(592 |
) |
|
-62 |
% |
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for credit
losses |
|
|
18,399 |
|
|
|
20,760 |
|
|
|
(2,361 |
) |
|
-11 |
% |
|
|
|
13,576 |
|
|
|
4,823 |
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,107 |
|
|
|
1,962 |
|
|
|
(855 |
) |
|
-44 |
% |
|
|
|
2,534 |
|
|
|
(1,427 |
) |
|
-56 |
% |
Non-interest
expense |
|
|
11,843 |
|
|
|
11,713 |
|
|
|
130 |
|
|
1 |
% |
|
|
|
10,916 |
|
|
|
927 |
|
|
8 |
% |
Income before income taxes |
|
|
7,663 |
|
|
|
11,009 |
|
|
|
(3,346 |
) |
|
-30 |
% |
|
|
|
5,194 |
|
|
|
2,469 |
|
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
2,212 |
|
|
|
3,340 |
|
|
|
(1,128 |
) |
|
-34 |
% |
|
|
|
1,521 |
|
|
|
691 |
|
|
45 |
% |
Net income |
|
$ |
5,451 |
|
|
$ |
7,669 |
|
|
$ |
(2,218 |
) |
|
-29 |
% |
|
|
$ |
3,673 |
|
|
$ |
1,778 |
|
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.64 |
|
|
$ |
0.91 |
|
|
$ |
(0.27 |
) |
|
-30 |
% |
|
|
$ |
0.44 |
|
|
$ |
0.20 |
|
|
45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
4.02 |
% |
|
|
4.32 |
% |
|
-30 Basis
Points |
|
|
|
3.19 |
% |
|
+83 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
59.62 |
% |
|
|
49.17 |
% |
|
+1045 Basis
Points |
|
|
|
63.99 |
% |
|
-437 Basis
Points |
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
PERIOD-END HIGHLIGHTS: |
|
Q1 2023 |
|
Q4 2022 |
|
$ |
|
% |
|
|
Q1 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,049,053 |
|
|
$ |
2,042,215 |
|
|
$ |
6,838 |
|
|
0 |
% |
|
|
$ |
1,859,595 |
|
|
$ |
189,458 |
|
10 |
% |
Gross
loans |
|
|
1,617,263 |
|
|
|
1,593,421 |
|
|
|
23,842 |
|
|
1 |
% |
|
|
|
1,400,474 |
|
|
|
216,789 |
|
15 |
% |
Deposits |
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
(74,130 |
) |
|
-4 |
% |
|
|
|
1,600,522 |
|
|
|
117,088 |
|
7 |
% |
Tangible
equity |
|
|
171,099 |
|
|
|
164,782 |
|
|
|
6,317 |
|
|
4 |
% |
|
|
|
147,068 |
|
|
|
24,031 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share |
|
$ |
20.48 |
|
|
$ |
19.78 |
|
|
$ |
0.70 |
|
|
4 |
% |
|
|
$ |
17.78 |
|
|
$ |
2.70 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.35 |
% |
|
|
8.07 |
% |
|
+28 Basis
Points |
|
|
|
7.91 |
% |
|
+44 Basis
Points |
Gross loans
/ total deposits |
|
|
94.16 |
% |
|
|
88.93 |
% |
|
+523 Basis
Points |
|
|
|
87.50 |
% |
|
+666 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
43.12 |
% |
|
|
45.30 |
% |
|
-218 Basis
Points |
|
|
|
46.65 |
% |
|
-353 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q1 2023 |
|
Q4 2022 |
|
$ |
|
% |
|
|
Q1 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,974,266 |
|
|
$ |
2,088,206 |
|
|
$ |
(113,940 |
) |
|
-5 |
% |
|
|
$ |
1,928,542 |
|
|
$ |
45,724 |
|
2 |
% |
Total
earning assets |
|
|
1,893,940 |
|
|
|
2,007,243 |
|
|
|
(113,303 |
) |
|
-6 |
% |
|
|
|
1,846,225 |
|
|
|
47,715 |
|
3 |
% |
Gross
loans |
|
|
1,582,332 |
|
|
|
1,621,322 |
|
|
|
(38,990 |
) |
|
-2 |
% |
|
|
|
1,371,187 |
|
|
|
211,145 |
|
15 |
% |
Deposits |
|
|
1,699,930 |
|
|
|
1,785,693 |
|
|
|
(85,763 |
) |
|
-5 |
% |
|
|
|
1,652,013 |
|
|
|
47,917 |
|
3 |
% |
Tangible
equity |
|
|
169,454 |
|
|
|
161,919 |
|
|
|
7,535 |
|
|
5 |
% |
|
|
|
146,032 |
|
|
|
23,422 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.58 |
% |
|
|
7.75 |
% |
|
+83 Basis
Points |
|
|
|
7.57 |
% |
|
+101 Basis
Points |
Gross loans
/ total deposits |
|
|
93.08 |
% |
|
|
90.80 |
% |
|
+228 Basis
Points |
|
|
|
83.00 |
% |
|
+1008 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
42.88 |
% |
|
|
44.47 |
% |
|
-159 Basis
Points |
|
|
|
44.88 |
% |
|
-200 Basis
Points |
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES: |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
CECL
adjustment |
|
|
(13 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision
for credit losses, quarterly |
|
|
358 |
|
|
|
1,100 |
|
|
|
800 |
|
|
|
925 |
|
|
|
950 |
|
Charge-offs,
quarterly |
|
|
(247 |
) |
|
|
(650 |
) |
|
|
(202 |
) |
|
|
- |
|
|
|
- |
|
Recoveries,
quarterly |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Balance, end
of period |
|
$ |
17,103 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
Loans with
principal or interest contractually |
|
|
|
|
|
|
|
|
|
|
past due 90 days or more and still accruing |
|
|
|
|
|
|
|
|
|
|
interest |
|
|
- |
|
|
|
- |
|
|
|
161 |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans
restructured and in compliance with |
|
|
|
|
|
|
|
|
|
|
modified terms |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets and
restructured loans |
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
- |
|
|
$ |
1,028 |
|
|
$ |
161 |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Real estate construction and
land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
222 |
|
|
|
222 |
|
|
|
182 |
|
|
|
549 |
|
|
|
549 |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses / gross loans |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
Allowance
for credit losses / nonperforming loans |
|
|
7704.05 |
% |
|
|
1360.40 |
% |
|
|
4826.53 |
% |
|
|
2906.56 |
% |
|
|
2738.07 |
% |
Nonperforming assets / total assets |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
|
|
0.03 |
% |
Nonperforming loans / gross loans |
|
|
0.01 |
% |
|
|
0.08 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.04 |
% |
Net
quarterly charge-offs / gross loans |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
-0.00 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
Three months ended |
|
03/31/23 |
|
12/31/22 |
|
03/31/22 |
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
Loans |
$ |
22,472 |
|
|
$ |
23,972 |
|
|
$ |
14,886 |
|
Federal
funds sold |
|
1,760 |
|
|
|
2,236 |
|
|
|
136 |
|
Investment
securities |
|
1,307 |
|
|
|
1,272 |
|
|
|
902 |
|
Total interest income |
|
25,539 |
|
|
|
27,480 |
|
|
|
15,924 |
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
Deposits |
|
6,022 |
|
|
|
4,536 |
|
|
|
806 |
|
Other |
|
760 |
|
|
|
1,084 |
|
|
|
592 |
|
Total interest expense |
|
6,782 |
|
|
|
5,620 |
|
|
|
1,398 |
|
|
|
|
|
|
|
Net interest
income |
|
18,757 |
|
|
|
21,860 |
|
|
|
14,526 |
|
Provision
for credit losses |
|
358 |
|
|
|
1,100 |
|
|
|
950 |
|
Net interest
income after provision |
|
|
|
|
|
for credit losses |
|
18,399 |
|
|
|
20,760 |
|
|
|
13,576 |
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
Service
charges and other fees |
|
863 |
|
|
|
1,653 |
|
|
|
889 |
|
Gain on sale
of loans |
|
- |
|
|
|
- |
|
|
|
1,393 |
|
Other
non-interest income |
|
244 |
|
|
|
309 |
|
|
|
252 |
|
Total non-interest income |
|
1,107 |
|
|
|
1,962 |
|
|
|
2,534 |
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
Salaries and
benefits |
|
7,876 |
|
|
|
7,443 |
|
|
|
7,093 |
|
Premises and
equipment |
|
1,180 |
|
|
|
1,249 |
|
|
|
1,302 |
|
Other |
|
2,787 |
|
|
|
3,021 |
|
|
|
2,521 |
|
Total non-interest expense |
|
11,843 |
|
|
|
11,713 |
|
|
|
10,916 |
|
|
|
|
|
|
|
Income
before income taxes |
|
7,663 |
|
|
|
11,009 |
|
|
|
5,194 |
|
Income
taxes |
|
2,212 |
|
|
|
3,340 |
|
|
|
1,521 |
|
|
|
|
|
|
|
NET
INCOME |
$ |
5,451 |
|
|
$ |
7,669 |
|
|
$ |
3,673 |
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
Basic
earnings per share |
$ |
0.65 |
|
|
$ |
0.92 |
|
|
$ |
0.44 |
|
Diluted
earnings per share |
$ |
0.64 |
|
|
$ |
0.91 |
|
|
$ |
0.44 |
|
Average
common shares outstanding |
|
8,339,080 |
|
|
|
8,330,145 |
|
|
|
8,276,761 |
|
Average
common and equivalent |
|
|
|
|
|
shares outstanding |
|
8,492,067 |
|
|
|
8,463,738 |
|
|
|
8,392,802 |
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
Return on
average assets |
|
1.12 |
% |
|
|
1.46 |
% |
|
|
0.77 |
% |
Return on
average equity |
|
12.50 |
% |
|
|
17.96 |
% |
|
|
9.70 |
% |
Return on
average tangible equity |
|
13.05 |
% |
|
|
18.79 |
% |
|
|
10.20 |
% |
Efficiency
ratio |
|
59.62 |
% |
|
|
49.17 |
% |
|
|
63.99 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
15,121 |
|
|
$ |
16,686 |
|
|
$ |
24,709 |
|
|
$ |
20,378 |
|
|
$ |
18,228 |
|
Federal
funds sold |
|
|
198,804 |
|
|
|
215,696 |
|
|
|
216,345 |
|
|
|
138,057 |
|
|
|
206,305 |
|
Investment
securities |
|
|
153,769 |
|
|
|
155,878 |
|
|
|
157,531 |
|
|
|
165,309 |
|
|
|
171,764 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
656,519 |
|
|
|
634,535 |
|
|
|
643,131 |
|
|
|
589,562 |
|
|
|
522,808 |
|
Real estate other |
|
|
853,431 |
|
|
|
848,241 |
|
|
|
824,867 |
|
|
|
794,504 |
|
|
|
741,651 |
|
Real estate construction and land |
|
|
63,928 |
|
|
|
63,730 |
|
|
|
71,523 |
|
|
|
63,189 |
|
|
|
51,204 |
|
SBA |
|
|
5,610 |
|
|
|
7,220 |
|
|
|
8,565 |
|
|
|
13,310 |
|
|
|
44,040 |
|
Other |
|
|
37,775 |
|
|
|
39,695 |
|
|
|
39,815 |
|
|
|
39,814 |
|
|
|
40,771 |
|
Loans, gross |
|
|
1,617,263 |
|
|
|
1,593,421 |
|
|
|
1,587,901 |
|
|
|
1,500,379 |
|
|
|
1,400,474 |
|
Unamortized net deferred loan costs (fees) |
|
1,765 |
|
|
|
2,040 |
|
|
|
1,902 |
|
|
|
2,570 |
|
|
|
2,434 |
|
Allowance for credit losses |
|
|
(17,103 |
) |
|
|
(17,005 |
) |
|
|
(16,555 |
) |
|
|
(15,957 |
) |
|
|
(15,032 |
) |
Loans, net |
|
|
1,601,925 |
|
|
|
1,578,456 |
|
|
|
1,573,248 |
|
|
|
1,486,992 |
|
|
|
1,387,876 |
|
Premises and
equipment, net |
|
|
2,848 |
|
|
|
3,072 |
|
|
|
3,382 |
|
|
|
3,736 |
|
|
|
4,047 |
|
Bank owned
life insurance |
|
|
25,334 |
|
|
|
25,127 |
|
|
|
24,955 |
|
|
|
24,788 |
|
|
|
24,614 |
|
Goodwill and
core deposit intangible |
|
|
7,462 |
|
|
|
7,472 |
|
|
|
7,483 |
|
|
|
7,493 |
|
|
|
7,503 |
|
Accrued interest receivable and other assets |
|
43,790 |
|
|
|
39,828 |
|
|
|
40,848 |
|
|
|
38,599 |
|
|
|
39,258 |
|
Total assets |
|
$ |
2,049,053 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
740,650 |
|
|
$ |
811,671 |
|
|
$ |
758,716 |
|
|
$ |
715,432 |
|
|
$ |
746,673 |
|
Demand interest-bearing |
|
|
30,798 |
|
|
|
37,815 |
|
|
|
35,183 |
|
|
|
45,511 |
|
|
|
36,419 |
|
Money market and savings |
|
|
616,864 |
|
|
|
671,016 |
|
|
|
597,244 |
|
|
|
626,156 |
|
|
|
686,781 |
|
Time |
|
|
329,298 |
|
|
|
271,238 |
|
|
|
317,935 |
|
|
|
165,040 |
|
|
|
130,649 |
|
Total deposits |
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
1,552,139 |
|
|
|
1,600,522 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,186 |
|
|
|
54,152 |
|
|
|
54,117 |
|
|
|
54,097 |
|
|
|
54,063 |
|
Other
borrowings |
|
|
75,000 |
|
|
|
- |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
32,166 |
|
Accrued interest payable and other liabilities |
|
23,696 |
|
|
|
24,069 |
|
|
|
21,248 |
|
|
|
20,372 |
|
|
|
18,273 |
|
Total liabilities |
|
|
1,870,492 |
|
|
|
1,869,961 |
|
|
|
1,884,443 |
|
|
|
1,726,608 |
|
|
|
1,705,024 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
111,609 |
|
|
|
111,257 |
|
|
|
110,786 |
|
|
|
110,289 |
|
|
|
109,815 |
|
Retained
earnings |
|
|
68,082 |
|
|
|
62,297 |
|
|
|
54,628 |
|
|
|
49,106 |
|
|
|
44,862 |
|
Accumulated
other comprehensive (loss) |
|
|
(1,130 |
) |
|
|
(1,300 |
) |
|
|
(1,356 |
) |
|
|
(651 |
) |
|
|
(106 |
) |
Total shareholders' equity |
|
|
178,561 |
|
|
|
172,254 |
|
|
|
164,058 |
|
|
|
158,744 |
|
|
|
154,571 |
|
Total liabilities and shareholders'
equity |
|
$ |
2,049,053 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
8.76 |
% |
|
|
7.98 |
% |
|
|
8.21 |
% |
|
|
8.27 |
% |
|
|
7.84 |
% |
Tier I
risk-based capital ratio |
|
|
8.54 |
% |
|
|
8.23 |
% |
|
|
7.98 |
% |
|
|
8.09 |
% |
|
|
8.49 |
% |
Total
risk-based capital ratio |
|
|
12.08 |
% |
|
|
11.77 |
% |
|
|
11.57 |
% |
|
|
11.84 |
% |
|
|
12.49 |
% |
Total
equity/ total assets |
|
|
8.71 |
% |
|
|
8.43 |
% |
|
|
8.01 |
% |
|
|
8.42 |
% |
|
|
8.31 |
% |
Book value
per share |
|
$ |
21.37 |
|
|
$ |
20.67 |
|
|
$ |
19.70 |
|
|
$ |
19.09 |
|
|
$ |
18.69 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,355,378 |
|
|
|
8,332,479 |
|
|
|
8,327,781 |
|
|
|
8,317,161 |
|
|
|
8,270,901 |
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
Three months ended December 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,582,332 |
|
5.76 |
% |
|
$ |
22,472 |
|
$ |
1,621,322 |
|
5.87 |
% |
|
$ |
23,972 |
Federal funds sold |
|
|
156,941 |
|
4.55 |
% |
|
|
1,760 |
|
|
229,209 |
|
3.87 |
% |
|
|
2,236 |
Investment securities |
|
|
154,667 |
|
3.43 |
% |
|
|
1,307 |
|
|
156,712 |
|
3.22 |
% |
|
|
1,272 |
Total
interest earning assets |
|
|
1,893,940 |
|
5.47 |
% |
|
|
25,539 |
|
|
2,007,243 |
|
5.43 |
% |
|
|
27,480 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,098 |
|
|
|
|
|
|
20,692 |
|
|
|
|
All other assets (2) |
|
|
62,228 |
|
|
|
|
|
|
60,271 |
|
|
|
|
TOTAL |
|
$ |
1,974,266 |
|
|
|
|
|
$ |
2,088,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
34,032 |
|
0.08 |
% |
|
$ |
7 |
|
$ |
39,582 |
|
0.06 |
% |
|
$ |
6 |
Money market and savings |
|
|
626,666 |
|
2.01 |
% |
|
|
3,104 |
|
|
647,213 |
|
1.45 |
% |
|
|
2,359 |
Time |
|
|
310,246 |
|
3.81 |
% |
|
|
2,911 |
|
|
304,784 |
|
2.83 |
% |
|
|
2,171 |
Other |
|
|
71,108 |
|
4.33 |
% |
|
|
760 |
|
|
110,650 |
|
3.89 |
% |
|
|
1,084 |
Total
interest-bearing liabilities |
|
|
1,042,052 |
|
2.64 |
% |
|
|
6,782 |
|
|
1,102,229 |
|
2.02 |
% |
|
|
5,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
728,986 |
|
|
|
|
|
|
794,114 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
26,307 |
|
|
|
|
|
|
22,467 |
|
|
|
|
Shareholders' equity |
|
|
176,921 |
|
|
|
|
|
|
169,396 |
|
|
|
|
TOTAL |
|
$ |
1,974,266 |
|
|
|
|
|
$ |
2,088,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
4.02 |
% |
|
$ |
18,757 |
|
|
|
4.32 |
% |
|
$ |
21,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming loans are included in average loan balances. No
adjustment has been made for these loans in the calculation
of yields. Interest income on loans includes amortization of
net deferred loan (costs) fees of $(226,000) and $1.0 million,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $17.0 million and $16.5 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,582,332 |
|
5.76 |
% |
|
$ |
22,472 |
|
$ |
1,371,187 |
|
4.40 |
% |
|
$ |
14,886 |
Federal funds sold |
|
|
156,941 |
|
4.55 |
% |
|
|
1,760 |
|
|
345,394 |
|
0.16 |
% |
|
|
136 |
Investment securities |
|
|
154,667 |
|
3.43 |
% |
|
|
1,307 |
|
|
129,644 |
|
2.82 |
% |
|
|
902 |
Total
interest earning assets |
|
|
1,893,940 |
|
5.47 |
% |
|
|
25,539 |
|
|
1,846,225 |
|
3.50 |
% |
|
|
15,924 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,098 |
|
|
|
|
|
|
18,748 |
|
|
|
|
All other assets (2) |
|
|
62,228 |
|
|
|
|
|
|
63,569 |
|
|
|
|
TOTAL |
|
$ |
1,974,266 |
|
|
|
|
|
$ |
1,928,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
34,032 |
|
0.08 |
% |
|
$ |
7 |
|
$ |
38,197 |
|
0.10 |
% |
|
$ |
9 |
Money market and savings |
|
|
626,666 |
|
2.01 |
% |
|
|
3,104 |
|
|
723,109 |
|
0.37 |
% |
|
|
665 |
Time |
|
|
310,246 |
|
3.81 |
% |
|
|
2,911 |
|
|
149,293 |
|
0.36 |
% |
|
|
132 |
Other |
|
|
71,108 |
|
4.33 |
% |
|
|
760 |
|
|
100,664 |
|
2.39 |
% |
|
|
592 |
Total
interest-bearing liabilities |
|
|
1,042,052 |
|
2.64 |
% |
|
|
6,782 |
|
|
1,011,263 |
|
0.56 |
% |
|
|
1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
728,986 |
|
|
|
|
|
|
741,414 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
26,307 |
|
|
|
|
|
|
22,325 |
|
|
|
|
Shareholders' equity |
|
|
176,921 |
|
|
|
|
|
|
153,540 |
|
|
|
|
TOTAL |
|
$ |
1,974,266 |
|
|
|
|
|
$ |
1,928,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
4.02 |
% |
|
$ |
18,757 |
|
|
|
3.19 |
% |
|
$ |
14,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming loans are included in average loan balances. No
adjustment has been made for these loans in the calculation
of yields. Interest income on loans includes amortization of
net deferred loan (costs) fees of $(226,000) and $318,000,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $17.0 million and $14.1 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED NON GAAP DATA (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
REVENUE: |
|
Three months ended |
|
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
18,757 |
|
$ |
21,860 |
|
|
$ |
18,363 |
|
|
$ |
16,223 |
|
|
$ |
14,526 |
|
Non-interest
income |
|
|
1,107 |
|
|
1,962 |
|
|
|
1,484 |
|
|
|
1,394 |
|
|
|
2,534 |
|
Total
revenue |
|
$ |
19,864 |
|
$ |
23,822 |
|
|
$ |
19,847 |
|
|
$ |
17,617 |
|
|
$ |
17,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
Three months ended |
|
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense |
|
$ |
11,843 |
|
$ |
11,713 |
|
|
$ |
11,217 |
|
|
$ |
10,819 |
|
|
$ |
10,916 |
|
Capitalized
loan origination costs |
|
|
651 |
|
|
960 |
|
|
|
1,102 |
|
|
|
1,073 |
|
|
|
984 |
|
Total operating expenses, before capitalization |
|
|
|
|
|
|
|
|
of loan origination costs |
|
$ |
12,494 |
|
$ |
12,673 |
|
|
$ |
12,319 |
|
|
$ |
11,892 |
|
|
$ |
11,900 |
|
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From Apr 2024 to May 2024
California BanCorp (NASDAQ:CALB)
Historical Stock Chart
From May 2023 to May 2024