California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
second quarter and six months ended June 30, 2023.
The Company reported net income of $5.4 million
for the second quarter of 2023, representing a decrease of $11,000,
or 0%, compared to $5.5 million for the first quarter of 2023 and
an increase of $1.2 million, or 28%, compared to $4.2 million in
the second quarter of 2022. For the six months ended June 30, 2023,
net income was $10.9 million representing an increase of $3.0
million, or 38%, compared to $7.9 million for the same period in
2022.
Diluted earnings per share of $0.65 for the
second quarter of 2023 compared to $0.64 for the first quarter of
2023 and $0.51 for the second quarter of 2022. For the
six months ended June 30, 2023, diluted earnings per share of $1.29
compared to $0.94 for the same period in 2022.
“We executed well in the second quarter and
continued to generate strong financial performance with our return
on average assets remaining above 1% while maintaining a prudent
approach to risk management with a high level of capital, liquidity
and reserves,” said Steven Shelton, Chief Executive Officer of
California BanCorp. “We continued to see good stability in our
deposit base and noninterest-bearing deposits remained above 40% of
our total deposits, which reflects the strength of our
relationship-oriented approach and the loyalty of the client base
we have built. Due to the stability in our deposit base, we were
able to repay the borrowings we added towards the end of the first
quarter, which helped limit the amount of compression that we had
in our net interest margin and support profitability. We also
maintained disciplined expense control, which enabled us to
continue realizing more operating leverage and improve our
efficiency ratio.”
“Given our conservative approach in the current
environment, we expect our balance sheet to be relatively flat over
the remainder of the year. However, given the strength of the
franchise we have built and the reputation we have developed for
providing a superior level of service and expertise, we continue to
believe that we have good opportunities to continue adding deposit
relationships with high quality commercial clients. While we will
continue to maintain disciplined expense control, our strong
financial performance enables us to continue to make investments in
our technology platform, including our treasury management
solutions, that will further enhance our level of client service
and improve our ability to add new client relationships. We believe
these investments will help us to continue growing our client base,
add more scale and improve our efficiencies, and further increase
the value of our franchise,” said Mr. Shelton.
Financial Highlights:
Profitability - three months ended June 30, 2023
compared to March 31, 2023
- Net income of $5.4 million and
$0.65 per diluted share, compared to $5.5 million and $0.64 per
diluted share, respectively.
- Revenue of $19.8 million decreased
$83,000, or 0%, compared to $19.9 million for the first quarter of
2023.
- Net interest income of $18.6
million decreased $111,000, or 1%, compared to $18.8 million for
the first quarter of 2023.
- Provision for credit losses of
$444,000 increased $86,000, or 24%, from $358,000 for the first
quarter of 2023.
- Non-interest income of $1.1 million
remained consistent with the first quarter of 2023.
- Non-interest expense, excluding
capitalized loan origination costs, of $12.3 million decreased
$197,000, or 2%, compared to $12.5 million for the first quarter of
2023.
Profitability - six months ended June 30, 2023
compared to June 30, 2022
- Net income of $10.9 million and
$1.29 per diluted share, compared to $7.9 million and $0.94 per
diluted share, respectively.
- Revenue of $39.6 million increased
$4.9 million, or 14%, compared to $34.7 million in the prior
year.
- Net interest income of $37.4
million increased $6.7 million, or 22%, compared to $30.7 million
for the same period in the prior year.
- Provision for credit losses of
$802,000 decreased $1.1 million, or 57%, from $1.9 million for the
six months ended June 30, 2022.
- Non-interest income of $2.2 million
decreased $1.7 million, or 43%, from $3.9 million for the same
period in the prior year.
- Non-interest expense, excluding
capitalized loan origination costs, of $24.8 million increased $1.0
million, or 4%, compared to $23.8 million for the six months ended
June 30, 2022.
Financial Position – June 30, 2023 compared to
March 31, 2023
- Total assets decreased by $45.1
million, or 2%, to $2.01 billion; average total assets increased by
$9.6 million to $1.98 billion.
- Total gross loans decreased by
$33.6 million, or 2%, to $1.58 billion.
- Total deposits increased by $20.7
million, or 1%, to $1.74 billion.
- Excluding junior subordinated debt
securities, the Company had no other borrowings outstanding
compared to $75.0 million at March 31, 2023.
- Capital ratios remain healthy with
a tier I leverage ratio of 9.01%, tier I capital ratio of 9.07% and
total risk-based capital ratio of 12.73%.
- Tangible book value per share of
$21.09 increased by $0.61, or 3%.
Net Interest Income and
Margin:
Net interest income for the quarter ended June
30, 2023 was $18.6 million, a decrease of $111,000 or 1%, from
$18.8 million for the three months ended March 31, 2023, and an
increase of $2.4 million, or 15%, from $16.2 million for the
quarter ended June 30, 2022. The decrease in net interest income
from the first quarter of 2023 was a result of lower net interest
margin. The increase in net interest income compared to the second
quarter of 2022 was primarily attributable to the growth of the
loan portfolio and an increase in net interest
margin.
Net interest income for the six months ended
June 30, 2023 was $37.4 million, an increase of $6.7 million, or
22% over $30.7 million for the six months ended June 30, 2022. The
increase in net interest income was primarily attributable to an
increase in interest income as the result of a more favorable mix
of earning assets combined with higher yields on those assets.
The Company’s net interest margin for the second
quarter of 2023 was 3.93%, compared to 4.02% for the first quarter
of 2023 and 3.65% for the same period in 2022. The decrease in
margin compared to the prior quarter was primarily due to an
increase in the cost of deposits and other borrowings. The increase
in margin from the same period last year was primarily the result
of a more favorable mix of earning assets combined with higher
yields, partially offset by an increase in cost of
deposits.
The Company’s net interest margin for the six
months ended June 30, 2023 was 3.98% compared to 3.42% for the same
period in 2022. The increase in margin compared to
prior year was primarily due to loan growth and increased yields on
earnings 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 June 30, 2023, March 31, 2023, and June 30, 2022 was
$1.1 million, $1.1 million and $1.4 million, respectively. The
decrease in non-interest income from the second quarter of 2022 was
primarily due to a decrease in service charges and other fee
income.
For the six months ended June 30, 2023,
non-interest income of $2.2 million compared to $3.9 million for
the same period of 2022. The decrease in non-interest income from
prior year was the result of a decrease in service charges and loan
related fees and a gain recognized in the first quarter of 2022 on
the sale of a portion of our solar loan portfolio.
Net interest income and non-interest income
comprised total revenue of $19.8 million, $19.9 million, and $17.6
million for the quarters ended June 30, 2023, March 31, 2023, and
June 30, 2022, respectively. Total revenue for the six months ended
June 30, 2023 and 2022 was $39.6 million and $34.7 million,
respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended June 30, 2023, March 31, 2023, and June 30, 2022 was
$11.6 million, $11.8 million, and $10.8 million, respectively. The
increase in non-interest expense from the second quarter of 2022
was primarily due to an increase in salaries and benefits related
to investments to support the continued growth of the business,
partially offset by a reduction in capitalized loan origination
costs. Excluding capitalized loan origination costs, non-interest
expense for the second quarter of 2023, the first quarter of 2023
and the second quarter of 2022 was $12.3 million, $12.5 million,
and $11.9 million, respectively.
Non-interest expense of $23.4 million for the
six months ended June 30, 2023 increased by $1.7 million, or 8%,
compared to $21.7 million for the same period of 2022. Excluding
capitalized loan origination costs, non-interest expense was $24.8
million for the six months ended June 30, 2023 and $23.8 million
for the same period in 2022 which reflects investment in
infrastructure to support the continued growth of the
Company. The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 58.66%, 59.62%, and 61.41%
for the quarters ended June 30, 2023, March 31, 2023, and June 30,
2022, respectively. For the six months ended June 30, 2023 and
2022, the Company’s efficiency ratio was 59.14% and 62.68%,
respectively.
Balance Sheet:
Total assets of $2.01 billion as of June 30,
2023, represented a decrease of $45.1 million, or 2%, compared to
$2.05 billion at March 31, 2023 and an increase of $120.3 million,
or 6%, compared to $1.89 billion at June 30, 2022. The
decrease in total assets from the prior quarter was primarily the
result of a modest reduction in line utilization in our commercial
loan portfolio. Compared to the same period in the prior year,
total assets increased primarily due to strong loan growth in the
commercial and real estate portfolios.
Total gross loans decreased by $33.6 million, or
2%, to $1.58 billion at June 30, 2023, from $1.62 billion at March
31, 2023 and increased by $83.3 million, or 6%, compared to $1.50
billion at June 30, 2022. During the second quarter of 2023, the
reduction in gross loans was primarily the result of commercial
loans decreasing by $34.2 million, or 5%. Compared to the same
period in the prior year, commercial loans increased by $32.7
million, or 6%, and real estate other loans increased by $61.8
million, or 8%, primarily due to organic growth. These increases
were partially offset by a decrease in SBA loans of $8.4 million,
or 63%, primarily due to PPP loan forgiveness.
Total deposits increased by $20.7 million, or
1%, to $1.74 billion at June 30, 2023 from $1.72 billion at March
31, 2023, and increased by $186.2 million, or 12%, from $1.55
billion at June 30, 2022. The increase in total deposits from the
end of the first quarter of 2023 was primarily due to an increase
in money market and savings deposits of $16.8 million.
Compared to the same period last year, the increase in total
deposits was primarily concentrated in time deposits as a result of
higher balances of short-term brokered certificates of deposits
which were added to temporarily increase liquidity. Non-interest
bearing deposits, primarily commercial business operating accounts,
represented 42.7% of total deposits at June 30, 2023, compared to
43.1% at March 31, 2023 and 46.1% at June 30, 2022.
As of June 30, 2023, the Company had no
outstanding borrowings, excluding junior subordinated debt
securities, compared to $75.0 million at March 31, 2023 and $100.0
million at June 30, 2022. The decrease in borrowings during the
second quarter of 2023 compared to the prior periods was primarily
due to increased liquidity generated from the deposit
portfolio.
Asset Quality:
The provision for credit losses on loans
decreased to $340,000 for the second quarter of 2023 compared
to $464,000 for the first quarter of 2023, and $925,000
for the second quarter of 2022. The Company did not have any loan
charge-offs or recoveries during the second quarter of 2023, a loan
charge-off of $247,000, or 0.02% of gross loans, and no recoveries
during the first quarter of 2023, and no loan charge-offs or
recoveries during the second quarter of 2022.
Non-performing assets (“NPAs”) to total assets
of 0.01% at June 30, 2023 and March 31, 2023 compared to 0.03% at
June 30, 2022, with non-performing loans of $181,000, $222,000 and
$549,000, respectively, on those dates.
The allowance for credit losses on loans
increased by $340,000 to $15.7 million, or 0.99% of total loans, at
June 30, 2023, compared to $15.4 million, or 0.95% of total loans,
at March 31, 2023 and $16.0 million, or 1.06% of total loans, at
June 30, 2022. On January 1, 2023, the Company adopted the new
current expected credit losses (CECL) standard. The Company’s
allowance for credit losses on loans was 0.95% upon adoption on
January 1, 2023 compared to 1.07% at December 31, 2022.
The allowance for credit losses on unfunded loan
commitments increased by $156,000 to $1.9 million, or 0.31% of
total unfunded loan commitments, at June 30, 2023, compared to $1.7
million, or 0.29% of total unfunded loan commitments, at March 31,
2023 and $430,000, or 0.7% of total unfunded loan commitments at
June 30, 2022. The Company’s allowance for credit losses on
unfunded loan commitments was 0.28% upon the adoption of CECL on
January 1, 2023 compared to 0.07% at December 31, 2022.
Capital Adequacy:
At June 30, 2023, shareholders’ equity totaled
$184.2 million compared to $178.6 million at March 31, 2023 and
$158.7 million one year ago. As a result, the Company’s total
risk-based capital ratio, tier I capital ratio and tier I leverage
ratio of 12.73%, 9.07%, and 9.01%, respectively, were all above the
regulatory standards for “well-capitalized” institutions of 10.00%,
8.00% and 5.00% respectively.
“Our strong financial performance and prudent
balance sheet management resulted in an increase in all of our
capital ratios and a 3% increase in our tangible book value per
share during the second quarter,” said Thomas A. Sa, President,
Chief Financial Officer and Chief Operating Officer of California
BanCorp. “We also continue to have exceptional asset quality with
non-performing assets remaining at just 0.01% of total
assets. Further, our exposure to investor office commercial
real estate, excluding medical offices, sits at just 4.0% of total
loans, with no exposure in downtown San Francisco. With our high
level of capital and liquidity, stable deposit base, strong asset
quality, and well managed interest rate sensitivity, we believe we
are well positioned to effectively manage through the current
challenging environment and create long-term value for our
shareholders.”
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, please visit our
webite 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; 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, 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 June 30, 2023, which we expect to file with
the SEC during the third 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.
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
QUARTERLY HIGHLIGHTS: |
|
Q2 2023 |
|
Q1 2023 |
|
$ |
|
% |
|
|
Q2 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
27,172 |
|
|
$ |
25,539 |
|
|
$ |
1,633 |
|
|
6 |
% |
|
|
$ |
17,706 |
|
|
$ |
9,466 |
|
|
53 |
% |
Interest
expense |
|
|
8,526 |
|
|
|
6,782 |
|
|
|
1,744 |
|
|
26 |
% |
|
|
|
1,483 |
|
|
|
7,043 |
|
|
475 |
% |
Net interest income |
|
|
18,646 |
|
|
|
18,757 |
|
|
|
(111 |
) |
|
-1 |
% |
|
|
|
16,223 |
|
|
|
2,423 |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
|
444 |
|
|
|
358 |
|
|
|
86 |
|
|
24 |
% |
|
|
|
925 |
|
|
|
(481 |
) |
|
-52 |
% |
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for credit
losses |
|
|
18,202 |
|
|
|
18,399 |
|
|
|
(197 |
) |
|
-1 |
% |
|
|
|
15,298 |
|
|
|
2,904 |
|
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,135 |
|
|
|
1,107 |
|
|
|
28 |
|
|
3 |
% |
|
|
|
1,394 |
|
|
|
(259 |
) |
|
-19 |
% |
Non-interest
expense |
|
|
11,603 |
|
|
|
11,843 |
|
|
|
(240 |
) |
|
-2 |
% |
|
|
|
10,819 |
|
|
|
784 |
|
|
7 |
% |
Income before income taxes |
|
|
7,734 |
|
|
|
7,663 |
|
|
|
71 |
|
|
1 |
% |
|
|
|
5,873 |
|
|
|
1,861 |
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
2,294 |
|
|
|
2,212 |
|
|
|
82 |
|
|
4 |
% |
|
|
|
1,629 |
|
|
|
665 |
|
|
41 |
% |
Net income |
|
$ |
5,440 |
|
|
$ |
5,451 |
|
|
$ |
(11 |
) |
|
-0 |
% |
|
|
$ |
4,244 |
|
|
$ |
1,196 |
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.65 |
|
|
$ |
0.64 |
|
|
$ |
0.01 |
|
|
2 |
% |
|
|
$ |
0.51 |
|
|
$ |
0.14 |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.93 |
% |
|
|
4.02 |
% |
|
-9 Basis Points |
|
|
|
3.65 |
% |
|
+28 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
58.66 |
% |
|
|
59.62 |
% |
|
-96 Basis
Points |
|
|
|
61.41 |
% |
|
-275 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS: |
|
Q2 2023 |
|
Q2 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
52,711 |
|
|
$ |
33,630 |
|
|
$ |
19,081 |
|
|
57 |
% |
|
|
|
|
|
|
|
Interest
expense |
|
|
15,308 |
|
|
|
2,881 |
|
|
|
12,427 |
|
|
431 |
% |
|
|
|
|
|
|
|
Net interest income |
|
|
37,403 |
|
|
|
30,749 |
|
|
|
6,654 |
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
802 |
|
|
|
1,875 |
|
|
|
(1,073 |
) |
|
-57 |
% |
|
|
|
|
|
|
|
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
36,601 |
|
|
|
28,874 |
|
|
|
7,727 |
|
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
2,242 |
|
|
|
3,928 |
|
|
|
(1,686 |
) |
|
-43 |
% |
|
|
|
|
|
|
|
Non-interest
expense |
|
|
23,446 |
|
|
|
21,735 |
|
|
|
1,711 |
|
|
8 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
15,397 |
|
|
|
11,067 |
|
|
|
4,330 |
|
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
4,506 |
|
|
|
3,150 |
|
|
|
1,356 |
|
|
43 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
10,891 |
|
|
$ |
7,917 |
|
|
$ |
2,974 |
|
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
1.29 |
|
|
$ |
0.94 |
|
|
$ |
0.35 |
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.98 |
% |
|
|
3.42 |
% |
|
+56 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
59.14 |
% |
|
|
62.68 |
% |
|
-354 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
PERIOD-END HIGHLIGHTS: |
|
Q2 2023 |
|
Q1 2023 |
|
$ |
|
% |
|
|
Q2 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
(45,128 |
) |
|
-2 |
% |
|
|
$ |
1,885,352 |
|
|
$ |
120,294 |
|
6 |
% |
Gross
loans |
|
|
1,583,631 |
|
|
|
1,617,263 |
|
|
|
(33,632 |
) |
|
-2 |
% |
|
|
|
1,500,379 |
|
|
|
83,252 |
|
6 |
% |
Deposits |
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
20,686 |
|
|
1 |
% |
|
|
|
1,552,139 |
|
|
|
186,157 |
|
12 |
% |
Tangible
equity |
|
|
176,783 |
|
|
|
171,099 |
|
|
|
5,684 |
|
|
3 |
% |
|
|
|
151,251 |
|
|
|
25,532 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share |
|
$ |
21.09 |
|
|
$ |
20.48 |
|
|
$ |
0.61 |
|
|
3 |
% |
|
|
$ |
18.19 |
|
|
$ |
2.90 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.81 |
% |
|
|
8.34 |
% |
|
+47 Basis
Points |
|
|
|
8.02 |
% |
|
+79 Basis
Points |
Gross loans
/ total deposits |
|
|
91.10 |
% |
|
|
94.16 |
% |
|
-306 Basis
Points |
|
|
|
96.67 |
% |
|
-557 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
42.69 |
% |
|
|
43.12 |
% |
|
-43 Basis
Points |
|
|
|
46.09 |
% |
|
-340 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q2 2023 |
|
Q1 2023 |
|
$ |
|
% |
|
|
Q2 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,983,877 |
|
|
$ |
1,974,285 |
|
|
$ |
9,592 |
|
|
0 |
% |
|
|
$ |
1,864,196 |
|
|
$ |
119,681 |
|
6 |
% |
Total
earning assets |
|
|
1,900,918 |
|
|
|
1,893,940 |
|
|
|
6,978 |
|
|
0 |
% |
|
|
|
1,783,017 |
|
|
|
117,901 |
|
7 |
% |
Gross
loans |
|
|
1,577,529 |
|
|
|
1,582,332 |
|
|
|
(4,803 |
) |
|
-0 |
% |
|
|
|
1,464,922 |
|
|
|
112,607 |
|
8 |
% |
Deposits |
|
|
1,684,008 |
|
|
|
1,699,930 |
|
|
|
(15,922 |
) |
|
-1 |
% |
|
|
|
1,567,412 |
|
|
|
116,596 |
|
7 |
% |
Tangible
equity |
|
|
175,783 |
|
|
|
169,454 |
|
|
|
6,329 |
|
|
4 |
% |
|
|
|
150,176 |
|
|
|
25,607 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.86 |
% |
|
|
8.58 |
% |
|
+28 Basis
Points |
|
|
|
8.06 |
% |
|
+80 Basis
Points |
Gross loans
/ total deposits |
|
|
93.68 |
% |
|
|
93.08 |
% |
|
+60 Basis
Points |
|
|
|
93.46 |
% |
|
+50 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
42.65 |
% |
|
|
42.88 |
% |
|
-23 Basis
Points |
|
|
|
46.86 |
% |
|
-421 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
|
|
|
HIGHLIGHTS: |
|
Q2 2023 |
|
Q2 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,979,107 |
|
|
$ |
1,896,191 |
|
|
$ |
82,916 |
|
|
4 |
% |
|
|
|
|
|
|
|
Total
earning assets |
|
|
1,897,448 |
|
|
|
1,814,448 |
|
|
|
83,000 |
|
|
5 |
% |
|
|
|
|
|
|
|
Gross
loans |
|
|
1,579,917 |
|
|
|
1,418,315 |
|
|
|
161,602 |
|
|
11 |
% |
|
|
|
|
|
|
|
Deposits |
|
|
1,691,925 |
|
|
|
1,609,478 |
|
|
|
82,447 |
|
|
5 |
% |
|
|
|
|
|
|
|
Tangible
equity |
|
|
172,636 |
|
|
|
148,115 |
|
|
|
24,521 |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.72 |
% |
|
|
7.81 |
% |
|
+91 Basis
Points |
|
|
|
|
|
|
|
Gross loans
/ total deposits |
|
|
93.38 |
% |
|
|
88.12 |
% |
|
+526 Basis
Points |
|
|
|
|
|
|
|
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
42.76 |
% |
|
|
45.85 |
% |
|
-309 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES (LOANS): |
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
CECL
adjustment |
|
|
- |
|
|
|
(1,840 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Provision
for credit losses, quarterly |
|
|
340 |
|
|
|
464 |
|
|
|
1,100 |
|
|
|
800 |
|
|
|
925 |
|
Charge-offs,
quarterly |
|
|
- |
|
|
|
(247 |
) |
|
|
(650 |
) |
|
|
(202 |
) |
|
|
- |
|
Recoveries,
quarterly |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance, end
of period |
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
182 |
|
|
$ |
549 |
|
Loans with
principal or interest contractually |
|
|
|
|
|
|
|
|
|
|
past due 90 days or more and still accruing |
|
|
|
|
|
|
|
|
|
|
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
161 |
|
|
|
- |
|
Nonperforming loans |
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans
restructured and in compliance with |
|
|
|
|
|
|
|
|
|
|
modified terms |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets and
restructured loans |
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,028 |
|
|
$ |
161 |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Real estate construction and
land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
181 |
|
|
|
222 |
|
|
|
222 |
|
|
|
182 |
|
|
|
549 |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (loans) / gross loans |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
1.07 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
Allowance
for credit losses (loans) / nonperforming loans |
|
|
8686.19 |
% |
|
|
6928.83 |
% |
|
|
1360.40 |
% |
|
|
4826.53 |
% |
|
|
2906.56 |
% |
Nonperforming assets / total assets |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
Nonperforming loans / gross loans |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
Net
quarterly charge-offs / gross loans |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
06/30/23 |
|
03/31/23 |
|
06/30/22 |
|
06/30/23 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
23,476 |
|
|
$ |
22,472 |
|
|
$ |
16,298 |
|
|
$ |
45,948 |
|
|
$ |
31,184 |
|
Federal
funds sold |
|
|
2,238 |
|
|
|
1,760 |
|
|
|
280 |
|
|
|
3,998 |
|
|
|
416 |
|
Investment
securities |
|
|
1,458 |
|
|
|
1,307 |
|
|
|
1,128 |
|
|
|
2,765 |
|
|
|
2,030 |
|
Total interest income |
|
|
27,172 |
|
|
|
25,539 |
|
|
|
17,706 |
|
|
|
52,711 |
|
|
|
33,630 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
7,493 |
|
|
|
6,022 |
|
|
|
796 |
|
|
|
13,515 |
|
|
|
1,602 |
|
Other |
|
|
1,033 |
|
|
|
760 |
|
|
|
687 |
|
|
|
1,793 |
|
|
|
1,279 |
|
Total interest expense |
|
|
8,526 |
|
|
|
6,782 |
|
|
|
1,483 |
|
|
|
15,308 |
|
|
|
2,881 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
18,646 |
|
|
|
18,757 |
|
|
|
16,223 |
|
|
|
37,403 |
|
|
|
30,749 |
|
Provision
for credit losses |
|
|
444 |
|
|
|
358 |
|
|
|
925 |
|
|
|
802 |
|
|
|
1,875 |
|
Net interest
income after provision |
|
|
|
|
|
|
|
|
|
|
for credit losses |
|
|
18,202 |
|
|
|
18,399 |
|
|
|
15,298 |
|
|
|
36,601 |
|
|
|
28,874 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
867 |
|
|
|
863 |
|
|
|
1,134 |
|
|
|
1,730 |
|
|
|
2,023 |
|
Gain on sale
of loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,393 |
|
Other
non-interest income |
|
|
268 |
|
|
|
244 |
|
|
|
260 |
|
|
|
512 |
|
|
|
512 |
|
Total non-interest income |
|
|
1,135 |
|
|
|
1,107 |
|
|
|
1,394 |
|
|
|
2,242 |
|
|
|
3,928 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
7,831 |
|
|
|
7,876 |
|
|
|
7,146 |
|
|
|
15,707 |
|
|
|
14,239 |
|
Premises and
equipment |
|
|
1,168 |
|
|
|
1,180 |
|
|
|
1,267 |
|
|
|
2,348 |
|
|
|
2,569 |
|
Other |
|
|
2,604 |
|
|
|
2,787 |
|
|
|
2,406 |
|
|
|
5,391 |
|
|
|
4,927 |
|
Total non-interest expense |
|
|
11,603 |
|
|
|
11,843 |
|
|
|
10,819 |
|
|
|
23,446 |
|
|
|
21,735 |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
7,734 |
|
|
|
7,663 |
|
|
|
5,873 |
|
|
|
15,397 |
|
|
|
11,067 |
|
Income
taxes |
|
|
2,294 |
|
|
|
2,212 |
|
|
|
1,629 |
|
|
|
4,506 |
|
|
|
3,150 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
$ |
5,440 |
|
|
$ |
5,451 |
|
|
$ |
4,244 |
|
|
$ |
10,891 |
|
|
$ |
7,917 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.65 |
|
|
$ |
0.65 |
|
|
$ |
0.51 |
|
|
$ |
1.30 |
|
|
$ |
0.96 |
|
Diluted
earnings per share |
|
$ |
0.65 |
|
|
$ |
0.64 |
|
|
$ |
0.51 |
|
|
$ |
1.29 |
|
|
$ |
0.94 |
|
Average
common shares outstanding |
|
|
8,369,907 |
|
|
|
8,339,080 |
|
|
|
8,295,014 |
|
|
|
8,354,564 |
|
|
|
8,285,950 |
|
Average
common and equivalent |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
|
8,414,213 |
|
|
|
8,492,067 |
|
|
|
8,395,701 |
|
|
|
8,442,607 |
|
|
|
8,393,776 |
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.10 |
% |
|
|
1.12 |
% |
|
|
0.91 |
% |
|
|
1.11 |
% |
|
|
0.84 |
% |
Return on
average equity |
|
|
11.91 |
% |
|
|
12.50 |
% |
|
|
10.80 |
% |
|
|
12.19 |
% |
|
|
10.26 |
% |
Return on
average tangible equity |
|
|
12.41 |
% |
|
|
13.05 |
% |
|
|
11.34 |
% |
|
|
12.72 |
% |
|
|
10.78 |
% |
Efficiency
ratio |
|
|
58.66 |
% |
|
|
59.62 |
% |
|
|
61.41 |
% |
|
|
59.14 |
% |
|
|
62.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
19,763 |
|
|
$ |
15,121 |
|
|
$ |
16,686 |
|
|
$ |
24,709 |
|
|
$ |
20,378 |
|
Federal
funds sold |
|
|
187,904 |
|
|
|
198,804 |
|
|
|
215,696 |
|
|
|
216,345 |
|
|
|
138,057 |
|
Investment
securities |
|
|
151,129 |
|
|
|
153,769 |
|
|
|
155,878 |
|
|
|
157,531 |
|
|
|
165,309 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
622,270 |
|
|
|
656,519 |
|
|
|
634,535 |
|
|
|
643,131 |
|
|
|
589,562 |
|
Real estate other |
|
|
856,344 |
|
|
|
853,431 |
|
|
|
848,241 |
|
|
|
824,867 |
|
|
|
794,504 |
|
Real estate construction and land |
|
|
60,595 |
|
|
|
63,928 |
|
|
|
63,730 |
|
|
|
71,523 |
|
|
|
63,189 |
|
SBA |
|
|
4,936 |
|
|
|
5,610 |
|
|
|
7,220 |
|
|
|
8,565 |
|
|
|
13,310 |
|
Other |
|
|
39,486 |
|
|
|
37,775 |
|
|
|
39,695 |
|
|
|
39,815 |
|
|
|
39,814 |
|
Loans, gross |
|
|
1,583,631 |
|
|
|
1,617,263 |
|
|
|
1,593,421 |
|
|
|
1,587,901 |
|
|
|
1,500,379 |
|
Unamortized net deferred loan costs (fees) |
|
1,637 |
|
|
|
1,765 |
|
|
|
2,040 |
|
|
|
1,902 |
|
|
|
2,570 |
|
Allowance for credit losses |
|
|
(15,722 |
) |
|
|
(15,382 |
) |
|
|
(17,005 |
) |
|
|
(16,555 |
) |
|
|
(15,957 |
) |
Loans, net |
|
|
1,569,546 |
|
|
|
1,603,646 |
|
|
|
1,578,456 |
|
|
|
1,573,248 |
|
|
|
1,486,992 |
|
Premises and
equipment, net |
|
|
2,625 |
|
|
|
2,848 |
|
|
|
3,072 |
|
|
|
3,382 |
|
|
|
3,736 |
|
Bank owned
life insurance |
|
|
25,519 |
|
|
|
25,334 |
|
|
|
25,127 |
|
|
|
24,955 |
|
|
|
24,788 |
|
Goodwill and
core deposit intangible |
|
|
7,452 |
|
|
|
7,462 |
|
|
|
7,472 |
|
|
|
7,483 |
|
|
|
7,493 |
|
Accrued interest receivable and other assets |
|
41,708 |
|
|
|
43,790 |
|
|
|
39,828 |
|
|
|
40,848 |
|
|
|
38,599 |
|
Total assets |
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
742,160 |
|
|
$ |
740,650 |
|
|
$ |
811,671 |
|
|
$ |
758,716 |
|
|
$ |
715,432 |
|
Demand interest-bearing |
|
|
29,324 |
|
|
|
30,798 |
|
|
|
37,815 |
|
|
|
35,183 |
|
|
|
45,511 |
|
Money market and savings |
|
|
633,620 |
|
|
|
616,864 |
|
|
|
671,016 |
|
|
|
597,244 |
|
|
|
626,156 |
|
Time |
|
|
333,192 |
|
|
|
329,298 |
|
|
|
271,238 |
|
|
|
317,935 |
|
|
|
165,040 |
|
Total deposits |
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
1,552,139 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,221 |
|
|
|
54,186 |
|
|
|
54,152 |
|
|
|
54,117 |
|
|
|
54,097 |
|
Other
borrowings |
|
|
- |
|
|
|
75,000 |
|
|
|
- |
|
|
|
100,000 |
|
|
|
100,000 |
|
Accrued interest payable and other liabilities |
|
28,894 |
|
|
|
25,417 |
|
|
|
24,069 |
|
|
|
21,248 |
|
|
|
20,372 |
|
Total liabilities |
|
|
1,821,411 |
|
|
|
1,872,213 |
|
|
|
1,869,961 |
|
|
|
1,884,443 |
|
|
|
1,726,608 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
112,167 |
|
|
|
111,609 |
|
|
|
111,257 |
|
|
|
110,786 |
|
|
|
110,289 |
|
Retained
earnings |
|
|
73,423 |
|
|
|
68,082 |
|
|
|
62,297 |
|
|
|
54,628 |
|
|
|
49,106 |
|
Accumulated
other comprehensive loss |
|
|
(1,355 |
) |
|
|
(1,130 |
) |
|
|
(1,300 |
) |
|
|
(1,356 |
) |
|
|
(651 |
) |
Total shareholders' equity |
|
|
184,235 |
|
|
|
178,561 |
|
|
|
172,254 |
|
|
|
164,058 |
|
|
|
158,744 |
|
Total liabilities and shareholders'
equity |
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
9.01 |
% |
|
|
8.76 |
% |
|
|
7.98 |
% |
|
|
8.21 |
% |
|
|
8.27 |
% |
Tier I
risk-based capital ratio |
|
|
9.07 |
% |
|
|
8.54 |
% |
|
|
8.23 |
% |
|
|
7.98 |
% |
|
|
8.09 |
% |
Total
risk-based capital ratio |
|
|
12.73 |
% |
|
|
12.08 |
% |
|
|
11.77 |
% |
|
|
11.57 |
% |
|
|
11.84 |
% |
Total
equity/ total assets |
|
|
9.19 |
% |
|
|
8.71 |
% |
|
|
8.43 |
% |
|
|
8.01 |
% |
|
|
8.42 |
% |
Book value
per share |
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
$ |
20.67 |
|
|
$ |
19.70 |
|
|
$ |
19.09 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
8,332,479 |
|
|
|
8,327,781 |
|
|
|
8,317,161 |
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Three months ended March 31, |
|
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,577,529 |
|
5.97 |
% |
|
$ |
23,476 |
|
$ |
1,582,332 |
|
5.76 |
% |
|
$ |
22,472 |
Federal funds sold |
|
|
170,608 |
|
5.26 |
% |
|
|
2,238 |
|
|
156,941 |
|
4.55 |
% |
|
|
1,760 |
Investment securities |
|
|
152,781 |
|
3.83 |
% |
|
|
1,458 |
|
|
154,667 |
|
3.43 |
% |
|
|
1,307 |
Total
interest earning assets |
|
|
1,900,918 |
|
5.73 |
% |
|
|
27,172 |
|
|
1,893,940 |
|
5.47 |
% |
|
|
25,539 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,207 |
|
|
|
|
|
|
18,098 |
|
|
|
|
All other assets (2) |
|
|
63,752 |
|
|
|
|
|
|
62,247 |
|
|
|
|
TOTAL |
|
$ |
1,983,877 |
|
|
|
|
|
$ |
1,974,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
30,346 |
|
0.16 |
% |
|
|
12 |
|
$ |
34,032 |
|
0.08 |
% |
|
$ |
7 |
Money market and savings |
|
|
609,200 |
|
2.50 |
% |
|
|
3,793 |
|
|
626,666 |
|
2.01 |
% |
|
|
3,104 |
Time |
|
|
326,291 |
|
4.53 |
% |
|
|
3,688 |
|
|
310,246 |
|
3.81 |
% |
|
|
2,911 |
Other |
|
|
90,188 |
|
4.59 |
% |
|
|
1,033 |
|
|
71,108 |
|
4.33 |
% |
|
|
760 |
Total
interest-bearing liabilities |
|
|
1,056,025 |
|
3.24 |
% |
|
|
8,526 |
|
|
1,042,052 |
|
2.64 |
% |
|
|
6,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
718,171 |
|
|
|
|
|
|
728,986 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
26,441 |
|
|
|
|
|
|
26,326 |
|
|
|
|
Shareholders' equity |
|
|
183,240 |
|
|
|
|
|
|
176,921 |
|
|
|
|
TOTAL |
|
$ |
1,983,877 |
|
|
|
|
|
$ |
1,974,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.93 |
% |
|
$ |
18,646 |
|
|
|
4.02 |
% |
|
$ |
18,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 of $175,000 and $226,000,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.4 million and $17.0 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 June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,577,529 |
|
5.97 |
% |
|
$ |
23,476 |
|
$ |
1,464,922 |
|
4.46 |
% |
|
$ |
16,298 |
Federal funds sold |
|
|
170,608 |
|
5.26 |
% |
|
|
2,238 |
|
|
145,329 |
|
0.77 |
% |
|
|
280 |
Investment securities |
|
|
152,781 |
|
3.83 |
% |
|
|
1,458 |
|
|
172,766 |
|
2.62 |
% |
|
|
1,128 |
Total
interest earning assets |
|
|
1,900,918 |
|
5.73 |
% |
|
|
27,172 |
|
|
1,783,017 |
|
3.98 |
% |
|
|
17,706 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,207 |
|
|
|
|
|
|
19,735 |
|
|
|
|
All other assets (2) |
|
|
63,752 |
|
|
|
|
|
|
61,444 |
|
|
|
|
TOTAL |
|
$ |
1,983,877 |
|
|
|
|
|
$ |
1,864,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
30,346 |
|
0.16 |
% |
|
|
12 |
|
$ |
42,380 |
|
0.08 |
% |
|
$ |
8 |
Money market and savings |
|
|
609,200 |
|
2.50 |
% |
|
|
3,793 |
|
|
636,692 |
|
0.37 |
% |
|
|
582 |
Time |
|
|
326,291 |
|
4.53 |
% |
|
|
3,688 |
|
|
153,859 |
|
0.54 |
% |
|
|
206 |
Other |
|
|
90,188 |
|
4.59 |
% |
|
|
1,033 |
|
|
119,970 |
|
2.30 |
% |
|
|
687 |
Total
interest-bearing liabilities |
|
|
1,056,025 |
|
3.24 |
% |
|
|
8,526 |
|
|
952,901 |
|
0.62 |
% |
|
|
1,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
718,171 |
|
|
|
|
|
|
734,481 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
26,441 |
|
|
|
|
|
|
19,139 |
|
|
|
|
Shareholders' equity |
|
|
183,240 |
|
|
|
|
|
|
157,675 |
|
|
|
|
TOTAL |
|
$ |
1,983,877 |
|
|
|
|
|
$ |
1,864,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.93 |
% |
|
$ |
18,646 |
|
|
|
3.65 |
% |
|
$ |
16,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(175,000) and $83,000,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.4 million and $15.0 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,579,917 |
|
5.86 |
% |
|
$ |
45,948 |
|
$ |
1,418,314 |
|
4.43 |
% |
|
$ |
31,184 |
|
Federal funds sold |
|
|
163,812 |
|
4.92 |
% |
|
|
3,998 |
|
|
244,809 |
|
0.34 |
% |
|
|
416 |
|
Investment securities |
|
|
153,719 |
|
3.63 |
% |
|
|
2,765 |
|
|
151,324 |
|
2.71 |
% |
|
|
2,030 |
|
Total
interest earning assets |
|
|
1,897,448 |
|
5.60 |
% |
|
|
52,711 |
|
|
1,814,447 |
|
3.74 |
% |
|
|
33,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
18,656 |
|
|
|
|
|
|
19,244 |
|
|
|
|
All other assets (2) |
|
|
63,003 |
|
|
|
|
|
|
62,500 |
|
|
|
|
TOTAL |
|
$ |
1,979,107 |
|
|
|
|
|
$ |
1,896,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
32,179 |
|
0.12 |
% |
|
|
19 |
|
$ |
40,300 |
|
0.09 |
% |
|
|
17 |
|
Money market and savings |
|
|
617,885 |
|
2.25 |
% |
|
|
6,897 |
|
|
679,662 |
|
0.37 |
% |
|
|
1,247 |
|
Time |
|
|
318,313 |
|
4.18 |
% |
|
|
6,599 |
|
|
151,588 |
|
0.45 |
% |
|
|
338 |
|
Other |
|
|
80,701 |
|
4.48 |
% |
|
|
1,793 |
|
|
110,370 |
|
2.34 |
% |
|
|
1,279 |
|
Total
interest-bearing liabilities |
|
|
1,049,078 |
|
2.94 |
% |
|
|
15,308 |
|
|
981,920 |
|
0.59 |
% |
|
|
2,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
723,548 |
|
|
|
|
|
|
737,928 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
26,383 |
|
|
|
|
|
|
20,724 |
|
|
|
|
Shareholders' equity |
|
|
180,098 |
|
|
|
|
|
|
155,619 |
|
|
|
|
TOTAL |
|
$ |
1,979,107 |
|
|
|
|
|
$ |
1,896,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.98 |
% |
|
$ |
37,403 |
|
|
|
3.42 |
% |
|
$ |
30,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(401,000) and $402,000,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $16.2 million and $14.6 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 |
|
Six months ended |
|
|
06/30/23 |
|
03/31/23 |
|
06/30/22 |
|
06/30/23 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
18,646 |
|
$ |
18,757 |
|
$ |
16,223 |
|
$ |
37,403 |
|
$ |
30,749 |
Non-interest
income |
|
|
1,135 |
|
|
1,107 |
|
|
1,394 |
|
|
2,242 |
|
|
3,928 |
Total
revenue |
|
$ |
19,781 |
|
$ |
19,864 |
|
$ |
17,617 |
|
$ |
39,645 |
|
$ |
34,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
Three months ended |
|
Six months ended |
|
|
06/30/23 |
|
03/31/23 |
|
06/30/22 |
|
06/30/23 |
|
06/30/22 |
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
$ |
11,603 |
|
$ |
11,843 |
|
$ |
10,819 |
|
$ |
23,446 |
|
$ |
21,735 |
Total
capitalized loan origination costs |
|
|
694 |
|
|
651 |
|
|
1,073 |
|
|
1,345 |
|
|
2,057 |
Total operating expenses, before capitalization |
|
|
|
|
|
|
|
|
of loan origination costs |
|
$ |
12,297 |
|
$ |
12,494 |
|
$ |
11,892 |
|
$ |
24,791 |
|
$ |
23,792 |
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
California BanCorp (NASDAQ:CALB)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024