CALIFORNIA BANCORP REPORTS NET INCOME OF $14.1 MILLION FOR THE SECOND QUARTER OF 2025
California BanCorp (NASDAQ: BCAL) reported Q2 2025 net income of $14.1 million ($0.43 per diluted share), compared to $16.9 million in Q1 2025 and $190,000 in Q2 2024. The bank's net interest margin was 4.61%, slightly down from 4.65% in the previous quarter.
Key highlights include a reduction in non-performing assets to 0.46% from 0.68%, successful elimination of brokered deposits, and redemption of $18.0 million in subordinated notes. Total assets stood at $3.95 billion, with total loans of $3.00 billion and deposits of $3.31 billion. The bank maintained strong capital ratios and recorded a $634,000 reversal of credit losses.
The efficiency ratio was 56.1%, and the return on average assets was 1.45%. The bank continues to focus on organic growth through its relationship-based business banking franchise across California markets.
California BanCorp (NASDAQ: BCAL) ha riportato un utile netto nel secondo trimestre del 2025 di 14,1 milioni di dollari (0,43 dollari per azione diluita), rispetto a 16,9 milioni nel primo trimestre 2025 e 190.000 dollari nel secondo trimestre 2024. Il margine di interesse netto della banca è stato del 4,61%, leggermente inferiore al 4,65% del trimestre precedente.
Tra i punti salienti si segnala una riduzione degli attivi non performanti dallo 0,68% allo 0,46%, l’eliminazione con successo dei depositi intermediati e il rimborso di 18,0 milioni di dollari in obbligazioni subordinate. Gli attivi totali ammontavano a 3,95 miliardi di dollari, con prestiti totali pari a 3,00 miliardi e depositi per 3,31 miliardi. La banca ha mantenuto solidi coefficienti patrimoniali e ha registrato una rettifica positiva di 634.000 dollari sulle perdite da credito.
Il rapporto di efficienza è stato del 56,1% e il rendimento medio degli attivi dell’1,45%. La banca continua a puntare sulla crescita organica attraverso la sua rete di business banking basata sulle relazioni nei mercati della California.
California BanCorp (NASDAQ: BCAL) reportó un ingreso neto en el segundo trimestre de 2025 de 14,1 millones de dólares (0,43 dólares por acción diluida), en comparación con 16,9 millones en el primer trimestre de 2025 y 190.000 dólares en el segundo trimestre de 2024. El margen de interés neto del banco fue del 4,61%, ligeramente inferior al 4,65% del trimestre anterior.
Los aspectos destacados incluyen una reducción de los activos no productivos del 0,68% al 0,46%, la eliminación exitosa de depósitos intermediados y el canje de 18,0 millones de dólares en notas subordinadas. Los activos totales ascendieron a 3,95 mil millones de dólares, con préstamos totales de 3,00 mil millones y depósitos de 3,31 mil millones. El banco mantuvo sólidos índices de capital y registró una reversión de pérdidas crediticias de 634.000 dólares.
La ratio de eficiencia fue del 56,1% y el retorno sobre activos promedio fue del 1,45%. El banco continúa enfocándose en el crecimiento orgánico a través de su franquicia de banca empresarial basada en relaciones en los mercados de California.
California BanCorp (NASDAQ: BCAL)는 2025년 2분기 순이익으로 1,410만 달러(희석 주당 0.43달러)를 보고했으며, 이는 2025년 1분기의 1,690만 달러와 2024년 2분기의 19만 달러와 비교됩니다. 은행의 순이자마진은 4.61%로 전분기 4.65%에서 약간 하락했습니다.
주요 내용으로는 부실 자산 비율이 0.68%에서 0.46%로 감소한 점, 중개 예금의 성공적인 제거, 1,800만 달러의 후순위 채권 상환 등이 있습니다. 총자산은 39억 5천만 달러였으며, 총 대출금은 30억 달러, 예금은 33억 1천만 달러였습니다. 은행은 강력한 자본 비율을 유지했고 63만 4천 달러의 신용손실 환입을 기록했습니다.
효율성 비율은 56.1%, 평균 자산 수익률은 1.45%였습니다. 은행은 캘리포니아 시장 전역의 관계 기반 비즈니스 뱅킹 프랜차이즈를 통해 유기적 성장을 지속적으로 추구하고 있습니다.
California BanCorp (NASDAQ : BCAL) a annoncé un bénéfice net pour le deuxième trimestre 2025 de 14,1 millions de dollars (0,43 dollar par action diluée), contre 16,9 millions au premier trimestre 2025 et 190 000 dollars au deuxième trimestre 2024. La marge d'intérêt nette de la banque s'est établie à 4,61%, légèrement en baisse par rapport à 4,65% au trimestre précédent.
Les points clés incluent une réduction des actifs non performants de 0,68% à 0,46%, l'élimination réussie des dépôts intermédiés et le rachat de 18,0 millions de dollars de billets subordonnés. Le total des actifs s'élevait à 3,95 milliards de dollars, avec des prêts totaux de 3,00 milliards et des dépôts de 3,31 milliards. La banque a maintenu des ratios de capital solides et enregistré une reprise de pertes de crédit de 634 000 dollars.
Le ratio d'efficacité était de 56,1% et le rendement moyen des actifs de 1,45%. La banque continue de se concentrer sur la croissance organique grâce à sa franchise bancaire commerciale basée sur les relations sur les marchés californiens.
California BanCorp (NASDAQ: BCAL) meldete für das zweite Quartal 2025 einen Nettogewinn von 14,1 Millionen US-Dollar (0,43 US-Dollar je verwässerter Aktie), verglichen mit 16,9 Millionen im ersten Quartal 2025 und 190.000 im zweiten Quartal 2024. Die Nettozinsmarge der Bank lag bei 4,61%, leicht unter den 4,65% des Vorquartals.
Zu den wichtigsten Highlights zählen eine Reduzierung notleidender Vermögenswerte von 0,68% auf 0,46%, die erfolgreiche Eliminierung von vermittelten Einlagen sowie die Rückzahlung von 18,0 Millionen US-Dollar an nachrangigen Schuldverschreibungen. Die Gesamtaktiva beliefen sich auf 3,95 Milliarden US-Dollar, mit Gesamtkrediten von 3,00 Milliarden und Einlagen von 3,31 Milliarden. Die Bank hielt starke Kapitalquoten und verzeichnete eine Rückstellung für Kreditverluste in Höhe von 634.000 US-Dollar.
Die Effizienzquote lag bei 56,1% und die Rendite auf durchschnittliche Aktiva bei 1,45%. Die Bank konzentriert sich weiterhin auf organisches Wachstum durch ihr beziehungsorientiertes Geschäftskundenbanking in den kalifornischen Märkten.
- Significant reduction in non-performing assets ratio to 0.46% from 0.68%
- Strong capital ratios maintained above 'well-capitalized' requirements
- Successful elimination of high-cost brokered deposits
- Stable cost of deposits at 1.59%
- 36.8% of total deposits are noninterest-bearing
- Net income decreased to $14.1M from $16.9M in previous quarter
- Net interest margin declined to 4.61% from 4.65%
- Total assets decreased by $29.4M to $3.95B
- Net charge-offs of $4.1M in Q2 2025
- Noninterest-bearing deposits decreased by $74.6M
Insights
California BanCorp reported solid Q2 earnings of $14.1M despite decreases from Q1, showing progress in balance sheet derisking strategy.
California BanCorp delivered net income of $14.1 million ($0.43 per diluted share) for Q2 2025, marking their third consecutive quarter of strong performance following last year's merger. While these results represent a decrease from Q1's $16.9 million ($0.52 per share), they show dramatic improvement from Q2 2024's modest $190,000 profit.
The bank's financial metrics demonstrate stability with a net interest margin of 4.61% (down slightly from 4.65%) and an efficiency ratio of 56.1% (compared to 55.6% previously). Return metrics declined quarter-over-quarter with ROA at 1.45% (from 1.71%) and ROE at 10.50% (from 13.18%), but remain at healthy levels overall.
Management's strategic derisking efforts are showing tangible results. The bank successfully eliminated its brokered deposits and continues reducing its Sponsor Finance portfolio, which they expect to completely run off by year-end. These moves have strengthened credit quality, with non-performing assets ratio improving to 0.46% from 0.68% and special mention/substandard loans decreasing significantly.
The bank recorded a $634,000 reversal of credit losses in Q2, compared to a $3.8 million reversal in Q1. Total net charge-offs were $4.1 million, primarily from the bank's strategy to reduce exposure to criticized loans. The bank maintains a 1.46% allowance for credit losses relative to loans held for investment.
Total assets decreased 0.7% to $3.95 billion, with loans decreasing by $75.8 million and deposits falling by $30.2 million. Notably, the composition of deposits shows a shift, with non-interest bearing demand deposits declining to 36.8% of total deposits (from 38.7%). The bank also redeemed $18 million in subordinated notes, demonstrating balance sheet optimization.
Management noted some client hesitancy in initiating new projects due to economic uncertainty, though they reported minimal exposure to international trade issues like tariffs. With its strong capital position and relationship-based business model, California BanCorp appears well-positioned to navigate economic uncertainties while maintaining solid profitability.
San Diego, Calif., July 28, 2025 (GLOBE NEWSWIRE) -- California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the second quarter of 2025.
The Company reported net income of
“We are pleased to report strong second quarter earnings of
“Earlier this year we announced a strategy to derisk our consolidated balance sheet by decreasing our exposure in the Sponsor Finance portfolio, reducing our reliance on brokered deposits and improving overall credit quality. I am pleased to report that the Sponsor Finance portfolio continued to decline in the second quarter and we expect the remainder will likely run off by year end. The reduction in credit risk in our total loan portfolio is reflected in a significant decrease in our non-performing assets to total assets ratio to
“During the second quarter we successfully completed the winding down of our brokered deposits. Going forward, we are focused on organic loan and deposit growth through our relationship-based business banking franchise and our footprint covering the biggest markets for small to medium-sized businesses in the state of California.”
“Our strong second quarter results are further evidence of our successful integration and the value of our combined operations,” said Steven Shelton, CEO of the Company and Bank. “We continue to monitor the effect of tariffs and trade negotiations on our clients and can report we do not expect to see an impact on client operations from those events. We have minimal exposure to international trade, although some of our clients do source materials from outside the country. However, we have observed that some clients have expressed hesitancy in initiating projects due to the uncertain economic environment. Regardless, we continue to develop new relationships across the state of California, providing all our clients with the outstanding high-touch, relationship-based service associated with California Bank of Commerce.”
Second Quarter 2025 Highlights
- Net income of
$14.1 million or$0.43 diluted earnings per share for the second quarter. - Net interest margin of
4.61% , compared with4.65% in the prior quarter; average total loan yield of6.58% compared with6.61% in the prior quarter. - Reversal of credit losses of
$634 thousand for the second quarter, compared with$3.8 million for the prior quarter. - Return on average assets of
1.45% , compared with1.71% in the prior quarter. - Return on average common equity of
10.50% , compared with13.18% in the prior quarter. - Efficiency ratio (non-GAAP1) of
56.1% compared with55.6% in the prior quarter. - Redemption of subordinated notes at par value aggregating
$18.0 million . - Tangible book value per common share (non-GAAP1) of
$12.82 at June 30, 2025, up$0.53 from$12.29 at March 31, 2025. - Total assets of
$3.95 billion at June 30, 2025, compared with$3.98 billion at March 31, 2025. - Total loans, including loans held for sale of
$3.00 billion at June 30, 2025, compared with$3.07 billion at March 31, 2025. - Nonperforming assets to total assets ratio of
0.46% at June 30, 2025, compared with0.68% at March 31, 2025. - Allowance for credit losses (“ACL”) was
1.46% of total loans held for investment at June 30, 2025; allowance for loan losses ("ALL") was1.37% of total loans held for investment at June 30, 2025. - Total deposits of
$3.31 billion at June 30, 2025, decreased$30.2 million or0.9% compared with$3.34 billion at March 31, 2025. - Noninterest-bearing demand deposits of
$1.22 billion at June 30, 2025, a decrease of$74.6 million or5.8% from March 31, 2025; noninterest bearing deposits represented36.8% of total deposits, compared with$1.29 billion , or38.7% of total deposits at March 31, 2025. - Cost of deposits was
1.59% , consistent with1.59% in the prior quarter. - Cost of funds was
1.73% , compared with1.72% in the prior quarter. - The Company’s preliminary capital ratios at June 30, 2025 exceed the minimums required to be “well-capitalized,” the highest regulatory capital category.
Second Quarter Operating Results
Net Income
Net income for the second quarter of 2025 was
Net Interest Income and Net Interest Margin
Net interest income for the second quarter of 2025 was
Net interest margin for the second quarter of 2025 was
Cost of funds for the second quarter of 2025 was
Average total borrowings decreased
Reversal of Credit Losses
The Company recorded a reversal of credit losses of
The reversal of credit losses for loans held for investment in the second quarter of 2025 was
Noninterest Income
The Company recorded noninterest income of
Noninterest Expense
Total noninterest expense for the second quarter of 2025 was
Efficiency ratio (non-GAAP1) for the second quarter of 2025 was
Income Tax
In the second quarter of 2025, the Company’s income tax expense was
Balance Sheet
Assets
Total assets at June 30, 2025 were
Loans
Total loans held for investment were
Deposits
Total deposits at June 30, 2025 were
Federal Home Loan Bank ("FHLB") and Liquidity
At June 30, 2025 and March 31, 2025, the Company had no FHLB borrowings. There were no outstanding Federal Reserve Discount Window borrowings at June 30, 2025 or March 31, 2025.
At June 30, 2025, the Company had available borrowing capacity from an FHLB secured line of credit of approximately
Total borrowings decreased
Asset Quality
Total non-performing assets decreased to
There were two loans repayments at discount totaling
Special mention loans decreased by
The Company had no loans that were over 90 days past due and still accruing interest at June 30, 2025, compared to
There were
The allowance for credit losses, which is comprised of the allowance for loan losses ("ALL") and reserve for unfunded loan commitments, totaled
The ALL was
Capital
Tangible book value per common share (non-GAAP1) at June 30, 2025, was
The Company’s preliminary capital ratios exceed the minimums required to be “well-capitalized” at June 30, 2025.
ABOUT CALIFORNIA BANCORP
California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, and expectations regarding the adequacy of reserves for credit losses, as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.
Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.
Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.
Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.
California BanCorp and Subsidiary
Financial Highlights (Unaudited)
| At or for the Three Months Ended | At or for the Six Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
| EARNINGS | ($ in thousands except share and per share data) | |||||||||||||||||||
| Net interest income | $ | 41,417 | $ | 42,255 | $ | 21,007 | $ | 83,672 | $ | 41,501 | ||||||||||
| Reversal of credit losses | $ | (634 | ) | $ | (3,776 | ) | $ | 2,893 | $ | (4,410 | ) | $ | 2,562 | |||||||
| Noninterest income | $ | 2,856 | $ | 2,566 | $ | 1,169 | $ | 5,422 | $ | 2,582 | ||||||||||
| Noninterest expense | $ | 24,833 | $ | 24,920 | $ | 19,005 | $ | 49,753 | $ | 33,986 | ||||||||||
| Income tax expense | $ | 5,975 | $ | 6,824 | $ | 88 | $ | 12,799 | $ | 2,410 | ||||||||||
| Net income | $ | 14,099 | $ | 16,853 | $ | 190 | $ | 30,952 | $ | 5,125 | ||||||||||
| Pre-tax pre-provision income (1) | $ | 19,440 | $ | 19,901 | $ | 3,171 | $ | 39,341 | $ | 10,097 | ||||||||||
| Adjusted pre-tax pre-provision income (1) | $ | 19,440 | $ | 19,901 | $ | 3,662 | $ | 39,341 | $ | 11,137 | ||||||||||
| Diluted earnings per share | $ | 0.43 | $ | 0.52 | $ | 0.01 | $ | 0.95 | $ | 0.27 | ||||||||||
| Shares outstanding at period end | 32,463,311 | 32,402,140 | 18,547,352 | 32,463,311 | 18,547,352 | |||||||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 1.45 | % | 1.71 | % | 0.03 | % | 1.58 | % | 0.45 | % | ||||||||||
| Adjusted return on average assets (1) | 1.45 | % | 1.71 | % | 0.11 | % | 1.58 | % | 0.53 | % | ||||||||||
| Return on average common equity | 10.50 | % | 13.18 | % | 0.26 | % | 11.81 | % | 3.53 | % | ||||||||||
| Adjusted return on average common equity (1) | 10.50 | % | 13.18 | % | 0.82 | % | 11.81 | % | 4.19 | % | ||||||||||
| Yield on total loans | 6.58 | % | 6.61 | % | 6.21 | % | 6.59 | % | 6.11 | % | ||||||||||
| Yield on interest earning assets | 6.21 | % | 6.26 | % | 5.97 | % | 6.24 | % | 5.88 | % | ||||||||||
| Cost of deposits | 1.59 | % | 1.59 | % | 2.12 | % | 1.59 | % | 2.08 | % | ||||||||||
| Cost of funds | 1.73 | % | 1.72 | % | 2.21 | % | 1.73 | % | 2.19 | % | ||||||||||
| Net interest margin | 4.61 | % | 4.65 | % | 3.94 | % | 4.63 | % | 3.87 | % | ||||||||||
| Efficiency ratio (1) | 56.09 | % | 55.60 | % | 85.70 | % | 55.84 | % | 77.10 | % | ||||||||||
| Adjusted efficiency ratio (1) | 56.09 | % | 55.60 | % | 83.49 | % | 55.84 | % | 74.74 | % | ||||||||||
| As of | ||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||||||||||
| CAPITAL | ($ in thousands except share and per share data) | |||||||||||||||||||
| Tangible equity to tangible assets (1) | 10.89 | % | 10.34 | % | 9.69 | % | ||||||||||||||
| Book value (BV) per common share | $ | 16.87 | $ | 16.40 | $ | 15.86 | ||||||||||||||
| Tangible BV per common share (1) | $ | 12.82 | $ | 12.29 | $ | 11.71 | ||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Allowance for loan losses (ALL) | $ | 41,110 | $ | 45,839 | $ | 50,540 | ||||||||||||||
| Reserve for unfunded loan commitments | $ | 2,514 | $ | 2,485 | $ | 3,103 | ||||||||||||||
| Allowance for credit losses (ACL) | $ | 43,624 | $ | 48,324 | $ | 53,643 | ||||||||||||||
| Allowance for loan losses to nonperforming loans | 2.24 | x | 2.01 | x | 1.90 | x | ||||||||||||||
| ALL to total loans held for investment | 1.37 | % | 1.49 | % | 1.61 | % | ||||||||||||||
| ACL to total loans held for investment | 1.46 | % | 1.57 | % | 1.71 | % | ||||||||||||||
| 30-89 days past due, excluding nonaccrual loans | $ | 546 | $ | 5,103 | $ | 12,082 | ||||||||||||||
| Over 90 days past due, excluding nonaccrual loans | $ | — | $ | 45 | $ | 150 | ||||||||||||||
| Special mention loans | $ | 65,264 | $ | 74,421 | $ | 69,339 | ||||||||||||||
| Special mention loans to total loans held for investment | 2.18 | % | 2.43 | % | 2.21 | % | ||||||||||||||
| Substandard loans | $ | 81,456 | $ | 111,786 | $ | 117,598 | ||||||||||||||
| Substandard loans to total loans held for investment | 2.72 | % | 3.64 | % | 3.75 | % | ||||||||||||||
| Nonperforming loans | $ | 18,354 | $ | 22,825 | $ | 26,536 | ||||||||||||||
| Nonperforming loans to total loans held for investment | 0.61 | % | 0.74 | % | 0.85 | % | ||||||||||||||
| Other real estate owned, net | $ | — | $ | 4,083 | $ | 4,083 | ||||||||||||||
| Nonperforming assets | $ | 18,354 | $ | 26,908 | $ | 30,619 | ||||||||||||||
| Nonperforming assets to total assets | 0.46 | % | 0.68 | % | 0.76 | % | ||||||||||||||
| END OF PERIOD BALANCES | ||||||||||||||||||||
| Total loans, including loans held for sale | $ | 2,997,648 | $ | 3,073,399 | $ | 3,156,345 | ||||||||||||||
| Total assets | $ | 3,953,717 | $ | 3,983,090 | $ | 4,031,654 | ||||||||||||||
| Deposits | $ | 3,312,278 | $ | 3,342,503 | $ | 3,398,760 | ||||||||||||||
| Loans to deposits | 90.5 | % | 91.9 | % | $ | 92.9 | % | |||||||||||||
| Shareholders' equity | $ | 547,593 | $ | 531,384 | $ | 511,836 | ||||||||||||||
(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.
| At or for the Three Months Ended | At or for the Six Months Ended | |||||||||||||||||||
| ALLOWANCE for CREDIT LOSSES | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Allowance for loan losses | ||||||||||||||||||||
| Balance at beginning of period | $ | 45,839 | $ | 50,540 | $ | 22,254 | $ | 50,540 | $ | 22,569 | ||||||||||
| (Reversal of) provision for credit losses | (663 | ) | (3,158 | ) | 2,990 | (3,821 | ) | 2,676 | ||||||||||||
| Charge-offs | (4,247 | ) | (3,159 | ) | (1,456 | ) | (7,406 | ) | (1,457 | ) | ||||||||||
| Recoveries | 181 | 1,616 | — | 1,797 | — | |||||||||||||||
| Net charge-offs | (4,066 | ) | (1,543 | ) | (1,456 | ) | (5,609 | ) | (1,457 | ) | ||||||||||
| Balance, end of period | $ | 41,110 | $ | 45,839 | $ | 23,788 | $ | 41,110 | $ | 23,788 | ||||||||||
| Reserve for unfunded loan commitments (1) | ||||||||||||||||||||
| Balance, beginning of period | $ | 2,485 | $ | 3,103 | $ | 916 | $ | 3,103 | $ | 933 | ||||||||||
| Provision for (reversal of) credit losses | 29 | (618 | ) | (97 | ) | (589 | ) | (114 | ) | |||||||||||
| Balance, end of period | 2,514 | 2,485 | 819 | 2,514 | 819 | |||||||||||||||
| Allowance for credit losses | $ | 43,624 | $ | 48,324 | $ | 24,607 | $ | 43,624 | $ | 24,607 | ||||||||||
| ALL to total loans held for investment | 1.37 | % | 1.49 | % | 1.27 | % | 1.37 | % | 1.27 | % | ||||||||||
| ACL to total loans held for investment | 1.46 | % | 1.57 | % | 1.31 | % | 1.46 | % | 1.31 | % | ||||||||||
| Net charge-offs to average total loans | (0.54 | )% | (0.20 | )% | (0.31 | )% | (0.37 | )% | (0.15 | )% | ||||||||||
(1) Included in "Accrued interest and other liabilities" on the consolidated balance sheets.
California BanCorp and Subsidiary
Balance Sheets (Unaudited)
| June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||
| ASSETS | ($ in thousands) | |||||||||||
| Cash and due from banks | $ | 84,017 | $ | 80,441 | $ | 60,471 | ||||||
| Federal funds sold & other interest-bearing balances | 346,120 | 358,800 | 327,691 | |||||||||
| Total cash and cash equivalents | 430,137 | 439,241 | 388,162 | |||||||||
| Debt securities available-for-sale, at fair value (amortized cost of | 188,167 | 131,593 | 142,001 | |||||||||
| Debt securities held-to-maturity, at cost (fair value of | 53,108 | 53,194 | 53,280 | |||||||||
| Loans held for sale | 6,088 | 4,625 | 17,180 | |||||||||
| Loans held for investment: | ||||||||||||
| Construction & land development | 184,744 | 221,437 | 227,325 | |||||||||
| 1-4 family residential | 139,855 | 157,442 | 164,401 | |||||||||
| Multifamily | 258,395 | 237,896 | 243,993 | |||||||||
| Other commercial real estate | 1,777,940 | 1,755,962 | 1,767,727 | |||||||||
| Commercial & industrial | 607,836 | 672,468 | 710,970 | |||||||||
| Other consumer | 22,790 | 23,569 | 24,749 | |||||||||
| Total loans held for investment | 2,991,560 | 3,068,774 | 3,139,165 | |||||||||
| Allowance for credit losses - loans | (41,110 | ) | (45,839 | ) | (50,540 | ) | ||||||
| Total loans held for investment, net | 2,950,450 | 3,022,935 | 3,088,625 | |||||||||
| Restricted stock at cost | 30,858 | 30,845 | 30,829 | |||||||||
| Premises and equipment | 12,728 | 13,154 | 13,595 | |||||||||
| Right of use asset | 13,095 | 13,384 | 14,350 | |||||||||
| Other real estate owned, net | — | 4,083 | 4,083 | |||||||||
| Goodwill | 110,934 | 111,780 | 111,787 | |||||||||
| Intangible assets | 20,375 | 21,323 | 22,271 | |||||||||
| Bank owned life insurance | 66,397 | 66,867 | 66,636 | |||||||||
| Deferred taxes, net | 33,454 | 36,473 | 43,127 | |||||||||
| Accrued interest and other assets | 37,926 | 33,593 | 35,728 | |||||||||
| Total assets | $ | 3,953,717 | $ | 3,983,090 | $ | 4,031,654 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing demand | $ | 1,218,072 | $ | 1,292,689 | $ | 1,257,007 | ||||||
| Interest-bearing NOW accounts | 783,410 | 674,460 | 673,589 | |||||||||
| Money market and savings accounts | 1,146,548 | 1,192,960 | 1,182,927 | |||||||||
| Time deposits | 164,248 | 182,394 | 285,237 | |||||||||
| Total deposits | 3,312,278 | 3,342,503 | 3,398,760 | |||||||||
| Borrowings | 52,883 | 70,308 | 69,725 | |||||||||
| Operating lease liability | 16,715 | 17,142 | 18,310 | |||||||||
| Accrued interest and other liabilities | 24,248 | 21,753 | 33,023 | |||||||||
| Total liabilities | 3,406,124 | 3,451,706 | 3,519,818 | |||||||||
| Shareholders' Equity: | ||||||||||||
| Common stock - 50,000,000 shares authorized, no par value; issued and outstanding 32,463,311, 32,402,140 and 32,265,935 at June 30, 2025, March 31, 2025 and December 31, 2024 | 444,365 | 442,934 | 442,469 | |||||||||
| Retained earnings | 106,960 | 92,861 | 76,008 | |||||||||
| Accumulated other comprehensive loss - net of taxes | (3,732 | ) | (4,411 | ) | (6,641 | ) | ||||||
| Total shareholders' equity | 547,593 | 531,384 | 511,836 | |||||||||
| Total liabilities and shareholders' equity | $ | 3,953,717 | $ | 3,983,090 | $ | 4,031,654 | ||||||
California BanCorp and Subsidiary
Income Statements - Quarterly and Year-to-Date (Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
| ($ in thousands except share and per share data) | ||||||||||||||||||||
| INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||
| Interest and fees on loans | $ | 49,080 | $ | 50,686 | $ | 29,057 | $ | 99,766 | $ | 57,641 | ||||||||||
| Interest on debt securities | 1,751 | 1,524 | 1,229 | 3,275 | 2,442 | |||||||||||||||
| Interest on tax-exempted debt securities | 304 | 305 | 306 | 609 | 612 | |||||||||||||||
| Interest and dividends from other institutions | 4,651 | 4,310 | 1,257 | 8,961 | 2,418 | |||||||||||||||
| Total interest and dividend income | 55,786 | 56,825 | 31,849 | 112,611 | 63,113 | |||||||||||||||
| INTEREST EXPENSE | ||||||||||||||||||||
| Interest on NOW, savings, and money market accounts | 11,390 | 11,116 | 7,039 | 22,506 | 13,809 | |||||||||||||||
| Interest on time deposits | 1,550 | 2,063 | 3,145 | 3,613 | 6,166 | |||||||||||||||
| Interest on borrowings | 1,429 | 1,391 | 658 | 2,820 | 1,637 | |||||||||||||||
| Total interest expense | 14,369 | 14,570 | 10,842 | 28,939 | 21,612 | |||||||||||||||
| Net interest income | 41,417 | 42,255 | 21,007 | 83,672 | 41,501 | |||||||||||||||
| (Reversal of) provision for credit losses (1) | (634 | ) | (3,776 | ) | 2,893 | (4,410 | ) | 2,562 | ||||||||||||
| Net interest income after (reversal of) provision for credit losses | 42,051 | 46,031 | 18,114 | 88,082 | 38,939 | |||||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||||
| Service charges and fees on deposit accounts | 1,178 | 1,186 | 568 | 2,364 | 1,093 | |||||||||||||||
| Gain on sale of loans | — | 577 | — | 577 | 415 | |||||||||||||||
| Bank owned life insurance income | 503 | 463 | 266 | 966 | 527 | |||||||||||||||
| Servicing and related income (expense) on loans | 102 | 142 | (5 | ) | 244 | 68 | ||||||||||||||
| Loss on sale of building and related fixed assets | — | (1 | ) | (19 | ) | (1 | ) | (19 | ) | |||||||||||
| Other charges and fees | 1,073 | 199 | 359 | 1,272 | 498 | |||||||||||||||
| Total noninterest income | 2,856 | 2,566 | 1,169 | 5,422 | 2,582 | |||||||||||||||
| NONINTEREST EXPENSE | ||||||||||||||||||||
| Salaries and employee benefits | 15,293 | 15,864 | 8,776 | 31,157 | 18,386 | |||||||||||||||
| Occupancy and equipment expenses | 2,094 | 2,152 | 1,445 | 4,246 | 2,897 | |||||||||||||||
| Data processing | 1,831 | 1,935 | 1,186 | 3,766 | 2,336 | |||||||||||||||
| Legal, audit and professional | 972 | 859 | 557 | 1,831 | 1,073 | |||||||||||||||
| Regulatory assessments | 545 | 722 | 347 | 1,267 | 734 | |||||||||||||||
| Director and shareholder expenses | 395 | 404 | 229 | 799 | 432 | |||||||||||||||
| Merger and related expenses | — | — | 491 | — | 1,040 | |||||||||||||||
| Intangible assets amortization | 948 | 948 | 65 | 1,896 | 130 | |||||||||||||||
| Other real estate owned expense | 862 | 68 | 4,935 | 930 | 5,023 | |||||||||||||||
| Other expense | 1,893 | 1,968 | 974 | 3,861 | 1,935 | |||||||||||||||
| Total noninterest expense | 24,833 | 24,920 | 19,005 | 49,753 | 33,986 | |||||||||||||||
| Income before income taxes | 20,074 | 23,677 | 278 | 43,751 | 7,535 | |||||||||||||||
| Income tax expense | 5,975 | 6,824 | 88 | 12,799 | 2,410 | |||||||||||||||
| Net income | $ | 14,099 | $ | 16,853 | $ | 190 | $ | 30,952 | $ | 5,125 | ||||||||||
| Net income per share - basic | $ | 0.43 | $ | 0.52 | $ | 0.01 | $ | 0.96 | $ | 0.28 | ||||||||||
| Net income per share - diluted | $ | 0.43 | $ | 0.52 | $ | 0.01 | $ | 0.95 | $ | 0.27 | ||||||||||
| Weighted average common shares-diluted | 32,685,132 | 32,698,227 | 18,799,513 | 32,691,643 | 18,800,614 | |||||||||||||||
| Pre-tax, pre-provision income (2) | $ | 19,440 | $ | 19,901 | $ | 3,171 | $ | 39,341 | $ | 10,097 | ||||||||||
(1) Included provision for (reversal of) credit losses on unfunded loan commitments of
(2) Non-GAAP measure. See — GAAP to Non-GAAP reconciliation.
California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||||||||||
| Average Balance | Income/ Expense | Yield/ Cost | Average Balance | Income/ Expense | Yield/ Cost | Average Balance | Income/ Expense | Yield/ Cost | ||||||||||||||||||||||||||||||
| Assets | ($ in thousands) | |||||||||||||||||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
| Total loans | $ | 2,992,299 | $ | 49,080 | 6.58 | % | $ | 3,109,722 | $ | 50,686 | 6.61 | % | $ | 1,882,845 | $ | 29,057 | 6.21 | % | ||||||||||||||||||||
| Taxable debt securities | 164,558 | 1,751 | 4.27 | % | 139,481 | 1,524 | 4.43 | % | 123,906 | 1,229 | 3.99 | % | ||||||||||||||||||||||||||
| Tax-exempt debt securities (1) | 53,438 | 304 | 2.89 | % | 53,522 | 305 | 2.93 | % | 53,754 | 306 | 2.90 | % | ||||||||||||||||||||||||||
| Deposits in other financial institutions | 295,602 | 3,270 | 4.44 | % | 316,582 | 3,468 | 4.44 | % | 47,417 | 638 | 5.41 | % | ||||||||||||||||||||||||||
| Fed funds sold/resale agreements | 65,568 | 730 | 4.47 | % | 30,413 | 335 | 4.47 | % | 19,062 | 261 | 5.51 | % | ||||||||||||||||||||||||||
| Restricted stock investments and other bank stock | 31,672 | 651 | 8.24 | % | 31,657 | 507 | 6.50 | % | 17,091 | 358 | 8.42 | % | ||||||||||||||||||||||||||
| Total interest-earning assets | 3,603,137 | 55,786 | 6.21 | % | 3,681,377 | 56,825 | 6.26 | % | 2,144,075 | 31,849 | 5.97 | % | ||||||||||||||||||||||||||
| Total noninterest-earning assets | 302,142 | 318,132 | 150,603 | |||||||||||||||||||||||||||||||||||
| Total Assets | $ | 3,905,279 | $ | 3,999,509 | $ | 2,294,678 | ||||||||||||||||||||||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
| Interest-bearing NOW accounts | $ | 763,987 | $ | 3,666 | 1.92 | % | $ | 735,209 | $ | 3,366 | 1.86 | % | $ | 361,244 | $ | 2,134 | 2.38 | % | ||||||||||||||||||||
| Money market and savings accounts | 1,149,286 | 7,724 | 2.70 | % | 1,161,960 | 7,750 | 2.70 | % | 653,244 | 4,905 | 3.02 | % | ||||||||||||||||||||||||||
| Time deposits | 165,049 | 1,550 | 3.77 | % | 207,519 | 2,063 | 4.03 | % | 259,722 | 3,145 | 4.87 | % | ||||||||||||||||||||||||||
| Total interest-bearing deposits | 2,078,322 | 12,940 | 2.50 | % | 2,104,688 | 13,179 | 2.54 | % | 1,274,210 | 10,184 | 3.21 | % | ||||||||||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||||||||||
| FHLB advances | — | — | — | % | — | — | — | % | 27,391 | 387 | 5.68 | % | ||||||||||||||||||||||||||
| Subordinated debt | 67,159 | 1,429 | 8.53 | % | 70,027 | 1,391 | 8.06 | % | 17,901 | 271 | 6.09 | % | ||||||||||||||||||||||||||
| Total borrowings | 67,159 | 1,429 | 8.53 | % | 70,027 | 1,391 | 8.06 | % | 45,292 | 658 | 5.84 | % | ||||||||||||||||||||||||||
| Total interest-bearing liabilities | 2,145,481 | 14,369 | 2.69 | % | 2,174,715 | 14,570 | 2.72 | % | 1,319,502 | 10,842 | 3.30 | % | ||||||||||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
| Noninterest-bearing deposits (2) | 1,179,791 | 1,255,883 | 658,001 | |||||||||||||||||||||||||||||||||||
| Other liabilities | 41,629 | 50,368 | 23,054 | |||||||||||||||||||||||||||||||||||
| Shareholders' equity | 538,378 | 518,543 | 294,121 | |||||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 3,905,279 | $ | 3,999,509 | $ | 2,294,678 | ||||||||||||||||||||||||||||||||
| Net interest spread | 3.52 | % | 3.54 | % | 2.67 | % | ||||||||||||||||||||||||||||||||
| Net interest income and margin | $ | 41,417 | 4.61 | % | $ | 42,255 | 4.65 | % | $ | 21,007 | 3.94 | % | ||||||||||||||||||||||||||
| Cost of deposits | $ | 3,258,113 | $ | 12,940 | 1.59 | % | $ | 3,360,571 | $ | 13,179 | 1.59 | % | $ | 1,932,211 | $ | 10,184 | 2.12 | % | ||||||||||||||||||||
| Cost of funds | $ | 3,325,272 | $ | 14,369 | 1.73 | % | $ | 3,430,598 | $ | 14,570 | 1.72 | % | $ | 1,977,503 | $ | 10,842 | 2.21 | % | ||||||||||||||||||||
(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a
(2) Average noninterest-bearing deposits represent
California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)
| Six Months Ended | |||||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||||||||||||||||
| Average Balance | Income/ Expense | Yield/ Cost | Average Balance | Income/ Expense | Yield/ Cost | ||||||||||||||||||||
| Assets | ($ in thousands) | ||||||||||||||||||||||||
| Interest-earning assets: | |||||||||||||||||||||||||
| Total loans | $ | 3,050,686 | $ | 99,766 | 6.59 | % | $ | 1,896,058 | $ | 57,641 | 6.11 | % | |||||||||||||
| Taxable debt securities | 152,089 | 3,275 | 4.34 | % | 125,355 | 2,442 | 3.92 | % | |||||||||||||||||
| Tax-exempt debt securities (1) | 53,480 | 609 | 2.91 | % | 53,798 | 612 | 2.90 | % | |||||||||||||||||
| Deposits in other financial institutions | 306,034 | 6,738 | 4.44 | % | 50,737 | 1,354 | 5.37 | % | |||||||||||||||||
| Fed funds sold/resale agreements | 48,088 | 1,065 | 4.47 | % | 14,417 | 395 | 5.51 | % | |||||||||||||||||
| Restricted stock investments and other bank stock | 31,665 | 1,158 | 7.37 | % | 16,752 | 669 | 8.03 | % | |||||||||||||||||
| Total interest-earning assets | 3,642,042 | 112,611 | 6.24 | % | 2,157,117 | 63,113 | 5.88 | % | |||||||||||||||||
| Total noninterest-earning assets | 310,092 | 145,135 | |||||||||||||||||||||||
| Total Assets | $ | 3,952,134 | $ | 2,302,252 | |||||||||||||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||
| Interest-bearing NOW accounts | $ | 749,677 | $ | 7,032 | 1.89 | % | $ | 360,514 | $ | 4,179 | 2.33 | % | |||||||||||||
| Money market and savings accounts | 1,155,588 | 15,474 | 2.70 | % | 650,942 | 9,630 | 2.98 | % | |||||||||||||||||
| Time deposits | 186,167 | 3,613 | 3.91 | % | 257,598 | 6,166 | 4.81 | % | |||||||||||||||||
| Total interest-bearing deposits | 2,091,432 | 26,119 | 2.52 | % | 1,269,054 | 19,975 | 3.17 | % | |||||||||||||||||
| Borrowings: | |||||||||||||||||||||||||
| FHLB advances | — | — | — | % | 38,992 | 1,095 | 5.65 | % | |||||||||||||||||
| Subordinated debt | 68,585 | 2,820 | 8.29 | % | 17,890 | 542 | 6.09 | % | |||||||||||||||||
| Total borrowings | 68,585 | 2,820 | 8.29 | % | 56,882 | 1,637 | 5.79 | % | |||||||||||||||||
| Total interest-bearing liabilities | 2,160,017 | 28,939 | 2.70 | % | 1,325,936 | 21,612 | 3.28 | % | |||||||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||||||
| Noninterest-bearing deposits (2) | 1,217,627 | 659,633 | |||||||||||||||||||||||
| Other liabilities | 45,974 | 24,741 | |||||||||||||||||||||||
| Shareholders' equity | 528,516 | 291,942 | |||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 3,952,134 | $ | 2,302,252 | |||||||||||||||||||||
| Net interest spread | 3.54 | % | 2.60 | % | |||||||||||||||||||||
| Net interest income and margin | $ | 83,672 | 4.63 | % | $ | 41,501 | 3.87 | % | |||||||||||||||||
| Cost of deposits | $ | 3,309,059 | $ | 26,119 | 1.59 | % | $ | 1,928,687 | $ | 19,975 | 2.08 | % | |||||||||||||
| Cost of funds | $ | 3,377,644 | $ | 28,939 | 1.73 | % | $ | 1,985,569 | $ | 21,612 | 2.19 | % | |||||||||||||
(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a
(2) Average noninterest-bearing deposits represent
California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)
The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net income (loss), (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per common share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Adjusted net income | ||||||||||||||||||||
| Net income | $ | 14,099 | $ | 16,853 | $ | 190 | $ | 30,952 | $ | 5,125 | ||||||||||
| Add: After-tax merger and related expenses (1) | — | — | 412 | — | 959 | |||||||||||||||
| Adjusted net income (non-GAAP) | $ | 14,099 | $ | 16,853 | $ | 602 | $ | 30,952 | $ | 6,084 | ||||||||||
| Efficiency Ratio | ||||||||||||||||||||
| Noninterest expense | $ | 24,833 | $ | 24,920 | $ | 19,005 | $ | 49,753 | $ | 33,986 | ||||||||||
| Deduct: Merger and related expenses | — | — | 491 | — | 1,040 | |||||||||||||||
| Adjusted noninterest expense | 24,833 | 24,920 | 18,514 | 49,753 | 32,946 | |||||||||||||||
| Net interest income | 41,417 | 42,255 | 21,007 | 83,672 | 41,501 | |||||||||||||||
| Noninterest income | 2,856 | 2,566 | 1,169 | 5,422 | 2,582 | |||||||||||||||
| Total net interest income and noninterest income | $ | 44,273 | $ | 44,821 | $ | 22,176 | $ | 89,094 | $ | 44,083 | ||||||||||
| Efficiency ratio (non-GAAP) | 56.1 | % | 55.6 | % | 85.7 | % | 55.8 | % | 77.1 | % | ||||||||||
| Adjusted efficiency ratio (non-GAAP) | 56.1 | % | 55.6 | % | 83.5 | % | 55.8 | % | 74.7 | % | ||||||||||
| Pre-tax pre-provision income | ||||||||||||||||||||
| Net interest income | $ | 41,417 | $ | 42,255 | $ | 21,007 | $ | 83,672 | $ | 41,501 | ||||||||||
| Noninterest income | 2,856 | 2,566 | 1,169 | 5,422 | 2,582 | |||||||||||||||
| Total net interest income and noninterest income | 44,273 | 44,821 | 22,176 | 89,094 | 44,083 | |||||||||||||||
| Less: Noninterest expense | 24,833 | 24,920 | 19,005 | 49,753 | 33,986 | |||||||||||||||
| Pre-tax pre-provision income (non-GAAP) | 19,440 | 19,901 | 3,171 | 39,341 | 10,097 | |||||||||||||||
| Add: Merger and related expenses | — | — | 491 | — | 1,040 | |||||||||||||||
| Adjusted pre-tax pre-provision income (non-GAAP) | $ | 19,440 | $ | 19,901 | $ | 3,662 | $ | 39,341 | $ | 11,137 | ||||||||||
| (1) After-tax merger and related expenses are presented using a | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| Return on Average Assets, Equity, and Tangible Equity | ||||||||||||||||||||
| Net income | $ | 14,099 | $ | 16,853 | $ | 190 | $ | 30,952 | $ | 5,125 | ||||||||||
| Adjusted net income (non-GAAP) | $ | 14,099 | $ | 16,853 | $ | 602 | $ | 30,952 | $ | 6,084 | ||||||||||
| Average assets | $ | 3,905,279 | $ | 3,999,509 | $ | 2,294,678 | $ | 3,952,134 | $ | 2,302,252 | ||||||||||
| Average shareholders' equity | 538,378 | 518,543 | 294,121 | 528,516 | 291,942 | |||||||||||||||
| Less: Average intangible assets | 132,600 | 133,567 | 38,900 | 133,081 | 38,932 | |||||||||||||||
| Average tangible common equity (non-GAAP) | $ | 405,778 | $ | 384,976 | $ | 255,221 | $ | 395,435 | $ | 253,010 | ||||||||||
| Return on average assets | 1.45 | % | 1.71 | % | 0.03 | % | 1.58 | % | 0.45 | % | ||||||||||
| Adjusted return on average assets (non-GAAP) | 1.45 | % | 1.71 | % | 0.11 | % | 1.58 | % | 0.53 | % | ||||||||||
| Return on average equity | 10.50 | % | 13.18 | % | 0.26 | % | 11.81 | % | 3.53 | % | ||||||||||
| Adjusted return on average equity (non-GAAP) | 10.50 | % | 13.18 | % | 0.82 | % | 11.81 | % | 4.19 | % | ||||||||||
| Return on average tangible common equity (non-GAAP) | 13.94 | % | 17.75 | % | 0.30 | % | 15.78 | % | 4.07 | % | ||||||||||
| Adjusted return on average tangible common equity (non-GAAP) | 13.94 | % | 17.75 | % | 0.95 | % | 15.78 | % | 4.84 | % | ||||||||||
| June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||
| ($ in thousands except share and per share data) | ||||||||||||
| Tangible Common Equity Ratio/Tangible Book Value Per Share | ||||||||||||
| Shareholders' equity | $ | 547,593 | $ | 531,384 | $ | 511,836 | ||||||
| Less: Intangible assets | 131,309 | 133,103 | 134,058 | |||||||||
| Tangible common equity (non-GAAP) | $ | 416,284 | $ | 398,281 | $ | 377,778 | ||||||
| Total assets | $ | 3,953,717 | $ | 3,983,090 | $ | 4,031,654 | ||||||
| Less: Intangible assets | 131,309 | 133,103 | 134,058 | |||||||||
| Tangible assets (non-GAAP) | $ | 3,822,408 | $ | 3,849,987 | $ | 3,897,596 | ||||||
| Equity to asset ratio | 13.85 | % | 13.34 | % | 12.70 | % | ||||||
| Tangible common equity to tangible asset ratio (non-GAAP) | 10.89 | % | 10.34 | % | 9.69 | % | ||||||
| Book value per share | $ | 16.87 | $ | 16.40 | $ | 15.86 | ||||||
| Tangible book value per share (non-GAAP) | $ | 12.82 | $ | 12.29 | $ | 11.71 | ||||||
| Shares outstanding | 32,463,311 | 32,402,140 | 32,265,935 | |||||||||
INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065
1 Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.
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