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California Bancorp - CALB STOCK NEWS

Welcome to our dedicated news page for California Bancorp (Ticker: CALB), a resource for investors and traders seeking the latest updates and insights on California Bancorp.

Our selection of high-quality news articles is accompanied by an expert summary from Rhea-AI, detailing the impact and sentiment surrounding the news at the time of release, providing a deeper understanding of how each news could potentially affect California Bancorp's stock performance. The page also features a concise end-of-day stock performance summary, highlighting the actual market reaction to each news event. The list of tags makes it easy to classify and navigate through different types of news, whether you're interested in earnings reports, stock offerings, stock splits, clinical trials, fda approvals, dividends or buybacks.

Designed with both novice traders and seasoned investors in mind, our page aims to simplify the complex world of stock market news. By combining real-time updates, Rhea-AI's analytical insights, and historical stock performance data, we provide a holistic view of California Bancorp's position in the market.

Rhea-AI Summary

California BanCorp reported net income of $3.8 million for the first quarter of 2024, a 29% decrease from the previous quarter and a 30% decrease from the same quarter last year. Excluding merger related expenses, net income was $4.8 million. Diluted earnings per share were $0.45, down from $0.63 in the previous quarter. The Company's net interest income decreased by 5% to $17.7 million, and total revenue decreased by 2% to $19.4 million. Non-interest income increased by 27% to $1.7 million. Total assets decreased to $1.92 billion, total gross loans decreased to $1.52 billion, and total deposits increased to $1.64 billion. The Company's efficiency ratio was 70.57%. Capital ratios remain healthy with a tier I leverage ratio of 10.17%. Tangible book value per share increased by 2% to $22.91.

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Rhea-AI Summary
California BanCorp (CALB) reported net income of $5.3 million for Q4 2023, a slight decrease from Q3 2023 and a significant decrease from Q4 2022. For the twelve months ended December 31, 2023, net income was $21.6 million, a 2% increase from the same period in 2022. Diluted earnings per share were $0.63 for Q4 2023, compared to $0.64 for Q3 2023 and $0.91 for Q4 2022. The company's balance sheet remained relatively flat with the prior quarter, but it experienced a decrease in total deposits and gross loans. Despite this, the company's capital ratios remain healthy, and it is well positioned to continue delivering strong financial performance in 2024.
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Southern California Bancorp and California BanCorp have announced a definitive merger agreement, combining in an all-stock merger valued at $233.6 million. The merger will create a premier California financial institution with approximately $4.6 billion in assets. It will unite two high-performing franchises with footprints in California's two best markets for mid-market business banking. The transaction is expected to close in the third quarter of 2024.
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California BanCorp announces financial results for Q3 2023, with net income of $5.4 million and diluted earnings per share of $0.64. The company's balance sheet remained relatively flat, but they added new full banking relationships and maintained stable asset quality. They expect to continue generating strong profitability and adding new banking relationships.
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California Bancorp

Nasdaq:CALB

CALB Rankings

CALB Stock Data

183.16M
6.28M
9.13%
57.95%
0.89%
Commercial Banking
Finance and Insurance
Link
US
Oakland

About CALB

california bank of commerce was designed and built to provide a unique banking experience for its clients. the bank offers a broad range of commercial banking services to closely held businesses and professionals throughout the san francisco bay area. member fdic equal opportunity employer