California Bancorp Inc Stock Price, News & Analysis

California BanCorp (Nasdaq: CALB) has appointed Millicent C. Tracey to its Board of Directors. With over 20 years of experience in financial services, Tracey brings a wealth of knowledge in business-to-business payments and digital payment strategies. She is the founder of Purse, a consulting firm specializing in financial technology. Stephen Cortese, the Chairman, expressed confidence in her expertise to bolster the Company's strategic initiatives.

Tracey stated her enthusiasm for joining and contributing to the Bank's growth, leveraging her experience in financial technology.

California BanCorp (NASDAQ: CALB) reported a record net income of $4.2 million for Q2 2021, a 48% increase from Q1 2021 and a 169% increase year-over-year. For the first half of 2021, net income reached $7.0 million, up 245% year-over-year. Diluted earnings per share were $0.50 for Q2, compared to $0.34 in Q1 and $0.19 in Q2 2020. Total revenue for Q2 increased 2% to $14.5 million, while total deposits rose by $50.1 million. The bank also reported an annualized loan growth of 15%, excluding PPP loans, and a steady net interest margin of 2.98%.

California BanCorp (NASDAQ: CALB) reported strong financial results for Q1 2021, achieving net income of $2.8 million, up 57% from the previous quarter and 494% year-over-year. Earnings per share rose to $0.34. The bank's total assets increased by $41.8 million to $1.95 billion, driven by 7% growth in total loans, totaling $1.47 billion. Total deposits grew by 6% to $1.63 billion. Net interest income also rose 4% to $13.3 million, yielding a net interest margin of 2.94%.

California BanCorp (Nasdaq: CALB) announced the appointment of Julie J. Levenson to its Board of Directors. A seasoned investment banker, Levenson is a founding partner of La Honda Advisors and has held senior positions at notable firms such as Cowen and Company and Merrill Lynch. Her expertise in technology and capital markets is expected to support the bank's expansion in Northern California. Chairman Stephen Cortese expressed confidence in Levenson's experience benefiting the bank's strategic growth.

California BanCorp (NASDAQ: CALB) reported a fourth-quarter net income of $1.8 million, a 261% increase from the previous quarter and a 209% rise year-over-year. For the full year ending December 31, 2020, net income was $4.3 million, down 39% from 2019. Diluted EPS reached $0.22 for Q4, up from $0.06 QoQ and $0.07 YoY. Total loans increased by 1% to $1.37 billion, with a 28% growth rate excluding PPP loans. Total deposits surged by 7% to $1.53 billion. Despite the pandemic's challenges, the bank's asset quality remained strong, with non-performing assets at just 0.01% of total assets.

California Bank of Commerce (CBC) has strengthened its Sacramento team by hiring Lindsey Fudge as Senior Relationship Manager in commercial real estate lending. Scott Myers, Chief Lending Officer, highlighted Fudge’s expertise and problem-solving skills as valuable assets. Fudge previously served as Senior Vice President at First Bank and has extensive experience at Wells Fargo. She was recognized in 2016 as a '40 Under 40' by the Sacramento Business Journal. Fudge is also actively involved in community service, holding leadership positions with the Make-a-Wish Foundation and the Urban Land Institute.

California BanCorp (Nasdaq: CALB) reported a net income of $495,000 for Q3 2020, a 68% decline from the previous quarter and 75% from Q3 2019. Year-to-date net income fell 61% to $2.5 million. Diluted EPS decreased to $0.06 compared to $0.19 in Q2 2020 and $0.25 in Q3 2019. Revenue grew 6% to $12.2 million, while loans rose 4% to $1.36 billion. Total assets reached $1.97 billion, up 3% from Q2 2020. The company proactively managed asset quality during the COVID-19 pandemic, maintaining a low non-performing asset ratio of 0.03%. Capital ratios remained robust after closing $20 million in subordinated debt.

California Bank of Commerce has strengthened its team by hiring Ryan Mauser and Dana Swanson as Senior Vice Presidents and Relationship Managers. Mauser, with 17 years of experience in commercial banking, will work from the bank's East Bay office, while Swanson, who has over 14 years of banking experience, will serve clients in the Sacramento Region. Their expertise aims to enhance CBC's offerings to middle market commercial clients, reinforcing the bank's commitment to building lasting relationships.

California BanCorp (CALB) reported a net income of $1.55 million for Q2 2020, up 228% from Q1, but down 39% from Q2 2019. Year-to-date, net income stands at $2.02 million, a decline of 54% from last year. EPS for Q2 is $0.19, compared to $0.06 in Q1 and $0.31 in Q2 2019. Despite the pandemic, the bank funded $361.6 million in Paycheck Protection Program loans, contributing to total assets of $1.91 billion, a 58% increase. Capital ratios remain strong, indicating resilience amidst economic challenges.