California BanCorp (NASDAQ: CALB) (the “Company”), whose subsidiary
is California Bank of Commerce, announced today its financial
results for the fourth quarter and twelve months ended December 31,
2023.
The Company reported net income of $5.3 million
for the fourth quarter of 2023, compared to $5.4 million for the
third quarter of 2023 and $7.7 million for the fourth quarter of
2022. For the twelve months ended December 31, 2023, net income was
$21.6 million, representing an increase of $525,000, or 2%,
compared to $21.1 million for the same period in 2022.
Diluted earnings per share were $0.63 for the
fourth quarter of 2023, compared to $0.64 for the third quarter of
2023 and $0.91 for the fourth quarter of 2022. For the twelve
months ended December 31, 2023, diluted earnings per share were
$2.56, compared to $2.51 for the same period in 2022.
“Despite a challenging year for the banking
industry, we generated a record level of earnings in 2023, which
reflects the strength of the franchise we have built and our
ability to perform well in a variety of economic conditions,” said
Steven Shelton, Chief Executive Officer of California BanCorp.
“While maintaining our conservative approach to new loan production
and prudent balance sheet management, we continued to deliver
strong financial performance in the fourth quarter with our return
on assets remaining above 1%. As expected, our balance sheet
remained relatively flat with the prior quarter, although we
continue to have success in adding new full banking relationships
that provide operating deposit accounts that have helped to offset
seasonal outflows from existing clients and high-quality commercial
lending opportunities that have offset the level of payoffs that we
are seeing in the portfolio.”
“Given the strength of our balance sheet, with a
high level of capital, liquidity, and reserves, along with a
conservatively underwritten loan portfolio, we believe we are well
positioned to continue delivering strong financial performance in
2024 even if the macroeconomic environment remains challenging. As
the banking industry has stabilized, we are seeing more businesses
looking to move their deposit relationships from the larger banks
to a smaller commercial bank that provides a higher level of
responsiveness and service. This is creating opportunities for us
to add attractive new client relationships given the strong balance
sheet, robust treasury management solutions, and superior level of
service that we can provide. We have a strong deposit pipeline that
we believe should result in continued growth in our client roster
during 2024, further improvement in our level of profitability in
the years ahead, and an increase in the value of our franchise,”
said Mr. Shelton.
Financial Highlights:
Profitability - three months ended December 31,
2023 compared to September 30, 2023
- Net income of $5.3 million and $0.63 per diluted share,
compared to $5.4 million and $0.64 per diluted share,
respectively.
- Revenue was $19.9 million for both the fourth and third
quarters of 2023.
- Net interest income was $18.6 million for both the fourth and
third quarters of 2023.
- Provision for credit losses of $181,000 decreased $133,000, or
42%, from $314,000 for the third quarter of 2023.
- Non-interest income was $1.3 million for both the fourth and
third quarters of 2023.
- Non-interest expense, excluding capitalized loan origination
costs, of $13.0 million increased $523,000, or 4%, compared to
$12.5 million for the third quarter of 2023.
Profitability - twelve months ended December 31,
2023 compared to December 31, 2022
- Net income of $21.6 million and $2.56 per diluted share,
compared to $21.1 million and $2.51 per diluted share,
respectively.
- Revenue of $79.4 million increased $1.1 million, or 1%,
compared to $78.3 million in the prior year.
- Net interest income of $74.6 million increased $3.6 million, or
5%, compared to $71.0 million for the same period in the prior
year.
- Provision for credit losses of $1.3 million decreased $2.5
million, or 66%, from $3.8 million for the twelve months ended
December 31, 2022.
- Non-interest income of $4.9 million decreased $2.5 million, or
34%, from $7.4 million for the same period in the prior year.
- Non-interest expense, excluding capitalized loan origination
costs, of $50.4 million decreased $1.6 million, or 3%, compared to
$48.8 million for the twelve months ended December 31, 2022.
Financial Position – December 31, 2023 compared
to September 30, 2023
- Total assets increased by $2.0 million, or 0%, to $1.99
billion.
- Total gross loans decreased by $13.6 million, or 1%, to $1.56
billion; average total gross loans increased by $20.3 million to
$1.57 billion.
- Total deposits decreased by $81.8 million, or 5%, to $1.63
billion; average total deposits decreased by $18.8 million to $1.70
billion.
- Other borrowings were $75.0 million at December 31, 2023
compared to no balances outstanding at September 30, 2023.
- Capital ratios remain healthy with a tier I leverage ratio of
9.61%, tier I capital ratio of 9.53% and total risk-based capital
ratio of 13.16%.
- Book value per share of $23.38 increased by $0.74, or 3%.
- Tangible book value per share of $22.50 increased by $0.74, or
3%.
Net Interest Income and
Margin:
Net interest income for the quarters ended
December 31, 2023 and September 30, 2023 was $18.6 million,
compared to $21.9 million for the three months ended December 31,
2022. Net interest income for the twelve months ended December 31,
2023 was $74.6 million, an increase of $3.6 million, or 5% over
$71.0 million for the twelve months ended December 31, 2022. The
decrease in net interest income for the quarters ended December 31,
2023 and September 30, 2023 compared to the fourth quarter of 2022
was primarily due to an increase in the cost of interest-bearing
deposits. The increase in net interest income for the year ended
December 31, 2023 compared to the year ended December 31, 2022 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 fourth
quarter of 2023 was 3.88%, compared to 3.86% for the third quarter
of 2023 and 4.32% for the same period in 2022. The decrease in
margin from the same period last year was primarily the result of
an increase in the cost of deposits, partially offset by a more
favorable mix of earning assets with higher yields.
The Company’s net interest margin for the twelve
months ended December 31, 2023 was 3.92% compared to 3.79% 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 December 31, 2023, September 30, 2023, and December
31, 2022 was $1.3 million, $1.3 million and $2.0 million,
respectively. For the twelve months ended December 31, 2023,
non-interest income of $4.9 million compared to $7.4 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 combined with a $1.4 million 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 $19.9 million, $19.9 million, and $23.8
million for the quarters ended December 31, 2023, September 30,
2023, and December 31, 2022, respectively. Total revenue for the
twelve months ended December 31, 2023 and 2022 was $79.4 million
and $78.3 million, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended December 31, 2023, September 30, 2023, and December
31, 2022 was $12.2 million, $11.9 million, and $11.7 million,
respectively. The increase in non-interest expense from the third
quarter of 2023 and fourth quarter of 2022 was primarily due to an
increase in salaries and benefits combined with an increase in
premises and equipment, partially offset by a decrease in data
processing expense. Excluding capitalized loan origination costs,
non-interest expense for the fourth quarter of 2023, the third
quarter of 2023 and the fourth quarter of 2022 was $13.0 million,
$12.5 million, and $12.7 million, respectively.
Non-interest expense of $47.5 million for the
twelve months ended December 31, 2023 increased by $2.8 million, or
6%, compared to $44.7 million for the same period of 2022.
Excluding capitalized loan origination costs, non-interest expense
was $50.4 million for the twelve months ended December 31, 2023 and
$48.8 million for the same period in 2022 which reflects investment
in infrastructure to support the growth of the Company.
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 61.36%, 59.64%, and 49.17%
for the quarters ended December 31, 2023, September 30, 2023, and
December 31, 2022, respectively. For the twelve months ended
December 31, 2023 and 2022, the Company’s efficiency ratio was
59.82% and 57.01%, respectively.
Balance Sheet:
Total assets of $1.99 billion as of December 31,
2023, represented an increase of $2.0 million, or 0%, compared to
$1.98 billion at September 30, 2023 and a decrease of $56.3
million, or 3%, compared to $2.04 billion at December 31, 2022.
Compared to the same period in the prior year, total assets
decreased primarily due to conservative new loan production during
2023 and decreased liquidity as a result of a reduction in total
deposits, partially offset by an increase in short-term
borrowings.
Total gross loans decreased by $13.6 million, or
1%, to $1.56 billion at December 31, 2023, from $1.57 billion at
September 30, 2023 and decreased by $33.9 million, or 2%, compared
to $1.59 billion at December 31, 2022. During the fourth quarter of
2023, the reduction in gross loans was primarily the result of
commercial loans decreasing by $16.6 million, or 1%, partially
offset by an increase in construction and land loans of $4.2
million, or 10%. Compared to the same period in the prior year, the
reduction in gross loans was primarily the result of construction
and land loans decreasing by $19.5 million, or 31%, due to the
completion of a large construction project.
Total deposits decreased by $81.8 million, or
5%, to $1.63 billion at December 31, 2023 from $1.71 billion at
September 30, 2023, and decreased by $166.5 million, or 9%, from
$1.79 billion at December 31, 2022. The decrease in total deposits
from the end of the third quarter of 2023 was primarily due to a
decrease in demand deposits of $31.2 million, or 4%, a decrease in
money market and savings accounts of $41.1 million, of 6%, and a
decrease in time deposits of $9.5 million, or 3%.
Noninterest-bearing deposits, primarily commercial business
operating accounts, represented 40.4% of total deposits at December
31, 2023, compared to 40.2% at September 30, 2023 and 45.3% at
December 31, 2022.
At December 31, 2023, the Company had $75.0
million in outstanding borrowings, excluding junior subordinated
debt securities, compared to no outstanding borrowings at September
30, 2023 and December 31, 2022.
Asset Quality:
The provision for credit losses on loans
decreased to $87,000 for the fourth quarter of 2023 compared
to $121,000 for the third quarter of 2023, and $1.1
million for the fourth quarter of 2022. The Company had loan
recoveries of $20,000 during the fourth quarter of 2023, loan
charge-offs of $156,000 and recoveries of $234,000 during the third
quarter of 2023, and loan charge-offs of $650,000 and no recoveries
during the fourth quarter of 2022.
Non-performing assets (“NPAs”) to total assets
were 0.19% at December 31, 2023, 0.06% at September 30, 2023 and
0.06% at December 31, 2022, with non-performing loans of $3.8
million, $1.2 million and $1.3 million, respectively, on those
dates. The increase in non-performing loans during the fourth
quarter of 2023 was due to one loan relationship within our
commercial portfolio. The borrower is currently in the process of
liquidating its assets and the Company does not anticipate a loss
associated with this loan as of December 31, 2023.
The allowance for credit losses on loans
increased by $107,000 to $16.0 million, or 1.03% of total loans, at
December 31, 2023, compared to $15.9 million, or 1.01% of total
loans, at September 30, 2023 and $17.0 million, or 1.07% of total
loans, at December 31, 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 $120,000 to $2.2 million, or 0.32% of
total unfunded loan commitments, at December 31, 2023, compared to
$2.1 million, or 0.32% of total unfunded loan commitments, at
September 30, 2023 and $430,000, or 0.07% of total unfunded loan
commitments at December 31, 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 December 31, 2023, shareholders’ equity
totaled $196.5 million compared to $190.1 million at September 30,
2023 and $172.3 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 13.16%, 9.53%, and 9.61%, respectively, were all
above the regulatory standards for “well-capitalized” institutions
of 10.00%, 8.00% and 5.00% respectively.
“With our strong financial performance and
prudent balance sheet management, we continued to increase our
capital ratios and tangible book value per share, and during 2023,
our tangible book value per share increased 14%,” said Thomas A.
Sa, President, Chief Financial Officer and Chief Operating Officer
of California BanCorp. “With our high level of capital, we are well
positioned to continue growing our franchise and creating long-term
value for 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
website at www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510) 457-3751 Chief Executive
Officer seshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775 President, Chief
Financial Officer and Chief Operating Officer tsa@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 can be found in this press
release, and a reconciliation to the comparable GAAP financial
measure is provided on the final page of 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 Statements:
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 future performance or financial results 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; the
impacts of the failure of other depository institutions on investor
and depositor sentiments and preferences; the Company’s ability to
manage its liquidity; 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 Annual
Report on Form 10-K for the year ended December 31, 2023, which we
expect to file with the SEC during the first quarter of 2024, and
readers of this release are urged to review the additional
information that will be contained in that report.
Due to these and other possible uncertainties
and risks, readers are cautioned not to place undue reliance on the
forward-looking statements contained in this news release, which
speak only as of today's date, or to make predictions based solely
on historical financial performance. The Company disclaims any
obligation to update forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise, except as may be required by law.
FINANCIAL TABLES FOLLOW
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
QUARTERLY HIGHLIGHTS: |
Q4 2023 |
|
Q3 2023 |
|
$ |
|
% |
|
|
Q4 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
28,405 |
|
|
$ |
28,094 |
|
|
$ |
311 |
|
|
1 |
% |
|
|
$ |
27,480 |
|
|
$ |
925 |
|
|
3 |
% |
Interest
expense |
|
9,831 |
|
|
|
9,516 |
|
|
|
315 |
|
|
3 |
% |
|
|
|
5,620 |
|
|
|
4,211 |
|
|
75 |
% |
Net interest income |
|
18,574 |
|
|
|
18,578 |
|
|
|
(4 |
) |
|
-0 |
% |
|
|
|
21,860 |
|
|
|
(3,286 |
) |
|
-15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
181 |
|
|
|
314 |
|
|
|
(133 |
) |
|
-42 |
% |
|
|
|
1,100 |
|
|
|
(919 |
) |
|
-84 |
% |
Net interest income after provision for credit losses |
|
18,393 |
|
|
|
18,264 |
|
|
|
129 |
|
|
1 |
% |
|
|
|
20,760 |
|
|
|
(2,367 |
) |
|
-11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
1,339 |
|
|
|
1,294 |
|
|
|
45 |
|
|
3 |
% |
|
|
|
1,962 |
|
|
|
(623 |
) |
|
-32 |
% |
Non-interest
expense |
|
12,218 |
|
|
|
11,851 |
|
|
|
367 |
|
|
3 |
% |
|
|
|
11,713 |
|
|
|
505 |
|
|
4 |
% |
Income before income taxes |
|
7,514 |
|
|
|
7,707 |
|
|
|
(193 |
) |
|
-3 |
% |
|
|
|
11,009 |
|
|
|
(3,495 |
) |
|
-32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
2,173 |
|
|
|
2,306 |
|
|
|
(133 |
) |
|
-6 |
% |
|
|
|
3,340 |
|
|
|
(1,167 |
) |
|
-35 |
% |
Net income |
$ |
5,341 |
|
|
$ |
5,401 |
|
|
$ |
(60 |
) |
|
-1 |
% |
|
|
$ |
7,669 |
|
|
$ |
(2,328 |
) |
|
-30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.63 |
|
|
$ |
0.64 |
|
|
$ |
(0.01 |
) |
|
-2 |
% |
|
|
$ |
0.91 |
|
|
$ |
(0.28 |
) |
|
-31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
3.88 |
% |
|
|
3.86 |
% |
|
+2 Basis Points |
|
|
|
4.32 |
% |
|
-44 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
61.36 |
% |
|
|
59.64 |
% |
|
+172 Basis
Points |
|
|
|
49.17 |
% |
|
+1219 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS: |
2023 |
|
2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
$ |
109,210 |
|
|
$ |
82,278 |
|
|
$ |
26,932 |
|
|
33 |
% |
|
|
|
|
|
|
|
Interest
expense |
|
34,655 |
|
|
|
11,306 |
|
|
|
23,349 |
|
|
207 |
% |
|
|
|
|
|
|
|
Net interest income |
|
74,555 |
|
|
|
70,972 |
|
|
|
3,583 |
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses |
|
1,297 |
|
|
|
3,775 |
|
|
|
(2,478 |
) |
|
-66 |
% |
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
73,258 |
|
|
|
67,197 |
|
|
|
6,061 |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
4,875 |
|
|
|
7,374 |
|
|
|
(2,499 |
) |
|
-34 |
% |
|
|
|
|
|
|
|
Non-interest
expense |
|
47,515 |
|
|
|
44,665 |
|
|
|
2,850 |
|
|
6 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
30,618 |
|
|
|
29,906 |
|
|
|
712 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
8,985 |
|
|
|
8,798 |
|
|
|
187 |
|
|
2 |
% |
|
|
|
|
|
|
|
Net income |
$ |
21,633 |
|
|
$ |
21,108 |
|
|
$ |
525 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
2.56 |
|
|
$ |
2.51 |
|
|
$ |
0.05 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
3.92 |
% |
|
|
3.79 |
% |
|
+13 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
59.82 |
% |
|
|
57.01 |
% |
|
+281 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
PERIOD-END HIGHLIGHTS: |
Q4 2023 |
|
Q3 2023 |
|
$ |
|
% |
|
|
Q4 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
1,988 |
|
|
0 |
% |
|
|
$ |
2,042,215 |
|
|
$ |
(56,310 |
) |
|
-3 |
% |
Gross loans |
|
1,559,533 |
|
|
|
1,573,115 |
|
|
|
(13,582 |
) |
|
-1 |
% |
|
|
|
1,593,421 |
|
|
|
(33,888 |
) |
|
-2 |
% |
Deposits |
|
1,625,244 |
|
|
|
1,707,081 |
|
|
|
(81,837 |
) |
|
-5 |
% |
|
|
|
1,791,740 |
|
|
|
(166,496 |
) |
|
-9 |
% |
Tangible
equity |
|
189,029 |
|
|
|
182,673 |
|
|
|
6,356 |
|
|
3 |
% |
|
|
|
164,782 |
|
|
|
24,247 |
|
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share |
$ |
22.50 |
|
|
$ |
21.76 |
|
|
$ |
0.74 |
|
|
3 |
% |
|
|
$ |
19.78 |
|
|
$ |
2.72 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
9.55 |
% |
|
|
9.24 |
% |
|
+31 Basis
Points |
|
|
|
8.10 |
% |
|
+145 Basis
Points |
Gross loans
/ total deposits |
|
95.96 |
% |
|
|
92.15 |
% |
|
+381 Basis
Points |
|
|
|
88.93 |
% |
|
+703 Basis
Points |
Noninterest-bearing deposits / total deposits |
|
40.44 |
% |
|
|
40.23 |
% |
|
+21 Basis
Points |
|
|
|
45.30 |
% |
|
-486 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
Q4 2023 |
|
Q3 2023 |
|
$ |
|
% |
|
|
Q4 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,984,337 |
|
|
$ |
1,993,147 |
|
|
$ |
(8,810 |
) |
|
-0 |
% |
|
|
$ |
2,088,206 |
|
|
$ |
(103,869 |
) |
|
-5 |
% |
Total
earning assets |
|
1,896,954 |
|
|
|
1,910,755 |
|
|
|
(13,801 |
) |
|
-1 |
% |
|
|
|
2,007,243 |
|
|
|
(110,289 |
) |
|
-5 |
% |
Gross
loans |
|
1,571,994 |
|
|
|
1,551,708 |
|
|
|
20,286 |
|
|
1 |
% |
|
|
|
1,621,322 |
|
|
|
(49,328 |
) |
|
-3 |
% |
Deposits |
|
1,700,625 |
|
|
|
1,719,416 |
|
|
|
(18,791 |
) |
|
-1 |
% |
|
|
|
1,785,693 |
|
|
|
(85,068 |
) |
|
-5 |
% |
Tangible
equity |
|
187,399 |
|
|
|
181,384 |
|
|
|
6,015 |
|
|
3 |
% |
|
|
|
161,919 |
|
|
|
25,480 |
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
9.48 |
% |
|
|
9.13 |
% |
|
+35 Basis
Points |
|
|
|
7.78 |
% |
|
+170 Basis
Points |
Gross loans
/ total deposits |
|
92.44 |
% |
|
|
90.25 |
% |
|
+219 Basis
Points |
|
|
|
90.80 |
% |
|
+164 Basis
Points |
Noninterest-bearing deposits / total deposits |
|
41.46 |
% |
|
|
41.59 |
% |
|
-13 Basis
Points |
|
|
|
44.47 |
% |
|
-301 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE |
|
|
|
|
Change |
|
|
|
|
|
|
|
HIGHLIGHTS: |
Q4 2023 |
|
Q4 2022 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,983,964 |
|
|
$ |
1,953,168 |
|
|
$ |
30,796 |
|
|
2 |
% |
|
|
|
|
|
|
|
Total
earning assets |
|
1,900,678 |
|
|
|
1,871,813 |
|
|
|
28,865 |
|
|
2 |
% |
|
|
|
|
|
|
|
Gross
loans |
|
1,570,810 |
|
|
|
1,495,981 |
|
|
|
74,829 |
|
|
5 |
% |
|
|
|
|
|
|
|
Deposits |
|
1,701,046 |
|
|
|
1,649,512 |
|
|
|
51,534 |
|
|
3 |
% |
|
|
|
|
|
|
|
Tangible
equity |
|
178,562 |
|
|
|
153,443 |
|
|
|
25,119 |
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / tangible assets |
|
9.03 |
% |
|
|
7.89 |
% |
|
+114 Basis
Points |
|
|
|
|
|
|
|
Gross loans
/ total deposits |
|
92.34 |
% |
|
|
90.69 |
% |
|
+165 Basis
Points |
|
|
|
|
|
|
|
Noninterest-bearing deposits / total deposits |
|
42.14 |
% |
|
|
45.61 |
% |
|
-347 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES (LOANS): |
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
CECL
adjustment |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,840 |
) |
|
|
- |
|
Provision
for credit losses, quarterly |
|
87 |
|
|
|
121 |
|
|
|
340 |
|
|
|
464 |
|
|
|
1,100 |
|
Charge-offs,
quarterly |
|
- |
|
|
|
(156 |
) |
|
|
- |
|
|
|
(247 |
) |
|
|
(650 |
) |
Recoveries,
quarterly |
|
20 |
|
|
|
234 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Balance, end
of period |
$ |
16,028 |
|
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
Loans with
principal or interest contractually past due 90 days or more
and still accruing interest |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
Other real
estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
3,728 |
|
|
$ |
1,183 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,028 |
|
Real estate other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Real estate construction and land |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
53 |
|
|
|
53 |
|
|
|
181 |
|
|
|
222 |
|
|
|
222 |
|
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
$ |
3,781 |
|
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Allowance
for credit losses (loans) / gross loans |
|
1.03 |
% |
|
|
1.01 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
1.07 |
% |
Allowance
for credit losses (loans) / nonperforming loans |
|
423.91 |
% |
|
|
1288.11 |
% |
|
|
8686.19 |
% |
|
|
6928.83 |
% |
|
|
1360.40 |
% |
Nonperforming assets / total assets |
|
0.19 |
% |
|
|
0.06 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
Nonperforming loans / gross loans |
|
0.24 |
% |
|
|
0.08 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
Net
quarterly charge-offs / gross loans |
|
-0.00 |
% |
|
|
-0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
12/31/23 |
|
09/30/23 |
|
12/31/22 |
|
12/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Loans |
$ |
24,523 |
|
|
$ |
23,804 |
|
|
$ |
23,972 |
|
|
$ |
94,275 |
|
|
$ |
74,240 |
|
Federal
funds sold |
|
2,386 |
|
|
|
2,814 |
|
|
|
2,236 |
|
|
|
9,198 |
|
|
|
3,519 |
|
Investment
securities |
|
1,496 |
|
|
|
1,476 |
|
|
|
1,272 |
|
|
|
5,737 |
|
|
|
4,519 |
|
Total interest income |
|
28,405 |
|
|
|
28,094 |
|
|
|
27,480 |
|
|
|
109,210 |
|
|
|
82,278 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
|
9,234 |
|
|
|
8,961 |
|
|
|
4,536 |
|
|
|
31,710 |
|
|
|
7,810 |
|
Other |
|
597 |
|
|
|
555 |
|
|
|
1,084 |
|
|
|
2,945 |
|
|
|
3,496 |
|
Total interest expense |
|
9,831 |
|
|
|
9,516 |
|
|
|
5,620 |
|
|
|
34,655 |
|
|
|
11,306 |
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
18,574 |
|
|
|
18,578 |
|
|
|
21,860 |
|
|
|
74,555 |
|
|
|
70,972 |
|
Provision
for credit losses |
|
181 |
|
|
|
314 |
|
|
|
1,100 |
|
|
|
1,297 |
|
|
|
3,775 |
|
Net interest
income after provision for credit losses |
|
18,393 |
|
|
|
18,264 |
|
|
|
20,760 |
|
|
|
73,258 |
|
|
|
67,197 |
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
1,055 |
|
|
|
1,003 |
|
|
|
1,653 |
|
|
|
3,788 |
|
|
|
4,913 |
|
Gain on sale
of loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,393 |
|
Other
non-interest income |
|
284 |
|
|
|
291 |
|
|
|
309 |
|
|
|
1,087 |
|
|
|
1,068 |
|
Total non-interest income |
|
1,339 |
|
|
|
1,294 |
|
|
|
1,962 |
|
|
|
4,875 |
|
|
|
7,374 |
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
8,449 |
|
|
|
8,238 |
|
|
|
7,443 |
|
|
|
32,394 |
|
|
|
29,097 |
|
Premises and
equipment |
|
1,554 |
|
|
|
1,155 |
|
|
|
1,249 |
|
|
|
5,057 |
|
|
|
5,093 |
|
Other |
|
2,215 |
|
|
|
2,458 |
|
|
|
3,021 |
|
|
|
10,064 |
|
|
|
10,475 |
|
Total non-interest expense |
|
12,218 |
|
|
|
11,851 |
|
|
|
11,713 |
|
|
|
47,515 |
|
|
|
44,665 |
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
7,514 |
|
|
|
7,707 |
|
|
|
11,009 |
|
|
|
30,618 |
|
|
|
29,906 |
|
Income
taxes |
|
2,173 |
|
|
|
2,306 |
|
|
|
3,340 |
|
|
|
8,985 |
|
|
|
8,798 |
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
$ |
5,341 |
|
|
$ |
5,401 |
|
|
$ |
7,669 |
|
|
$ |
21,633 |
|
|
$ |
21,108 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.64 |
|
|
$ |
0.64 |
|
|
$ |
0.92 |
|
|
$ |
2.58 |
|
|
$ |
2.54 |
|
Diluted
earnings per share |
$ |
0.63 |
|
|
$ |
0.64 |
|
|
$ |
0.91 |
|
|
$ |
2.56 |
|
|
$ |
2.51 |
|
Average
common shares outstanding |
|
8,398,497 |
|
|
|
8,390,138 |
|
|
|
8,330,145 |
|
|
|
8,374,614 |
|
|
|
8,306,282 |
|
Average
common and equivalent shares outstanding |
|
8,525,420 |
|
|
|
8,455,917 |
|
|
|
8,463,738 |
|
|
|
8,453,423 |
|
|
|
8,404,317 |
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
1.07 |
% |
|
|
1.08 |
% |
|
|
1.46 |
% |
|
|
1.09 |
% |
|
|
1.08 |
% |
Return on
average equity |
|
10.88 |
% |
|
|
11.35 |
% |
|
|
17.96 |
% |
|
|
11.63 |
% |
|
|
13.12 |
% |
Return on
average tangible equity |
|
11.31 |
% |
|
|
11.81 |
% |
|
|
18.79 |
% |
|
|
12.12 |
% |
|
|
13.76 |
% |
Efficiency
ratio |
|
61.36 |
% |
|
|
59.64 |
% |
|
|
49.17 |
% |
|
|
59.82 |
% |
|
|
57.01 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
27,520 |
|
|
$ |
17,128 |
|
|
$ |
19,763 |
|
|
$ |
15,121 |
|
|
$ |
16,686 |
|
Federal
funds sold |
|
184,834 |
|
|
|
181,854 |
|
|
|
187,904 |
|
|
|
198,804 |
|
|
|
215,696 |
|
Investment
securities |
|
145,401 |
|
|
|
149,244 |
|
|
|
151,129 |
|
|
|
153,769 |
|
|
|
155,878 |
|
Loans: |
|
|
|
|
|
|
|
|
|
Commercial |
|
626,615 |
|
|
|
633,902 |
|
|
|
622,270 |
|
|
|
656,519 |
|
|
|
634,535 |
|
Real estate other |
|
849,306 |
|
|
|
858,611 |
|
|
|
856,344 |
|
|
|
853,431 |
|
|
|
848,241 |
|
Real estate construction and land |
|
44,186 |
|
|
|
40,003 |
|
|
|
60,595 |
|
|
|
63,928 |
|
|
|
63,730 |
|
SBA |
|
4,032 |
|
|
|
4,415 |
|
|
|
4,936 |
|
|
|
5,610 |
|
|
|
7,220 |
|
Other |
|
35,394 |
|
|
|
36,184 |
|
|
|
39,486 |
|
|
|
37,775 |
|
|
|
39,695 |
|
Loans, gross |
|
1,559,533 |
|
|
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
1,617,263 |
|
|
|
1,593,421 |
|
Unamortized net deferred loan costs (fees) |
|
1,107 |
|
|
|
1,312 |
|
|
|
1,637 |
|
|
|
1,765 |
|
|
|
2,040 |
|
Allowance for credit losses |
|
(16,028 |
) |
|
|
(15,921 |
) |
|
|
(15,722 |
) |
|
|
(15,382 |
) |
|
|
(17,005 |
) |
Loans, net |
|
1,544,612 |
|
|
|
1,558,506 |
|
|
|
1,569,546 |
|
|
|
1,603,646 |
|
|
|
1,578,456 |
|
Premises and
equipment, net |
|
2,207 |
|
|
|
2,432 |
|
|
|
2,625 |
|
|
|
2,848 |
|
|
|
3,072 |
|
Bank owned
life insurance |
|
25,878 |
|
|
|
25,697 |
|
|
|
25,519 |
|
|
|
25,334 |
|
|
|
25,127 |
|
Goodwill and
core deposit intangible |
|
7,432 |
|
|
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
|
|
7,472 |
|
Accrued
interest receivable and other assets |
|
48,021 |
|
|
|
41,614 |
|
|
|
41,708 |
|
|
|
43,790 |
|
|
|
39,828 |
|
Total assets |
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
$ |
657,302 |
|
|
$ |
686,723 |
|
|
$ |
742,160 |
|
|
$ |
740,650 |
|
|
$ |
811,671 |
|
Demand interest-bearing |
|
26,715 |
|
|
|
28,533 |
|
|
|
29,324 |
|
|
|
30,798 |
|
|
|
37,815 |
|
Money market and savings |
|
631,015 |
|
|
|
672,119 |
|
|
|
633,620 |
|
|
|
616,864 |
|
|
|
671,016 |
|
Time |
|
310,212 |
|
|
|
319,706 |
|
|
|
333,192 |
|
|
|
329,298 |
|
|
|
271,238 |
|
Total deposits |
|
1,625,244 |
|
|
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
54,291 |
|
|
|
54,256 |
|
|
|
54,221 |
|
|
|
54,186 |
|
|
|
54,152 |
|
Other
borrowings |
|
75,000 |
|
|
|
- |
|
|
|
- |
|
|
|
75,000 |
|
|
|
- |
|
Accrued
interest payable and other liabilities |
|
34,909 |
|
|
|
32,465 |
|
|
|
28,894 |
|
|
|
25,417 |
|
|
|
24,069 |
|
Total liabilities |
|
1,789,444 |
|
|
|
1,793,802 |
|
|
|
1,821,411 |
|
|
|
1,872,213 |
|
|
|
1,869,961 |
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Common
stock |
|
113,227 |
|
|
|
112,656 |
|
|
|
112,167 |
|
|
|
111,609 |
|
|
|
111,257 |
|
Retained
earnings |
|
84,165 |
|
|
|
78,824 |
|
|
|
73,423 |
|
|
|
68,082 |
|
|
|
62,297 |
|
Accumulated
other comprehensive loss |
|
(931 |
) |
|
|
(1,365 |
) |
|
|
(1,355 |
) |
|
|
(1,130 |
) |
|
|
(1,300 |
) |
Total shareholders' equity |
|
196,461 |
|
|
|
190,115 |
|
|
|
184,235 |
|
|
|
178,561 |
|
|
|
172,254 |
|
Total liabilities and shareholders' equity |
$ |
1,985,905 |
|
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
|
|
|
|
|
|
|
|
|
- |
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
9.61 |
% |
|
|
9.27 |
% |
|
|
9.01 |
% |
|
|
8.76 |
% |
|
|
7.98 |
% |
Tier I
risk-based capital ratio |
|
9.53 |
% |
|
|
9.34 |
% |
|
|
9.07 |
% |
|
|
8.54 |
% |
|
|
8.23 |
% |
Total
risk-based capital ratio |
|
13.16 |
% |
|
|
13.00 |
% |
|
|
12.73 |
% |
|
|
12.08 |
% |
|
|
11.77 |
% |
Total
equity/ total assets |
|
9.89 |
% |
|
|
9.58 |
% |
|
|
9.19 |
% |
|
|
8.71 |
% |
|
|
8.43 |
% |
Book value
per share |
$ |
23.38 |
|
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
$ |
20.67 |
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
8,402,482 |
|
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
8,332,479 |
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Three months ended September 30, |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,571,994 |
|
|
6.19 |
% |
|
$ |
24,523 |
|
$ |
1,551,708 |
|
|
6.09 |
% |
|
$ |
23,804 |
Federal funds sold |
|
177,331 |
|
|
5.34 |
% |
|
|
2,386 |
|
|
208,725 |
|
|
5.35 |
% |
|
|
2,814 |
Investment securities |
|
147,629 |
|
|
4.02 |
% |
|
|
1,496 |
|
|
150,322 |
|
|
3.90 |
% |
|
|
1,476 |
Total
interest earning assets |
|
1,896,954 |
|
|
5.94 |
% |
|
|
28,405 |
|
|
1,910,755 |
|
|
5.83 |
% |
|
|
28,094 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
20,310 |
|
|
|
|
|
|
|
20,351 |
|
|
|
|
|
All other assets (2) |
|
67,073 |
|
|
|
|
|
|
|
62,041 |
|
|
|
|
|
TOTAL |
$ |
1,984,337 |
|
|
|
|
|
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
28,678 |
|
|
0.29 |
% |
|
|
21 |
|
$ |
28,766 |
|
|
0.33 |
% |
|
|
24 |
Money market and savings |
|
638,623 |
|
|
3.02 |
% |
|
|
4,857 |
|
|
642,909 |
|
|
2.95 |
% |
|
|
4,775 |
Time |
|
328,270 |
|
|
5.26 |
% |
|
|
4,356 |
|
|
332,662 |
|
|
4.96 |
% |
|
|
4,162 |
Other |
|
56,715 |
|
|
4.18 |
% |
|
|
597 |
|
|
54,235 |
|
|
4.06 |
% |
|
|
555 |
Total
interest-bearing liabilities |
|
1,052,286 |
|
|
3.71 |
% |
|
|
9,831 |
|
|
1,058,572 |
|
|
3.57 |
% |
|
|
9,516 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
705,054 |
|
|
|
|
|
|
|
715,079 |
|
|
|
|
|
Accrued expenses and other liabilities |
|
32,161 |
|
|
|
|
|
|
|
30,665 |
|
|
|
|
|
Shareholders' equity |
|
194,836 |
|
|
|
|
|
|
|
188,831 |
|
|
|
|
|
TOTAL |
$ |
1,984,337 |
|
|
|
|
|
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
3.88 |
% |
|
$ |
18,574 |
|
|
|
3.86 |
% |
|
$ |
18,578 |
|
|
|
|
|
|
|
|
|
|
|
|
(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
$53,000 and $82,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.9 million and $15.8 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 December 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance |
|
Yields or Rates |
|
Interest Income/Expense |
|
Average Balance |
|
Yields or Rates |
|
Interest Income/Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,571,994 |
|
6.19 |
% |
|
$ |
24,523 |
|
$ |
1,621,322 |
|
5.87 |
% |
|
$ |
23,972 |
Federal funds sold |
|
177,331 |
|
5.34 |
% |
|
|
2,386 |
|
|
229,209 |
|
3.87 |
% |
|
|
2,236 |
Investment securities |
|
147,629 |
|
4.02 |
% |
|
|
1,496 |
|
|
156,712 |
|
3.22 |
% |
|
|
1,272 |
Total
interest earning assets |
|
1,896,954 |
|
5.94 |
% |
|
|
28,405 |
|
|
2,007,243 |
|
5.43 |
% |
|
|
27,480 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
20,310 |
|
|
|
|
|
|
20,692 |
|
|
|
|
All other assets (2) |
|
67,073 |
|
|
|
|
|
|
60,271 |
|
|
|
|
TOTAL |
$ |
1,984,337 |
|
|
|
|
|
$ |
2,088,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
28,678 |
|
0.29 |
% |
|
|
21 |
|
$ |
39,582 |
|
0.06 |
% |
|
$ |
6 |
Money market and savings |
|
638,623 |
|
3.02 |
% |
|
|
4,857 |
|
|
647,213 |
|
1.45 |
% |
|
|
2,359 |
Time |
|
328,270 |
|
5.26 |
% |
|
|
4,356 |
|
|
304,784 |
|
2.83 |
% |
|
|
2,171 |
Other |
|
56,715 |
|
4.18 |
% |
|
|
597 |
|
|
110,650 |
|
3.89 |
% |
|
|
1,084 |
Total
interest-bearing liabilities |
|
1,052,286 |
|
3.71 |
% |
|
|
9,831 |
|
|
1,102,229 |
|
2.02 |
% |
|
|
5,620 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
705,054 |
|
|
|
|
|
|
794,114 |
|
|
|
|
Accrued expenses and other liabilities |
|
32,161 |
|
|
|
|
|
|
22,467 |
|
|
|
|
Shareholders' equity |
|
194,836 |
|
|
|
|
|
|
169,396 |
|
|
|
|
TOTAL |
$ |
1,984,337 |
|
|
|
|
|
$ |
2,088,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
3.88 |
% |
|
$ |
18,574 |
|
|
|
4.32 |
% |
|
$ |
21,860 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Nonperforming
loans are included in average loan balances. No adjustment has been
made for these loans in the calculation of yields. Interest income
on loans includes amortization of net deferred loan (costs) fees of
$(53,000) and $1.0 million, respectively. |
(2) Other
noninterest-earning assets includes the allowance for credit losses
of $15.9 million and $16.5 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31, |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balance |
|
Yields or Rates |
|
Interest Income/Expense |
|
Average Balance |
|
Yields or Rates |
|
Interest Income/Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
$ |
1,570,810 |
|
|
6.00 |
% |
|
$ |
94,275 |
|
$ |
1,495,981 |
|
4.96 |
% |
|
$ |
74,240 |
Federal funds sold |
|
178,540 |
|
|
5.15 |
% |
|
|
9,198 |
|
|
220,084 |
|
1.60 |
% |
|
|
3,519 |
Investment securities |
|
151,328 |
|
|
3.79 |
% |
|
|
5,737 |
|
|
155,748 |
|
2.90 |
% |
|
|
4,519 |
Total interest earning assets |
|
1,900,678 |
|
|
5.75 |
% |
|
|
109,210 |
|
|
1,871,813 |
|
4.40 |
% |
|
|
82,278 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
19,500 |
|
|
|
|
|
|
|
19,838 |
|
|
|
|
All other assets (2) |
|
63,786 |
|
|
|
|
|
|
|
61,517 |
|
|
|
|
TOTAL |
$ |
1,983,964 |
|
|
|
|
|
|
$ |
1,953,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Demand |
$ |
30,436 |
|
|
0.21 |
% |
|
|
64 |
|
$ |
40,054 |
|
0.08 |
% |
|
|
31 |
Money market and savings |
|
629,419 |
|
|
2.63 |
% |
|
|
16,529 |
|
|
651,429 |
|
0.70 |
% |
|
|
4,544 |
Time |
|
324,439 |
|
|
4.66 |
% |
|
|
15,117 |
|
|
205,681 |
|
1.57 |
% |
|
|
3,235 |
Other |
|
67,984 |
|
|
4.33 |
% |
|
|
2,945 |
|
|
121,464 |
|
2.88 |
% |
|
|
3,496 |
Total interest-bearing liabilities |
|
1,052,278 |
|
|
3.29 |
% |
|
|
34,655 |
|
|
1,018,628 |
|
1.11 |
% |
|
|
11,306 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
716,752 |
|
|
|
|
|
|
|
752,348 |
|
|
|
|
Accrued expenses and other liabilities |
|
28,920 |
|
|
|
|
|
|
|
21,256 |
|
|
|
|
Shareholders' equity |
|
186,014 |
|
|
|
|
|
|
|
160,936 |
|
|
|
|
TOTAL |
$ |
1,983,964 |
|
|
|
|
|
|
$ |
1,953,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
3.92 |
% |
|
$ |
74,555 |
|
|
|
3.79 |
% |
|
$ |
70,972 |
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(535,000) and $1.5 million,
respectively. |
(2) Other noninterest-earning assets includes the allowance for
loan losses of $16.0 million and $15.4 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, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
REVENUE: |
Three months ended |
|
Twelve months ended |
|
12/31/23 |
|
09/30/23 |
|
12/31/22 |
|
12/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
18,574 |
|
$ |
18,578 |
|
$ |
21,860 |
|
$ |
74,555 |
|
$ |
70,972 |
Non-interest
income |
|
1,339 |
|
|
1,294 |
|
|
1,962 |
|
|
4,875 |
|
|
7,374 |
Total
revenue |
$ |
19,913 |
|
$ |
19,872 |
|
$ |
23,822 |
|
$ |
79,430 |
|
$ |
78,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
Three months ended |
|
Twelve months ended |
|
12/31/23 |
|
09/30/23 |
|
12/31/22 |
|
12/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
$ |
12,218 |
|
$ |
11,851 |
|
$ |
11,713 |
|
$ |
47,515 |
|
$ |
44,665 |
Total
capitalized loan origination costs |
|
824 |
|
|
668 |
|
|
960 |
|
|
2,837 |
|
|
4,119 |
Total
operating expenses, before capitalization of loan origination
costs |
$ |
13,042 |
|
$ |
12,519 |
|
$ |
12,673 |
|
$ |
50,352 |
|
$ |
48,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE ASSETS: |
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
1,985,905 |
|
$ |
1,983,917 |
|
$ |
2,005,646 |
|
$ |
2,050,774 |
|
$ |
2,042,215 |
Goodwill and
core deposit intangibles |
|
7,432 |
|
|
7,442 |
|
|
7,452 |
|
|
7,462 |
|
|
7,472 |
Tangible
assets |
$ |
1,978,473 |
|
$ |
1,976,475 |
|
$ |
1,998,194 |
|
$ |
2,043,312 |
|
$ |
2,034,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE EQUITY: |
12/31/23 |
|
09/30/23 |
|
06/30/23 |
|
03/31/23 |
|
12/31/22 |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
$ |
196,461 |
|
$ |
190,115 |
|
$ |
184,235 |
|
$ |
178,561 |
|
$ |
172,254 |
Goodwill and
core deposit intangibles |
|
7,432 |
|
|
7,442 |
|
|
7,452 |
|
|
7,462 |
|
|
7,472 |
Tangible
equity |
$ |
189,029 |
|
$ |
182,673 |
|
$ |
176,783 |
|
$ |
171,099 |
|
$ |
164,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOOK
VALUE PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
$ |
196,461 |
|
$ |
190,115 |
|
$ |
184,235 |
|
$ |
178,561 |
|
$ |
172,254 |
Common
shares outstanding |
|
8,402,482 |
|
|
8,395,483 |
|
|
8,383,772 |
|
|
8,355,378 |
|
|
8,332,479 |
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity / common shares outstanding |
$ |
23.38 |
|
$ |
22.64 |
|
$ |
21.98 |
|
$ |
21.37 |
|
$ |
20.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TANGIBLE BOOK VALUE PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity |
$ |
189,029 |
|
$ |
182,673 |
|
$ |
176,783 |
|
$ |
171,099 |
|
$ |
164,782 |
Common
shares outstanding |
|
8,402,482 |
|
|
8,395,483 |
|
|
8,383,772 |
|
|
8,355,378 |
|
|
8,332,479 |
|
|
|
|
|
|
|
|
|
|
Tangible
equity / common shares outstanding |
$ |
22.50 |
|
$ |
21.76 |
|
$ |
21.09 |
|
$ |
20.48 |
|
$ |
19.78 |
California BanCorp (NASDAQ:CALB)
過去 株価チャート
から 4 2024 まで 5 2024
California BanCorp (NASDAQ:CALB)
過去 株価チャート
から 5 2023 まで 5 2024