false 0001752036 0001752036 2023-10-26 2023-10-26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 2023
CALIFORNIA BANCORP
(Exact name of registrant as specified in its charter)
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California |
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001-39242 |
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82-1751097 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification Number) |
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1300 Clay Street, Suite 500 |
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Oakland, California |
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94612 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(510) 457-3737
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock |
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CALB |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition |
On October 26, 2023, California BanCorp (the “Company”) issued a press release setting forth its unaudited financial results for the quarter and nine months ended September 30, 2023. A copy of the Company’s press release is furnished as Exhibit 99.1 and is hereby incorporated by reference.
Item 7.01 |
Regulation FD Disclosure. |
Over the upcoming weeks, members of management will be presenting to or conducting one-on-one meetings with investors, analysts or other third parties about the Company and its latest financial results. A copy of the presentation slides, updated with the Company’s financial results for the third quarter and nine months ended September 30, 2023, substantially in the form expected to be used in such presentations and meetings, is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under this Item 2.02 and Item 7.01 and the related Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CALIFORNIA BANCORP |
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Date: October 26, 2023 |
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By: |
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/s/ THOMAS A. SA |
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Thomas A. Sa President, Chief Financial Officer and Chief Operating Officer |
Exhibit 99.1
California BanCorp Reports Financial Results for the Third Quarter and Nine Months Ended
September 30, 2023
Oakland, CA October 26, 2023 California BanCorp (NASDAQ: CALB), whose
subsidiary is California Bank of Commerce, announced today its financial results for the third quarter and nine months ended September 30, 2023.
The
Company reported net income of $5.4 million for both the third and second quarters of 2023, compared to $5.5 million for the third quarter of 2022. For the nine months ended September 30, 2023, net income was $16.3 million
representing an increase of $2.9 million, or 21%, compared to $13.4 million for the same period in 2022.
Diluted earnings per share were $0.64
for the third quarter of 2023, compared to $0.65 for the second quarter of 2023 and $0.66 for the third quarter of 2022. For the nine months ended September 30, 2023, diluted earnings per share were $1.93, compared to $1.60 for the same period
in 2022.
Our third quarter results reflect the strength of the franchise we have built, as we continued to deliver strong financial performance
with our return on average assets remaining above 1% despite the challenging operating environment, said Steven Shelton, Chief Executive Officer of California BanCorp. We saw continued stability in our deposit base, net interest margin,
and asset quality, along with disciplined expense control, which enabled us to generate earnings that were consistent with the prior quarter. As expected, given our conservative approach in the current environment, our balance sheet remained
relatively flat with the prior quarter, although we continued to have success in adding new full banking relationships including operating deposit accounts and high quality commercial lending opportunities.
Given the continued economic uncertainty, we will continue to maintain our conservative approach to new loan production. However, we believe the
competitive environment remains favorable for us to continue adding new commercial deposit relationships and taking market share as we are seeing increasing opportunities to attract clients who are looking for a commercial bank with a strong balance
sheet, robust treasury management solutions, and a superior level of service. Over the near-term, we expect to continue to generate a strong level of profitability while maintaining a high level of capital, liquidity, and reserves, and adding new
full banking relationships that will contribute to our long-term profitable growth and further increasing the value of our franchise, said Mr. Shelton.
Financial Highlights:
Profitability - three months
ended September 30, 2023 compared to June 30, 2023
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Net income of $5.4 million and $0.64 per diluted share, compared to $5.4 million and $0.65 per diluted
share, respectively. |
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Revenue of $19.8 million increased $91,000, or 0%, compared to $19.8 million for the second quarter of
2023. |
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Net interest income of $18.6 million decreased $68,000, or 0%, compared to $18.6 million for the second
quarter of 2023. |
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Provision for credit losses of $314,000 decreased $130,000, or 29%, from $444,000 for the second quarter of 2023.
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Non-interest income of $1.3 million increased $159,000, or 14%,
compared to $1.1 million for the second quarter of 2023. |
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Non-interest expense, excluding capitalized loan origination costs, of
$12.5 million increased $222,000, or 2%, compared to $12.3 million for the second quarter of 2023. |
Profitability - nine
months ended September 30, 2023 compared to September 30, 2022
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Net income of $16.3 million and $1.93 per diluted share, compared to $13.4 million and $1.60 per
diluted share, respectively. |
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Revenue of $59.5 million increased $5.0 million, or 9%, compared to $54.5 million in the prior
year. |
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Net interest income of $56.0 million increased $6.9 million, or 14%, compared to $49.1 million for
the same period in the prior year. |
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Provision for credit losses of $1.1 million decreased $1.6 million, or 58%, from $2.7 million for
the nine months ended September 30, 2022. |
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Non-interest income of $3.5 million decreased $1.9 million, or
35%, from $5.4 million for the same period in the prior year. |
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Non-interest expense, excluding capitalized loan origination costs, of
$37.3 million decreased $1.2 million, or 3%, compared to $36.1 million for the nine months ended September 30, 2022. |
Financial Position September 30, 2023 compared to June 30, 2023
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Total assets decreased by $21.7 million, or 1%, to $1.98 billion; average total assets increased by
$9.3 million to $1.99 billion. |
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Total gross loans decreased by $10.5 million, or 1%, to $1.57 billion; average total gross loans
decreased by $25.8 million to $1.55 billion. |
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Total deposits decreased by $31.2 million, or 2%, to $1.71 billion; average total deposits increased by
$35.4 million to $1.72 billion. |
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Excluding junior subordinated debt securities, the Company had no other borrowings outstanding at
September 30, 2023 and June 30, 2023. |
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Capital ratios remain healthy with a tier I leverage ratio of 9.27%, tier I capital ratio of 9.34% and total
risk-based capital ratio of 13.00%. |
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Tangible book value per share of $21.76 increased by $0.67, or 3%. |
Net Interest Income and Margin:
Net interest income for
the quarters ended September 30, 2023 and June 30, 2023 was $18.6 million, compared to $18.4 million for the three months ended September 30, 2022. Net interest income for the nine months ended September 30, 2023 was
$56.0 million, an increase of $6.9 million, or 14% over $49.1 million for the nine months ended September 30, 2022. The increase in net interest income was primarily attributable to an increase in interest income as the result of
a more favorable mix of earning assets combined with higher yields on those assets.
The Companys net interest margin for the third quarter of 2023 was 3.86%, compared to 3.93% for the
second quarter of 2023 and 3.94% for the same period in 2022. The decrease in margin compared to the prior quarter was primarily due to an unfavorable shift in the mix of average interest earning assets combined with an increase in the cost of
deposits. 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 Companys net interest margin for the nine months ended September 30, 2023 was 3.94% compared to 3.60% 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 Companys non-interest income for the quarters ended September 30, 2023, June 30, 2023, and
September 30, 2022 was $1.3 million, $1.1 million and $1.5 million, respectively. For the nine months ended September 30, 2023, non-interest income of $3.5 million compared to
$5.4 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 and a gain recognized in the second
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, $19.8 million, and $19.8 million for the quarters ended September 30, 2023, June 30, 2023, and September 30, 2022, respectively. Total revenue for the nine months ended
September 30, 2023 and 2022 was $59.5 million and $54.5 million, respectively.
Non-Interest
Expense:
The Companys non-interest expense for the quarters ended September 30, 2023, June 30,
2023, and September 30, 2022 was $11.9 million, $11.6 million, and $11.2 million, respectively. The increase in non-interest expense from the second quarter of 2023 and third quarter of
2022 was primarily due to an increase in salaries and benefits, partially offset by a reduction in capitalized loan origination costs. Excluding capitalized loan origination costs, non-interest expense for the
third quarter of 2023, the second quarter of 2023 and the third quarter of 2022 was $12.5 million, $12.3 million, and $12.3 million, respectively.
Non-interest expense of $35.3 million for the nine months ended September 30, 2023 increased by
$2.3 million, or 7%, compared to $33.0 million for the same period of 2022. Excluding capitalized loan origination costs, non-interest expense was $37.3 million for the nine months ended
September 30, 2023 and $36.1 million for the same period in 2022 which reflects investment in infrastructure to support the growth of the Company.
The Companys efficiency ratio, the ratio of non-interest expense to revenues, was 59.64%, 58.66%, and 56.52% for
the quarters ended September 30, 2023, June 30, 2023, and September 30, 2022, respectively. For the nine months ended September 30, 2023 and 2022, the Companys efficiency ratio was 59.31% and 60.44%, respectively.
Balance Sheet:
Total assets of $1.98 billion as of September 30, 2023, represented a decrease of $21.7 million, or 1%, compared to $2.01 billion at
June 30, 2023 and a decrease of $64.6 million, or 3%, compared to $2.05 billion at September 30, 2022. The decrease in total assets from the prior quarter was primarily the result of conservative new loan production combined with
a modest reduction in deposit balances at the end of the quarter. 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 other borrowings.
Total gross loans decreased by $10.5 million, or 1%, to $1.57 billion at September 30, 2023, from $1.58 billion
at June 30, 2023 and decreased by $14.8 million, or 1%, compared to $1.59 billion at September 30, 2022. During the third quarter of 2023, the reduction in gross loans was primarily the result of construction and land loans
decreasing by $20.6 million, or 34%, due to the completion of a large construction project, partially offset by an increase in commercial loans of $11.6 million. Compared to the same period in the prior year, real estate other loans
increased by $33.7 million, or 4%, primarily due to organic growth, and commercial, construction and land, and other loans decreased by $9.2 million, $31.5 million, and $7.8 million, respectively.
Total deposits decreased by $31.2 million, or 2%, to $1.71 billion at September 30, 2023 from $1.74 billion at June 30, 2023, and
decreased by $2.0 million, or 0%, from $1.71 billion at September 30, 2022. The decrease in total deposits from the end of the second quarter of 2023 was primarily due to a decrease in demand deposits of $56.2 million, or 7%, and
a decrease in time deposits of $13.5 million, or 4%, offset by an increase in money market and savings deposits of $38.5 million, or 6%. Noninterest-bearing deposits, primarily commercial business operating accounts, represented 40.2% of
total deposits at September 30, 2023, compared to 42.7% at June 30, 2023 and 44.4% at September 30, 2022.
At September 30, 2023 and
June 30, 2023, the Company had no outstanding borrowings, excluding junior subordinated debt securities, compared to $100.0 million at September 30, 2022.
Asset Quality:
The provision for credit losses on loans
decreased to $121,000 for the third quarter of 2023 compared to $340,000 for the second quarter of 2023, and $800,000 for the third quarter of 2022. The Company had loan charge-offs of $156,000 and recoveries of $234,000 during the
third quarter of 2023, no loan charge-offs or recoveries during the second quarter of 2023, and loan charge-offs of $202,000 and no recoveries during the third quarter of 2022.
Non-performing assets (NPAs) to total assets were 0.06% at September 30, 2023, 0.01% at June 30,
2023 and 0.02% at September 30, 2022, with non-performing loans of $1.2 million, $181,000 and $343,000, respectively, on those dates. The increase in
non-performing loans during the third quarter of 2023 was due to a loan in our commercial portfolio for which the borrower has entered into a liquidation process; however, this loan has a state guarantee and
no additional loss is expected for the Company as of September 30, 2023.
The allowance for credit losses on loans increased by $199,000 to
$15.9 million, or 1.01% of total loans, at September 30, 2023, compared to $15.7 million, or 0.99% of total loans, at June 30, 2023 and $16.6 million, or 1.04% of total loans, at September 30, 2022. On January 1,
2023, the Company adopted the new current expected credit losses (CECL) standard. The Companys 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 $170,000 to $2.0 million, or
0.32% of total unfunded loan commitments, at September 30, 2023, compared to $1.9 million, or 0.31% of total unfunded loan commitments, at June 30, 2023 and $430,000, or 0.07% of total unfunded loan commitments at September 30,
2022. The Companys 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 September 30, 2023,
shareholders equity totaled $190.1 million compared to $184.2 million at June 30, 2023 and $164.1 million one year ago. As a result, the Companys total risk-based capital ratio, tier I capital ratio and tier I
leverage ratio of 13.00%, 9.34%, and 9.27%, 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, said Thomas A. Sa, President, Chief Financial Officer and Chief Operating Officer of California BanCorp. We also continue to have exceptional asset quality with a very low level of
non-performing assets and net recoveries in the quarter. With the strong balance sheet we have built, we believe we are well positioned to support the continued growth of our franchise and create additional
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 Companys 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 Companys results of operations or financial position. Where
non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should
not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Forward-Looking Information:
Statements in this news
release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Companys 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 Companys control. As a result of
those risks and uncertainties, the Companys actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause the
Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its
internal growth rate; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking
actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Companys loans, interest income and interest rate margins and, therefore, the
Companys future operating results; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Readers of this news release are
encouraged to review the additional information regarding these and other risks and uncertainties to which our business is subject that are contained in our Annual Report on Form 10-K for the year ended
December 31, 2022 which is on file with the Securities and Exchange Commission (the SEC). Additional information will be set forth in our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, which we expect to file with the SEC during the fourth quarter of 2023, and readers of this release are urged to review the additional information that will be contained in that report.
Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in
this news release, which speak only as of todays 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)
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Change |
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Change |
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Q3 2023 |
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Q2 2023 |
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$ |
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% |
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Q3 2022 |
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$ |
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% |
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QUARTERLY HIGHLIGHTS: |
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Interest income |
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$ |
28,094 |
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$ |
27,172 |
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$ |
922 |
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3 |
% |
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$ |
21,168 |
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$ |
6,926 |
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33 |
% |
Interest expense |
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9,516 |
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8,526 |
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990 |
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12 |
% |
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2,805 |
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6,711 |
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239 |
% |
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Net interest income |
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18,578 |
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18,646 |
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(68 |
) |
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0 |
% |
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18,363 |
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215 |
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1 |
% |
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Provision for credit losses |
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314 |
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444 |
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(130 |
) |
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-29 |
% |
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800 |
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(486 |
) |
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-61 |
% |
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Net interest income after provision for credit losses |
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18,264 |
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18,202 |
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62 |
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0 |
% |
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17,563 |
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701 |
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4 |
% |
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Non-interest income |
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1,294 |
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1,135 |
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159 |
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14 |
% |
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1,484 |
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(190 |
) |
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-13 |
% |
Non-interest expense |
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11,851 |
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11,603 |
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248 |
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2 |
% |
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11,217 |
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634 |
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6 |
% |
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Income before income taxes |
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7,707 |
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7,734 |
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(27 |
) |
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0 |
% |
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7,830 |
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(123 |
) |
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-2 |
% |
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Income tax expense |
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2,306 |
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2,294 |
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12 |
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1 |
% |
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2,308 |
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(2 |
) |
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0 |
% |
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Net income |
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$ |
5,401 |
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$ |
5,440 |
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$ |
(39 |
) |
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-1 |
% |
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$ |
5,522 |
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$ |
(121 |
) |
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-2 |
% |
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Diluted earnings per share |
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$ |
0.64 |
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|
$ |
0.65 |
|
|
$ |
(0.01 |
) |
|
|
-2 |
% |
|
|
|
|
|
$ |
0.66 |
|
|
$ |
(0.02 |
) |
|
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.86 |
% |
|
|
3.93 |
% |
|
|
-7 Basis Points |
|
|
|
|
|
|
|
3.94 |
% |
|
|
-8 Basis Points |
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
59.64 |
% |
|
|
58.66 |
% |
|
|
+98 Basis Points |
|
|
|
|
|
|
|
56.52 |
% |
|
|
+312 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
Q3 2023 |
|
|
Q3 2022 |
|
|
$ |
|
|
% |
|
YEAR-TO-DATE
HIGHLIGHTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
80,804 |
|
|
$ |
54,798 |
|
|
$ |
26,006 |
|
|
|
47 |
% |
Interest expense |
|
|
24,824 |
|
|
|
5,686 |
|
|
|
19,138 |
|
|
|
337 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
55,980 |
|
|
|
49,112 |
|
|
|
6,868 |
|
|
|
14 |
% |
|
|
|
|
|
Provision for credit losses |
|
|
1,116 |
|
|
|
2,675 |
|
|
|
(1,559 |
) |
|
|
-58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
54,864 |
|
|
|
46,437 |
|
|
|
8,427 |
|
|
|
18 |
% |
|
|
|
|
|
Non-interest income |
|
|
3,536 |
|
|
|
5,412 |
|
|
|
(1,876 |
) |
|
|
-35 |
% |
Non-interest expense |
|
|
35,297 |
|
|
|
32,952 |
|
|
|
2,345 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
23,103 |
|
|
|
18,897 |
|
|
|
4,206 |
|
|
|
22 |
% |
|
|
|
|
|
Income tax expense |
|
|
6,812 |
|
|
|
5,458 |
|
|
|
1,354 |
|
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
16,291 |
|
|
$ |
13,439 |
|
|
$ |
2,852 |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
1.93 |
|
|
$ |
1.60 |
|
|
$ |
0.33 |
|
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.94 |
% |
|
|
3.60 |
% |
|
|
+34 Basis Points |
|
|
|
|
|
Efficiency ratio |
|
|
59.31 |
% |
|
|
60.44 |
% |
|
|
-113 Basis Points |
|
CALIFORNIA BANCORP AND SUBSIDIARY
SELECTED FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION
(Dollars in Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
Change |
|
|
|
Q3 2023 |
|
|
Q2 2023 |
|
|
$ |
|
|
% |
|
|
|
|
|
Q3 2022 |
|
|
$ |
|
|
% |
|
PERIOD-END
HIGHLIGHTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
(21,729 |
) |
|
|
-1 |
% |
|
|
|
|
|
$ |
2,048,501 |
|
|
$ |
(64,584 |
) |
|
|
-3 |
% |
Gross loans |
|
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
(10,516 |
) |
|
|
-1 |
% |
|
|
|
|
|
|
1,587,901 |
|
|
|
(14,786 |
) |
|
|
-1 |
% |
Deposits |
|
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
(31,215 |
) |
|
|
-2 |
% |
|
|
|
|
|
|
1,709,078 |
|
|
|
(1,997 |
) |
|
|
0 |
% |
Tangible equity |
|
|
182,673 |
|
|
|
176,783 |
|
|
|
5,890 |
|
|
|
3 |
% |
|
|
|
|
|
|
156,575 |
|
|
|
26,098 |
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
Tangible book value per share |
|
$ |
21.76 |
|
|
$ |
21.09 |
|
|
$ |
0.67 |
|
|
|
3 |
% |
|
|
|
|
|
$ |
18.80 |
|
|
$ |
2.96 |
|
|
|
16 |
% |
|
|
|
|
|
|
|
Tangible equity / tangible assets |
|
|
9.24 |
% |
|
|
8.85 |
% |
|
|
+39 Basis Points |
|
|
|
|
|
|
|
7.67 |
% |
|
|
+157 Basis Points |
|
Gross loans / total deposits |
|
|
92.15 |
% |
|
|
91.10 |
% |
|
|
+105 Basis Points |
|
|
|
|
|
|
|
92.91 |
% |
|
|
-76 Basis Points |
|
Noninterest-bearing deposits / total deposits |
|
|
40.23 |
% |
|
|
42.69 |
% |
|
|
-246 Basis Points |
|
|
|
|
|
|
|
44.39 |
% |
|
|
-416 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
|
Change |
|
|
|
Q3 2023 |
|
|
Q2 2023 |
|
|
$ |
|
|
% |
|
|
|
|
|
Q3 2022 |
|
|
$ |
|
|
% |
|
QUARTERLY AVERAGE HIGHLIGHTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,993,147 |
|
|
$ |
1,983,877 |
|
|
$ |
9,270 |
|
|
|
0 |
% |
|
|
|
|
|
$ |
1,930,227 |
|
|
$ |
62,920 |
|
|
|
3 |
% |
Total earning assets |
|
|
1,910,755 |
|
|
|
1,900,918 |
|
|
|
9,837 |
|
|
|
1 |
% |
|
|
|
|
|
|
1,849,242 |
|
|
|
61,513 |
|
|
|
3 |
% |
Gross loans |
|
|
1,551,708 |
|
|
|
1,577,529 |
|
|
|
(25,821 |
) |
|
|
-2 |
% |
|
|
|
|
|
|
1,523,442 |
|
|
|
28,266 |
|
|
|
2 |
% |
Deposits |
|
|
1,719,416 |
|
|
|
1,684,008 |
|
|
|
35,408 |
|
|
|
2 |
% |
|
|
|
|
|
|
1,592,096 |
|
|
|
127,320 |
|
|
|
8 |
% |
Tangible equity |
|
|
181,384 |
|
|
|
175,752 |
|
|
|
5,632 |
|
|
|
3 |
% |
|
|
|
|
|
|
155,448 |
|
|
|
25,936 |
|
|
|
17 |
% |
|
|
|
|
|
|
|
Tangible equity / tangible assets |
|
|
9.13 |
% |
|
|
8.89 |
% |
|
|
+24 Basis Points |
|
|
|
|
|
|
|
8.08 |
% |
|
|
+105 Basis Points |
|
Gross loans / total deposits |
|
|
90.25 |
% |
|
|
93.68 |
% |
|
|
-343 Basis Points |
|
|
|
|
|
|
|
95.69 |
% |
|
|
-544 Basis Points |
|
Noninterest-bearing deposits / total deposits |
|
|
41.59 |
% |
|
|
42.65 |
% |
|
|
-106 Basis Points |
|
|
|
|
|
|
|
46.41 |
% |
|
|
-482 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Q3 2023 |
|
|
|
Q3 2022 |
|
|
|
$ |
|
|
|
% |
|
YEAR-TO-DATE
AVERAGE HIGHLIGHTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,983,839 |
|
|
$ |
1,907,661 |
|
|
$ |
76,178 |
|
|
|
4 |
% |
Total earning assets |
|
|
1,901,933 |
|
|
|
1,826,172 |
|
|
|
75,761 |
|
|
|
4 |
% |
Gross loans |
|
|
1,570,411 |
|
|
|
1,453,741 |
|
|
|
116,670 |
|
|
|
8 |
% |
Deposits |
|
|
1,701,189 |
|
|
|
1,603,620 |
|
|
|
97,569 |
|
|
|
6 |
% |
Tangible equity |
|
|
175,584 |
|
|
|
150,587 |
|
|
|
24,997 |
|
|
|
17 |
% |
|
|
|
|
Tangible equity / tangible assets |
|
|
8.88 |
% |
|
|
7.92 |
% |
|
|
+96 Basis Points |
|
Gross loans / total deposits |
|
|
92.31 |
% |
|
|
90.65 |
% |
|
|
+166 Basis Points |
|
Noninterest-bearing deposits / total deposits |
|
|
42.36 |
% |
|
|
46.04 |
% |
|
|
-368 Basis Points |
|
CALIFORNIA BANCORP AND SUBSIDIARY
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
03/31/23 |
|
|
12/31/22 |
|
|
09/30/22 |
|
ALLOWANCE FOR CREDIT LOSSES (LOANS): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
CECL adjustment |
|
|
|
|
|
|
|
|
|
|
(1,840 |
) |
|
|
|
|
|
|
|
|
Provision for credit losses, quarterly |
|
|
121 |
|
|
|
340 |
|
|
|
464 |
|
|
|
1,100 |
|
|
|
800 |
|
Charge-offs, quarterly |
|
|
(156 |
) |
|
|
|
|
|
|
(247 |
) |
|
|
(650 |
) |
|
|
(202 |
) |
Recoveries, quarterly |
|
|
234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, end of period |
|
$ |
15,921 |
|
|
$ |
15,722 |
|
|
$ |
15,382 |
|
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
03/31/23 |
|
|
12/31/22 |
|
|
09/30/22 |
|
NONPERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans accounted for on a non-accrual basis |
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
182 |
|
Loans with principal or interest contractually past due 90 days or more and still accruing
interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
Other real estate owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,183 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
1,028 |
|
|
$ |
161 |
|
Real estate other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate construction and land |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBA |
|
|
53 |
|
|
|
181 |
|
|
|
222 |
|
|
|
222 |
|
|
|
182 |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
1,236 |
|
|
$ |
181 |
|
|
$ |
222 |
|
|
$ |
1,250 |
|
|
$ |
343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
03/31/23 |
|
|
12/31/22 |
|
|
09/30/22 |
|
ASSET QUALITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses (loans) / gross loans |
|
|
1.01 |
% |
|
|
0.99 |
% |
|
|
0.95 |
% |
|
|
1.07 |
% |
|
|
1.04 |
% |
Allowance for credit losses (loans) / nonperforming loans |
|
|
1288.11 |
% |
|
|
8686.19 |
% |
|
|
6928.83 |
% |
|
|
1360.40 |
% |
|
|
4826.53 |
% |
Nonperforming assets / total assets |
|
|
0.06 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
Nonperforming loans / gross loans |
|
|
0.08 |
% |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.08 |
% |
|
|
0.02 |
% |
Net quarterly charge-offs / gross loans |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
CALIFORNIA BANCORP AND SUBSIDIARY
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
09/30/22 |
|
|
09/30/23 |
|
|
09/30/22 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
23,804 |
|
|
$ |
23,476 |
|
|
$ |
19,084 |
|
|
$ |
69,752 |
|
|
$ |
50,268 |
|
Federal funds sold |
|
|
2,814 |
|
|
|
2,238 |
|
|
|
867 |
|
|
|
6,811 |
|
|
|
1,283 |
|
Investment securities |
|
|
1,476 |
|
|
|
1,458 |
|
|
|
1,217 |
|
|
|
4,241 |
|
|
|
3,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income |
|
|
28,094 |
|
|
|
27,172 |
|
|
|
21,168 |
|
|
|
80,804 |
|
|
|
54,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
8,961 |
|
|
|
7,493 |
|
|
|
1,672 |
|
|
|
22,476 |
|
|
|
3,274 |
|
Other |
|
|
555 |
|
|
|
1,033 |
|
|
|
1,133 |
|
|
|
2,348 |
|
|
|
2,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense |
|
|
9,516 |
|
|
|
8,526 |
|
|
|
2,805 |
|
|
|
24,824 |
|
|
|
5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
18,578 |
|
|
|
18,646 |
|
|
|
18,363 |
|
|
|
55,980 |
|
|
|
49,112 |
|
Provision for credit losses |
|
|
314 |
|
|
|
444 |
|
|
|
800 |
|
|
|
1,116 |
|
|
|
2,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses |
|
|
18,264 |
|
|
|
18,202 |
|
|
|
17,563 |
|
|
|
54,864 |
|
|
|
46,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other fees |
|
|
1,003 |
|
|
|
867 |
|
|
|
1,237 |
|
|
|
2,733 |
|
|
|
3,260 |
|
Gain on sale of loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,393 |
|
Other non-interest income |
|
|
291 |
|
|
|
268 |
|
|
|
247 |
|
|
|
803 |
|
|
|
759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income |
|
|
1,294 |
|
|
|
1,135 |
|
|
|
1,484 |
|
|
|
3,536 |
|
|
|
5,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
8,238 |
|
|
|
7,831 |
|
|
|
7,415 |
|
|
|
23,945 |
|
|
|
21,654 |
|
Premises and equipment |
|
|
1,155 |
|
|
|
1,168 |
|
|
|
1,275 |
|
|
|
3,503 |
|
|
|
3,844 |
|
Other |
|
|
2,458 |
|
|
|
2,604 |
|
|
|
2,527 |
|
|
|
7,849 |
|
|
|
7,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
|
|
11,851 |
|
|
|
11,603 |
|
|
|
11,217 |
|
|
|
35,297 |
|
|
|
32,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
7,707 |
|
|
|
7,734 |
|
|
|
7,830 |
|
|
|
23,103 |
|
|
|
18,897 |
|
Income taxes |
|
|
2,306 |
|
|
|
2,294 |
|
|
|
2,308 |
|
|
|
6,812 |
|
|
|
5,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
5,401 |
|
|
$ |
5,440 |
|
|
$ |
5,522 |
|
|
$ |
16,291 |
|
|
$ |
13,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
1.95 |
|
|
$ |
1.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
0.64 |
|
|
$ |
0.65 |
|
|
$ |
0.66 |
|
|
$ |
1.93 |
|
|
$ |
1.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
8,390,138 |
|
|
|
8,369,907 |
|
|
|
8,322,529 |
|
|
|
8,366,584 |
|
|
|
8,298,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common and equivalent shares outstanding |
|
|
8,455,917 |
|
|
|
8,414,213 |
|
|
|
8,405,669 |
|
|
|
8,438,444 |
|
|
|
8,394,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.08 |
% |
|
|
1.10 |
% |
|
|
1.13 |
% |
|
|
1.10 |
% |
|
|
0.94 |
% |
Return on average equity |
|
|
11.35 |
% |
|
|
11.91 |
% |
|
|
13.45 |
% |
|
|
11.90 |
% |
|
|
11.37 |
% |
Return on average tangible equity |
|
|
11.81 |
% |
|
|
12.41 |
% |
|
|
14.09 |
% |
|
|
12.40 |
% |
|
|
11.93 |
% |
Efficiency ratio |
|
|
59.64 |
% |
|
|
58.66 |
% |
|
|
56.52 |
% |
|
|
59.31 |
% |
|
|
60.44 |
% |
CALIFORNIA BANCORP AND SUBSIDIARY
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
03/31/23 |
|
|
12/31/22 |
|
|
09/30/22 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
17,128 |
|
|
$ |
19,763 |
|
|
$ |
15,121 |
|
|
$ |
16,686 |
|
|
$ |
24,709 |
|
Federal funds sold |
|
|
181,854 |
|
|
|
187,904 |
|
|
|
198,804 |
|
|
|
215,696 |
|
|
|
216,345 |
|
Investment securities |
|
|
149,244 |
|
|
|
151,129 |
|
|
|
153,769 |
|
|
|
155,878 |
|
|
|
157,531 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
633,902 |
|
|
|
622,270 |
|
|
|
656,519 |
|
|
|
634,535 |
|
|
|
643,131 |
|
Real estate other |
|
|
858,611 |
|
|
|
856,344 |
|
|
|
853,431 |
|
|
|
848,241 |
|
|
|
824,867 |
|
Real estate construction and land |
|
|
40,003 |
|
|
|
60,595 |
|
|
|
63,928 |
|
|
|
63,730 |
|
|
|
71,523 |
|
SBA |
|
|
4,415 |
|
|
|
4,936 |
|
|
|
5,610 |
|
|
|
7,220 |
|
|
|
8,565 |
|
Other |
|
|
36,184 |
|
|
|
39,486 |
|
|
|
37,775 |
|
|
|
39,695 |
|
|
|
39,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, gross |
|
|
1,573,115 |
|
|
|
1,583,631 |
|
|
|
1,617,263 |
|
|
|
1,593,421 |
|
|
|
1,587,901 |
|
Unamortized net deferred loan costs (fees) |
|
|
1,312 |
|
|
|
1,637 |
|
|
|
1,765 |
|
|
|
2,040 |
|
|
|
1,902 |
|
Allowance for credit losses |
|
|
(15,921 |
) |
|
|
(15,722 |
) |
|
|
(15,382 |
) |
|
|
(17,005 |
) |
|
|
(16,555 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net |
|
|
1,558,506 |
|
|
|
1,569,546 |
|
|
|
1,603,646 |
|
|
|
1,578,456 |
|
|
|
1,573,248 |
|
Premises and equipment, net |
|
|
2,432 |
|
|
|
2,625 |
|
|
|
2,848 |
|
|
|
3,072 |
|
|
|
3,382 |
|
Bank owned life insurance |
|
|
25,697 |
|
|
|
25,519 |
|
|
|
25,334 |
|
|
|
25,127 |
|
|
|
24,955 |
|
Goodwill and core deposit intangible |
|
|
7,442 |
|
|
|
7,452 |
|
|
|
7,462 |
|
|
|
7,472 |
|
|
|
7,483 |
|
Accrued interest receivable and other assets |
|
|
41,614 |
|
|
|
41,708 |
|
|
|
43,790 |
|
|
|
39,828 |
|
|
|
40,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
686,723 |
|
|
$ |
742,160 |
|
|
$ |
740,650 |
|
|
$ |
811,671 |
|
|
$ |
758,716 |
|
Demand interest-bearing |
|
|
28,533 |
|
|
|
29,324 |
|
|
|
30,798 |
|
|
|
37,815 |
|
|
|
35,183 |
|
Money market and savings |
|
|
672,119 |
|
|
|
633,620 |
|
|
|
616,864 |
|
|
|
671,016 |
|
|
|
597,244 |
|
Time |
|
|
319,706 |
|
|
|
333,192 |
|
|
|
329,298 |
|
|
|
271,238 |
|
|
|
317,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
|
1,707,081 |
|
|
|
1,738,296 |
|
|
|
1,717,610 |
|
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debt securities |
|
|
54,256 |
|
|
|
54,221 |
|
|
|
54,186 |
|
|
|
54,152 |
|
|
|
54,117 |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
75,000 |
|
|
|
|
|
|
|
100,000 |
|
Accrued interest payable and other liabilities |
|
|
32,465 |
|
|
|
28,894 |
|
|
|
25,417 |
|
|
|
24,069 |
|
|
|
21,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,793,802 |
|
|
|
1,821,411 |
|
|
|
1,872,213 |
|
|
|
1,869,961 |
|
|
|
1,884,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
112,656 |
|
|
|
112,167 |
|
|
|
111,609 |
|
|
|
111,257 |
|
|
|
110,786 |
|
Retained earnings |
|
|
78,824 |
|
|
|
73,423 |
|
|
|
68,082 |
|
|
|
62,297 |
|
|
|
54,628 |
|
Accumulated other comprehensive loss |
|
|
(1,365 |
) |
|
|
(1,355 |
) |
|
|
(1,130 |
) |
|
|
(1,300 |
) |
|
|
(1,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
190,115 |
|
|
|
184,235 |
|
|
|
178,561 |
|
|
|
172,254 |
|
|
|
164,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
1,983,917 |
|
|
$ |
2,005,646 |
|
|
$ |
2,050,774 |
|
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
|
9.27 |
% |
|
|
9.01 |
% |
|
|
8.76 |
% |
|
|
7.98 |
% |
|
|
8.21 |
% |
Tier I risk-based capital ratio |
|
|
9.34 |
% |
|
|
9.07 |
% |
|
|
8.54 |
% |
|
|
8.23 |
% |
|
|
7.98 |
% |
Total risk-based capital ratio |
|
|
13.00 |
% |
|
|
12.73 |
% |
|
|
12.08 |
% |
|
|
11.77 |
% |
|
|
11.57 |
% |
Total equity/ total assets |
|
|
9.58 |
% |
|
|
9.19 |
% |
|
|
8.71 |
% |
|
|
8.43 |
% |
|
|
8.01 |
% |
Book value per share |
|
$ |
22.64 |
|
|
$ |
21.98 |
|
|
$ |
21.37 |
|
|
$ |
20.67 |
|
|
$ |
19.70 |
|
|
|
|
|
|
|
Common shares outstanding |
|
|
8,395,483 |
|
|
|
8,383,772 |
|
|
|
8,355,378 |
|
|
|
8,332,479 |
|
|
|
8,327,781 |
|
CALIFORNIA BANCORP AND SUBSIDIARY
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
Three months ended June 30, |
|
|
|
2023 |
|
|
2023 |
|
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,551,708 |
|
|
|
6.09 |
% |
|
$ |
23,804 |
|
|
$ |
1,577,529 |
|
|
|
5.97 |
% |
|
$ |
23,476 |
|
Federal funds sold |
|
|
208,725 |
|
|
|
5.35 |
% |
|
|
2,814 |
|
|
|
170,608 |
|
|
|
5.26 |
% |
|
|
2,238 |
|
Investment securities |
|
|
150,322 |
|
|
|
3.90 |
% |
|
|
1,476 |
|
|
|
152,781 |
|
|
|
3.83 |
% |
|
|
1,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
|
1,910,755 |
|
|
|
5.83 |
% |
|
|
28,094 |
|
|
|
1,900,918 |
|
|
|
5.73 |
% |
|
|
27,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,351 |
|
|
|
|
|
|
|
|
|
|
|
19,207 |
|
|
|
|
|
|
|
|
|
All other assets (2) |
|
|
62,041 |
|
|
|
|
|
|
|
|
|
|
|
63,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
28,766 |
|
|
|
0.33 |
% |
|
|
24 |
|
|
$ |
30,346 |
|
|
|
0.16 |
% |
|
|
12 |
|
Money market and savings |
|
|
642,909 |
|
|
|
2.95 |
% |
|
|
4,775 |
|
|
|
609,200 |
|
|
|
2.50 |
% |
|
|
3,793 |
|
Time |
|
|
332,662 |
|
|
|
4.96 |
% |
|
|
4,162 |
|
|
|
326,291 |
|
|
|
4.53 |
% |
|
|
3,688 |
|
Other |
|
|
54,235 |
|
|
|
4.06 |
% |
|
|
555 |
|
|
|
90,188 |
|
|
|
4.59 |
% |
|
|
1,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
1,058,572 |
|
|
|
3.57 |
% |
|
|
9,516 |
|
|
|
1,056,025 |
|
|
|
3.24 |
% |
|
|
8,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
715,079 |
|
|
|
|
|
|
|
|
|
|
|
718,171 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
30,665 |
|
|
|
|
|
|
|
|
|
|
|
26,441 |
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
188,831 |
|
|
|
|
|
|
|
|
|
|
|
183,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
$ |
1,983,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
|
|
|
|
3.86 |
% |
|
$ |
18,578 |
|
|
|
|
|
|
|
3.93 |
% |
|
$ |
18,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $82,000 and $175,000, respectively. |
(2) |
Other noninterest-earning assets includes the allowance for credit losses of $15.8 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 AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,551,708 |
|
|
|
6.09 |
% |
|
$ |
23,804 |
|
|
$ |
1,523,442 |
|
|
|
4.97 |
% |
|
$ |
19,084 |
|
Federal funds sold |
|
|
208,725 |
|
|
|
5.35 |
% |
|
|
2,814 |
|
|
|
162,314 |
|
|
|
2.12 |
% |
|
|
867 |
|
Investment securities |
|
|
150,322 |
|
|
|
3.90 |
% |
|
|
1,476 |
|
|
|
163,486 |
|
|
|
2.95 |
% |
|
|
1,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
|
1,910,755 |
|
|
|
5.83 |
% |
|
|
28,094 |
|
|
|
1,849,242 |
|
|
|
4.54 |
% |
|
|
21,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,351 |
|
|
|
|
|
|
|
|
|
|
|
20,153 |
|
|
|
|
|
|
|
|
|
All other assets (2) |
|
|
62,041 |
|
|
|
|
|
|
|
|
|
|
|
60,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
28,766 |
|
|
|
0.33 |
% |
|
|
24 |
|
|
$ |
40,044 |
|
|
|
0.08 |
% |
|
$ |
8 |
|
Money market and savings |
|
|
642,909 |
|
|
|
2.95 |
% |
|
|
4,775 |
|
|
|
600,100 |
|
|
|
0.62 |
% |
|
|
938 |
|
Time |
|
|
332,662 |
|
|
|
4.96 |
% |
|
|
4,162 |
|
|
|
213,001 |
|
|
|
1.35 |
% |
|
|
726 |
|
Other |
|
|
54,235 |
|
|
|
4.06 |
% |
|
|
555 |
|
|
|
154,101 |
|
|
|
2.92 |
% |
|
|
1,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
1,058,572 |
|
|
|
3.57 |
% |
|
|
9,516 |
|
|
|
1,007,246 |
|
|
|
1.10 |
% |
|
|
2,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
715,079 |
|
|
|
|
|
|
|
|
|
|
|
738,951 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
30,665 |
|
|
|
|
|
|
|
|
|
|
|
21,094 |
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
188,831 |
|
|
|
|
|
|
|
|
|
|
|
162,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,993,147 |
|
|
|
|
|
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
|
|
|
|
3.86 |
% |
|
$ |
18,578 |
|
|
|
|
|
|
|
3.94 |
% |
|
$ |
18,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(82,000) and $100,000, respectively. |
(2) |
Other noninterest-earning assets includes the allowance for credit losses of $15.8 million and
$16.0 million, respectively. |
(3) |
Net interest margin is net interest income divided by total interest-earning assets. |
CALIFORNIA BANCORP AND SUBSIDIARY
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
|
Average Balance |
|
|
Yields or Rates |
|
|
Interest Income/ Expense |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,570,411 |
|
|
|
5.94 |
% |
|
$ |
69,752 |
|
|
$ |
1,453,741 |
|
|
|
4.62 |
% |
|
$ |
50,268 |
|
Federal funds sold |
|
|
178,948 |
|
|
|
5.09 |
% |
|
|
6,811 |
|
|
|
217,008 |
|
|
|
0.79 |
% |
|
|
1,283 |
|
Investment securities |
|
|
152,574 |
|
|
|
3.72 |
% |
|
|
4,241 |
|
|
|
155,423 |
|
|
|
2.79 |
% |
|
|
3,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest earning assets |
|
|
1,901,933 |
|
|
|
5.68 |
% |
|
|
80,804 |
|
|
|
1,826,172 |
|
|
|
4.01 |
% |
|
|
54,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,227 |
|
|
|
|
|
|
|
|
|
|
|
19,550 |
|
|
|
|
|
|
|
|
|
All other assets (2) |
|
|
62,679 |
|
|
|
|
|
|
|
|
|
|
|
61,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,983,839 |
|
|
|
|
|
|
|
|
|
|
$ |
1,907,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
31,029 |
|
|
|
0.19 |
% |
|
|
43 |
|
|
$ |
40,214 |
|
|
|
0.08 |
% |
|
|
25 |
|
Money market and savings |
|
|
626,318 |
|
|
|
2.49 |
% |
|
|
11,672 |
|
|
|
652,849 |
|
|
|
0.45 |
% |
|
|
2,185 |
|
Time |
|
|
323,148 |
|
|
|
4.45 |
% |
|
|
10,761 |
|
|
|
172,284 |
|
|
|
0.83 |
% |
|
|
1,064 |
|
Other |
|
|
71,782 |
|
|
|
4.37 |
% |
|
|
2,348 |
|
|
|
125,108 |
|
|
|
2.58 |
% |
|
|
2,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
1,052,277 |
|
|
|
3.15 |
% |
|
|
24,824 |
|
|
|
990,455 |
|
|
|
0.77 |
% |
|
|
5,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
720,694 |
|
|
|
|
|
|
|
|
|
|
|
738,273 |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
27,827 |
|
|
|
|
|
|
|
|
|
|
|
20,848 |
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
183,041 |
|
|
|
|
|
|
|
|
|
|
|
158,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
$ |
1,983,839 |
|
|
|
|
|
|
|
|
|
|
$ |
1,907,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin (3) |
|
|
|
|
|
|
3.94 |
% |
|
$ |
55,980 |
|
|
|
|
|
|
|
3.60 |
% |
|
$ |
49,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $(482,000) and $501,000, respectively. |
(2) |
Other noninterest-earning assets includes the allowance for loan losses of $16.1 million and
$15.0 million, respectively. |
(3) |
Net interest margin is net interest income divided by total interest-earning assets. |
CALIFORNIA BANCORP AND SUBSIDIARY
INTERIM CONSOLIDATED NON GAAP DATA (UNAUDITED)
(Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
09/30/22 |
|
|
09/30/23 |
|
|
09/30/22 |
|
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
18,578 |
|
|
$ |
18,646 |
|
|
$ |
18,363 |
|
|
$ |
55,980 |
|
|
$ |
49,112 |
|
Non-interest income |
|
|
1,294 |
|
|
|
1,135 |
|
|
|
1,484 |
|
|
|
3,536 |
|
|
|
5,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
|
$ |
19,872 |
|
|
$ |
19,781 |
|
|
$ |
19,847 |
|
|
$ |
59,516 |
|
|
$ |
54,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
|
09/30/23 |
|
|
06/30/23 |
|
|
09/30/22 |
|
|
09/30/23 |
|
|
09/30/22 |
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense |
|
$ |
11,851 |
|
|
$ |
11,603 |
|
|
$ |
11,217 |
|
|
$ |
35,297 |
|
|
$ |
32,952 |
|
Total capitalized loan origination costs |
|
|
668 |
|
|
|
694 |
|
|
|
1,102 |
|
|
|
2,013 |
|
|
|
3,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses, before capitalization of loan origination costs |
|
$ |
12,519 |
|
|
$ |
12,297 |
|
|
$ |
12,319 |
|
|
$ |
37,310 |
|
|
$ |
36,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTOR PRESENTATION Q3 2023 Steven
E. Shelton CEO Thomas A. Sa President, CFO & COO Exhibit 99.2
FORWARD-LOOKING STATEMENTS During the
course of the presentation and any transcript that may result, written or otherwise, California BanCorp (the “Company”) may make projections or other forward-looking statements regarding a variety of items. Such forward-looking
statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks. Although the Company may
indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the
forward-looking statements will be realized. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the
occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Based on CALB’s stock price of
$20.10 as of 9/29/2023 Walnut Creek Headquarters/Regional Office in Oakland Regional Offices in San Jose, Walnut Creek and Sacramento Branch services in Walnut Creek OVERVIEW OF CALIFORNIA BANCORP Established in 2007 as a relationship focused
commercial business bank serving Northern California with $1.98 billion in assets and a market capitalization of ~$169 million(1) Majority of executive management joined the bank at inception Significant commercial core deposit base Primary
relationship managers with average banking experience of over 25 years and average loan books of $45 million Positioned to leverage recent investments to enhance our platform and extend our markets FOCUSED REGIONAL OFFICE FOOTPRINT COMPANY OVERVIEW
FINANCIAL SNAPSHOT – 9/30/23 Balance Sheet ($mm) Q3 2023 Profitability (%) Assets 1,984 ROAA 1.08 Loans 1,573 ROATCE 11.81 Deposits 1,707 Net Interest Margin 3.86 Tangible Equity 183 Efficiency Ratio 59.64
Loans/ Deposits (%) 92% Cost of Deposits 2.07 Loan Composition (%) Deposit Composition (%) C&I Loans / Gross Loans 40.3 DDA/ Total Deposits 40.2 CRE Loans / Gross Loans 54.6 Core
Deposits/ Total Deposits 81.3 Capital Ratios (Consolidated) (%) Credit Metrics (%) TCE / TA 9.24 NPAs / Loans & OREO 0.08 Leverage Ratio 9.27 NPAs / Assets 0.06 Tier 1 Ratio 9.34
Reserves / Gross Loans 1.01 TRBC Ratio 13.00 NCOs / Avg. Loans 0.00
Branch light, commercial focused
business bank with strong middle market relationships throughout Northern California Strong earnings outlook as efficiencies from investments are realized Proven organic and acquisitive growth story Experienced management team and seasoned C&I
relationship teams with strong ties to the local markets Quality core deposit franchise and commercial relationship strategy Disciplined underwriting standards with best-in-class asset quality metrics INVESTMENT HIGHLIGHTS 3
Continued Strong Financial Performance
Conservative Approach to New Loan Production 3rd QUARTER 2023 HIGHLIGHTS Net income of $5.4 million Diluted EPS of $0.64 ROA of 1.08%, ROE of 11.35% and NIM of 3.86% Total loans declined slightly from end of prior quarter as conservative
underwriting criteria and pricing discipline result in lower loan production Decline in construction portfolio as projects were completed and paid off, partially offset by increase in commercial loans resulting from new full banking relationships
Stable Deposit Base Total deposits decreased slightly from end of prior quarter Noninterest-bearing deposits remain above 40% of total deposits Decline in noninterest-bearing deposits largely related to period-end fluctuations Increases in Capital
Ratios and Tangible Book Value Strong financial performance and prudent balance sheet management drives increases in all capital ratios from end of prior quarter Minimal AOCI impact TBV/share increased 3.2% during 3Q23 Continued Strong Asset Quality
Non-performing assets to total assets remain low at 0.06% Net recoveries in the quarter Allowance to NPLs of 1,288%
BRANCH LIGHT, COMMERCIAL FOCUSED
BUSINESS BANK Middle market commercial banking focus Privately owned companies with $30 million - $300 million in annual revenue Clients with minimum lending relationships of $2 million or $1 million in deposits Portfolio managed over the long term
to ~39% C&I loans and ~43% noninterest-bearing deposits Investing in other asset generating business lines Asset-Based Lending division established in July 2011 Practice Acquisition division established in March 2011 Construction division
established December 2015 Sponsor Finance division established in February 2020 Strong core commercial deposit generation strategy Utilize technology with minimal branches Provide commercial cash management services to middle market clients
Dedicated treasury management sales team and platform Dollars in millions Data as of 12/31 for each respective year 2015 – Q3’23 CAGR = 16.0% BUSINESS MODEL OVERVIEW IMPRESSIVE LOAN GROWTH STRONG DEPOSIT GROWTH 2015 – Q3’23
CAGR Total gross loans = 15.4% Gross loans (ex. PPP) = 15.4%
TAKING SHARE FROM NATIONAL/REGIONAL
BANKS Combine Capabilities of a Big Bank with the High Service Levels of a Community Bank Attract top talent with deep market experience to compete against and win business from large banks Professional team with a consultative delivery process
Invest in systems, tools, and technology for success in niche markets Offer clients access to key decision makers Ability to execute quickly, with market leading responsiveness PRODUCT AND SERVICE DIFFERENTIATION INDUSTRY & SPECIALTY LENDING
FOCUS OUR “TYPICAL CLIENT” Commercial Banking Focused on Four Core Industries Manufacturing and Distribution Professional Contractor Investor CRE Practice Acquisition Asset Based Lending Sponsor Finance Construction Specialty Lending
Groups ~$75 M in annual revenue $8 M revolving line with $3 M average outstanding $3 M equipment term loan $5 M commercial real estate loan $3 M demand deposit operating account $5 M money market accounts to hold surplus deposits Fee income driven
by commercial portfolio account analysis and treasury management services
EXPERIENCED MANAGEMENT TEAM Served as
Executive Vice President and CCO from 2007 through 2017 Previously served in various executive management positions including Executive Vice President and Senior Lending Officer for Wells Fargo’s corporate bank and President & CCO of
CivicBank of Commerce John Lindstedt, SEVP & CCO Emeritus Tom M. Dorrance, SEVP Technology & Operations Previously served as a Senior Vice President and Chief Information Officer for North Bay Bancorp Has worked in financial management and
commercial banking since 1992 including I.T. Manager at CivicBank of Commerce Michele Wirfel, SEVP & CBO Previously served as the Bank’s Executive Vice President & East Bay Market President Has worked in financial management and
commercial banking since 1991 in various executive management positions including regional manager for CivicBank of Commerce Age: 84 Age: 57 Age: 51 Previously served as an Executive Vice President of the Bank primarily responsible for managing
production since the Bank’s founding in 2007 Served for thirteen years in various executive management positions including President of CivicBank of Commerce Steven E. Shelton, CEO Age: 58 Years at CALB: 16 Years in Industry: 37 Years at CALB:
16 Years in Industry: 53 Years at CALB: 16 Years in Industry: 29 Years at CALB: 16 Years in Industry: 30 Veteran banker with more than 15 years banking experience in the Sacramento area Previously served as Wells Fargo Senior Vice President and
Sacramento Region Manager Scott Myers SEVP & CLO Age: 49 Joined 2019 Years in Industry: 25 More than 30 years’ experience in executive finance and risk management roles, most recently serving as Chief Risk Officer for Western Alliance
Bank. Previously served in various executive and director roles at Bridge Bank and its holding company Bridge Capital Holdings (BBNK), including Chief Financial Officer and Chief Strategy Officer. Thomas A. Sa, President, CFO & COO Age: 57
Joined 2019 Years in Industry: 33 Previously served as Deputy Chief Credit Officer and part of senior management from 2007 to 2018 17 years of experience in various positions including lending and credit administration at Mechanics Bank Vivian Mui,
SEVP & CCO Age: 40 Years at CALB: 16 Years in Industry: 20
Dollars in millions Tangible book
value per share and capital offering price adjusted for historical stock splits Data as of 12/31 for each respective year DEMONSTRATED GROWTH TRACK RECORD $16 million common stock offering at $9.90 per share to fund growth in June 2014 $4 million
private placement offering at $12.86 per share to payoff SBLF in May 2016 Completed acquisition of Pan Pacific Bank ($131 million in assets) in December 2015 2015 – Q3’23 Asset CAGR of 15.4% Practice Acquisition Division opened in March
2011 Completed $25.0 million private offering of common stock in August 2018 Holding Company formed in June 2017 Walnut Creek LPO opened in July 2017 Bank founded in March 2007 with $27.5 million in capital Completed expansion into the Sacramento
Region San Jose ABL Division opened in July 2011 Launched Sponsor Finance in February 2020 Completed $20 million sub-debt offering in September 2020 Listed on the NASDAQ stock market in March 2020 SUCCESSFUL EXPANSION THROUGHOUT NORTHERN CALIFORNIA
Completed $35 million sub-debt offering in August 2021
Dollars in millions Core deposits
defined as total deposits less time deposits and brokered deposits. Data as of 12/31 for each respective year 2015 –Q3’23 CAGR DDA: 15.5% Total Deposits: 16.0% 0.23% 0.24% 0.35% Cost of Deposits 94% 93% 94% Core Deposit Mix 0.81% 88%
0.55% 91% 0.48% 87% 0.27% 91% 42% 44% 41% 39% 44% 46% 40% HISTORICAL DEPOSIT COMPOSITION DEPOSIT PORTFOLIO HIGHLIGHTS–9/30/23 STRONG AND GROWING CORE DEPOSIT BASE Deposits decreased slightly during 3Q23 primarily due to fluctuations in period
end balances of noninterest-bearing deposits Resilient core deposit base driven by commercial clients 95%+ of commercial relationships hold deposits at the bank Core deposits comprise 81% of total deposits Utilize remote deposit capture and
commercial cash management to generate and retain deposits Treasury management division established in Q4-2019 DEPOSIT COMPOSITION 0.47% 85% 2.07% 81%
DEPOSIT BASE CHARACTERISTICS
Granular, well diversified deposit base No meaningful industry concentrations No venture capital or crypto-related deposits High percentage of deposits related to operating accounts and credit facilities creates sticky deposit base Strong deposit
pipeline centered in operating accounts Insured and Collateralized Deposits represent 61% of total deposits Liquidity coverage of uninsured deposits exceeds 100%
Dollars in millions Data as of
12/31 for each respective year Excludes PPP loans DIVERSIFIED COMMERCIAL LOAN PORTFOLIO HISTORICAL LOAN COMPOSITION(1) OPERATING LOC USAGE LOAN PORTFOLIO COMPOSITION GROSS LOAN FUNDING VS. NET LOAN GROWTH(2) (3) 2017 – Q3’23 CAGR
C&I: 12.1% Total Loans: 14.2% 4.88% 96% 5.19% 96% 5.09% 97% 4.22% 89% Yield on Loans Loans / Deposits 4.29% 82% 45% 40% 41% 30% (39% ex.PPP) 4.96% 89% 40% (41% ex.PPP) 40% 6.09% 92%
NEW LOAN PRODUCTION IN 3Q23 BOOKING
NEW LOANS AT ATTRACTIVE RATES(1) NEW LOAN FUNDINGS(1) WTD. AVG. RATE ON NEW LOANS(1) Funded new loans with balances of $46 million in 3Q23 compared to $43 million in 2Q23 and $124 million in 3Q22 Weighted average rate on newly funded loans was 8.34%
in 3Q23 compared to 8.41% in 2Q23 and 5.87% in 3Q22 3Q23 new loan dollar mix was 82% commercial, 18% CRE and 0% other Dollars in millions Excludes PPP loans
CRE LOAN PORTFOLIO – INVESTOR
CRE CONSERVATIVELY UNDERWRITTEN PORTFOLIO WITH AVERAGE LTV OF 48.9% INVESTOR CRE BY PROPERTY TYPE(1) INVESTOR CRE BY GEOGRAPHIC BREAKDOWN (1) Data as a percent of total investor CRE, $583 million Data as of 9/30/2023
CRE LOAN PORTFOLIO – INVESTOR
CRE: OFFICE INVESTOR CRE OFFICE COMPOSITION(1) PORTFOLIO HIGHLIGHTS CRE PORTFOLIO COMPOSITION INVESTOR CRE NON-MEDICAL OFFICE GEOGRAPHY(2) Office CRE represents 10.9% of total loan portfolio with more than 80% of credits being recourse loans
Investor Office Non-Medical/Dental portfolio represents 4% of total portfolio No exposure to downtown San Francisco market Majority of credits are located in suburban markets with stable tenants like medical and dental practices Conservative
underwriting criteria with low LTVs and high DCRs
COMMERCIAL LOAN PORTFOLIO
WELL-DIVERSIFIED PORTFOLIO WITH FOCUS ON STRONG BORROWERS IN RECESSION RESISTANT INDUSTRIES COMMERCIAL LOAN PORTFOLIO(1) COMMERCIAL – SPONSOR FINANCE(2) Data as a percent of total Commercial Loans, $634 million Data as a percent of total
Sponsor Finance Loans, $216 million Data as of 9/30/2023 SPONSOR FINANCE HIGHLIGHTS Weighted Average Senior Leverage: 3.43 Weighted Total Leverage: 4.18 Weighted Average FCCR: 2.02 Overall Credit Quality Trend: Stable
NET CHARGE-OFFS (RECOVERIES)
($000S)(1) NONPERFORMING ASSETS RESERVES / LOANS (1) NCOS (RECOVERIES) / AVG. LOANS (%)(2) CECL Methodology adopted 1/1/2023 Net charge-offs for 2020 were concentrated in 2Q20 related to non-systemic issues ASSET QUALITY TRENDS
ROATCE NET INTEREST MARGIN ROAA
EFFICIENCY RATIO HISTORICAL PROFITABILITY TRENDS
Disciplined Expense Management
Driving Greater Operating Leverage Investment phase in 2018-2019 (talent, product development, and technology) built highly leverageable infrastructure and strong commercial banking team Following investment phase, revenue growth rate has been well
in excess of expense growth rate, resulting in greater operating leverage and increasing profitability Dollars in millions OPERATING EXPENSES BEFORE CAPITALIZED LOAN ORIGINATION COSTS $11.9 $12.3 $12.7 $12.5 $12.3 $12.6
CAPITAL RATIOS – BANK ONLY
Data as of 12/31 for each respective year Closed subordinated debt offerings to support consolidated capital ratios totaling $20 million in 2020 and $35 million in 2021 LEVERAGE RATIO TIER 1 RATIO TCE / TA TOTAL CAPITAL RATIO
2023 OUTLOOK AND PRIORITIES
CONSERVATIVE LOAN PRODUCTION CONTINUE GROWING DEPOSIT MARKET SHARE Remain conservative in new loan production until economic conditions improve with near-term focus primarily on high quality C&I loans Capitalize on growing reputation and
increased scale to continue adding new relationships with clients that provide lower-cost deposits EXPENSE MANAGEMENT Past investments in talent and technology enable us to tightly manage expenses and realize more operating leverage while continuing
to add talent in areas that provide high value opportunities TREASURY MANAGEMENT Capitalize on improved treasury management platform to continue adding new commercial relationships that drive higher levels of fee income INTEREST RATE RISK MANAGEMENT
Make adjustments in interest rate sensitivity as rate environment evolves to protect NIM when Fed starts to reduce interest rates PROFITABILITY Strength of franchise, with excellent asset quality, high level of reserves, and stable deposit base,
positions the Company well to continue generating strong financial performance even in a more challenging environment
Northern California commercial
business bank with a disciplined approach to credit underwriting Proven organic and acquisition growth capabilities Strong commercial loan portfolio with corresponding commercial relationship deposits Experienced management team and seasoned C&I
relationship managers Keen focus on relationship core deposits in deposit rich industries SUMMARY 3
Please send questions to
ir@bankcbc.com Or Call 510.457.3751 CaliforniaBankofCommerce.com
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Grafico Azioni California BanCorp (NASDAQ:CALB)
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Da Mag 2024 a Giu 2024
Grafico Azioni California BanCorp (NASDAQ:CALB)
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