California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
fourth quarter and twelve months ended December 31, 2022.
The Company reported net income of $7.7 million
for the fourth quarter of 2022, representing an increase of $2.2
million, or 39%, compared to $5.5 million for the third quarter of
2022 and an increase of $4.5 million, or 141%, compared to $3.2
million in the fourth quarter of 2021. For the twelve months ended
December 31, 2022, net income was $21.1 million, representing an
increase of $7.7 million, or 58%, compared to $13.4 million for the
same period in 2021.
Diluted earnings per share of $0.91 for the
fourth quarter of 2022 compared to $0.66 for the third quarter of
2022 and $0.38 for the fourth quarter of 2021. For the
twelve months ended December 31, 2022, diluted earnings per share
of $2.51 compared to $1.61 for the same period in 2021.
“Our fourth quarter performance completed
another strong year of continuing the growth of our client roster,
realizing more operating leverage, and increasing our level of
profitability,” said Steven Shelton, Chief Executive Officer of
California BanCorp. “Given the potential for an economic slowdown
in 2023, we have become more selective with our loan production;
however, we continue to develop new relationships with high quality
commercial clients. As a result, during the fourth quarter we
experienced significant growth in both noninterest-bearing deposits
and total deposits. At year-end, noninterest-bearing deposits
represented 45% of our total deposits which allowed us to maintain
a lower cost of funds and create additional expansion in our net
interest margin, as well as contribute to our increasing level of
profitability. As we further execute our strategy of
building a franchise based upon a stable low-cost deposit base and
a conservatively underwritten and well-diversified loan portfolio,
we believe the Company is positioned to continue generating strong
financial performance for our shareholders. Over the
longer term, and as economic conditions improve, our strong
commercial banking team’s ability to generate attractive lending
opportunities will further result in higher levels of revenue, more
operating leverage, and profitable growth for our franchise.”
Financial Highlights:
Profitability - three months ended December 31,
2022 compared to September 30, 2022
- Net income of $7.7 million and
$0.91 per diluted share, compared to $5.5 million and $0.66 per
share, respectively.
- Revenue of $23.8 million increased
$4.0 million, or 20%, compared to $19.8 million for the third
quarter of 2022.
- Net interest income of $21.9
million benefited from higher earning assets during the fourth
quarter of 2022 combined with the rising rate environment and the
acceleration of an unamortized discount totaling $1.4 million
related to the repayment of previously purchased loans.
- Provision for loan losses of $1.1
million increased $300,000, or 38%, primarily as a result of
continued adjustments in the qualitative reserve assessment in
response to general macroeconomic changes, combined with growth in
the real estate other loan portfolio.
- Non-interest income of $2.0 million
increased $478,000, or 32%, primarily due to loan related
fees.
- Non-interest expense, excluding
capitalized loan origination costs, of $12.7 million increased
$354,000, or 3%, compared to $12.3 million for the third quarter of
2022 primarily as a result of increased salary and benefit expense
related to the continued growth of the business, combined with
increases in item processing and business development
expenses.
Profitability - twelve months ended December 31,
2022 compared to December 31, 2021
- Net income of $21.1 million and
$2.51 per diluted share, compared to $13.4 million and $1.61 per
diluted share, respectively.
- Revenue of $78.3 million increased
$19.4 million, or 33%, compared to $58.9 million in the prior
year.
- Net interest income of $71.0
million benefited from a more favorable mix of earning assets
combined with the rising rate environment, partially offset by the
recognition of net fees from Paycheck Protection Program (“PPP”)
loans declining by $3.8 million from the prior year.
- Provision for loan losses increased
$3.8 million primarily due to growth in the loan portfolio combined
with a release of reserves in 2021 as a result of the continued
assessment of qualitative reserves regarding the general
macroeconomic changes related to COVID-19 as it pertained to our
overall loan portfolio.
- Non-interest income of $7.4 million
increased $3.2 million, or 77%, primarily due to a gain recognized
on the sale of a portion of our solar loan portfolio during the
first quarter of 2022 combined with an increase in service charges
and other fees resulting from growth in the Company’s client
base.
- Non-interest expense, excluding
capitalized loan origination costs, of $48.8 million compared to
$46.0 million for the same period in the prior year, reflecting the
Company’s investment in infrastructure to support the continued
growth of the Company.
Financial Position – December 31, 2022 compared
to September 30, 2022
- Total assets decreased by $6.3
million to $2.04 billion; average total assets increased by $158.0
million to $2.09 billion.
- Gross loans increased by $5.5
million to $1.59 billion; average gross loans increased by $97.9
million to $1.62 billion.
- Deposits increased by $82.7 million
to $1.79 billion; average deposits increased by $193.6 million to
$1.79 billion.
- Other borrowings of $100.0 million
were repaid during the fourth quarter of 2022 and no outstanding
balance remained at December 31, 2022.
- Tangible book value per share of
$19.78 increased by $0.98, or 5%.
Net Interest Income and
Margin:
Net interest income for the quarter ended
December 31, 2022 was $21.9 million, an increase of $3.5 million,
or 19%, from $18.4 million for the three months ended September 30,
2022, and an increase of $7.9 million, or 57%, from $14.0 million
for the quarter ended December 31, 2021. The increase in net
interest income compared to the third quarter of 2022 was primarily
attributable to growth of the loan portfolio and an increase in net
interest margin related to the rising interest rate environment.
Additionally, during the fourth quarter of 2022 commercial loans
totaling $57.9 million that were previously purchased at a discount
were paid off, resulting in the remaining unamortized discount of
$1.4 million being accelerated into interest income. Compared to
the fourth quarter of 2021, the increase in net interest income
resulted from a more favorable mix of earning assets which
benefited from the rising rate environment and the accelerated
recognition of the discount related to the repayment of previously
purchased loans, partially offset by a $684,000 reduction in the
amortization of net fees received on PPP loans.
Net interest income for the twelve months ended
December 31, 2022 was $71.0 million, an increase of $16.3 million,
or 30%, over $54.7 million for the twelve months ended December 31,
2021. 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 and the accelerated recognition of the discount
related to the repayment of previously purchased loans, partially
offset by a $3.8 million reduction in the amortization of net fees
received on PPP loans.
The Company’s net interest margin for the fourth
quarter of 2022 was 4.32%, compared to 3.94% for the third quarter
of 2022 and 2.81% for the same period in 2021. The increase in
margin compared to the prior quarter and the fourth quarter of 2021
was primarily due to growth in the loan portfolio and increased
yields on earning assets, partially offset by an increase in the
cost of deposits and other borrowings.
The Company’s net interest margin for the twelve
months ended December 31, 2022 was 3.79%, compared to 2.89% for the
same period in 2021. The increase in margin compared to
prior year was primarily due to a more favorable mix of higher
yielding earning assets, partially offset by an increase in the
cost of deposits and other borrowings and a reduction in the
amortization of net fees received on PPP loans.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended December 31, 2022, September 30, 2022, and December
31, 2021 was $2.0 million, $1.5 million, and $994,000,
respectively. The increase in non-interest income from the prior
periods was primarily due to an increase in service charges and
loan related fees.
For the twelve months ended December 31, 2022,
non-interest income of $7.4 million compared to $4.2 million for
the same period of 2021. The increase in non-interest income from
prior year was the result of an increase in service charges and
loan related fees, as well as a gain of $1.4 million recognized on
the sale of a portion of our solar loan portfolio.
Net interest income and non-interest income
comprised total revenue of $23.8 million, $19.8 million, and $15.0
million for the quarters ended December 31, 2022, September 30,
2022, and December 31, 2021, respectively. Total revenue for the
twelve months ended December 31, 2022 and 2021 was $78.3 million
and $58.9 million, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended December 31, 2022, September 30, 2022, and December
31, 2021 was $11.7 million, $11.2 million, and $10.0 million,
respectively. The increase in non-interest expense from the prior
periods was primarily due to an increase in salaries and benefits
related to investments to support the continued growth of the
business, combined with increases in item processing and business
development expenses. Excluding capitalized loan origination costs,
non-interest expense for the fourth quarter of 2022, the third
quarter of 2022 and the fourth quarter of 2021 was $12.7 million,
$12.3 million, and $11.6 million, respectively.
Non-interest expense of $44.7 million for the
twelve months ended December 31, 2022 compared to $40.4 million for
the same period of 2021. Excluding capitalized loan origination
costs, non-interest expense was $48.8 million for the twelve months
ended December 31, 2022 and $46.0 million for the same period in
2021 which reflects the Company’s investment in infrastructure to
support the continued growth of the Company.
The Company’s efficiency ratio, the ratio of
non-interest expense to revenues, was 49.17%, 56.52%, and 66.90%
for the quarters ended December 31, 2022, September 30, 2022, and
December 31, 2021, respectively. For the twelve months ended
December 31, 2022 and 2021, the Company’s efficiency ratio was
57.01% and 68.65%, respectively.
Balance Sheet:
Total assets of $2.04 billion as of December 31,
2022, represented a decrease of $6.3 million compared to $2.05
billion at September 30, 2022, and increased $27.2 million compared
to total assets of $2.0 billion at December 31, 2021. The decrease
in total assets from the prior quarter was primarily due to
decreased liquidity related to the payoff of other borrowings,
combined with modest growth of the loan portfolio. Compared to the
same period in the prior year, the Company had strong loan growth
in the commercial and real estate other portfolios, which was
partially offset by decreased liquidity resulting from the outflow
of deposits related to forgiveness of PPP loans and the payoff of
other borrowings.
Total gross loans were $1.59 billion at December
31, 2022 and September 20, 2022, compared to $1.38 billion at
December 31, 2021. During the fourth quarter of 2022, real estate
other loans increased by $23.4 million, or 3%, due to organic
growth, partially offset by decreases in commercial, real estate
construction and land, and SBA loans related to the ordinary course
of business. Year-over-year, commercial and real estate other loans
increased by $160.3 million, or 34%, and $151.0 million, or 22%,
respectively, due to organic growth. These increases were partially
offset by a decrease in SBA loans of $74.2 million, or 91%,
primarily due to PPP loan forgiveness, and a decrease in other
loans of $40.9 million, or 51%, due to the sale of a portion of the
solar loan portfolio.
Total deposits increased by $82.7 million, or
5%, to $1.79 billion at December 31, 2022 from $1.71 billion at
September 30, 2022, and increased by $111.6 million, or 7%, from
$1.68 billion at December 31, 2021. The increase in total deposits
from the end of the third quarter of 2022 was primarily due to an
increase in non-interest bearing demand deposits of $53.0 million
and money market and savings deposits of $73.8 million, partially
offset by a decrease in time deposits of $46.7 million as a result
of reduced reliance on brokered certificates of deposits. Compared
to the same period last year, the increase in total deposits was
primarily concentrated in non-interest bearing demand deposits and
time deposits, partially offset by a reduction in money market and
savings deposits as a result of outflows related to forgiveness of
PPP loans. Non-interest bearing deposits, primarily commercial
business operating accounts, represented 45.3% of total deposits at
December 31, 2022, compared to 44.4% at September 30, 2022 and
45.9% at December 31, 2021.
As of December 31, 2022, the Company had no
outstanding borrowings, excluding junior subordinated debt
securities, compared to $100.0 million and $106.4 million of
outstanding borrowings as of September 30, 2022 and December 31,
2021, respectively.
Asset Quality:
The provision for credit losses increased
to $1.1 million for the fourth quarter of 2022 compared
to $800,000 for the third quarter of 2022 and $504,000
for the fourth quarter of 2021. The Company had net loan
charge-offs of $650,000, or 0.04% of gross loans, during the fourth
quarter of 2022 and $202,000, or 0.01% of gross loans, during the
third quarter of 2022. The Company had net loan
recoveries of $6,000, or 0.00% of gross loans, during the fourth
quarter of 2021.
Non-performing assets (“NPAs”) to total assets
were 0.06% at December 31, 2022, compared to 0.02% at September 30,
2022 and 0.01% at December 31, 2021, with non-performing loans of
$1.3 million, $343,000 and $232,000, respectively, on those
dates.
The allowance for loan losses was $17.0 million,
or 1.07% of total loans, at December 31, 2022, compared to $16.6
million, or 1.04% of total loans, at September 30, 2022 and $14.1
million, or 1.02% of total loans, at December 31, 2021.
Capital Adequacy:
At December 31, 2022, shareholders’ equity
totaled $172.3 million compared to $164.1 million at September 30,
2022 and $150.8 million one year ago. Additionally, at December 31,
2022, the Company’s total risk-based capital ratio, tier one
capital ratio, and leverage ratio were 11.78%, 8.23%, and 7.98%,
respectively; all of which were above the regulatory standards of
10.00%, 8.00%, and 5.00%, respectively, for “well-capitalized”
institutions.
“Our strong financial performance and effective
balance sheet management resulted in further growth of our tangible
book value per share to $19.78, representing an increase of 5.2%
from the prior quarter,” said Thomas A. Sa, President, Chief
Financial Officer and Chief Operating Officer of California
BanCorp “During the fourth quarter, we successfully
completed financing transactions in support of sponsor-backed
clients’ evolving needs which resulted in nonrecurring fees of $1.4
million contributing to net interest income. Further, our ability
to lead these transactions opportunistically enabled us to enhance
capital accretion and reduce overall credit exposure. These
transactions combined with our strong core financial performance
throughout 2022 resulted in a total equity to total assets ratio of
8.43% at year-end, representing an increase of 95 basis points from
the prior year. We believe that our strong capital ratios position
us well to effectively manage through potential economic
uncertainty during 2023 while continuing to support the growth of
our franchise over the longer term.”
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, call us at (510)
457-3751, or visit us at www.californiabankofcommerce.com.
Contacts:
Steven E. Shelton, (510)
457-3751 Chief
Executive
Officer seshelton@bankcbc.com
Thomas
A. Sa, (510) 457-3775President, 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, 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 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 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; uncertainties related to the coronavirus
pandemic; the impact of higher inflation rates; 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, loan demand,
interest income and interest rate margins and, therefore, the
Company’s 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, 2021 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,
2022, which we expect to file with the SEC during the first 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 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 2022 |
|
Q3 2022 |
|
$ |
|
% |
|
|
Q4 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
27,480 |
|
|
$ |
21,168 |
|
|
$ |
6,312 |
|
30 |
% |
|
|
$ |
15,543 |
|
|
$ |
11,937 |
|
77 |
% |
Interest
expense |
|
|
5,620 |
|
|
|
2,805 |
|
|
|
2,815 |
|
100 |
% |
|
|
|
1,576 |
|
|
|
4,044 |
|
257 |
% |
Net interest income |
|
|
21,860 |
|
|
|
18,363 |
|
|
|
3,497 |
|
19 |
% |
|
|
|
13,967 |
|
|
|
7,893 |
|
57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
1,100 |
|
|
|
800 |
|
|
|
300 |
|
38 |
% |
|
|
|
504 |
|
|
|
596 |
|
118 |
% |
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
20,760 |
|
|
|
17,563 |
|
|
|
3,197 |
|
18 |
% |
|
|
|
13,463 |
|
|
|
7,297 |
|
54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,962 |
|
|
|
1,484 |
|
|
|
478 |
|
32 |
% |
|
|
|
994 |
|
|
|
968 |
|
97 |
% |
Non-interest
expense |
|
|
11,713 |
|
|
|
11,217 |
|
|
|
496 |
|
4 |
% |
|
|
|
10,009 |
|
|
|
1,704 |
|
17 |
% |
Income before income taxes |
|
|
11,009 |
|
|
|
7,830 |
|
|
|
3,179 |
|
41 |
% |
|
|
|
4,448 |
|
|
|
6,561 |
|
148 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
3,340 |
|
|
|
2,308 |
|
|
|
1,032 |
|
45 |
% |
|
|
|
1,267 |
|
|
|
2,073 |
|
164 |
% |
Net income |
|
$ |
7,669 |
|
|
$ |
5,522 |
|
|
$ |
2,147 |
|
39 |
% |
|
|
$ |
3,181 |
|
|
$ |
4,488 |
|
141 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.91 |
|
|
$ |
0.66 |
|
|
$ |
0.25 |
|
38 |
% |
|
|
$ |
0.38 |
|
|
$ |
0.53 |
|
139 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
4.32 |
% |
|
|
3.94 |
% |
|
+38 Basis
Points |
|
|
|
2.81 |
% |
|
+151 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
49.17 |
% |
|
|
56.52 |
% |
|
-735 Basis
Points |
|
|
|
66.90 |
% |
|
-1773 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS: |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
82,278 |
|
|
$ |
61,293 |
|
|
$ |
20,985 |
|
34 |
% |
|
|
|
|
|
|
|
Interest
expense |
|
|
11,306 |
|
|
|
6,563 |
|
|
|
4,743 |
|
72 |
% |
|
|
|
|
|
|
|
Net interest income |
|
|
70,972 |
|
|
|
54,730 |
|
|
|
16,242 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
3,775 |
|
|
|
4 |
|
|
|
3,771 |
|
94275 |
% |
|
|
|
|
|
|
|
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
67,197 |
|
|
|
54,726 |
|
|
|
12,471 |
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
7,374 |
|
|
|
4,173 |
|
|
|
3,201 |
|
77 |
% |
|
|
|
|
|
|
|
Non-interest
expense |
|
|
44,665 |
|
|
|
40,437 |
|
|
|
4,228 |
|
10 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
29,906 |
|
|
|
18,462 |
|
|
|
11,444 |
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
8,798 |
|
|
|
5,094 |
|
|
|
3,704 |
|
73 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
21,108 |
|
|
$ |
13,368 |
|
|
$ |
7,740 |
|
58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
2.51 |
|
|
$ |
1.61 |
|
|
$ |
0.90 |
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.79 |
% |
|
|
2.89 |
% |
|
+90 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
57.01 |
% |
|
|
68.65 |
% |
|
-1164 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 2022 |
|
Q3 2022 |
|
$ |
|
% |
|
|
Q4 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
(6,286 |
) |
|
0 |
% |
|
|
$ |
2,014,996 |
|
|
$ |
27,219 |
|
1 |
% |
Gross
loans |
|
|
1,593,421 |
|
|
|
1,587,901 |
|
|
|
5,520 |
|
|
0 |
% |
|
|
|
1,376,649 |
|
|
|
216,772 |
|
16 |
% |
Deposits |
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
82,662 |
|
|
5 |
% |
|
|
|
1,680,138 |
|
|
|
111,602 |
|
7 |
% |
Tangible
equity |
|
|
164,782 |
|
|
|
156,575 |
|
|
|
8,207 |
|
|
5 |
% |
|
|
|
143,241 |
|
|
|
21,541 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share |
|
$ |
19.78 |
|
|
$ |
18.80 |
|
|
$ |
0.98 |
|
|
5 |
% |
|
|
$ |
17.33 |
|
|
$ |
2.45 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.07 |
% |
|
|
7.64 |
% |
|
+43 Basis
Points |
|
|
|
7.11 |
% |
|
+96 Basis
Points |
Gross loans
/ total deposits |
|
|
88.93 |
% |
|
|
92.91 |
% |
|
-398 Basis
Points |
|
|
|
81.94 |
% |
|
+699 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
45.30 |
% |
|
|
44.39 |
% |
|
+91 Basis
Points |
|
|
|
45.90 |
% |
|
-60 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q4 2022 |
|
Q3 2022 |
|
$ |
|
% |
|
|
Q4 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,088,206 |
|
|
$ |
1,930,227 |
|
|
$ |
157,979 |
|
|
8 |
% |
|
|
$ |
2,054,490 |
|
|
$ |
33,716 |
|
2 |
% |
Total
earning assets |
|
|
2,007,243 |
|
|
|
1,849,242 |
|
|
|
158,001 |
|
|
9 |
% |
|
|
|
1,971,558 |
|
|
|
35,685 |
|
2 |
% |
Gross
loans |
|
|
1,621,322 |
|
|
|
1,523,442 |
|
|
|
97,880 |
|
|
6 |
% |
|
|
|
1,330,044 |
|
|
|
291,278 |
|
22 |
% |
Deposits |
|
|
1,785,693 |
|
|
|
1,592,096 |
|
|
|
193,597 |
|
|
12 |
% |
|
|
|
1,759,592 |
|
|
|
26,101 |
|
1 |
% |
Tangible
equity |
|
|
161,919 |
|
|
|
155,448 |
|
|
|
6,471 |
|
|
4 |
% |
|
|
|
142,118 |
|
|
|
19,801 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
7.75 |
% |
|
|
8.05 |
% |
|
-30 Basis
Points |
|
|
|
6.92 |
% |
|
+83 Basis
Points |
Gross loans
/ total deposits |
|
|
90.80 |
% |
|
|
95.69 |
% |
|
-489 Basis
Points |
|
|
|
75.59 |
% |
|
+1521 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
44.47 |
% |
|
|
46.41 |
% |
|
-194 Basis
Points |
|
|
|
45.24 |
% |
|
-77 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
|
|
|
HIGHLIGHTS: |
|
|
2022 |
|
|
|
2021 |
|
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,953,168 |
|
|
$ |
1,968,884 |
|
|
$ |
(15,716 |
) |
|
-1 |
% |
|
|
|
|
|
|
|
Total
earning assets |
|
|
1,871,813 |
|
|
|
1,891,234 |
|
|
|
(19,421 |
) |
|
-1 |
% |
|
|
|
|
|
|
|
Gross
loans |
|
|
1,495,981 |
|
|
|
1,368,960 |
|
|
|
127,021 |
|
|
9 |
% |
|
|
|
|
|
|
|
Deposits |
|
|
1,649,512 |
|
|
|
1,664,352 |
|
|
|
(14,840 |
) |
|
-1 |
% |
|
|
|
|
|
|
|
Tangible
equity |
|
|
153,443 |
|
|
|
136,623 |
|
|
|
16,820 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
7.86 |
% |
|
|
6.94 |
% |
|
+92 Basis
Points |
|
|
|
|
|
|
|
Gross loans
/ total deposits |
|
|
90.69 |
% |
|
|
82.25 |
% |
|
+844 Basis
Points |
|
|
|
|
|
|
|
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
45.61 |
% |
|
|
44.93 |
% |
|
+68 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES: |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
$ |
13,571 |
|
Provision
for loan losses, quarterly |
|
|
1,100 |
|
|
|
800 |
|
|
|
925 |
|
|
|
950 |
|
|
|
504 |
|
Charge-offs,
quarterly |
|
|
(650 |
) |
|
|
(202 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Recoveries,
quarterly |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
6 |
|
Balance, end
of period |
|
$ |
17,005 |
|
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
1,250 |
|
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
Loans with
principal or interest contractually |
|
|
|
|
|
|
|
|
|
|
past due 90 days or more and still accruing |
|
|
|
|
|
|
|
|
|
|
interest |
|
|
- |
|
|
|
161 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans
restructured and in compliance with |
|
|
|
|
|
|
|
|
|
|
modified terms |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets and
restructured loans |
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
1,028 |
|
|
$ |
161 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Real estate construction and
land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
222 |
|
|
|
182 |
|
|
|
549 |
|
|
|
549 |
|
|
|
232 |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
1,250 |
|
|
$ |
343 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses / gross loans |
|
|
1.07 |
% |
|
|
1.04 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.02 |
% |
Allowance
for loan losses / nonperforming loans |
|
|
1360.40 |
% |
|
|
4826.53 |
% |
|
|
2906.56 |
% |
|
|
2738.07 |
% |
|
|
6069.40 |
% |
Nonperforming assets / total assets |
|
|
0.06 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
Nonperforming loans / gross loans |
|
|
0.08 |
% |
|
|
0.02 |
% |
|
|
0.04 |
% |
|
|
0.04 |
% |
|
|
0.02 |
% |
Net
quarterly charge-offs / gross loans |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Twelve months ended |
|
|
12/31/22 |
|
09/30/22 |
|
12/31/21 |
|
12/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
23,972 |
|
|
$ |
19,084 |
|
|
$ |
14,520 |
|
|
$ |
74,240 |
|
|
$ |
58,677 |
|
Federal
funds sold |
|
|
2,236 |
|
|
|
867 |
|
|
|
216 |
|
|
|
3,519 |
|
|
|
587 |
|
Investment
securities |
|
|
1,272 |
|
|
|
1,217 |
|
|
|
807 |
|
|
|
4,519 |
|
|
|
2,029 |
|
Total interest income |
|
|
27,480 |
|
|
|
21,168 |
|
|
|
15,543 |
|
|
|
82,278 |
|
|
|
61,293 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
4,536 |
|
|
|
1,672 |
|
|
|
937 |
|
|
|
7,810 |
|
|
|
4,418 |
|
Other |
|
|
1,084 |
|
|
|
1,133 |
|
|
|
639 |
|
|
|
3,496 |
|
|
|
2,145 |
|
Total interest expense |
|
|
5,620 |
|
|
|
2,805 |
|
|
|
1,576 |
|
|
|
11,306 |
|
|
|
6,563 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
21,860 |
|
|
|
18,363 |
|
|
|
13,967 |
|
|
|
70,972 |
|
|
|
54,730 |
|
Provision
for loan losses |
|
|
1,100 |
|
|
|
800 |
|
|
|
504 |
|
|
|
3,775 |
|
|
|
4 |
|
Net interest
income after provision |
|
|
|
|
|
|
|
|
|
|
for loan losses |
|
|
20,760 |
|
|
|
17,563 |
|
|
|
13,463 |
|
|
|
67,197 |
|
|
|
54,726 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
1,653 |
|
|
|
1,237 |
|
|
|
1,038 |
|
|
|
4,913 |
|
|
|
3,222 |
|
Gain on sale
of loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,393 |
|
|
|
- |
|
Other
non-interest income |
|
|
309 |
|
|
|
247 |
|
|
|
(44 |
) |
|
|
1,068 |
|
|
|
951 |
|
Total non-interest income |
|
|
1,962 |
|
|
|
1,484 |
|
|
|
994 |
|
|
|
7,374 |
|
|
|
4,173 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
7,443 |
|
|
|
7,415 |
|
|
|
6,370 |
|
|
|
29,097 |
|
|
|
26,031 |
|
Premises and
equipment |
|
|
1,249 |
|
|
|
1,275 |
|
|
|
1,320 |
|
|
|
5,093 |
|
|
|
5,098 |
|
Other |
|
|
3,021 |
|
|
|
2,527 |
|
|
|
2,319 |
|
|
|
10,475 |
|
|
|
9,308 |
|
Total non-interest expense |
|
|
11,713 |
|
|
|
11,217 |
|
|
|
10,009 |
|
|
|
44,665 |
|
|
|
40,437 |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
11,009 |
|
|
|
7,830 |
|
|
|
4,448 |
|
|
|
29,906 |
|
|
|
18,462 |
|
Income
taxes |
|
|
3,340 |
|
|
|
2,308 |
|
|
|
1,267 |
|
|
|
8,798 |
|
|
|
5,094 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
$ |
7,669 |
|
|
$ |
5,522 |
|
|
$ |
3,181 |
|
|
$ |
21,108 |
|
|
$ |
13,368 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.92 |
|
|
$ |
0.66 |
|
|
$ |
0.39 |
|
|
$ |
2.54 |
|
|
$ |
1.63 |
|
Diluted
earnings per share |
|
$ |
0.91 |
|
|
$ |
0.66 |
|
|
$ |
0.38 |
|
|
$ |
2.51 |
|
|
$ |
1.61 |
|
Average
common shares outstanding |
|
|
8,330,145 |
|
|
|
8,322,529 |
|
|
|
8,255,340 |
|
|
|
8,306,282 |
|
|
|
8,222,749 |
|
Average
common and equivalent |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
|
8,463,738 |
|
|
|
8,405,669 |
|
|
|
8,342,032 |
|
|
|
8,404,317 |
|
|
|
8,292,942 |
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.46 |
% |
|
|
1.13 |
% |
|
|
0.61 |
% |
|
|
1.08 |
% |
|
|
0.68 |
% |
Return on
average equity |
|
|
17.96 |
% |
|
|
13.45 |
% |
|
|
8.43 |
% |
|
|
13.12 |
% |
|
|
9.27 |
% |
Return on
average tangible equity |
|
|
18.79 |
% |
|
|
14.09 |
% |
|
|
8.88 |
% |
|
|
13.76 |
% |
|
|
9.78 |
% |
Efficiency
ratio |
|
|
49.17 |
% |
|
|
56.52 |
% |
|
|
66.90 |
% |
|
|
57.01 |
% |
|
|
68.65 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/22 |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
16,686 |
|
|
$ |
24,709 |
|
|
$ |
20,378 |
|
|
$ |
18,228 |
|
|
$ |
4,539 |
|
Federal
funds sold |
|
|
200,126 |
|
|
|
216,345 |
|
|
|
138,057 |
|
|
|
206,305 |
|
|
|
465,917 |
|
Investment
securities |
|
|
155,878 |
|
|
|
157,531 |
|
|
|
165,309 |
|
|
|
171,764 |
|
|
|
103,278 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
634,535 |
|
|
|
643,131 |
|
|
|
589,562 |
|
|
|
522,808 |
|
|
|
474,281 |
|
Real estate other |
|
|
848,241 |
|
|
|
824,867 |
|
|
|
794,504 |
|
|
|
741,651 |
|
|
|
697,212 |
|
Real estate construction and land |
|
|
63,730 |
|
|
|
71,523 |
|
|
|
63,189 |
|
|
|
51,204 |
|
|
|
43,194 |
|
SBA |
|
|
7,220 |
|
|
|
8,565 |
|
|
|
13,310 |
|
|
|
44,040 |
|
|
|
81,403 |
|
Other |
|
|
39,695 |
|
|
|
39,815 |
|
|
|
39,814 |
|
|
|
40,771 |
|
|
|
80,559 |
|
Loans, gross |
|
|
1,593,421 |
|
|
|
1,587,901 |
|
|
|
1,500,379 |
|
|
|
1,400,474 |
|
|
|
1,376,649 |
|
Unamortized net deferred loan costs (fees) |
|
2,040 |
|
|
|
1,902 |
|
|
|
2,570 |
|
|
|
2,434 |
|
|
|
1,688 |
|
Allowance for loan losses |
|
|
(17,005 |
) |
|
|
(16,555 |
) |
|
|
(15,957 |
) |
|
|
(15,032 |
) |
|
|
(14,081 |
) |
Loans, net |
|
|
1,578,456 |
|
|
|
1,573,248 |
|
|
|
1,486,992 |
|
|
|
1,387,876 |
|
|
|
1,364,256 |
|
Premises and
equipment, net |
|
|
3,072 |
|
|
|
3,382 |
|
|
|
3,736 |
|
|
|
4,047 |
|
|
|
4,405 |
|
Bank owned
life insurance |
|
|
25,127 |
|
|
|
24,955 |
|
|
|
24,788 |
|
|
|
24,614 |
|
|
|
24,412 |
|
Goodwill and
core deposit intangible |
|
|
7,472 |
|
|
|
7,483 |
|
|
|
7,493 |
|
|
|
7,503 |
|
|
|
7,513 |
|
Accrued interest receivable and other assets |
|
55,398 |
|
|
|
40,848 |
|
|
|
38,599 |
|
|
|
39,258 |
|
|
|
40,676 |
|
Total assets |
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
811,671 |
|
|
$ |
758,716 |
|
|
$ |
715,432 |
|
|
$ |
746,673 |
|
|
$ |
771,205 |
|
Demand interest-bearing |
|
|
37,815 |
|
|
|
35,183 |
|
|
|
45,511 |
|
|
|
36,419 |
|
|
|
37,250 |
|
Money market and savings |
|
|
671,016 |
|
|
|
597,244 |
|
|
|
626,156 |
|
|
|
686,781 |
|
|
|
717,480 |
|
Time |
|
|
271,238 |
|
|
|
317,935 |
|
|
|
165,040 |
|
|
|
130,649 |
|
|
|
154,203 |
|
Total deposits |
|
|
1,791,740 |
|
|
|
1,709,078 |
|
|
|
1,552,139 |
|
|
|
1,600,522 |
|
|
|
1,680,138 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,152 |
|
|
|
54,117 |
|
|
|
54,097 |
|
|
|
54,063 |
|
|
|
54,028 |
|
Other
borrowings |
|
|
- |
|
|
|
100,000 |
|
|
|
100,000 |
|
|
|
32,166 |
|
|
|
106,387 |
|
Accrued interest payable and other liabilities |
|
24,069 |
|
|
|
21,248 |
|
|
|
20,372 |
|
|
|
18,273 |
|
|
|
23,689 |
|
Total liabilities |
|
|
1,869,961 |
|
|
|
1,884,443 |
|
|
|
1,726,608 |
|
|
|
1,705,024 |
|
|
|
1,864,242 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
111,257 |
|
|
|
110,786 |
|
|
|
110,289 |
|
|
|
109,815 |
|
|
|
109,473 |
|
Retained
earnings |
|
|
62,297 |
|
|
|
54,628 |
|
|
|
49,106 |
|
|
|
44,862 |
|
|
|
41,189 |
|
Accumulated
other comprehensive (loss) |
|
|
(1,300 |
) |
|
|
(1,356 |
) |
|
|
(651 |
) |
|
|
(106 |
) |
|
|
92 |
|
Total shareholders' equity |
|
|
172,254 |
|
|
|
164,058 |
|
|
|
158,744 |
|
|
|
154,571 |
|
|
|
150,754 |
|
Total liabilities and shareholders'
equity |
|
$ |
2,042,215 |
|
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
7.98 |
% |
|
|
8.21 |
% |
|
|
8.27 |
% |
|
|
7.84 |
% |
|
|
7.23 |
% |
Tier I
risk-based capital ratio |
|
|
8.23 |
% |
|
|
7.98 |
% |
|
|
8.09 |
% |
|
|
8.49 |
% |
|
|
8.62 |
% |
Total
risk-based capital ratio |
|
|
11.78 |
% |
|
|
11.57 |
% |
|
|
11.84 |
% |
|
|
12.49 |
% |
|
|
12.75 |
% |
Total
equity/ total assets |
|
|
8.43 |
% |
|
|
8.01 |
% |
|
|
8.42 |
% |
|
|
8.31 |
% |
|
|
7.48 |
% |
Book value
per share |
|
$ |
20.67 |
|
|
$ |
19.70 |
|
|
$ |
19.09 |
|
|
$ |
18.69 |
|
|
$ |
18.24 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,332,479 |
|
|
|
8,327,781 |
|
|
|
8,317,161 |
|
|
|
8,270,901 |
|
|
|
8,264,300 |
|
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, |
|
|
2022 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,621,322 |
|
5.87 |
% |
|
$ |
23,972 |
|
$ |
1,523,442 |
|
4.97 |
% |
|
$ |
19,084 |
Federal funds sold |
|
|
229,209 |
|
3.87 |
% |
|
|
2,236 |
|
|
162,314 |
|
2.12 |
% |
|
|
867 |
Investment securities |
|
|
156,712 |
|
3.22 |
% |
|
|
1,272 |
|
|
163,486 |
|
2.95 |
% |
|
|
1,217 |
Total
interest earning assets |
|
|
2,007,243 |
|
5.43 |
% |
|
|
27,480 |
|
|
1,849,242 |
|
4.54 |
% |
|
|
21,168 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,692 |
|
|
|
|
|
|
20,153 |
|
|
|
|
All other assets (2) |
|
|
60,271 |
|
|
|
|
|
|
60,832 |
|
|
|
|
TOTAL |
|
$ |
2,088,206 |
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
39,582 |
|
0.06 |
% |
|
$ |
6 |
|
$ |
40,044 |
|
0.08 |
% |
|
$ |
8 |
Money market and savings |
|
|
647,213 |
|
1.45 |
% |
|
|
2,359 |
|
|
600,100 |
|
0.62 |
% |
|
|
938 |
Time |
|
|
304,784 |
|
2.83 |
% |
|
|
2,171 |
|
|
213,001 |
|
1.35 |
% |
|
|
726 |
Other |
|
|
110,650 |
|
3.89 |
% |
|
|
1,084 |
|
|
154,101 |
|
2.92 |
% |
|
|
1,133 |
Total
interest-bearing liabilities |
|
|
1,102,229 |
|
2.02 |
% |
|
|
5,620 |
|
|
1,007,246 |
|
1.10 |
% |
|
|
2,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
794,114 |
|
|
|
|
|
|
738,951 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
22,467 |
|
|
|
|
|
|
21,094 |
|
|
|
|
Shareholders' equity |
|
|
169,396 |
|
|
|
|
|
|
162,936 |
|
|
|
|
TOTAL |
|
$ |
2,088,206 |
|
|
|
|
|
$ |
1,930,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
4.32 |
% |
|
$ |
21,860 |
|
|
|
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 fees of
$1.0 million and $100,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $16.5 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December
31, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,621,322 |
|
5.87 |
% |
|
$ |
23,972 |
|
$ |
1,330,044 |
|
4.33 |
% |
|
$ |
14,520 |
Federal funds sold |
|
|
229,209 |
|
3.87 |
% |
|
|
2,236 |
|
|
536,503 |
|
0.16 |
% |
|
|
216 |
Investment securities |
|
|
156,712 |
|
3.22 |
% |
|
|
1,272 |
|
|
105,011 |
|
3.05 |
% |
|
|
807 |
Total
interest earning assets |
|
|
2,007,243 |
|
5.43 |
% |
|
|
27,480 |
|
|
1,971,558 |
|
3.13 |
% |
|
|
15,543 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,692 |
|
|
|
|
|
|
18,886 |
|
|
|
|
All other assets (2) |
|
|
60,271 |
|
|
|
|
|
|
64,046 |
|
|
|
|
TOTAL |
|
$ |
2,088,206 |
|
|
|
|
|
$ |
2,054,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
39,582 |
|
0.06 |
% |
|
$ |
6 |
|
$ |
37,379 |
|
0.10 |
% |
|
$ |
9 |
Money market and savings |
|
|
647,213 |
|
1.45 |
% |
|
|
2,359 |
|
|
766,826 |
|
0.40 |
% |
|
|
769 |
Time |
|
|
304,784 |
|
2.83 |
% |
|
|
2,171 |
|
|
159,420 |
|
0.40 |
% |
|
|
159 |
Other |
|
|
110,650 |
|
3.89 |
% |
|
|
1,084 |
|
|
122,722 |
|
2.07 |
% |
|
|
639 |
Total
interest-bearing liabilities |
|
|
1,102,229 |
|
2.02 |
% |
|
|
5,620 |
|
|
1,086,347 |
|
0.58 |
% |
|
|
1,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
794,114 |
|
|
|
|
|
|
795,967 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
22,467 |
|
|
|
|
|
|
22,539 |
|
|
|
|
Shareholders' equity |
|
|
169,396 |
|
|
|
|
|
|
149,637 |
|
|
|
|
TOTAL |
|
$ |
2,088,206 |
|
|
|
|
|
$ |
2,054,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
4.32 |
% |
|
$ |
21,860 |
|
|
|
2.81 |
% |
|
$ |
13,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 fees of
$1.0 million and $125,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $16.5 million and $13.6 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, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,495,981 |
|
4.96 |
% |
|
$ |
74,240 |
|
$ |
1,368,960 |
|
4.29 |
% |
|
$ |
58,677 |
Federal funds sold |
|
|
220,084 |
|
1.60 |
% |
|
|
3,519 |
|
|
450,898 |
|
0.13 |
% |
|
|
587 |
Investment securities |
|
|
155,748 |
|
2.90 |
% |
|
|
4,519 |
|
|
71,376 |
|
2.84 |
% |
|
|
2,029 |
Total
interest earning assets |
|
|
1,871,813 |
|
4.40 |
% |
|
|
82,278 |
|
|
1,891,234 |
|
3.24 |
% |
|
|
61,293 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,838 |
|
|
|
|
|
|
17,642 |
|
|
|
|
All other assets (2) |
|
|
61,517 |
|
|
|
|
|
|
60,008 |
|
|
|
|
TOTAL |
|
$ |
1,953,168 |
|
|
|
|
|
$ |
1,968,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
40,054 |
|
0.08 |
% |
|
|
31 |
|
$ |
35,623 |
|
0.11 |
% |
|
$ |
38 |
Money market and savings |
|
|
651,429 |
|
0.70 |
% |
|
|
4,544 |
|
|
705,621 |
|
0.51 |
% |
|
|
3,627 |
Time |
|
|
205,681 |
|
1.57 |
% |
|
|
3,235 |
|
|
175,240 |
|
0.43 |
% |
|
|
753 |
Other |
|
|
121,464 |
|
2.88 |
% |
|
|
3,496 |
|
|
139,011 |
|
1.54 |
% |
|
|
2,145 |
Total
interest-bearing liabilities |
|
|
1,018,628 |
|
1.11 |
% |
|
|
11,306 |
|
|
1,055,495 |
|
0.62 |
% |
|
|
6,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
752,348 |
|
|
|
|
|
|
747,868 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
21,256 |
|
|
|
|
|
|
21,363 |
|
|
|
|
Shareholders' equity |
|
|
160,936 |
|
|
|
|
|
|
144,158 |
|
|
|
|
TOTAL |
|
$ |
1,953,168 |
|
|
|
|
|
$ |
1,968,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.79 |
% |
|
$ |
70,972 |
|
|
|
2.89 |
% |
|
$ |
54,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 fees of
$1.5 million and $3.4 million, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $15.4 million and $13.9 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVENUE: |
|
Three months ended |
|
Twelve months ended |
|
|
12/31/22 |
|
09/30/22 |
|
12/31/21 |
|
12/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
21,860 |
|
$ |
18,363 |
|
$ |
13,967 |
|
$ |
70,972 |
|
$ |
54,730 |
Non-interest
income |
|
|
1,962 |
|
|
1,484 |
|
|
994 |
|
|
7,374 |
|
|
4,173 |
Total
revenue |
|
$ |
23,822 |
|
$ |
19,847 |
|
$ |
14,961 |
|
$ |
78,346 |
|
$ |
58,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
PPP FEES INCLUDED IN |
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME: |
|
Three months ended |
|
Twelve months ended |
|
|
12/31/22 |
|
09/30/22 |
|
12/31/21 |
|
12/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
PPP
fees |
|
$ |
27 |
|
$ |
293 |
|
$ |
817 |
|
$ |
2,103 |
|
$ |
7,133 |
PPP
capitalized loan origination costs |
|
|
3 |
|
|
15 |
|
|
109 |
|
|
343 |
|
|
1,604 |
Net PPP
fees |
|
$ |
24 |
|
$ |
278 |
|
$ |
708 |
|
$ |
1,760 |
|
$ |
5,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
Three months ended |
|
Twelve months ended |
|
|
12/31/22 |
|
09/30/22 |
|
12/31/21 |
|
12/31/22 |
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
$ |
11,713 |
|
$ |
11,217 |
|
$ |
10,009 |
|
$ |
44,665 |
|
$ |
40,437 |
Total
capitalized loan origination costs |
|
|
960 |
|
|
1,102 |
|
|
1,601 |
|
|
4,119 |
|
|
5,528 |
Total operating expenses, before capitalization |
|
|
|
|
|
|
|
|
of loan origination costs |
|
$ |
12,673 |
|
$ |
12,319 |
|
$ |
11,610 |
|
$ |
48,784 |
|
$ |
45,965 |
California BanCorp (NASDAQ:CALB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
California BanCorp (NASDAQ:CALB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024