California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
second quarter and six months ended June 30, 2022.
The Company reported net income of $4.2 million
for the second quarter of 2022, representing an increase of
$571,000, or 16%, compared to $3.7 million for the first quarter of
2022 and an increase of $82,000, or 2%, compared to $4.2 million in
the second quarter of 2021. For the six months ended June 30, 2022,
net income was $7.9 million representing an increase of $946,000,
or 14%, compared to $7.0 million for the same period in 2021.
Diluted earnings per share of $0.51 for the
second quarter of 2022 compared to $0.44 for the first quarter of
2022 and $0.50 for the second quarter of 2021. For the
six months ended June 30, 2022, diluted earnings per share of $0.94
compared to $0.84 for the same period in 2021.
“During the second quarter, we generated a
significant increase in our level of profitability driven by strong
loan growth, net interest margin expansion resulting from our
asset-sensitive balance sheet, and improved operating leverage,”
said Steven Shelton, Chief Executive Officer of California BanCorp.
“The highly productive commercial banking teams we have built,
including our specialty lending groups, continue to effectively
capitalize on the strong economic conditions and loan demand we are
seeing in our markets, which has resulted in our loan portfolio
increasing by $335 million over the past year, excluding PPP loans.
Our momentum continues to build, and in the second quarter we
generated the highest level of new loan production in our history,
excluding PPP loans. Combined with increased line utilization, this
resulted in 38% annualized loan growth for the quarter, excluding
PPP loans, with well balanced growth across asset classes,
industries, and property types. We expect to see a continuation of
the positive trends that are driving our improved profitability,
although it is likely that we will have a lower level of loan
growth in the second half of 2022 as higher rates impact loan
demand. Our asset quality remains exceptionally strong, with
nonperforming assets representing just 3 basis points of total
assets at June 30th, and we believe our conservative underwriting
and focus on commercial clients in largely recession-resistant
industries will help us to effectively manage through any weakening
in economic conditions that emerges over the near-term.”
Financial Highlights:
Profitability - three months ended June 30, 2022
compared to March 31, 2022
- Net income of $4.2 million and
$0.51 per diluted share, compared to $3.7 million and $0.44 per
share, respectively.
- Revenue of $17.6 million increased
$557,000, or 3%, compared to $17.1 million for the first quarter of
2022.
- Net fees from Paycheck Protection
Program (“PPP”) loans contributed $667,000 to net interest income
compared to $791,000 for the first quarter of 2022.
- Provision for loan losses of
$925,000 decreased $25,000, or 3%, primarily as a result of
continued adjustments in the qualitative reserve assessment in
response to general macroeconomic changes offset, in part, by
growth in the commercial and real estate other loan
portfolios.
- Non-interest income of $1.4 million
decreased $1.1 million, or 45%, primarily due to a gain recognized
on the sale of a portion of our solar loan portfolio during the
first quarter of 2022.
- Non-interest expense, excluding
capitalized loan origination costs, of $11.9 million remained
consistent with the first quarter of 2022.
Profitability - six months ended June 30, 2022
compared to June 30, 2021
- Net income of $7.9 million and
$0.94 per diluted share, compared to $7.0 million and $0.84 per
diluted share, respectively.
- Revenue of $34.7 million increased
$5.9 million, or 20%, compared to $28.8 million in the prior
year.
- Net fees from PPP loans contributed
$1.5 million to net interest income compared to $3.3 million in the
prior year.
- Provision for loan losses increased
$2.7 million primarily due to growth in the loan portfolio combined
with a release of reserves in the second quarter of 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 $3.9 million
increased $2.1 million, or 109%, 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.
- Non-interest expense, excluding
capitalized loan origination costs, of $23.8 million compared to
$22.6 million for the same period in the prior year.
Financial Position – June 30, 2022 compared to
March 31, 2022
- Total assets increased by $25.8
million, or 1%, to $1.89 billion.
- Total gross loans increased by
$99.9 million, or 7%, to $1.50 billion. Excluding the impact of PPP
loans forgiven by the SBA, total gross loans increased during the
second quarter by $129.0 million, or 9%, to $1.49 billion.
- Total deposits decreased by $48.4
million, or 3%, to $1.55 billion.
- Total borrowings increased by $67.8
million, or 211%, to $100.0 million primarily due to an FHLB term
borrowing, partially offset by the repayment of borrowings under
the Federal Reserve Paycheck Protection Program Liquidity Facility
(“PPPLF”).
- Capital ratios remain healthy with
a tier-one leverage ratio of 8.27%, tier I capital ratio of 8.09%
and total risk-based capital ratio of 11.84%.
Net Interest Income and
Margin:
Net interest income for the quarter ended June
30, 2022 was $16.2 million, an increase of $1.7 million or 12%,
from $14.5 million for the three months ended March 31, 2022, and
an increase of $2.6 million, or 19%, from $13.6 million for the
quarter ended June 30, 2021. The increase in net interest income
compared to the first quarter of 2022 was primarily attributable to
the growth of the loan portfolio and an increase in net interest
margin. Compared to the second quarter of 2021, the increase in net
interest income resulted from a more favorable mix of earning
assets offset, in part, by a reduction in the amortization of net
fees received on PPP loans.
Net interest income for the six months ended
June 30, 2022 was $30.7 million, an increase of $3.8 million, or
14% over $26.9 million for the six months ended June 30, 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.
The Company’s net interest margin for the second
quarter of 2022 was 3.65%, compared to 3.19% for the first quarter
of 2022 and 2.98% for the same period in 2021. The increase in
margin compared to the prior quarter was primarily due to growth in
the loan portfolio and a more favorable mix of earning assets. The
increase in margin from the same period last year was primarily the
result of an increase in loan yields resulting from growth in the
commercial and real estate other loan portfolios combined with a
reduction in the average cost of deposits, partially offset by a
reduction of net fees recognized on PPP loans.
The Company’s net interest margin for the six
months ended June 30, 2022 was 3.42% compared to 2.96% 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 combined with a lower cost of deposits.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended June 30, 2022, March 31, 2022, and June 30, 2021 was
$1.4 million, $2.5 million and $956,000, respectively. The decrease
in non-interest income from the first quarter of 2022 was primarily
due to a gain recognized during the first quarter on the sale of a
portion of our solar loan portfolio. The increase in non-interest
income compared to the second quarter of 2021 was primarily due to
an increase in service charges and other fee income.
For the six months ended June 30, 2022,
non-interest income of $3.9 million compared to $1.9 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 and a gain recognized on the sale of a portion of
our solar loan portfolio.
Net interest income and non-interest income
comprised total revenue of $17.6 million, $17.1 million, and $14.5
million for the quarters ended June 30, 2022, March 31, 2022, and
June 30, 2021, respectively. Total revenue for the six months ended
June 30, 2022 and 2021 was $34.7 million and $28.8 million,
respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended June 30, 2022, March 31, 2022, and June 30, 2021 was
$10.8 million, $10.9 million, and $9.8 million, respectively. The
increase in non-interest expense from the second quarter of 2021
was primarily due to an increase in salaries and benefits related
to investments to support the continued growth of the business,
partially offset by a reduction in capitalized loan origination
costs. Excluding capitalized loan origination costs, non-interest
expense for the second quarter of 2022, the first quarter of 2022
and the second quarter of 2021 was $11.9 million, $11.9 million,
and $11.1 million, respectively.
Non-interest expense of $21.7 million for the
six months ended June 30, 2022 compared to $19.9 million for the
same period of 2021. Excluding capitalized loan origination costs,
non-interest expense was $23.8 million for the six months ended
June 30, 2022 and $22.6 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 61.41%, 63.99%, and 67.63%
for the quarters ended June 30, 2022, March 31, 2022, and June 30,
2021, respectively. For the six months ended June 30, 2022 and
2021, the Company’s efficiency ratio was 62.68% and 69.15%,
respectively.
Balance Sheet:
Total assets of $1.89 billion as of June 30,
2022, represented an increase of $25.8 million, or 1%, compared to
$1.86 billion at March 31, 2022 and an increase of $16.3 million,
or 1%, compared to $1.87 billion at June 30, 2021. The increase in
total assets from previous quarters was primarily due to loan
growth, offset by decreased liquidity resulting from the outflow of
deposits related to forgiveness of PPP loans.
Total gross loans increased by $99.9 million, or
7%, to $1.50 billion at June 30, 2022, from $1.40 billion at March
31, 2022 and increased by $147.7 million, or 11% compared to $1.35
billion at June 30, 2021.
During the second quarter of 2022, commercial
and real estate other loans increased by $66.8 million and $52.9
million, respectively, due to organic growth. Partially offsetting
these increases within the total loan portfolio, SBA loans
decreased by $30.7 million primarily due to PPP loan
forgiveness.
Year-over-year, commercial and real estate other
loans increased by $163.9 million and $178.1 million, respectively,
due to organic growth. These increases were partially offset by a
decrease in SBA loans of $191.4 million primarily due to PPP loan
forgiveness.
As a result of the CARES Act PPP, which was
launched in April 2020 and re-launched in January 2021, the Company
funded approximately $491.3 million in loans. Approximately $483.5
million of those balances have been granted forgiveness by the SBA
as of June 30, 2022.
Total deposits decreased by $48.4 million, or
3%, to $1.55 billion at June 30, 2022 from $1.60 billion at March
31, 2022, and decreased by $127.6 million, or 8%, from $1.68
billion at June 30, 2021. The decrease in total deposits from the
end of the first quarter of 2022 was primarily due to a reduction
in non-interest bearing demand deposits of $31.2 million and money
market and savings deposits of $60.6 million, offset by an increase
in interest-bearing demand deposits of $9.1 million and time
deposits of $34.4 million.
Compared to the same period last year, the
decrease in total deposits was primarily concentrated in
non-interest bearing demand deposits and 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 46.1% of total deposits at June 30,
2022, compared to 46.7% at March 31, 2022 and 47.1% at June 30,
2021.
As of June 30, 2022, the Company had outstanding
borrowings, excluding junior subordinated debt securities, of
$100.0 million, compared to $32.2 million at March 31, 2022. The
Company had no outstanding borrowing at June 30, 2021. The increase
in borrowings during the second quarter of 2022 was primarily due
to an FHLB term borrowing, partially offset by the repayment of
borrowings under PPPLF.
Asset Quality:
The provision for credit losses decreased
to $925,000 for the second quarter of 2022 compared
to $950,000 for the first quarter of 2022, and increased
from $(1.1) million for the second quarter of 2021. The Company did
not have any loan charge-offs or recoveries during the second
quarter of 2022. Net loan recoveries in the first quarter of 2022
were $1,000 or 0.00% of gross loans, and net charge-offs in
the second quarter of 2021 were $237,000, or 0.02%.
Non-performing assets (“NPAs”) to total assets
of 0.03% at June 30, 2022 and March 31, 2022 compared to 0.07% at
June 30, 2021, with non-performing loans of $549,000, $549,000 and
$1.2 million, respectively, on those dates.
The allowance for loan losses increased by
$925,000 to $16.0 million, or 1.06% of total loans, at June 30,
2022, compared to $15.0 million, or 1.07% of total loans, at March
31, 2022 and $13.2 million, or 0.98% of total loans at June 30,
2021. The increase in the allowance as a percentage of total loans
at June 30, 2022 compared to June 30, 2021 reflects an increase in
the qualitative reserve assessment in response to general
macroeconomic changes pertaining to the mix of our loan
portfolio.
Capital Adequacy:
At June 30, 2022, shareholders’ equity totaled
$158.7 million compared to $154.6 million at March 31, 2022 and
$143.7 million one year ago. As a result, the Company’s total
risk-based capital ratio, tier one capital ratio and leverage ratio
of 11.84%, 8.09%, and 8.27%, respectively, were all above the
regulatory standards for “well-capitalized” institutions of 10.00%,
8.00% and 5.00% respectively.
“Internal capital generation remains our
preferred method for supporting the continued growth of our
franchise,” said Thomas A. Sa, President, Chief Financial Officer
and Chief Operating Officer of California BanCorp. “Our strong
financial performance enabled us to continue building capital and
growing our tangible book value per share, which increased 2.3%
during the second quarter.”
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) 457-3751Chief Executive
Officerseshelton@bankcbc.com
Thomas A. Sa, (510) 457-3775President, Chief Financial Officer
and Chief Operating Officertsa@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; the risk that the United States economy
will experience slowed growth or recession or will be adversely
affected by domestic or international economic conditions and risks
associated with the Federal Reserve Board taking actions with
respect to interest rates, any of which could adversely affect,
among other things, the values of real estate collateral supporting
many of the Company’s loans, interest income and interest rate
margins and, therefore, the Company’s future operating results;
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 Quarterly Report on Form 10-Q
for the quarter ended June 30, 2022, which we expect to file with
the SEC during the third quarter of 2022, and readers of this
release are urged to review the additional information that will be
contained in that report.
The COVID-19 pandemic has created economic and
financial disruptions that have adversely affected, and may
continue to adversely affect, our business, operations, financial
performance and prospects. Even after the COVID-19 pandemic
subsides, it is possible that the U.S. and other major economies
experience or continue to experience a prolonged recession, which
could materially and adversely affect our business, operations,
financial performance and prospects. Statements about the effects
of the COVID-19 pandemic on our business, operations, financial
performance and prospects may constitute forward-looking statements
and are subject to the risk that the actual impacts may differ,
possibly materially, from what is reflected in those
forward-looking statements due to factors and future developments
that are uncertain, unpredictable and in many cases beyond our
control, including the scope and duration of the pandemic, actions
taken by governmental authorities in response to the pandemic, and
the direct and indirect impact of the pandemic on our customers,
third parties and us.
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: |
|
Q2 2022 |
|
Q1 2022 |
|
$ |
|
% |
|
|
Q2 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
17,706 |
|
|
$ |
15,924 |
|
|
$ |
1,782 |
|
|
11 |
% |
|
|
$ |
15,179 |
|
|
$ |
2,527 |
|
|
17 |
% |
Interest expense |
|
|
1,483 |
|
|
|
1,398 |
|
|
|
85 |
|
|
6 |
% |
|
|
|
1,593 |
|
|
|
(110 |
) |
|
-7 |
% |
Net interest income |
|
|
16,223 |
|
|
|
14,526 |
|
|
|
1,697 |
|
|
12 |
% |
|
|
|
13,586 |
|
|
|
2,637 |
|
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
925 |
|
|
|
950 |
|
|
|
(25 |
) |
|
-3 |
% |
|
|
|
(1,100 |
) |
|
|
2,025 |
|
|
-184 |
% |
Net interest income after provision for loan losses |
|
|
15,298 |
|
|
|
13,576 |
|
|
|
1,722 |
|
|
13 |
% |
|
|
|
14,686 |
|
|
|
612 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
1,394 |
|
|
|
2,534 |
|
|
|
(1,140 |
) |
|
-45 |
% |
|
|
|
956 |
|
|
|
438 |
|
|
46 |
% |
Non-interest expense |
|
|
10,819 |
|
|
|
10,916 |
|
|
|
(97 |
) |
|
-1 |
% |
|
|
|
9,835 |
|
|
|
984 |
|
|
10 |
% |
Income before income taxes |
|
|
5,873 |
|
|
|
5,194 |
|
|
|
679 |
|
|
13 |
% |
|
|
|
5,807 |
|
|
|
66 |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
1,629 |
|
|
|
1,521 |
|
|
|
108 |
|
|
7 |
% |
|
|
|
1,645 |
|
|
|
(16 |
) |
|
-1 |
% |
Net income |
|
$ |
4,244 |
|
|
$ |
3,673 |
|
|
$ |
571 |
|
|
16 |
% |
|
|
$ |
4,162 |
|
|
$ |
82 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.07 |
|
|
16 |
% |
|
|
$ |
0.50 |
|
|
$ |
0.01 |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.65 |
% |
|
|
3.19 |
% |
|
+46 Basis Points |
|
|
|
2.98 |
% |
|
+67 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
61.41 |
% |
|
|
63.99 |
% |
|
-258 Basis Points |
|
|
|
67.63 |
% |
|
-622 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
YEAR-TO-DATE
HIGHLIGHTS: |
|
Q2 2022 |
|
Q2 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
33,630 |
|
|
$ |
30,211 |
|
|
$ |
3,419 |
|
|
11 |
% |
|
|
|
|
|
|
|
Interest expense |
|
|
2,881 |
|
|
|
3,289 |
|
|
|
(408 |
) |
|
-12 |
% |
|
|
|
|
|
|
|
Net interest income |
|
|
30,749 |
|
|
|
26,922 |
|
|
|
3,827 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
1,875 |
|
|
|
(800 |
) |
|
|
2,675 |
|
|
334 |
% |
|
|
|
|
|
|
|
Net interest income after provision for loan losses |
|
|
28,874 |
|
|
|
27,722 |
|
|
|
1,152 |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income |
|
|
3,928 |
|
|
|
1,877 |
|
|
|
2,051 |
|
|
109 |
% |
|
|
|
|
|
|
|
Non-interest expense |
|
|
21,735 |
|
|
|
19,915 |
|
|
|
1,820 |
|
|
9 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
11,067 |
|
|
|
9,684 |
|
|
|
1,383 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
3,150 |
|
|
|
2,713 |
|
|
|
437 |
|
|
16 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
7,917 |
|
|
$ |
6,971 |
|
|
$ |
946 |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share |
|
$ |
0.94 |
|
|
$ |
0.84 |
|
|
$ |
0.10 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.42 |
% |
|
|
2.96 |
% |
|
+46 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio |
|
|
62.68 |
% |
|
|
69.15 |
% |
|
-647 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
SELECTED FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
(Dollars in Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
PERIOD-END
HIGHLIGHTS: |
|
Q2 2022 |
|
Q1 2022 |
|
$ |
|
% |
|
|
Q2 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
25,757 |
|
|
1 |
% |
|
|
$ |
1,869,063 |
|
|
$ |
16,289 |
|
|
1 |
% |
Gross loans |
|
|
1,500,379 |
|
|
|
1,400,474 |
|
|
|
99,905 |
|
|
7 |
% |
|
|
|
1,352,639 |
|
|
|
147,740 |
|
|
11 |
% |
Deposits |
|
|
1,552,139 |
|
|
|
1,600,522 |
|
|
|
(48,383 |
) |
|
-3 |
% |
|
|
|
1,679,772 |
|
|
|
(127,633 |
) |
|
-8 |
% |
Tangible equity |
|
|
151,251 |
|
|
|
147,068 |
|
|
|
4,183 |
|
|
3 |
% |
|
|
|
136,207 |
|
|
|
15,044 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share |
|
$ |
18.19 |
|
|
$ |
17.78 |
|
|
$ |
0.41 |
|
|
2 |
% |
|
|
$ |
16.55 |
|
|
$ |
1.63 |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / total
assets |
|
|
8.02 |
% |
|
|
7.91 |
% |
|
+11 Basis Points |
|
|
|
7.29 |
% |
|
+73 Basis Points |
Gross loans / total
deposits |
|
|
96.67 |
% |
|
|
87.50 |
% |
|
+917 Basis Points |
|
|
|
80.53 |
% |
|
1614 Basis Points |
Noninterest-bearing deposits /
total deposits |
|
|
46.09 |
% |
|
|
46.65 |
% |
|
-56 Basis Points |
|
|
|
47.12 |
% |
|
-103 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY
AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q2 2022 |
|
Q1 2022 |
|
$ |
|
% |
|
|
Q2 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,864,196 |
|
|
$ |
1,928,542 |
|
|
$ |
(64,346 |
) |
|
-3 |
% |
|
|
$ |
1,909,558 |
|
|
$ |
(45,362 |
) |
|
-2 |
% |
Total earning assets |
|
|
1,783,017 |
|
|
|
1,846,225 |
|
|
|
(63,208 |
) |
|
-3 |
% |
|
|
|
1,829,980 |
|
|
|
(46,963 |
) |
|
-3 |
% |
Gross loans |
|
|
1,464,922 |
|
|
|
1,371,187 |
|
|
|
93,735 |
|
|
7 |
% |
|
|
|
1,415,729 |
|
|
|
49,193 |
|
|
3 |
% |
Deposits |
|
|
1,567,412 |
|
|
|
1,652,013 |
|
|
|
(84,601 |
) |
|
-5 |
% |
|
|
|
1,607,847 |
|
|
|
(40,435 |
) |
|
-3 |
% |
Tangible equity |
|
|
150,176 |
|
|
|
146,032 |
|
|
|
4,144 |
|
|
3 |
% |
|
|
|
134,379 |
|
|
|
15,797 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / total
assets |
|
|
8.06 |
% |
|
|
7.57 |
% |
|
+49 Basis Points |
|
|
|
7.04 |
% |
|
+102 Basis Points |
Gross loans / total
deposits |
|
|
93.46 |
% |
|
|
83.00 |
% |
|
+1046 Basis Points |
|
|
|
88.05 |
% |
|
+541 Basis Points |
Noninterest-bearing deposits /
total deposits |
|
|
46.86 |
% |
|
|
44.88 |
% |
|
+198 Basis Points |
|
|
|
45.28 |
% |
|
+158 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE
AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
|
|
|
HIGHLIGHTS: |
|
Q2 2022 |
|
Q2 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,896,191 |
|
|
$ |
1,916,725 |
|
|
$ |
(20,534 |
) |
|
-1 |
% |
|
|
|
|
|
|
|
Total earning assets |
|
|
1,814,448 |
|
|
|
1,835,028 |
|
|
|
(20,580 |
) |
|
-1 |
% |
|
|
|
|
|
|
|
Gross loans |
|
|
1,418,315 |
|
|
|
1,415,618 |
|
|
|
2,697 |
|
|
0 |
% |
|
|
|
|
|
|
|
Deposits |
|
|
1,609,478 |
|
|
|
1,588,408 |
|
|
|
21,070 |
|
|
1 |
% |
|
|
|
|
|
|
|
Tangible equity |
|
|
148,115 |
|
|
|
132,706 |
|
|
|
15,409 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity / total
assets |
|
|
7.81 |
% |
|
|
6.92 |
% |
|
+89 Basis Points |
|
|
|
|
|
|
|
Gross loans / total
deposits |
|
|
88.12 |
% |
|
|
89.12 |
% |
|
-100 Basis Points |
|
|
|
|
|
|
|
Noninterest-bearing deposits /
total deposits |
|
|
45.85 |
% |
|
|
44.64 |
% |
|
+121 Basis Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN
LOSSES: |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
$ |
13,571 |
|
|
$ |
13,240 |
|
|
$ |
14,577 |
|
Provision for loan losses,
quarterly |
|
|
925 |
|
|
|
950 |
|
|
|
504 |
|
|
|
300 |
|
|
|
(1,100 |
) |
Charge-offs, quarterly |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(278 |
) |
Recoveries, quarterly |
|
|
- |
|
|
|
1 |
|
|
|
6 |
|
|
|
31 |
|
|
|
41 |
|
Balance, end of period |
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
$ |
13,571 |
|
|
$ |
13,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING
ASSETS: |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Loans accounted for on a
non-accrual basis |
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
$ |
1,234 |
|
Loans with principal or
interest contractually past due 90 days or more and still accruing
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
$ |
1,234 |
|
Other real estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans restructured and in
compliance with modified terms |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets and restructured loans |
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset
type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
|
|
1,000 |
|
Real estate construction and land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
549 |
|
|
|
549 |
|
|
|
232 |
|
|
|
233 |
|
|
|
234 |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY: |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses /
gross loans |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.02 |
% |
|
|
1.04 |
% |
|
|
0.98 |
% |
Allowance for loan losses /
nonperforming loans |
|
|
2906.56 |
% |
|
|
2738.07 |
% |
|
|
6069.40 |
% |
|
|
1100.65 |
% |
|
|
1072.93 |
% |
Nonperforming assets / total
assets |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
Nonperforming loans / gross
loans |
|
|
0.04 |
% |
|
|
0.04 |
% |
|
|
0.02 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
Net quarterly charge-offs /
gross loans |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) |
(Dollars in Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
06/30/22 |
|
03/31/22 |
|
06/30/21 |
|
06/30/22 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
16,298 |
|
|
$ |
14,886 |
|
|
$ |
14,703 |
|
|
$ |
31,184 |
|
|
$ |
29,287 |
|
Federal funds sold |
|
|
280 |
|
|
|
136 |
|
|
|
84 |
|
|
|
416 |
|
|
|
172 |
|
Investment securities |
|
|
1,128 |
|
|
|
902 |
|
|
|
392 |
|
|
|
2,030 |
|
|
|
752 |
|
Total interest income |
|
|
17,706 |
|
|
|
15,924 |
|
|
|
15,179 |
|
|
|
33,630 |
|
|
|
30,211 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
796 |
|
|
|
806 |
|
|
|
1,138 |
|
|
|
1,602 |
|
|
|
2,329 |
|
Other |
|
|
687 |
|
|
|
592 |
|
|
|
455 |
|
|
|
1,279 |
|
|
|
960 |
|
Total interest expense |
|
|
1,483 |
|
|
|
1,398 |
|
|
|
1,593 |
|
|
|
2,881 |
|
|
|
3,289 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
16,223 |
|
|
|
14,526 |
|
|
|
13,586 |
|
|
|
30,749 |
|
|
|
26,922 |
|
Provision for loan losses |
|
|
925 |
|
|
|
950 |
|
|
|
(1,100 |
) |
|
|
1,875 |
|
|
|
(800 |
) |
Net interest income after
provision for loan losses |
|
|
15,298 |
|
|
|
13,576 |
|
|
|
14,686 |
|
|
|
28,874 |
|
|
|
27,722 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
INCOME |
|
|
|
|
|
|
|
|
|
|
Service charges and other
fees |
|
|
1,134 |
|
|
|
889 |
|
|
|
638 |
|
|
|
2,023 |
|
|
|
1,279 |
|
Gain on sale of loans |
|
|
- |
|
|
|
1,393 |
|
|
|
- |
|
|
|
1,393 |
|
|
|
- |
|
Other non-interest income |
|
|
260 |
|
|
|
252 |
|
|
|
318 |
|
|
|
512 |
|
|
|
598 |
|
Total non-interest income |
|
|
1,394 |
|
|
|
2,534 |
|
|
|
956 |
|
|
|
3,928 |
|
|
|
1,877 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
7,146 |
|
|
|
7,093 |
|
|
|
6,374 |
|
|
|
14,239 |
|
|
|
12,741 |
|
Premises and equipment |
|
|
1,267 |
|
|
|
1,302 |
|
|
|
1,209 |
|
|
|
2,569 |
|
|
|
2,406 |
|
Other |
|
|
2,406 |
|
|
|
2,521 |
|
|
|
2,252 |
|
|
|
4,927 |
|
|
|
4,768 |
|
Total non-interest expense |
|
|
10,819 |
|
|
|
10,916 |
|
|
|
9,835 |
|
|
|
21,735 |
|
|
|
19,915 |
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
5,873 |
|
|
|
5,194 |
|
|
|
5,807 |
|
|
|
11,067 |
|
|
|
9,684 |
|
Income taxes |
|
|
1,629 |
|
|
|
1,521 |
|
|
|
1,645 |
|
|
|
3,150 |
|
|
|
2,713 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
$ |
4,244 |
|
|
$ |
3,673 |
|
|
$ |
4,162 |
|
|
$ |
7,917 |
|
|
$ |
6,971 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.51 |
|
|
$ |
0.96 |
|
|
$ |
0.85 |
|
Diluted earnings per
share |
|
$ |
0.51 |
|
|
$ |
0.44 |
|
|
$ |
0.50 |
|
|
$ |
0.94 |
|
|
$ |
0.84 |
|
Average common shares
outstanding |
|
|
8,295,014 |
|
|
|
8,276,761 |
|
|
|
8,209,678 |
|
|
|
8,285,950 |
|
|
|
8,195,380 |
|
Average common and equivalent
shares outstanding |
|
|
8,395,701 |
|
|
|
8,392,802 |
|
|
|
8,295,278 |
|
|
|
8,393,776 |
|
|
|
8,275,510 |
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
MEASURES |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.91 |
% |
|
|
0.77 |
% |
|
|
0.87 |
% |
|
|
0.84 |
% |
|
|
0.73 |
% |
Return on average equity |
|
|
10.80 |
% |
|
|
9.70 |
% |
|
|
11.76 |
% |
|
|
10.26 |
% |
|
|
10.02 |
% |
Return on average tangible
equity |
|
|
11.34 |
% |
|
|
10.20 |
% |
|
|
12.42 |
% |
|
|
10.78 |
% |
|
|
10.59 |
% |
Efficiency ratio |
|
|
61.41 |
% |
|
|
63.99 |
% |
|
|
67.63 |
% |
|
|
62.68 |
% |
|
|
69.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
INTERIM CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
20,378 |
|
|
$ |
18,228 |
|
|
$ |
4,539 |
|
|
$ |
22,424 |
|
|
$ |
26,159 |
|
Federal funds sold |
|
|
138,057 |
|
|
|
206,305 |
|
|
|
465,917 |
|
|
|
578,626 |
|
|
|
366,347 |
|
Investment securities |
|
|
165,309 |
|
|
|
171,764 |
|
|
|
103,278 |
|
|
|
82,108 |
|
|
|
61,142 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
589,562 |
|
|
|
522,808 |
|
|
|
474,281 |
|
|
|
428,169 |
|
|
|
425,643 |
|
Real estate other |
|
|
794,504 |
|
|
|
741,651 |
|
|
|
697,212 |
|
|
|
664,202 |
|
|
|
616,451 |
|
Real estate construction and land |
|
|
63,189 |
|
|
|
51,204 |
|
|
|
43,194 |
|
|
|
41,312 |
|
|
|
41,558 |
|
SBA |
|
|
13,310 |
|
|
|
44,040 |
|
|
|
81,403 |
|
|
|
107,096 |
|
|
|
204,734 |
|
Other |
|
|
39,814 |
|
|
|
40,771 |
|
|
|
80,559 |
|
|
|
61,193 |
|
|
|
64,253 |
|
Loans, gross |
|
|
1,500,379 |
|
|
|
1,400,474 |
|
|
|
1,376,649 |
|
|
|
1,301,972 |
|
|
|
1,352,639 |
|
Unamortized net deferred loan costs (fees) |
|
|
2,570 |
|
|
|
2,434 |
|
|
|
1,688 |
|
|
|
760 |
|
|
|
(629 |
) |
Allowance for loan losses |
|
|
(15,957 |
) |
|
|
(15,032 |
) |
|
|
(14,081 |
) |
|
|
(13,571 |
) |
|
|
(13,240 |
) |
Loans, net |
|
|
1,486,992 |
|
|
|
1,387,876 |
|
|
|
1,364,256 |
|
|
|
1,289,161 |
|
|
|
1,338,770 |
|
Premises and equipment,
net |
|
|
3,736 |
|
|
|
4,047 |
|
|
|
4,405 |
|
|
|
4,227 |
|
|
|
5,089 |
|
Bank owned life insurance |
|
|
24,788 |
|
|
|
24,614 |
|
|
|
24,412 |
|
|
|
24,247 |
|
|
|
24,085 |
|
Goodwill and core deposit
intangible |
|
|
7,493 |
|
|
|
7,503 |
|
|
|
7,513 |
|
|
|
7,524 |
|
|
|
7,534 |
|
Accrued interest
receivable and other assets |
|
38,599 |
|
|
|
39,258 |
|
|
|
40,676 |
|
|
|
40,762 |
|
|
|
39,937 |
|
Total assets |
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
$ |
2,049,079 |
|
|
$ |
1,869,063 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
715,432 |
|
|
$ |
746,673 |
|
|
$ |
771,205 |
|
|
$ |
790,646 |
|
|
$ |
791,580 |
|
Demand interest-bearing |
|
|
45,511 |
|
|
|
36,419 |
|
|
|
37,250 |
|
|
|
39,679 |
|
|
|
36,268 |
|
Money market and savings |
|
|
626,156 |
|
|
|
686,781 |
|
|
|
717,480 |
|
|
|
750,112 |
|
|
|
674,390 |
|
Time |
|
|
165,040 |
|
|
|
130,649 |
|
|
|
154,203 |
|
|
|
161,617 |
|
|
|
177,534 |
|
Total deposits |
|
|
1,552,139 |
|
|
|
1,600,522 |
|
|
|
1,680,138 |
|
|
|
1,742,054 |
|
|
|
1,679,772 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debt
securities |
|
|
54,097 |
|
|
|
54,063 |
|
|
|
54,028 |
|
|
|
59,009 |
|
|
|
24,745 |
|
Other borrowings |
|
|
100,000 |
|
|
|
32,166 |
|
|
|
106,387 |
|
|
|
79,536 |
|
|
|
- |
|
Accrued interest payable and
other liabilities |
|
|
20,372 |
|
|
|
18,273 |
|
|
|
23,689 |
|
|
|
21,241 |
|
|
|
20,805 |
|
Total liabilities |
|
|
1,726,608 |
|
|
|
1,705,024 |
|
|
|
1,864,242 |
|
|
|
1,901,840 |
|
|
|
1,725,322 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
110,289 |
|
|
|
109,815 |
|
|
|
109,473 |
|
|
|
109,009 |
|
|
|
108,417 |
|
Retained earnings |
|
|
49,106 |
|
|
|
44,862 |
|
|
|
41,189 |
|
|
|
38,008 |
|
|
|
34,792 |
|
Accumulated other
comprehensive (loss) |
|
|
(651 |
) |
|
|
(106 |
) |
|
|
92 |
|
|
|
222 |
|
|
|
532 |
|
Total shareholders' equity |
|
|
158,744 |
|
|
|
154,571 |
|
|
|
150,754 |
|
|
|
147,239 |
|
|
|
143,741 |
|
Total liabilities and shareholders' equity |
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
$ |
2,049,079 |
|
|
$ |
1,869,063 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I leverage ratio |
|
|
8.27 |
% |
|
|
7.84 |
% |
|
|
7.23 |
% |
|
|
7.29 |
% |
|
|
7.53 |
% |
Tier I risk-based capital
ratio |
|
|
8.09 |
% |
|
|
8.49 |
% |
|
|
8.62 |
% |
|
|
9.17 |
% |
|
|
9.35 |
% |
Total risk-based capital
ratio |
|
|
11.84 |
% |
|
|
12.49 |
% |
|
|
12.75 |
% |
|
|
13.92 |
% |
|
|
11.93 |
% |
Total equity/ total
assets |
|
|
8.42 |
% |
|
|
8.31 |
% |
|
|
7.48 |
% |
|
|
7.19 |
% |
|
|
7.69 |
% |
Book value per share |
|
$ |
19.09 |
|
|
$ |
18.69 |
|
|
$ |
18.24 |
|
|
$ |
17.85 |
|
|
$ |
17.47 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
|
8,317,161 |
|
|
|
8,270,901 |
|
|
|
8,264,300 |
|
|
|
8,250,109 |
|
|
|
8,229,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Three months ended March 31, |
|
|
2022 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,464,922 |
|
4.46 |
% |
|
$ |
16,298 |
|
$ |
1,371,187 |
|
4.40 |
% |
|
$ |
14,886 |
Federal funds sold |
|
|
145,329 |
|
0.77 |
% |
|
|
280 |
|
|
345,394 |
|
0.16 |
% |
|
|
136 |
Investment securities |
|
|
172,766 |
|
2.62 |
% |
|
|
1,128 |
|
|
129,644 |
|
2.82 |
% |
|
|
902 |
Total interest earning
assets |
|
|
1,783,017 |
|
3.98 |
% |
|
|
17,706 |
|
|
1,846,225 |
|
3.50 |
% |
|
|
15,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,735 |
|
|
|
|
|
|
18,748 |
|
|
|
|
All other assets (2) |
|
|
61,444 |
|
|
|
|
|
|
63,569 |
|
|
|
|
TOTAL |
|
$ |
1,864,196 |
|
|
|
|
|
$ |
1,928,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
42,380 |
|
0.08 |
% |
|
$ |
8 |
|
$ |
38,197 |
|
0.10 |
% |
|
$ |
9 |
Money market and savings |
|
|
636,692 |
|
0.37 |
% |
|
|
582 |
|
|
723,109 |
|
0.37 |
% |
|
|
665 |
Time |
|
|
153,859 |
|
0.54 |
% |
|
|
206 |
|
|
149,293 |
|
0.36 |
% |
|
|
132 |
Other |
|
|
119,970 |
|
2.30 |
% |
|
|
687 |
|
|
100,664 |
|
2.39 |
% |
|
|
592 |
Total interest-bearing
liabilities |
|
|
952,901 |
|
0.62 |
% |
|
|
1,483 |
|
|
1,011,263 |
|
0.56 |
% |
|
|
1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
734,481 |
|
|
|
|
|
|
741,414 |
|
|
|
|
Accrued expenses and other liabilities |
|
|
19,139 |
|
|
|
|
|
|
22,325 |
|
|
|
|
Shareholders' equity |
|
|
157,675 |
|
|
|
|
|
|
153,540 |
|
|
|
|
TOTAL |
|
$ |
1,864,196 |
|
|
|
|
|
$ |
1,928,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin
(3) |
|
|
|
3.65 |
% |
|
$ |
16,223 |
|
|
|
3.19 |
% |
|
$ |
14,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$83,000 and $318,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $15.0 million and $14.1 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 June 30, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,464,922 |
|
4.46 |
% |
|
$ |
16,298 |
|
$ |
1,415,729 |
|
4.17 |
% |
|
$ |
14,703 |
Federal funds sold |
|
|
145,329 |
|
0.77 |
% |
|
|
280 |
|
|
355,457 |
|
0.09 |
% |
|
|
84 |
Investment securities |
|
|
172,766 |
|
2.62 |
% |
|
|
1,128 |
|
|
58,794 |
|
2.67 |
% |
|
|
392 |
Total interest earning
assets |
|
|
1,783,017 |
|
3.98 |
% |
|
|
17,706 |
|
|
1,829,980 |
|
3.33 |
% |
|
|
15,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,735 |
|
|
|
|
|
|
19,147 |
|
|
|
|
All other assets (2) |
|
|
61,444 |
|
|
|
|
|
|
60,431 |
|
|
|
|
TOTAL |
|
$ |
1,864,196 |
|
|
|
|
|
$ |
1,909,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
42,380 |
|
0.08 |
% |
|
$ |
8 |
|
$ |
33,861 |
|
0.12 |
% |
|
$ |
10 |
Money market and savings |
|
|
636,692 |
|
0.37 |
% |
|
|
582 |
|
|
673,460 |
|
0.55 |
% |
|
|
925 |
Time |
|
|
153,859 |
|
0.54 |
% |
|
|
206 |
|
|
172,452 |
|
0.47 |
% |
|
|
203 |
Other |
|
|
119,970 |
|
2.30 |
% |
|
|
687 |
|
|
139,458 |
|
1.31 |
% |
|
|
455 |
Total interest-bearing
liabilities |
|
|
952,901 |
|
0.62 |
% |
|
|
1,483 |
|
|
1,019,231 |
|
0.63 |
% |
|
|
1,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
734,481 |
|
|
|
|
|
|
728,074 |
|
|
|
|
Accrued expenses and other liabilities |
|
|
19,139 |
|
|
|
|
|
|
20,334 |
|
|
|
|
Shareholders' equity |
|
|
157,675 |
|
|
|
|
|
|
141,919 |
|
|
|
|
TOTAL |
|
$ |
1,864,196 |
|
|
|
|
|
$ |
1,909,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin
(3) |
|
|
|
3.65 |
% |
|
$ |
16,223 |
|
|
|
2.98 |
% |
|
$ |
13,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$83,000 and $1.2 million, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $15.0 million and $14.6 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,418,314 |
|
4.43 |
% |
|
$ |
31,184 |
|
$ |
1,415,618 |
|
4.17 |
% |
|
$ |
29,287 |
Federal funds sold |
|
|
244,809 |
|
0.34 |
% |
|
|
416 |
|
|
362,301 |
|
0.10 |
% |
|
|
172 |
Investment securities |
|
|
151,324 |
|
2.71 |
% |
|
|
2,030 |
|
|
57,109 |
|
2.66 |
% |
|
|
752 |
Total interest earning
assets |
|
|
1,814,447 |
|
3.74 |
% |
|
|
33,630 |
|
|
1,835,028 |
|
3.32 |
% |
|
|
30,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,244 |
|
|
|
|
|
|
20,978 |
|
|
|
|
All other assets (2) |
|
|
62,500 |
|
|
|
|
|
|
60,719 |
|
|
|
|
TOTAL |
|
$ |
1,896,191 |
|
|
|
|
|
$ |
1,916,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
40,300 |
|
0.09 |
% |
|
|
17 |
|
$ |
34,185 |
|
0.12 |
% |
|
$ |
21 |
Money market and savings |
|
|
679,662 |
|
0.37 |
% |
|
|
1,247 |
|
|
659,180 |
|
0.58 |
% |
|
|
1,897 |
Time |
|
|
151,588 |
|
0.45 |
% |
|
|
338 |
|
|
186,021 |
|
0.45 |
% |
|
|
411 |
Other |
|
|
110,370 |
|
2.34 |
% |
|
|
1,279 |
|
|
165,957 |
|
1.17 |
% |
|
|
960 |
Total interest-bearing
liabilities |
|
|
981,920 |
|
0.59 |
% |
|
|
2,881 |
|
|
1,045,343 |
|
0.63 |
% |
|
|
3,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
737,928 |
|
|
|
|
|
|
709,022 |
|
|
|
|
Accrued expenses and other liabilities |
|
|
20,724 |
|
|
|
|
|
|
22,109 |
|
|
|
|
Shareholders' equity |
|
|
155,619 |
|
|
|
|
|
|
140,251 |
|
|
|
|
TOTAL |
|
$ |
1,896,191 |
|
|
|
|
|
$ |
1,916,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and margin
(3) |
|
|
|
3.42 |
% |
|
$ |
30,749 |
|
|
|
2.96 |
% |
|
$ |
26,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
$402,000 and $2.3 million, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $14.6 million and $14.4 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA BANCORP AND SUBSIDIARY |
INTERIM CONSOLIDATED NON GAAP DATA
(UNAUDITED) |
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
|
|
|
REVENUE: |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
16,223 |
|
$ |
14,526 |
|
$ |
13,967 |
|
$ |
13,841 |
|
$ |
13,586 |
Non-interest income |
|
|
1,394 |
|
|
2,534 |
|
|
994 |
|
|
1,302 |
|
|
956 |
Total revenue |
|
$ |
17,617 |
|
$ |
17,060 |
|
$ |
14,961 |
|
$ |
15,143 |
|
$ |
14,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP RELATED DEFERRED
FEES |
|
|
|
Amortization |
|
Deferred |
AND COSTS: |
|
Deferred Balance at Origination |
|
of Deferred |
|
Balance |
|
|
2021 Program |
|
2020 Program |
|
Total |
|
Balance |
|
Remaining |
|
|
|
|
|
|
|
|
|
|
|
PPP fees |
|
$ |
4,479 |
|
$ |
9,086 |
|
$ |
13,565 |
|
$ |
13,212 |
|
$ |
353 |
PPP capitalized loan
origination costs |
|
|
540 |
|
|
2,451 |
|
|
2,991 |
|
|
2,970 |
|
$ |
21 |
Net PPP fees |
|
$ |
3,939 |
|
$ |
6,635 |
|
$ |
10,574 |
|
$ |
10,242 |
|
$ |
332 |
|
|
|
|
|
|
|
|
|
|
|
IMPACT OF PPP ACTIVITY
REFLECTED |
|
Amortization of Deferred Balance |
IN NET INTEREST INCOME: |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
|
|
|
|
|
|
|
|
|
|
PPP fees |
|
$ |
769 |
|
$ |
1,014 |
|
$ |
817 |
|
$ |
1,909 |
|
$ |
2,185 |
PPP capitalized loan
origination costs |
|
|
102 |
|
|
223 |
|
|
109 |
|
|
348 |
|
|
514 |
Net PPP fees |
|
$ |
667 |
|
$ |
791 |
|
$ |
708 |
|
$ |
1,561 |
|
$ |
1,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST
EXPENSE: |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
Q2 2021 |
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
expense |
|
$ |
10,819 |
|
$ |
10,916 |
|
$ |
10,009 |
|
$ |
10,513 |
|
$ |
9,835 |
Total capitalized loan
origination costs |
|
|
1,073 |
|
|
984 |
|
|
1,601 |
|
|
1,197 |
|
|
1,217 |
Total operating expenses,
before capitalization of loan origination costs |
|
$ |
11,892 |
|
$ |
11,900 |
|
$ |
11,610 |
|
$ |
11,710 |
|
$ |
11,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
LOANS: |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
06/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
$ |
1,500,379 |
|
$ |
1,400,474 |
|
$ |
1,376,649 |
|
$ |
1,301,972 |
|
$ |
1,352,639 |
PPP loans |
|
|
7,843 |
|
|
36,905 |
|
|
72,527 |
|
|
97,451 |
|
|
194,472 |
Gross loans, excluding PPP
loans |
|
$ |
1,492,536 |
|
$ |
1,363,569 |
|
$ |
1,304,122 |
|
$ |
1,204,521 |
|
$ |
1,158,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California BanCorp (NASDAQ:CALB)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
California BanCorp (NASDAQ:CALB)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024