California BanCorp (NASDAQ: CALB), whose subsidiary is California
Bank of Commerce, announced today its financial results for the
third quarter and nine months ended September 30, 2022.
The Company reported net income of $5.5 million
for the third quarter of 2022, representing an increase of $1.3
million, or 30%, compared to $4.2 million for the second quarter of
2022 and an increase of $2.3 million, or 72%, compared to $3.2
million in the third quarter of 2021. For the nine months ended
September 30, 2022, net income was $13.4 million, representing an
increase of $3.2 million, or 32%, compared to $10.2 million for the
same period in 2021.
Diluted earnings per share of $0.66 for the
third quarter of 2022 compared to $0.51 for the second quarter of
2022 and $0.39 for the third quarter of 2021. For the
nine months ended September 30, 2022, diluted earnings per share of
$1.60 compared to $1.23 for the same period in 2021.
“The consistent progress we have made on
executing our strategic plan to generate profitable growth resulted
in further improvement in our level of profitability and enabled
the Company to reach a significant milestone with our return on
average assets exceeding 1.00% in the third quarter,” said Steven
Shelton, Chief Executive Officer of California BanCorp. “We
continue to add new clients each quarter and generate strong,
quality balance sheet growth including a further increase in our
noninterest-bearing deposits and 23% annualized growth in total
loans, which is driving a significant increase in revenue that
enabled us to realize more operating leverage and a higher level of
efficiencies. With the diverse lending platform we have built, we
are seeing well balanced loan production, which combined with an
increase in line utilization, resulted in growth in both our
commercial and commercial real estate portfolios during the third
quarter. Our high level of asset sensitivity and effective
management of our deposit costs resulted in our net interest margin
expanding by 29 basis points in the third quarter, which was
another contributor to our increased profitability. While we
continue to see healthy economic conditions in our markets, given
the potential for a material slowdown and our conservative approach
to risk management, we are becoming more selective in our new loan
production. It is likely that this will result in a moderation in
our level of loan growth and margin expansion in the near-term,
although we believe we are well positioned to continue generating
strong financial results for our shareholders while effectively
managing through a more challenging operating environment.”
“Our strong financial performance and effective
balance sheet management resulted in further growth in tangible
book value per share, which increased 3.4% during the third
quarter,” said Thomas A. Sa, President, Chief Financial Officer and
Chief Operating Officer of California BanCorp. “Over the past few
years, we have maintained conservative underwriting criteria as we
have grown our loan portfolio and generated the higher level of
revenue that has led to our increasing profitability. As a result,
we continue to see very low levels of problem loans and expect to
maintain strong asset quality even if we see a deterioration in
economic conditions.”
Financial Highlights:
Profitability - three months ended September 30,
2022 compared to June 30, 2022
- Net income of $5.5 million and
$0.66 per diluted share, compared to $4.2 million and $0.51 per
share, respectively.
- Revenue of $19.8 million increased
$2.2 million, or 13%, compared to $17.6 million for the second
quarter of 2022.
- Net fees from Paycheck Protection
Program (“PPP”) loans contributed $278,000 to net interest income,
compared to $667,000 for the second quarter of 2022.
- Provision for loan losses of
$800,000 decreased $125,000, or 14%, primarily as a result of
continued adjustments in the qualitative reserve assessment in
response to general macroeconomic changes, partially offset by
growth in the commercial and real estate other loan
portfolios.
- Non-interest income of $1.5 million
increased $90,000, or 6%, primarily due to service charges and
other fees related to loan and deposit growth.
- Non-interest expense, excluding
capitalized loan origination costs, of $12.3 million increased
$427,000, or 4%, compared to $11.9 million for the second quarter
of 2022, primarily as a result of increased salary and benefit
expense related to the continued growth of the Company.
Profitability - nine months ended September 30,
2022 compared to September 30, 2021
- Net income of $13.4 million and
$1.60 per diluted share, compared to $10.2 million and $1.23 per
diluted share, respectively.
- Revenue of $54.5 million increased
$10.6 million, or 24%, compared to $43.9 million in the prior
year.
- Net fees from PPP loans contributed
$1.7 million to net interest income, compared to $4.8 million in
the prior year.
- Provision for loan losses increased
$3.2 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 $5.4 million
increased $2.2 million, or 70%, 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 $36.1 million compared to
$34.4 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 – September 30, 2022 compared
to June 30, 2022
- Total assets increased by $163.1
million, or 9%, to $2.05 billion.
- Total gross loans increased by
$87.5 million, or 6%, to $1.59 billion.
- Total deposits increased by $156.9
million, or 10%, to $1.71 billion.
- Total borrowings at September 30,
2022 remained unchanged from June 30, 2022.
- Tangible book value per share of
$18.80 increased by $0.62, or 3%.
Net Interest Income and
Margin:
Net interest income for the quarter ended
September 30, 2022 was $18.3 million, an increase of $2.1 million,
or 13%, from $16.2 million for the three months ended June 30,
2022, and an increase of $4.5 million, or 33%, from $13.8 million
for the quarter ended September 30, 2021. The increase in net
interest income compared to the second 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. Compared to the third quarter of 2021, the increase in
net interest income resulted from a more favorable mix of earning
assets, partially offset by a reduction in the amortization of net
fees received on PPP loans.
Net interest income for the nine months ended
September 30, 2022 was $49.1 million, an increase of $8.3 million,
or 20%, over $40.8 million for the nine months ended September 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 third
quarter of 2022 was 3.94%, compared to 3.65% for the second quarter
of 2022 and 2.87% for the same period in 2021. The increase in
margin compared to the prior quarter and the third 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 combined with a reduction of
net fees recognized on PPP loans.
The Company’s net interest margin for the nine
months ended September 30, 2022 was 3.60%, compared to 2.92% 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 higher
borrowing costs.
Non-Interest Income:
The Company’s non-interest income for the
quarters ended September 30, 2022, June 30, 2022, and September 30,
2021 was $1.5 million, $1.4, million and $1.3 million,
respectively. The increase in non-interest income from the prior
periods was primarily due to an increase in service charges and
other fee income related to loan and deposit growth.
For the nine months ended September 30, 2022,
non-interest income of $5.4 million compared to $3.2 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 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 $19.8 million, $17.6 million, and $15.1
million for the quarters ended September 30, 2022, June 30, 2022,
and September 30, 2021, respectively. Total revenue for the nine
months ended September 30, 2022 and 2021 was $54.5 million and
$43.9 million, respectively.
Non-Interest Expense:
The Company’s non-interest expense for the
quarters ended September 30, 2022, June 30, 2022, and September 30,
2021 was $11.2 million, $10.8 million, and $10.5 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. Excluding capitalized loan origination costs,
non-interest expense for the third quarter of 2022, the second
quarter of 2022 and the third quarter of 2021 was $12.3 million,
$11.9 million, and $11.7 million, respectively.
Non-interest expense of $33.0 million for the
nine months ended September 30, 2022 compared to $30.4 million for
the same period of 2021. Excluding capitalized loan origination
costs, non-interest expense was $36.1 million for the nine months
ended September 30, 2022 and $34.4 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 56.52%, 61.41%, and 69.42%
for the quarters ended September 30, 2022, June 30, 2022, and
September 30, 2021, respectively. For the nine months ended
September 30, 2022 and 2021, the Company’s efficiency ratio was
60.44% and 69.25%, respectively.
Balance Sheet:
Total assets of $2.05 billion as of September
30, 2022, represented an increase of $163.1 million, or 9%,
compared to $1.89 billion at June 30, 2022 and remained consistent
with total assets of $2.05 million at September 30, 2021. The
increase in total assets from the prior quarter was primarily due
to continued loan growth, combined with increased liquidity related
to brokered deposits. 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 offset by decreased liquidity
resulting from the outflow of deposits related to forgiveness of
PPP loans.
Total gross loans increased by $87.5 million, or
6%, to $1.59 billion at September 30, 2022, from $1.50 billion at
June 30, 2022 and increased by $285.9 million, or 22%, compared to
$1.30 billion at September 30, 2021.
During the third quarter of 2022, commercial and
real estate other loans increased by $53.6 million and $30.4
million, respectively, due to organic growth. Year-over-year,
commercial and real estate other loans increased by $215.0 million
and $160.7 million, respectively, also due to organic growth. These
increases were partially offset by a decrease in SBA loans of $98.5
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 $487.5
million of those balances have been granted forgiveness by the SBA
as of September 30, 2022.
Total deposits increased by $156.9 million, or
10%, to $1.71 billion at September 30, 2022 from $1.55 billion at
June 30, 2022, and decreased by $33.0 million, or 2%, from $1.74
billion at September 30, 2021. The increase in total deposits from
the end of the second quarter of 2022 was primarily due to an
increase in non-interest bearing demand deposits of $43.3 million
and time deposits of $152.9 million, partially offset by a decrease
in interest-bearing demand deposits of $10.3 million and money
market and savings deposits of $28.9 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, offset by an increase in time deposits. Non-interest bearing
deposits, primarily commercial business operating accounts,
represented 44.4% of total deposits at September 30, 2022, compared
to 46.1% at June 30, 2022 and 46.7% at September 30, 2021.
As of September 30, 2022, the Company had
outstanding borrowings, excluding junior subordinated debt
securities, of $100.0 million, and remained unchanged from the
outstanding borrowings as of June 30, 2022. The Company had
outstanding borrowings of $79.5 million at September 30, 2021.
Asset Quality:
The provision for credit losses decreased
to $800,000 for the third quarter of 2022 compared
to $925,000 for the second quarter of 2022, and increased
from $300,000 for the third quarter of 2021. The Company had a loan
charge-off of $202,000, or 0.01% of gross loans, and no loan
recoveries during the third quarter of 2022. The
Company did not have any loan charge-offs or recoveries during the
second quarter of 2022 and had a loan recovery of $31,000 during
the third quarter of 2021.
Non-performing assets (“NPAs”) to total assets
were 0.01% at September 30, 2022, compared to 0.03% at June 30,
2022 and 0.06% at September 30, 2021, with non-performing loans of
$182,000, $549,000 and $1.2 million, respectively, on those
dates.
The allowance for loan losses was $16.6 million,
or 1.04% of total loans, at September 30, 2022, compared to $16.0
million, or 1.06% of total loans, at June 30, 2022 and $13.6
million, or 1.04% of total loans at September 30, 2021.
Capital Adequacy:
At September 30, 2022, shareholders’ equity
totaled $164.1 million compared to $158.7 million at June 30, 2022
and $147.2 million one year ago. Additionally, at September 30,
2022, the Company’s total risk-based capital ratio and its leverage
ratio were 11.57% and 8.21%, respectively; both of which were above
the regulatory standards of 10.00% and 5.00%, respectively, for
“well-capitalized” institutions.
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 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; 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 Quarterly Report on Form 10-Q for the quarter ended September
30, 2022, which we expect to file with the SEC during the fourth
quarter of 2022, 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: |
|
Q3 2022 |
|
Q2 2022 |
|
$ |
|
% |
|
|
Q3 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
21,168 |
|
|
$ |
17,706 |
|
|
$ |
3,462 |
|
|
20 |
% |
|
|
$ |
15,539 |
|
|
$ |
5,629 |
|
36 |
% |
Interest
expense |
|
|
2,805 |
|
|
|
1,483 |
|
|
|
1,322 |
|
|
89 |
% |
|
|
|
1,698 |
|
|
|
1,107 |
|
65 |
% |
Net interest income |
|
|
18,363 |
|
|
|
16,223 |
|
|
|
2,140 |
|
|
13 |
% |
|
|
|
13,841 |
|
|
|
4,522 |
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
800 |
|
|
|
925 |
|
|
|
(125 |
) |
|
-14 |
% |
|
|
|
300 |
|
|
|
500 |
|
167 |
% |
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
17,563 |
|
|
|
15,298 |
|
|
|
2,265 |
|
|
15 |
% |
|
|
|
13,541 |
|
|
|
4,022 |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
1,484 |
|
|
|
1,394 |
|
|
|
90 |
|
|
6 |
% |
|
|
|
1,302 |
|
|
|
182 |
|
14 |
% |
Non-interest
expense |
|
|
11,217 |
|
|
|
10,819 |
|
|
|
398 |
|
|
4 |
% |
|
|
|
10,513 |
|
|
|
704 |
|
7 |
% |
Income before income taxes |
|
|
7,830 |
|
|
|
5,873 |
|
|
|
1,957 |
|
|
33 |
% |
|
|
|
4,330 |
|
|
|
3,500 |
|
81 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
2,308 |
|
|
|
1,629 |
|
|
|
679 |
|
|
42 |
% |
|
|
|
1,114 |
|
|
|
1,194 |
|
107 |
% |
Net income |
|
$ |
5,522 |
|
|
$ |
4,244 |
|
|
$ |
1,278 |
|
|
30 |
% |
|
|
$ |
3,216 |
|
|
$ |
2,306 |
|
72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
0.66 |
|
|
$ |
0.51 |
|
|
$ |
0.15 |
|
|
29 |
% |
|
|
$ |
0.39 |
|
|
$ |
0.27 |
|
69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.94 |
% |
|
|
3.65 |
% |
|
+29 Basis
Points |
|
|
|
2.87 |
% |
|
+107 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
56.52 |
% |
|
|
61.41 |
% |
|
-489 Basis
Points |
|
|
|
69.42 |
% |
|
-1290 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
|
|
YEAR-TO-DATE HIGHLIGHTS: |
|
Q3 2022 |
|
Q3 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
54,798 |
|
|
$ |
45,750 |
|
|
$ |
9,048 |
|
|
20 |
% |
|
|
|
|
|
|
|
Interest
expense |
|
|
5,686 |
|
|
|
4,987 |
|
|
|
699 |
|
|
14 |
% |
|
|
|
|
|
|
|
Net interest income |
|
|
49,112 |
|
|
|
40,763 |
|
|
|
8,349 |
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for loan losses |
|
|
2,675 |
|
|
|
(500 |
) |
|
|
3,175 |
|
|
635 |
% |
|
|
|
|
|
|
|
Net interest income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
provision for loan losses |
|
|
46,437 |
|
|
|
41,263 |
|
|
|
5,174 |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income |
|
|
5,412 |
|
|
|
3,179 |
|
|
|
2,233 |
|
|
70 |
% |
|
|
|
|
|
|
|
Non-interest
expense |
|
|
32,952 |
|
|
|
30,428 |
|
|
|
2,524 |
|
|
8 |
% |
|
|
|
|
|
|
|
Income before income taxes |
|
|
18,897 |
|
|
|
14,014 |
|
|
|
4,883 |
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
5,458 |
|
|
|
3,827 |
|
|
|
1,631 |
|
|
43 |
% |
|
|
|
|
|
|
|
Net income |
|
$ |
13,439 |
|
|
$ |
10,187 |
|
|
$ |
3,252 |
|
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
|
$ |
1.60 |
|
|
$ |
1.23 |
|
|
$ |
0.37 |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin |
|
|
3.60 |
% |
|
|
2.92 |
% |
|
+68 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
60.44 |
% |
|
|
69.25 |
% |
|
-881 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL
POSITION |
(Dollars in
Thousands, Except Per Share Data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
|
|
|
Change |
PERIOD-END HIGHLIGHTS: |
|
Q3 2022 |
|
Q2 2022 |
|
$ |
|
% |
|
|
Q3 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
163,149 |
|
|
9 |
% |
|
|
$ |
2,049,079 |
|
|
$ |
(578 |
) |
|
-0 |
% |
Gross
loans |
|
|
1,587,901 |
|
|
|
1,500,379 |
|
|
|
87,522 |
|
|
6 |
% |
|
|
|
1,301,972 |
|
|
|
285,929 |
|
|
22 |
% |
Deposits |
|
|
1,709,078 |
|
|
|
1,552,139 |
|
|
|
156,939 |
|
|
10 |
% |
|
|
|
1,742,054 |
|
|
|
(32,976 |
) |
|
-2 |
% |
Tangible
equity |
|
|
156,575 |
|
|
|
151,251 |
|
|
|
5,324 |
|
|
4 |
% |
|
|
|
139,715 |
|
|
|
16,860 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
book value per share |
|
$ |
18.80 |
|
|
$ |
18.19 |
|
|
$ |
0.62 |
|
|
3 |
% |
|
|
$ |
16.93 |
|
|
$ |
1.87 |
|
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
7.64 |
% |
|
|
8.02 |
% |
|
-38 Basis
Points |
|
|
|
6.82 |
% |
|
+82 Basis
Points |
Gross loans
/ total deposits |
|
|
92.91 |
% |
|
|
96.67 |
% |
|
-376 Basis
Points |
|
|
|
74.74 |
% |
|
+1817 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
44.39 |
% |
|
|
46.09 |
% |
|
-170 Basis
Points |
|
|
|
45.39 |
% |
|
-100 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
QUARTERLY AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
Change |
HIGHLIGHTS: |
|
Q3 2022 |
|
Q2 2022 |
|
$ |
|
% |
|
|
Q3 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,930,227 |
|
|
$ |
1,864,196 |
|
|
$ |
66,031 |
|
|
4 |
% |
|
|
$ |
1,985,894 |
|
|
$ |
(55,667 |
) |
|
-3 |
% |
Total
earning assets |
|
|
1,849,242 |
|
|
|
1,783,017 |
|
|
|
66,225 |
|
|
4 |
% |
|
|
|
1,912,697 |
|
|
|
(63,455 |
) |
|
-3 |
% |
Gross
loans |
|
|
1,523,442 |
|
|
|
1,464,922 |
|
|
|
58,520 |
|
|
4 |
% |
|
|
|
1,316,080 |
|
|
|
207,362 |
|
|
16 |
% |
Deposits |
|
|
1,592,096 |
|
|
|
1,567,412 |
|
|
|
24,684 |
|
|
2 |
% |
|
|
|
1,718,525 |
|
|
|
(126,429 |
) |
|
-7 |
% |
Tangible
equity |
|
|
155,448 |
|
|
|
150,176 |
|
|
|
5,272 |
|
|
4 |
% |
|
|
|
138,833 |
|
|
|
16,615 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
8.05 |
% |
|
|
8.06 |
% |
|
-1 Basis Points |
|
|
|
6.99 |
% |
|
+106 Basis
Points |
Gross loans
/ total deposits |
|
|
95.69 |
% |
|
|
93.46 |
% |
|
+223 Basis
Points |
|
|
|
76.58 |
% |
|
+1911 Basis
Points |
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
46.41 |
% |
|
|
46.86 |
% |
|
-45 Basis
Points |
|
|
|
45.17 |
% |
|
+124 Basis
Points |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR-TO-DATE AVERAGE |
|
|
|
|
|
Change |
|
|
|
|
|
|
|
HIGHLIGHTS: |
|
Q3 2022 |
|
Q3 2021 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,907,661 |
|
|
$ |
1,940,035 |
|
|
$ |
(32,374 |
) |
|
-2 |
% |
|
|
|
|
|
|
|
Total
earning assets |
|
|
1,826,172 |
|
|
|
1,864,166 |
|
|
|
(37,994 |
) |
|
-2 |
% |
|
|
|
|
|
|
|
Gross
loans |
|
|
1,453,741 |
|
|
|
1,382,074 |
|
|
|
71,667 |
|
|
5 |
% |
|
|
|
|
|
|
|
Deposits |
|
|
1,603,620 |
|
|
|
1,632,257 |
|
|
|
(28,637 |
) |
|
-2 |
% |
|
|
|
|
|
|
|
Tangible
equity |
|
|
150,587 |
|
|
|
134,771 |
|
|
|
15,816 |
|
|
12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity / total assets |
|
|
7.89 |
% |
|
|
6.95 |
% |
|
+94 Basis
Points |
|
|
|
|
|
|
|
Gross loans
/ total deposits |
|
|
90.65 |
% |
|
|
84.67 |
% |
|
+598 Basis
Points |
|
|
|
|
|
|
|
Noninterest-bearing deposits / |
|
|
|
|
|
|
|
|
|
|
|
|
|
total deposits |
|
|
46.04 |
% |
|
|
44.82 |
% |
|
+122 Basis
Points |
|
|
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
SELECTED
INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET
QUALITY |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES: |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
$ |
13,571 |
|
|
$ |
13,240 |
|
Provision
for loan losses, quarterly |
|
|
800 |
|
|
|
925 |
|
|
|
950 |
|
|
|
504 |
|
|
|
300 |
|
Charge-offs,
quarterly |
|
|
(202 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Recoveries,
quarterly |
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
6 |
|
|
|
31 |
|
Balance, end
of period |
|
$ |
16,555 |
|
|
$ |
15,957 |
|
|
$ |
15,032 |
|
|
$ |
14,081 |
|
|
$ |
13,571 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONPERFORMING ASSETS: |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Loans
accounted for on a non-accrual basis |
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
Loans with
principal or interest contractually |
|
|
|
|
|
|
|
|
|
|
past due 90 days or more and still accruing |
|
|
|
|
|
|
|
|
|
|
interest |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
Other real
estate owned |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets |
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans
restructured and in compliance with |
|
|
|
|
|
|
|
|
|
|
modified terms |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming assets and
restructured loans |
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans by asset type: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Real estate other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
Real estate construction and
land |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
182 |
|
|
|
549 |
|
|
|
549 |
|
|
|
232 |
|
|
|
233 |
|
Other |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Nonperforming loans |
|
$ |
182 |
|
|
$ |
549 |
|
|
$ |
549 |
|
|
$ |
232 |
|
|
$ |
1,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET QUALITY: |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses / gross loans |
|
|
1.04 |
% |
|
|
1.06 |
% |
|
|
1.07 |
% |
|
|
1.02 |
% |
|
|
1.04 |
% |
Allowance
for loan losses / nonperforming loans |
|
|
9096.15 |
% |
|
|
2906.56 |
% |
|
|
2738.07 |
% |
|
|
6069.40 |
% |
|
|
1100.65 |
% |
Nonperforming assets / total assets |
|
|
0.01 |
% |
|
|
0.03 |
% |
|
|
0.03 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
Nonperforming loans / gross loans |
|
|
0.01 |
% |
|
|
0.04 |
% |
|
|
0.04 |
% |
|
|
0.02 |
% |
|
|
0.09 |
% |
Net
quarterly charge-offs / gross loans |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
-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 |
|
Nine months ended |
|
|
09/30/22 |
|
06/30/22 |
|
09/30/21 |
|
09/30/22 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
19,084 |
|
|
$ |
16,298 |
|
|
$ |
14,870 |
|
|
$ |
50,268 |
|
|
$ |
44,157 |
|
Federal
funds sold |
|
|
867 |
|
|
|
280 |
|
|
|
199 |
|
|
|
1,283 |
|
|
|
371 |
|
Investment
securities |
|
|
1,217 |
|
|
|
1,128 |
|
|
|
470 |
|
|
|
3,247 |
|
|
|
1,222 |
|
Total interest income |
|
|
21,168 |
|
|
|
17,706 |
|
|
|
15,539 |
|
|
|
54,798 |
|
|
|
45,750 |
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,672 |
|
|
|
796 |
|
|
|
1,152 |
|
|
|
3,274 |
|
|
|
3,481 |
|
Other |
|
|
1,133 |
|
|
|
687 |
|
|
|
546 |
|
|
|
2,412 |
|
|
|
1,506 |
|
Total interest expense |
|
|
2,805 |
|
|
|
1,483 |
|
|
|
1,698 |
|
|
|
5,686 |
|
|
|
4,987 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
18,363 |
|
|
|
16,223 |
|
|
|
13,841 |
|
|
|
49,112 |
|
|
|
40,763 |
|
Provision
for loan losses |
|
|
800 |
|
|
|
925 |
|
|
|
300 |
|
|
|
2,675 |
|
|
|
(500 |
) |
Net interest
income after provision |
|
|
|
|
|
|
|
|
|
|
for loan losses |
|
|
17,563 |
|
|
|
15,298 |
|
|
|
13,541 |
|
|
|
46,437 |
|
|
|
41,263 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
Service
charges and other fees |
|
|
1,237 |
|
|
|
1,134 |
|
|
|
905 |
|
|
|
3,260 |
|
|
|
2,184 |
|
Gain on sale
of loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,393 |
|
|
|
- |
|
Other
non-interest income |
|
|
247 |
|
|
|
260 |
|
|
|
397 |
|
|
|
759 |
|
|
|
995 |
|
Total non-interest income |
|
|
1,484 |
|
|
|
1,394 |
|
|
|
1,302 |
|
|
|
5,412 |
|
|
|
3,179 |
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
Salaries and
benefits |
|
|
7,415 |
|
|
|
7,146 |
|
|
|
6,920 |
|
|
|
21,654 |
|
|
|
19,661 |
|
Premises and
equipment |
|
|
1,275 |
|
|
|
1,267 |
|
|
|
1,372 |
|
|
|
3,844 |
|
|
|
3,778 |
|
Other |
|
|
2,527 |
|
|
|
2,406 |
|
|
|
2,221 |
|
|
|
7,454 |
|
|
|
6,989 |
|
Total non-interest expense |
|
|
11,217 |
|
|
|
10,819 |
|
|
|
10,513 |
|
|
|
32,952 |
|
|
|
30,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
7,830 |
|
|
|
5,873 |
|
|
|
4,330 |
|
|
|
18,897 |
|
|
|
14,014 |
|
Income
taxes |
|
|
2,308 |
|
|
|
1,629 |
|
|
|
1,114 |
|
|
|
5,458 |
|
|
|
3,827 |
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME |
|
$ |
5,522 |
|
|
$ |
4,244 |
|
|
$ |
3,216 |
|
|
$ |
13,439 |
|
|
$ |
10,187 |
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.66 |
|
|
$ |
0.51 |
|
|
$ |
0.39 |
|
|
$ |
1.62 |
|
|
$ |
1.24 |
|
Diluted
earnings per share |
|
$ |
0.66 |
|
|
$ |
0.51 |
|
|
$ |
0.39 |
|
|
$ |
1.60 |
|
|
$ |
1.23 |
|
Average
common shares outstanding |
|
|
8,322,529 |
|
|
|
8,295,014 |
|
|
|
8,244,154 |
|
|
|
8,298,269 |
|
|
|
8,211,907 |
|
Average
common and equivalent |
|
|
|
|
|
|
|
|
|
|
shares outstanding |
|
|
8,405,669 |
|
|
|
8,395,701 |
|
|
|
8,310,799 |
|
|
|
8,394,439 |
|
|
|
8,283,683 |
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE MEASURES |
|
|
|
|
|
|
|
|
|
|
Return on
average assets |
|
|
1.13 |
% |
|
|
0.91 |
% |
|
|
0.64 |
% |
|
|
0.94 |
% |
|
|
0.70 |
% |
Return on
average equity |
|
|
13.45 |
% |
|
|
10.80 |
% |
|
|
8.72 |
% |
|
|
11.37 |
% |
|
|
9.57 |
% |
Return on
average tangible equity |
|
|
14.09 |
% |
|
|
11.34 |
% |
|
|
9.19 |
% |
|
|
11.93 |
% |
|
|
10.11 |
% |
Efficiency
ratio |
|
|
56.52 |
% |
|
|
61.41 |
% |
|
|
69.42 |
% |
|
|
60.44 |
% |
|
|
69.25 |
% |
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
24,709 |
|
|
$ |
20,378 |
|
|
$ |
18,228 |
|
|
$ |
4,539 |
|
|
$ |
22,424 |
|
Federal
funds sold |
|
|
216,345 |
|
|
|
138,057 |
|
|
|
206,305 |
|
|
|
465,917 |
|
|
|
578,626 |
|
Investment
securities |
|
|
157,531 |
|
|
|
165,309 |
|
|
|
171,764 |
|
|
|
103,278 |
|
|
|
82,108 |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
643,131 |
|
|
|
589,562 |
|
|
|
522,808 |
|
|
|
474,281 |
|
|
|
428,169 |
|
Real estate other |
|
|
824,867 |
|
|
|
794,504 |
|
|
|
741,651 |
|
|
|
697,212 |
|
|
|
664,202 |
|
Real estate construction and land |
|
|
71,523 |
|
|
|
63,189 |
|
|
|
51,204 |
|
|
|
43,194 |
|
|
|
41,312 |
|
SBA |
|
|
8,565 |
|
|
|
13,310 |
|
|
|
44,040 |
|
|
|
81,403 |
|
|
|
107,096 |
|
Other |
|
|
39,815 |
|
|
|
39,814 |
|
|
|
40,771 |
|
|
|
80,559 |
|
|
|
61,193 |
|
Loans, gross |
|
|
1,587,901 |
|
|
|
1,500,379 |
|
|
|
1,400,474 |
|
|
|
1,376,649 |
|
|
|
1,301,972 |
|
Unamortized net deferred loan costs (fees) |
|
1,902 |
|
|
|
2,570 |
|
|
|
2,434 |
|
|
|
1,688 |
|
|
|
760 |
|
Allowance for loan losses |
|
|
(16,555 |
) |
|
|
(15,957 |
) |
|
|
(15,032 |
) |
|
|
(14,081 |
) |
|
|
(13,571 |
) |
Loans, net |
|
|
1,573,248 |
|
|
|
1,486,992 |
|
|
|
1,387,876 |
|
|
|
1,364,256 |
|
|
|
1,289,161 |
|
Premises and
equipment, net |
|
|
3,382 |
|
|
|
3,736 |
|
|
|
4,047 |
|
|
|
4,405 |
|
|
|
4,227 |
|
Bank owned
life insurance |
|
|
24,955 |
|
|
|
24,788 |
|
|
|
24,614 |
|
|
|
24,412 |
|
|
|
24,247 |
|
Goodwill and
core deposit intangible |
|
|
7,483 |
|
|
|
7,493 |
|
|
|
7,503 |
|
|
|
7,513 |
|
|
|
7,524 |
|
Accrued interest receivable and other assets |
|
40,848 |
|
|
|
38,599 |
|
|
|
39,258 |
|
|
|
40,676 |
|
|
|
40,762 |
|
Total assets |
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
$ |
2,049,079 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Demand noninterest-bearing |
|
$ |
758,716 |
|
|
$ |
715,432 |
|
|
$ |
746,673 |
|
|
$ |
771,205 |
|
|
$ |
790,646 |
|
Demand interest-bearing |
|
|
35,183 |
|
|
|
45,511 |
|
|
|
36,419 |
|
|
|
37,250 |
|
|
|
39,679 |
|
Money market and savings |
|
|
597,244 |
|
|
|
626,156 |
|
|
|
686,781 |
|
|
|
717,480 |
|
|
|
750,112 |
|
Time |
|
|
317,935 |
|
|
|
165,040 |
|
|
|
130,649 |
|
|
|
154,203 |
|
|
|
161,617 |
|
Total deposits |
|
|
1,709,078 |
|
|
|
1,552,139 |
|
|
|
1,600,522 |
|
|
|
1,680,138 |
|
|
|
1,742,054 |
|
|
|
|
|
|
|
|
|
|
|
|
Junior
subordinated debt securities |
|
|
54,117 |
|
|
|
54,097 |
|
|
|
54,063 |
|
|
|
54,028 |
|
|
|
59,009 |
|
Other
borrowings |
|
|
100,000 |
|
|
|
100,000 |
|
|
|
32,166 |
|
|
|
106,387 |
|
|
|
79,536 |
|
Accrued interest payable and other liabilities |
|
21,248 |
|
|
|
20,372 |
|
|
|
18,273 |
|
|
|
23,689 |
|
|
|
21,241 |
|
Total liabilities |
|
|
1,884,443 |
|
|
|
1,726,608 |
|
|
|
1,705,024 |
|
|
|
1,864,242 |
|
|
|
1,901,840 |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
|
110,786 |
|
|
|
110,289 |
|
|
|
109,815 |
|
|
|
109,473 |
|
|
|
109,009 |
|
Retained
earnings |
|
|
54,628 |
|
|
|
49,106 |
|
|
|
44,862 |
|
|
|
41,189 |
|
|
|
38,008 |
|
Accumulated
other comprehensive (loss) |
|
|
(1,356 |
) |
|
|
(651 |
) |
|
|
(106 |
) |
|
|
92 |
|
|
|
222 |
|
Total shareholders' equity |
|
|
164,058 |
|
|
|
158,744 |
|
|
|
154,571 |
|
|
|
150,754 |
|
|
|
147,239 |
|
Total liabilities and shareholders'
equity |
|
$ |
2,048,501 |
|
|
$ |
1,885,352 |
|
|
$ |
1,859,595 |
|
|
$ |
2,014,996 |
|
|
$ |
2,049,079 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
CAPITAL ADEQUACY |
|
|
|
|
|
|
|
|
|
|
Tier I
leverage ratio |
|
|
8.21 |
% |
|
|
8.27 |
% |
|
|
7.84 |
% |
|
|
7.23 |
% |
|
|
7.29 |
% |
Tier I
risk-based capital ratio |
|
|
7.98 |
% |
|
|
8.09 |
% |
|
|
8.49 |
% |
|
|
8.62 |
% |
|
|
9.17 |
% |
Total
risk-based capital ratio |
|
|
11.57 |
% |
|
|
11.84 |
% |
|
|
12.49 |
% |
|
|
12.75 |
% |
|
|
13.92 |
% |
Total
equity/ total assets |
|
|
8.01 |
% |
|
|
8.42 |
% |
|
|
8.31 |
% |
|
|
7.48 |
% |
|
|
7.19 |
% |
Book value
per share |
|
$ |
19.70 |
|
|
$ |
19.09 |
|
|
$ |
18.69 |
|
|
$ |
18.24 |
|
|
$ |
17.85 |
|
|
|
|
|
|
|
|
|
|
|
|
Common
shares outstanding |
|
|
8,327,781 |
|
|
|
8,317,161 |
|
|
|
8,270,901 |
|
|
|
8,264,300 |
|
|
|
8,250,109 |
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Three months ended June 30, |
|
|
2022 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,523,442 |
|
4.97 |
% |
|
$ |
19,084 |
|
$ |
1,464,922 |
|
4.46 |
% |
|
$ |
16,298 |
Federal funds sold |
|
|
162,314 |
|
2.12 |
% |
|
|
867 |
|
|
145,329 |
|
0.77 |
% |
|
|
280 |
Investment securities |
|
|
163,486 |
|
2.95 |
% |
|
|
1,217 |
|
|
172,766 |
|
2.62 |
% |
|
|
1,128 |
Total
interest earning assets |
|
|
1,849,242 |
|
4.54 |
% |
|
|
21,168 |
|
|
1,783,017 |
|
3.98 |
% |
|
|
17,706 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,153 |
|
|
|
|
|
|
19,735 |
|
|
|
|
All other assets (2) |
|
|
60,832 |
|
|
|
|
|
|
61,444 |
|
|
|
|
TOTAL |
|
$ |
1,930,227 |
|
|
|
|
|
$ |
1,864,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
40,044 |
|
0.08 |
% |
|
$ |
8 |
|
$ |
42,380 |
|
0.08 |
% |
|
$ |
8 |
Money market and savings |
|
|
600,100 |
|
0.62 |
% |
|
|
938 |
|
|
636,692 |
|
0.37 |
% |
|
|
582 |
Time |
|
|
213,001 |
|
1.35 |
% |
|
|
726 |
|
|
153,859 |
|
0.54 |
% |
|
|
206 |
Other |
|
|
154,101 |
|
2.92 |
% |
|
|
1,133 |
|
|
119,970 |
|
2.30 |
% |
|
|
687 |
Total
interest-bearing liabilities |
|
|
1,007,246 |
|
1.10 |
% |
|
|
2,805 |
|
|
952,901 |
|
0.62 |
% |
|
|
1,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
738,951 |
|
|
|
|
|
|
734,481 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
21,094 |
|
|
|
|
|
|
19,139 |
|
|
|
|
Shareholders' equity |
|
|
162,936 |
|
|
|
|
|
|
157,675 |
|
|
|
|
TOTAL |
|
$ |
1,930,227 |
|
|
|
|
|
$ |
1,864,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.94 |
% |
|
$ |
18,363 |
|
|
|
3.65 |
% |
|
$ |
16,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $100,000 and $83,000, respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $16.0 million and $15.0 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September
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) |
|
$ |
1,523,442 |
|
4.97 |
% |
|
$ |
19,084 |
|
$ |
1,316,080 |
|
4.48 |
% |
|
$ |
14,870 |
Federal funds sold |
|
|
162,314 |
|
2.12 |
% |
|
|
867 |
|
|
530,806 |
|
0.15 |
% |
|
|
199 |
Investment securities |
|
|
163,486 |
|
2.95 |
% |
|
|
1,217 |
|
|
65,811 |
|
2.83 |
% |
|
|
470 |
Total
interest earning assets |
|
|
1,849,242 |
|
4.54 |
% |
|
|
21,168 |
|
|
1,912,697 |
|
3.22 |
% |
|
|
15,539 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
20,153 |
|
|
|
|
|
|
18,627 |
|
|
|
|
All other assets (2) |
|
|
60,832 |
|
|
|
|
|
|
54,570 |
|
|
|
|
TOTAL |
|
$ |
1,930,227 |
|
|
|
|
|
$ |
1,985,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
40,044 |
|
0.08 |
% |
|
$ |
8 |
|
$ |
36,696 |
|
0.09 |
% |
|
$ |
8 |
Money market and savings |
|
|
600,100 |
|
0.62 |
% |
|
|
938 |
|
|
735,785 |
|
0.52 |
% |
|
|
961 |
Time |
|
|
213,001 |
|
1.35 |
% |
|
|
726 |
|
|
169,849 |
|
0.43 |
% |
|
|
183 |
Other |
|
|
154,101 |
|
2.92 |
% |
|
|
1,133 |
|
|
102,287 |
|
2.12 |
% |
|
|
546 |
Total
interest-bearing liabilities |
|
|
1,007,246 |
|
1.10 |
% |
|
|
2,805 |
|
|
1,044,617 |
|
0.64 |
% |
|
|
1,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
738,951 |
|
|
|
|
|
|
776,195 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
21,094 |
|
|
|
|
|
|
18,719 |
|
|
|
|
Shareholders' equity |
|
|
162,936 |
|
|
|
|
|
|
146,363 |
|
|
|
|
TOTAL |
|
$ |
1,930,227 |
|
|
|
|
|
$ |
1,985,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.94 |
% |
|
$ |
18,363 |
|
|
|
2.87 |
% |
|
$ |
13,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $100,000 and $1.0 million,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $16.0 million and $13.3 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA
(UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields |
|
Interest |
|
|
|
Yields |
|
Interest |
|
|
Average |
|
or |
|
Income/ |
|
Average |
|
or |
|
Income/ |
|
|
Balance |
|
Rates |
|
Expense |
|
Balance |
|
Rates |
|
Expense |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,453,741 |
|
4.62 |
% |
|
$ |
50,268 |
|
$ |
1,382,074 |
|
4.27 |
% |
|
$ |
44,157 |
Federal funds sold |
|
|
217,008 |
|
0.79 |
% |
|
|
1,283 |
|
|
422,050 |
|
0.12 |
% |
|
|
371 |
Investment securities |
|
|
155,423 |
|
2.79 |
% |
|
|
3,247 |
|
|
60,042 |
|
2.72 |
% |
|
|
1,222 |
Total
interest earning assets |
|
|
1,826,172 |
|
4.01 |
% |
|
|
54,798 |
|
|
1,864,166 |
|
3.28 |
% |
|
|
45,750 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
19,550 |
|
|
|
|
|
|
17,223 |
|
|
|
|
All other assets (2) |
|
|
61,939 |
|
|
|
|
|
|
58,646 |
|
|
|
|
TOTAL |
|
$ |
1,907,661 |
|
|
|
|
|
$ |
1,940,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
$ |
40,214 |
|
0.08 |
% |
|
|
25 |
|
$ |
35,031 |
|
0.11 |
% |
|
$ |
29 |
Money market and savings |
|
|
652,849 |
|
0.45 |
% |
|
|
2,185 |
|
|
684,995 |
|
0.56 |
% |
|
|
2,858 |
Time |
|
|
172,284 |
|
0.83 |
% |
|
|
1,064 |
|
|
180,572 |
|
0.44 |
% |
|
|
594 |
Other |
|
|
125,108 |
|
2.58 |
% |
|
|
2,412 |
|
|
144,501 |
|
1.39 |
% |
|
|
1,506 |
Total
interest-bearing liabilities |
|
|
990,455 |
|
0.77 |
% |
|
|
5,686 |
|
|
1,045,099 |
|
0.64 |
% |
|
|
4,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
738,273 |
|
|
|
|
|
|
731,659 |
|
|
|
|
Accrued expenses and |
|
|
|
|
|
|
|
|
|
|
|
|
other liabilities |
|
|
20,848 |
|
|
|
|
|
|
20,966 |
|
|
|
|
Shareholders' equity |
|
|
158,085 |
|
|
|
|
|
|
142,311 |
|
|
|
|
TOTAL |
|
$ |
1,907,661 |
|
|
|
|
|
$ |
1,940,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income and margin (3) |
|
|
|
3.60 |
% |
|
$ |
49,112 |
|
|
|
2.92 |
% |
|
$ |
40,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $501,000 and $3.3 million,
respectively. |
(2) Other
noninterest-earning assets includes the allowance for loan losses
of $15.0 million and $14.0 million, respectively. |
(3) Net interest
margin is net interest income divided by total interest-earning
assets. |
|
|
|
|
|
CALIFORNIA
BANCORP AND SUBSIDIARY |
INTERIM
CONSOLIDATED NON GAAP DATA (UNAUDITED) |
(Dollars in
Thousands) |
|
|
|
|
|
|
|
|
|
|
|
REVENUE: |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
18,363 |
|
$ |
16,223 |
|
$ |
14,526 |
|
$ |
13,967 |
|
$ |
13,841 |
|
Non-interest
income |
|
|
1,484 |
|
|
1,394 |
|
|
2,534 |
|
|
994 |
|
|
1,302 |
|
Total
revenue |
|
$ |
19,847 |
|
$ |
17,617 |
|
$ |
17,060 |
|
$ |
14,961 |
|
$ |
15,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
13,505 |
|
$ |
60 |
|
PPP
capitalized loan origination costs |
|
|
540 |
|
|
2,451 |
|
|
2,991 |
|
|
2,985 |
|
|
6 |
|
Net PPP
fees |
|
$ |
3,939 |
|
$ |
6,635 |
|
$ |
10,574 |
|
$ |
10,520 |
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPACT OF PPP ACTIVITY REFLECTED |
|
Amortization of Deferred Balance |
IN NET INTEREST
INCOME: |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
|
|
|
|
|
|
|
|
|
|
PPP
fees |
|
$ |
293 |
|
$ |
769 |
|
$ |
1,014 |
|
$ |
817 |
|
$ |
1,909 |
|
PPP
capitalized loan origination costs |
|
|
15 |
|
|
102 |
|
|
223 |
|
|
109 |
|
|
348 |
|
Net PPP
fees |
|
$ |
278 |
|
$ |
667 |
|
$ |
791 |
|
$ |
708 |
|
$ |
1,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
Q3 2022 |
|
Q2 2022 |
|
Q1 2022 |
|
Q4 2021 |
|
Q3 2021 |
|
|
|
|
|
|
|
|
|
|
|
Total
non-interest expense |
|
$ |
11,217 |
|
$ |
10,819 |
|
$ |
10,916 |
|
$ |
10,009 |
|
$ |
10,513 |
|
Total
capitalized loan origination costs |
|
|
1,102 |
|
|
1,073 |
|
|
984 |
|
|
1,601 |
|
|
1,197 |
|
Total
operating expenses, before capitalization |
|
|
|
|
|
|
|
|
|
|
of loan origination costs |
|
$ |
12,319 |
|
$ |
11,892 |
|
$ |
11,900 |
|
$ |
11,610 |
|
$ |
11,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS LOANS: |
|
09/30/22 |
|
06/30/22 |
|
03/31/22 |
|
12/31/21 |
|
09/30/21 |
|
|
|
|
|
|
|
|
|
|
|
Gross
loans |
|
$ |
1,587,901 |
$ |
1,500,379 |
$ |
1,400,474 |
$ |
1,376,649 |
$ |
1,301,972 |
|
PPP
loans |
|
|
3,797 |
|
|
7,843 |
|
|
36,905 |
|
|
72,527 |
|
|
97,451 |
|
Gross loans,
excluding PPP loans |
|
$ |
1,584,104 |
|
$ |
1,492,536 |
|
$ |
1,363,569 |
|
$ |
1,304,122 |
|
$ |
1,204,521 |
|
California BanCorp (NASDAQ:CALB)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
California BanCorp (NASDAQ:CALB)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024