California BanCorp

CIK:0001752036|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Interest income
Loans	$ 23,574	$ 22,472
Federal funds sold	2,334	1,760
Investment securities	1,474	1,307
Total interest income	27,382	25,539
Interest expense
Deposits	9,096	6,022
Borrowings and subordinated debt	571	760
Total interest expense	9,667	6,782
Net interest income	17,715	18,757
Provision for credit losses	126	358
Net interest income after provision for credit losses	17,589	18,399
Non-interest income
Service charges and other fees	1,379	863
Other	326	244
Total non-interest income	1,705	1,107
Non-interest expense
Salaries and benefits	8,852	7,876
Premises and equipment	1,452	1,180
Merger related expenses	1,024	0
Professional fees	443	450
Data processing	432	608
Other	1,501	1,729
Total non-interest expense	13,704	11,843
Income before provision for income taxes	5,590	7,663
Provision for income taxes	1,773	2,212
Net income	$ 3,817	$ 5,451
Earnings per common share
Basic	$ 0.45	$ 0.65
Diluted	$ 0.45	$ 0.64
Average common shares outstanding	8,413,735	8,339,080
Average common and equivalent shares outstanding	8,566,712	8,492,067

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 3,817	$ 5,451
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Provision for credit losses	126	358
Provision for deferred taxes	28	1,987
Depreciation	228	251
Deferred loan (costs) fees, net	(116)	276
Stock based compensation, net	339	346
Increase in cash surrender value of life insurance	(185)	(173)
Discount on retained portion of sold loans, net	(9)	(9)
Net changes in accrued interest receivable and other assets	(2,840)	(7,346)
Net changes in accrued interest payable and other liabilities	(6,694)	1,581
Net cash (used for) provided by operating activities	(5,306)	2,722
Cash flows from investing activities:
Proceeds from principal payments on investment securities	18,509	2,081
Net decrease (increase) in loans	38,303	(23,842)
Capital calls on low income tax credit investments	(5)	(234)
Purchase of premises and equipment	(7)	(26)
Purchase of bank-owned life insurance policies	(22)	(34)
Net cash provided by (used for) investing activities	56,778	(22,055)
Cash flows from financing activities:
Net increase (decrease) in customer deposits	14,272	(74,130)
(Paydown) proceeds from short term and overnight borrowings, net	(75,000)	75,000
Proceeds from exercised stock options, net	0	6
Net cash (used for) provided by financing activities	(60,728)	876
Decrease in cash and cash equivalents	(9,256)	(18,457)
Cash and cash equivalents, beginning of period	212,354	232,382
Cash and cash equivalents, end of period	203,098	213,925
Supplemental disclosure of cash flow information:
Recording of right to use assets and operating lease liabilities	0	6,127
Cash paid during the year for:
Interest	9,743	6,095
Income taxes	$ 10	$ 0

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Cash and due from banks	$ 12,071	$ 27,520
Federal funds sold	191,027	184,834
Total cash and cash equivalents	203,098	212,354
Available for sale, at fair value	31,078	44,560
Held to maturity, at amortized cost, net of allowance for credit losses of $75 and $55 at March 31, 2024 and December 31, 2023, respectively	95,840	100,841
Total investment securities	126,918	145,401
Loans, net of allowance for credit losses of $15,981 and $16,028 at March 31, 2024 and December 31, 2023, respectively	1,506,133	1,544,612
Premises and equipment, net	1,987	2,207
Bank owned life insurance (BOLI)	26,084	25,878
Goodwill and other intangible assets	7,422	7,432
Accrued interest receivable and other assets	50,899	48,021
Total assets	1,922,541	1,985,905
Deposits
Noninterest-bearing	633,489	657,302
Interest-bearing	1,006,027	967,942
Total deposits	1,639,516	1,625,244
Other borrowings	0	75,000
Junior subordinated debt securities	54,326	54,291
Accrued interest payable and other liabilities	28,014	34,909
Total liabilities	1,721,856	1,789,444
Commitments and Contingencies (Note 5)
Shareholders' equity
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, no par value; 40,000,000 shares authorized; 8,436,732 and 8,402,482 issued and outstanding at March 31, 2024 and December 31, 2023, respectively	113,566	113,227
Retained earnings	87,982	84,165
Accumulated other comprehensive loss, net of taxes	(863)	(931)
Total shareholders' equity	200,685	196,461
Total liabilities and shareholders' equity	$ 1,922,541	$ 1,985,905