$BCAL

California BanCorp \ CA

CIK:0001795815|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$ 47,970	$ 49,080	$ 93,598	$ 99,766
Interest on debt securities	3,528	1,751	6,306	3,275
Interest on tax-exempted debt securities	297	304	595	609
Interest on deposits at other financial institutions	2,424	4,000	6,567	7,803
Interest and dividends on other interest-earning assets	713	651	1,651	1,158
Total interest and dividend income	54,932	55,786	108,717	112,611
INTEREST EXPENSE
Interest on NOW, money market and savings accounts	10,105	11,390	20,164	22,506
Interest on time deposits	778	1,550	1,721	3,613
Interest on borrowings	695	1,429	1,394	2,820
Total interest expense	11,578	14,369	23,279	28,939
Net interest income	43,354	41,417	85,438	83,672
Provision for (reversal of) credit losses	714	(634)	333	(4,410)
Net interest income after provision for (reversal of) credit losses	42,640	42,051	85,105	88,082
NONINTEREST INCOME
Gain on sale of loans	0	0	0	577
Income from bank owned life insurance	496	503	1,014	966
Servicing and related income on loans, net	51	102	129	244
Other (losses), charges and fees	(93)	1,073	348	1,271
Total noninterest income	1,551	2,856	3,688	5,422
NONINTEREST EXPENSE
Salaries and employee benefits	15,544	15,293	32,094	31,157
Occupancy and equipment	1,944	2,094	3,933	4,246
Data processing and communications	2,079	1,831	4,044	3,766
Legal, audit and professional	850	972	1,559	1,831
Regulatory assessments	544	545	1,071	1,267
Director and shareholder expenses	352	395	689	799
Intangible asset amortization	800	948	1,600	1,896
Litigation settlements, net	0	0	75	0
Other real estate owned expenses/losses	201	862	305	930
Other expenses	2,032	1,893	4,488	3,861
Total noninterest expense	24,346	24,833	49,858	49,753
Income before income taxes	19,845	20,074	38,935	43,751
Income tax expense	5,545	5,975	10,844	12,799
Net income	$ 14,300	$ 14,099	$ 28,091	$ 30,952
Earnings per share:
Basic (in dollars per share)	$ 0.44	$ 0.43	$ 0.87	$ 0.96
Diluted (in dollars per share)	$ 0.44	$ 0.43	$ 0.86	$ 0.95
Service charges and fees on deposit accounts
NONINTEREST INCOME
Revenue	$ 827	$ 802	$ 1,638	$ 1,578
Interchange and ATM income
NONINTEREST INCOME
Revenue	$ 270	$ 376	$ 559	$ 786

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 28,091	$ 30,952
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of net discounts and deferred loan fees	(7,882)	(11,718)
Depreciation on premises and equipment	714	1,006
Intangible asset amortization	1,600	1,896
Amortization of discounts on debt securities	(1,283)	(508)
Gain on sale of loans	0	(577)
Loans originated for sale	0	(8,955)
Proceeds from sales of and principal collected on loans held for sale	0	9,569
Provision for (reversal of) credit losses	333	(4,410)
Deferred income tax expense	4,523	7,952
Stock-based compensation	2,707	3,005
Income from bank owned life insurance	(1,014)	(966)
Loss on sale of other real estate owned	0	862
Valuation allowance on loans held for sale	266	0
Net change in other items	(4,703)	(7,703)
Net cash provided by operating activities	23,352	20,405
INVESTING ACTIVITIES
Proceeds from bank owned life insurance death benefits	877	1,572
Proceeds from maturities and paydowns of debt securities available for sale	15,948	24,379
Purchases of debt securities available for sale	(93,780)	(65,735)
Purchases of restricted stock	(9)	(29)
Net distributions (contributions) of other stock investments	704	(750)
Net (funding) repayment of loans	(52,743)	152,904
Proceeds from sale of loans held for investment	0	13,500
Proceeds from sale of other real estate owned	0	1,421
Purchases of premises and equipment	(752)	(139)
Net cash (used in) provided by investing activities	(129,755)	127,123
FINANCING ACTIVITIES
Net decrease in deposits	(11,475)	(86,444)
Proceeds from Federal Home Loan Bank advances	10,000	0
Repayment of Federal Home Loan Bank advances	(10,000)	0
Repayment of borrowings	0	(18,000)
Proceeds from exercise of stock options	316	101
Repurchase of shares in settlement of restricted stock units	(1,495)	(1,210)
Repurchase of common stock under authorized stock repurchase program	(9,408)	0
Common stock dividends	(6,497)	0
Net cash used in financing activities	(28,559)	(105,553)
Net change in cash and cash equivalents	(134,962)	41,975
Cash and cash equivalents at beginning of period	399,913	388,162
Cash and cash equivalents at end of period	264,951	430,137
Supplemental Disclosures of Cash Flow Information:
Interest paid	22,545	31,058
Taxes paid	7,548	9,177
Lease liability arising from obtaining right-of-use assets	1,461	541
Loans held for sale transferred to held for investment		0
Loans transferred to other real estate owned	8,613	0
Goodwill adjustments	$ 0	$ (853)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 55,196	$ 52,013
Federal funds and other interest-bearing balances	209,755	347,900
Total cash and cash equivalents	264,951	399,913
Debt securities available-for-sale, at fair value (amortized cost of $316,289 and $237,191 at June 30, 2026 and December 31, 2025)	308,792	234,890
Debt securities held-to-maturity, at amortized cost (fair value of $49,054 and $49,308 at June 30, 2026 and December 31, 2025)	52,761	52,936
Loans held for sale, at lower of cost or fair value	15,828	25,105
Loans held for investment	3,094,753	3,033,887
Allowance for credit losses on loans	(34,860)	(34,348)
Loans held for investment, net	3,059,893	2,999,539
Restricted stock, at cost	30,941	30,932
Premises and equipment, net	12,154	12,116
Right-of-use asset	14,664	15,094
Other real estate owned, net	8,613	0
Goodwill	110,934	110,934
Intangible assets, net	16,880	18,480
Bank owned life insurance	67,903	67,367
Deferred taxes, net	26,054	29,041
Accrued interest receivable and other assets	34,891	37,039
Total assets	4,025,259	4,033,386
LIABILITIES
Noninterest-bearing demand	1,256,822	1,178,256
Interest-bearing NOW accounts	819,746	840,593
Money market and savings accounts	1,190,498	1,223,486
Time deposits	92,039	128,246
Total deposits	3,359,105	3,370,581
Borrowings	34,611	33,832
Operating lease liability	18,375	18,936
Accrued interest payable and other liabilities	26,528	33,451
Total liabilities	3,438,619	3,456,800
Commitments and contingencies (Note 3 and 10)
SHAREHOLDERS’ EQUITY
Preferred stock - 50,000,000 shares authorized, no par value; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock - 50,000,000 shares authorized, no par value; issued and outstanding 32,110,117 and 32,418,182 at June 30, 2026 and December 31, 2025	434,514	442,394
Retained earnings	157,407	135,813
Accumulated other comprehensive loss - net of taxes	(5,281)	(1,621)
Total shareholders’ equity	586,640	576,586
Total liabilities and shareholders’ equity	$ 4,025,259	$ 4,033,386