Press release
CALIFORNIA BANCORP REPORTS NET INCOME OF $16.9 MILLION FOR THE FIRST QUARTER OF 2025
San Diego, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the first quarter of 2025. The Company reported net income of $16.9 million, or $0.52 per diluted share, for the first quarter of 2025, compared to $16.8 million, or $0.51 per diluted share for the fourth quarter of 2024, and net income of $4.9 million, or $0.26 per diluted share for the first quarter of 2024. “I’m pleased to report our strong first quarter earnings of $16.9 million, the second strong quarter of combined financial results since the close of our merger last July,” said David Rainer, Executive Chairman of the Company and Bank. “We continue to execute on our strategy of derisking the consolidated balance sheet through decreasing our exposure in the Sponsor Finance portfolio, and reducing our reliance on brokered deposits. We remain focused on building tangible book value, which increased to $12.29 per common share in the first quarter, up $0.58 from the prior quarter and $1.37 in the eight months since the merger closed.” “We continue with our successful integration, as demonstrated by the strong performance achieved in our first two quarters of combined operations,” said Steven Shelton, CEO of the Company and Bank. “Markets have been volatile lately with the recent changes in tariff policies and given the fluid dynamics of the situation we are reaching out to our clients to assess the potential impact of these changing policies on their businesses. As always, we continue to focus on providing them the highest level of outstanding service, and on building shareholder value.” First Quarter 2025 Highlights ●Net income of $16.9 million or $0.52 diluted earnings per share for the first quarter. ●Net interest margin of 4.65%, compared with 4.61% in the prior quarter; average total loan yield of 6.61% compared with 6.84% in the prior quarter. ●Reversal of credit losses of $3.8 million for the first quarter, compared with $3.8 million for the prior quarter. ●Return on average assets of 1.71%, compared with 1.60% in the prior quarter. ●Return on average common equity of 13.18%, compared with 13.21% in the prior quarter. ●Efficiency ratio (non-GAAP1) of 55.6% compared with 57.4% in...