Business
CALIFORNIA BANCORP REPORTS NET INCOME OF $13.8 MILLION FOR THE FIRST QUARTER
San Diego, Calif., April 28, 2026, April 28, 2026 (GLOBE NEWSWIRE) -- California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding
About this update from California Bancorp
[{"type":"text","content":"San Diego, Calif., April 28, 2026, April 28, 2026 (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 2026. The Company reported net income of $13.8 million, or $0.42 per diluted share, for the first quarter of 2026, compared to $16.4 million, or $0.50 per diluted share for the fourth quarter of 2025, and $16.9 million, or $0.52 per diluted share for the first quarter of 2025. “Our merger has delivered exactly what we expected—a stronger balance sheet, broader market reach, and a foundation for sustained growth,” said David Rainer, Chairman and CEO of the Company and Bank. “Today, we operate with a true statewide footprint across California’s most dynamic markets, creating new opportunities to deepen relationships and expand our franchise. We are investing in top-tier production talent as we continue to focus on organic growth. The energy across our organization is high, and we are confident in the trajectory ahead.” First Quarter 2026 Highlights ●Net income of $13.8 million or $0.42 diluted earnings per share for the first quarter. ●Net interest margin of 4.47%, compared with 4.44% in the prior quarter. ●Reversal of provision for credit losses of $381 thousand for the first quarter, compared with $4.4 million for the prior quarter. ●Return on average assets of 1.36%, compared with 1.58% in the prior quarter. ●Return on average common equity of 9.62%, compared with 11.43% in the prior quarter. ●Return on average tangible common equity (non-GAAP1) of 12.37%, compared with 14.80% in the prior quarter. ●Nonperforming assets to total assets ratio of 0.97% at March 31, 2026, compared with 0.40% at December 31, 2025. ●Allowance for credit losses (“ACL”) was 1.21% of total loans held for investment at March 31, 2026, compared to 1.20% at December 31, 2025; allowance for loan losses (“ALL”) was 1.14% of total loans held for investment at March 31, 2026, compared to 1.13% at December 31, 2025. ●Noninterest-bearing deposits represented 36.8% of total deposits, compared with 35.0% of total deposits at December 31, 2025. ●Cost of deposits was 1.29%, compared to 1.43% in the prior quarter. ●Cost of funds was 1.36%, compared with 1.50% in the prior quarter. ●Repur...