California BanCorp Q1 net income $3.8M, down 30% YoY; merger on track for Q3 2024

California BanCorp

2024-Q1 EPS reported $0.45

Net income $3.8M ($0.45 diluted EPS) vs $5.4M ($0.64) in Q1 2023; adjusted EPS $0.57 excluding merger expenses.
Net interest income $17.7M, NIM 3.89%; total revenue $19.4M, down 2% QoQ.
Total assets $1.92B, loans $1.52B, deposits $1.64B; paid off all FHLB borrowings.
Non-performing assets ratio improved to 0.08% from 0.19% at year-end; loan loss allowance 1.05%.
Merger with Southern California Bancorp expected to close Q3 2024; integration planning underway.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

California BanCorp reported financial results for first quarter ended March 31, 2024.

Period: first quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On April 29, 2024, California BanCorp (the “Company”) issued a press release setting forth its unaudited financial results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001193125-24-120065

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