secwatch.observer — SEC 8-K summary
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Issuer:     California BanCorp (—)
CIK:        0001752036
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001193125-24-120065
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1752036/000119312524120065/0001193125-24-120065-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1752036/000119312524120065/d826807d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-120065

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