secwatch.observer — SEC 8-K summary
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Issuer:     California BanCorp \ CA (BCAL)
CIK:        0001795815
Form:       8-K
Filed at:   2024-07-29T23:59:59+00:00
Accession:  0001493152-24-029373
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Southern California Bancorp Q2 net income falls to $190k vs $4.9M Q1; OREO loss $4.8M; merger approved
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- Q2 net income $190k ($0.01 diluted EPS) vs $4.9M ($0.26) in Q1; $4.8M after-tax OREO charge hurt results.
- Net interest margin improved to 3.94% from 3.80%; loan yield 6.21%, cost of funds up 4bp to 2.21%.
- Shareholders approved merger with California BanCorp; expected to close July 31, 2024.
- Nonperforming assets dropped to $4.7M (0.20% of assets) after sale of $13.1M in OREO.
- Provision for credit losses was $2.9M vs a $331k reversal in Q1, driven by charge-offs and a loan downgrade.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224029373/0001493152-24-029373-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224029373/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-029373

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer