CBC reports Q2 2024 net loss of $5.86M; provision for credit losses jumps to $13.5M

California BanCorp \ CA

Net loss of $5.86M in Q2 2024 vs net income $5.44M in Q2 2023; six-month loss $2.04M vs income $10.89M.
Provision for credit losses surged to $13.5M in Q2 2024 from $0.44M a year ago.
Total loans declined to $1.473B at June 30, 2024 from $1.544B at Dec 31, 2023.
Subsequent event: CBC sold 27 HTM securities in July 2024, realizing an $11.8M loss.
Merger with SCB closed July 31, 2024; this amendment provides pre-merger financials.

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