California BanCorp \ CA (BCAL): M&A transaction — 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.

item 9.01 item 2.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

California BanCorp \ CA completed an acquisition involving California BanCorp (CBC) (closed 2024-07-31).

Action: acquisition
Counterparty: California BanCorp (CBC)
Closing: 2024-07-31

Exact text from the filing

reporting under Item 2.01 the completion of the previously announced merger of the predecessor California BanCorp ("CBC") with and into the Company, with the Company continuing as the surviving corporation.

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California BanCorp \ CA filing history →

Source: SEC EDGAR

accession 0001493152-24-040455

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