earnings
confidence high
sentiment negative
materiality 0.85
California BanCorp posts Q3 net loss of $16.5M on merger costs and CECL provision
California BanCorp \ CA
2024-Q3 EPS reported
-$0.53
- Net loss of $16.5M ($0.59 diluted loss) vs net income of $190K in Q2 2024 and $6.6M in Q3 2023.
- Day-one CECL provision of $15.0M after-tax on non-PCD loans and merger expenses of $10.6M.
- Adjusted net income (non-GAAP) $9.1M ($0.33 diluted); net interest margin rose to 4.43% from 3.94%.
- Nonperforming assets to total assets 0.68% vs 0.20% prior quarter; tangible book value fell to $11.28 from $13.71.
- Merger closed July 31, creating $4.25B asset company; total loans $3.23B, deposits $3.74B, cost of deposits 2.09%.