secwatch.observer — SEC 8-K summary
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Issuer:     California BanCorp \ CA (BCAL)
CIK:        0001795815
Form:       8-K
Filed at:   2024-10-29T23:59:59+00:00
Accession:  0001493152-24-042777
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

California BanCorp posts Q3 net loss of $16.5M on merger costs and CECL provision
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224042777/0001493152-24-042777-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1795815/000149315224042777/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-042777

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