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California BanCorp Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
Oakland, Calif., October 29, 2020 California BanCorp (the Company) (Nasdaq: CALB), the parent company of California Bank of Commerce (the Bank), today announced its financial results for the third quarter and nine months ended September 30, 2020.
Net income was $495,000 for the third quarter of 2020, representing a decrease of $1.06 million or 68% compared to $1.55 million for the second quarter of 2020 and a decrease of $1.5 million or 75% compared to $2.0 million in the third quarter of 2019. For the nine months ended September 30, 2020, net income was $2.5 million representing a decrease of $3.9 million or 61% compared to $6.4 million for the same period in 2019.
Diluted per share earnings of $0.06 for the third quarter of 2020 compared to $0.19 for the second quarter of 2020 and $0.25 in the third quarter of 2019. For the nine months ended September 30, 2020, diluted per share earnings of $0.31 compared to $0.80 for the same period in 2019.
Our third quarter performance reflects our success in the two primary areas of focus we have in building our franchise maintaining a high quality loan portfolio that demonstrates resiliency in times of economic stress and strong execution on our strategies for generating organic balance sheet growth, said Steven Shelton, President and CEO of California BanCorp. The investments we have made in banking talent and technology are enabling us to present a compelling value proposition to middle-market commercial clients and consistently win business from larger national and regional banks. The new client relationships we added in the third quarter helped drive 17% annualized loan growth despite a decline in commercial line utilization among existing clients, as well as 15% annualized deposit growth. We have a healthy pipeline of new business development opportunities, which we believe will help drive continued quality balance sheet growth in the future and enable us to further leverage the investments we have made in our platform. As we continue to grow earning assets and generate improved operating efficiencies, we should be well positioned to deliver a higher level of earnings and returns going forward.
Closed $20.0 million subordinated debt to support consolidated capital levels.
Three months ended September 30, 2020 compared to June 30, 2020
Net income of $495,000 and $0.06 per diluted share, compared to $1.55 million and $0.19 per share, respectively.
Revenue increased $654,000, or 6% to $12.2 million.
Provision for loan losses decreased $2.1 million due to lower charge-off activity offset by the effect of portfolio growth and continued qualitative reserve build in response to general macroeconomic changes related to COVID-19.
Non-interest expense increased by $4.1 million primarily due to a reduction of $3.8 million of deferred loan origination costs as loan origination volume normalized from the elevated levels of PPP activity experienced in the second quarter.
Nine months ended September 30, 2020 compared to September 30, 2019
Net income of $2.5 million and $0.31 per diluted share, compared to $6.4 million and $0.80 per share, respectively.
Revenue increased $1.8 million, or 5% to $35.3 million.
Non-interest expense increased by $4.0 million, net of $4.1 million of deferred loan origination costs related to PPP loans and other loan programs in support of clients.
The following information was filed by California Bancorp (CALB) on Thursday, October 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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