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California BanCorp (BCAL+2.36%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the financial impact of the merger with California BanCorp (CALB), effective July 31, 2024, which expanded the company's footprint into Northern California.
Net loss for the quarter was $16.5 million, or $0.59 per diluted share, compared to net income of $6.6 million, or $0.35 per diluted share, in the same quarter the previous year.
Net interest income increased to $36.9 million from $23.3 million in the previous year, driven by the merger and higher interest rates.
The provision for credit losses was $23.0 million, up from a reversal of $96 thousand in the prior year, largely due to the initial provision for credit losses on acquired loans and unfunded commitments.
Noninterest income was $1.2 million, up from $815 thousand in the prior year, with increases in service charges and fees on deposit accounts.
Noninterest expense rose to $37.7 million from $14.8 million, primarily due to merger-related expenses of $14.6 million.
Total assets were $4.36 billion at September 30, 2024, an increase of $2.00 billion from December 31, 2023, largely due to the merger.
Total deposits were $3.74 billion at September 30, 2024, up from $1.94 billion at December 31, 2023.
The company reported a tangible common equity to tangible assets ratio of 8.58% and a tangible book value per share of $11.28.
The filing also discusses the impact of the Federal Reserve's interest rate changes and the company's strategies to manage liquidity and credit quality.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the California BanCorp quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.