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California BanCorp (BCAL+1.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $4.03 billion, an increase from $2.36 billion at the end of 2023. The increase is attributed to the merger with California BanCorp (CALB), which added $1.86 billion in assets.
Total deposits were reported at $3.40 billion, up from $1.94 billion in 2023, with the increase primarily due to the merger. Noninterest-bearing demand deposits accounted for 37% of total deposits.
Net income for the year was $5.43 million, compared to $25.91 million in 2023. The decrease is primarily due to a $20.8 million increase in the provision for credit losses and $16.3 million in merger-related expenses.
Net interest income increased to $122.98 million from $94.14 million in 2023, driven by higher interest-earning assets and the impact of the merger.
The allowance for credit losses was $53.64 million, up from $23.50 million in 2023, reflecting the adoption of the Current Expected Credit Losses (CECL) methodology and the impact of acquired loans.
Noninterest income totaled $4.76 million, an increase from $3.38 million in 2023, primarily due to higher service charges and fees on deposit accounts.
Noninterest expense increased to $97.79 million from $59.75 million in 2023, largely due to merger-related expenses and increased salaries and employee benefits.
The company’s total capital ratio was 13.67%, and the Tier 1 capital ratio was 10.60%, both exceeding regulatory requirements.
California BanCorp’s liquidity position remains strong, with total available liquidity of approximately $1.68 billion at the end of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the California BanCorp annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.