Form 8-K - Current report

Share Name	Share Symbol	Market	Type
California BanCorp	NASDAQ:CALB	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.29	-1.19%	24.06	23.59	26.62	24.08	23.43	23.68	45,661	21:02:16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2024

CALIFORNIA BANCORP

(Exact name of registrant as specified in its charter)

California

001-39242

82-1751097

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)


1300 Clay Street, Suite 500
Oakland, California		94612
(Address of Principal Executive Offices)		(Zip Code)

(510) 457-3737

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock

CALB

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 29, 2024, California BanCorp (the “Company”) issued a press release setting forth its unaudited financial results for the quarter and six months ended June 30, 2024. A copy of the Company’s press release is furnished as Exhibit 99.1 and is hereby incorporated by reference.

Item 7.01 Regulation FD Disclosure.

Over the upcoming weeks, members of management will be presenting to or conducting one-on-one meetings with investors, analysts or other third parties about the Company and its latest financial results. A copy of the presentation slides, updated with the Company’s financial results for the quarter and six months ended June 30, 2024, substantially in the form expected to be used in such presentations and meetings, is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information furnished under this Item 2.02 and Item 7.01 and the related Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits


Exhibit No.		Description

99.1		Press Release dated July 29, 2024

99.2		Investor Presentation dated June 30, 2024

104		Cover Page Interactive Date File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	CALIFORNIA BANCORP

Date: July 29, 2024	By:	/s/ THOMAS A. SA
		Thomas A. Sa President, Chief Financial Officer and Chief Operating Officer

Exhibit 99.1

LOGO

California BanCorp Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024

Oakland, CA – July 29, 2024 – California BanCorp (NASDAQ: CALB) (the “Company”), whose subsidiary is California Bank of Commerce, announced today its financial results for the second quarter and six months ended June 30, 2024.

The Company reported a net loss of $5.9 million for the second quarter of 2024, representing a decrease of $9.7 million, or 254%, compared to net income of $3.8 million for the first quarter of 2024 and a decrease of $11.3 million, or 208%, compared to $5.4 million in the second quarter of 2023. For the six months ended June 30, 2024, the Company reported a net loss of $2.0 million representing a decrease of $12.9 million, or 119%, compared to net income of $10.9 million for the same period in 2023.

Diluted earnings per share of $(0.68) for the second quarter of 2024, compared to $0.45 for the first quarter of 2024 and $0.65 for the second quarter of 2023. For the six months ended June 30, 2024, diluted earnings per share of $(0.24), compared to $1.29 for the same period in 2023.

“As we announced earlier this month, on July 17, 2024, at their respective shareholder meetings, shareholders of Southern California Bancorp and California BanCorp approved the merger of the two companies, and we expect the transaction to close on July 31, 2024,” said Steven Shelton, Chief Executive Officer of California BanCorp. “Our second quarter results were impacted by a $13.5 million provision for credit losses, largely as the result of stepped up resolution activity on loans individually identified during a rigorous review of our loan portfolio. During the quarter, we focused our efforts on an active strategy of de-risking our balance sheet and remained measured in our new loan production, which led to a decline in total loans. At the same time, we continued to add new commercial relationships that helped contribute to an increase in our balances of noninterest-bearing deposits. We look forward to closing our merger and capitalizing on the strong market position of our combined entity to continue adding attractive commercial relationships, generating profitable growth, and further enhancing the value of our franchise in the coming years.”

Financial Highlights:

Profitability—three months ended June 30, 2024 compared to March 31, 2024

•

Net loss of $5.9 million and $(0.68) per diluted share, compared to net income of $3.8 million and $0.45 per share, respectively.

•

Revenue of $18.3 million decreased $1.1 million, or 6%, from $19.4 million for the first quarter of 2024 (See Interim Consolidated Non-GAAP Data).

•

Net interest income of $16.8 million decreased $892,000, or 5%, compared to $17.7 million for the first quarter of 2024.

•

Provision for credit losses of $13.5 million increased $13.4 million from $126,000 for the first quarter of 2024.

•

Non-interest income of $1.5 million decreased $187,000, or 11%, compared to $1.7 million for the first quarter of 2024.

•

Non-interest expense, excluding merger related expenses, of $12.5 million decreased $139,000, or 1%, compared to $12.7 million for the first quarter of 2024 (See Interim Consolidated Non-GAAP Data).

Profitability—six months ended June 30, 2024 compared to June 30, 2023

•

Net loss of $2.0 million and $(0.24) per diluted share, compared to net income of $10.9 million and $1.29 per diluted share, respectively.

•

Revenue of $37.8 million decreased $1.8 million, or 5%, compared to $39.6 million in the prior year (See Interim Consolidated Non-GAAP Data).

•

Net interest income of $34.5 million decreased $2.9 million, or 8%, compared to $37.4 million for the same period in the prior year.

•

Provision for credit losses of $13.6 million increased $12.8 million from $802,000 for the six months ended June 30, 2023.

•

Non-interest income of $3.2 million increased $981,000, or 44%, from $2.2 million for the same period in the prior year.

•

Non-interest expense, excluding merger related expenses, of $25.2 million increased $1.8 million, or 8%, compared to $23.4 million for the six months ended June 30, 2023 (See Interim Consolidated Non-GAAP Data).

Financial Position – June 30, 2024 compared to March 31, 2024

•

Total assets decreased by $5.2 million to $1.92 billion; average total assets decreased by $7.0 million to $1.91 billion.

•

Total gross loans decreased by $33.2 million to $1.49 billion; average total gross loans decreased by $11.1 million to $1.51 billion.

•

Total deposits decreased by $827,000 to $1.64 billion; average total deposits decreased by $7.0 million to $1.62 billion.

•

The Company had no other borrowings at June 30, 2024 or March 31, 2024.

•

Capital ratios remain healthy with a tier I leverage ratio of 9.93%, tier I capital ratio of 10.06%, and total risk-based capital ratio of 13.93%.

•

Book value per share of $23.07 decreased by $0.72, or 3%.

•

Tangible book value per share of $22.20 decreased by $0.71, or 3% (See Interim Consolidated Non-GAAP Data).

Net Interest Income and Margin:

Net interest income for the quarter ended June 30, 2024 was $16.8 million, representing a decrease of $892,000, or 5%, from $17.7 million for the three months ended March 31, 2024, and a decrease of $1.8 million, or 10%, from $18.6 million for the quarter ended June 30, 2023. The decrease in net interest income compared to the first quarter of 2024 was primarily attributable to lower yields on interest earning assets. Compared to the second quarter of 2023, the decrease in net interest income resulted from a lower balance of average earning assets which was driven by a reduction in loan balances as a result of conservative underwriting combined with decreased demand and pay-offs occurring in the normal course of business. Additionally, during the current period the Company incurred higher yields on interest-bearing deposits.

Net interest income for the six months ended June 30, 2024 was $34.5 million, a decrease of $2.9 million, or 8% from $37.4 million for the six months ended June 30, 2023. The decrease in net interest income was primarily attributable to an increase in higher yields on interest-bearing deposits.

The Company’s net interest margin for the second quarter of 2024 was 3.71%, compared to 3.89% for the first quarter of 2024 and 3.93% for the same period in 2023. The Company’s net interest margin for the six months ended June 30, 2024 was 3.80% compared to 3.98% for the same period in 2023.

Non-Interest Income:

The Company’s non-interest income for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was $1.5 million, $1.7 million, and $1.1 million, respectively. For the six months ended June 30, 2024, non-interest income of $3.2 million compared to $2.2 million for the same period of 2023. The fluctuations in non-interest income from the prior periods were primarily due to service charges and loan related fees.

Net interest income and non-interest income comprised total revenue of $18.3 million, $19.4 million, and $19.8 million for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Total revenue for the six months ended June 30, 2024 and 2023 was $37.8 million and $39.6 million, respectively (See Interim Consolidated Non-GAAP Data).

Non-Interest Expense:

The Company’s non-interest expense for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023 was $13.2 million, $13.7 million, and $11.6 million, respectively. Non-interest expense of $26.9 million for the six months ended June 30, 2024 increased by $3.5 million, or 15%, compared to $23.4 million for the same period of 2023. The fluctuations in non-interest expense from the prior periods was primarily due to the recognition of merger related expenses. Additionally, compared to the same periods in the prior year, the Company incurred increases in salaries and benefits as well as premises and equipment.

Excluding the impact of merger related expenses, non-interest expense for the second quarter of 2024, the first quarter of 2024 and the second quarter of 2023 was $12.5 million, $12.7 million, and $11.6 million, respectively. For the six months ended June 30, 2024 and 2023, non-interest expense excluding the impact of merger related expenses was $25.2 million and $23.4 million, respectively (See Interim Consolidated Non-GAAP Data).

The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was 71.90%, 70.57%, and 58.66% for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Excluding the impact of merger related expenses, the Company’s efficiency ratio was 68.38% and 65.29% for the second and first quarters of 2024, respectively. For the six months ended June 30, 2024 and 2023, the Company’s efficiency ratio was 71.22% and 59.14%, respectively. Excluding the impact of merger related expenses, the Company’s efficiency ratio was 66.79% for the six months ended June 30, 2024 (See Interim Consolidated Non-GAAP Data).

Balance Sheet:

Total assets were $1.92 billion as of June 30, 2024 and March 31, 2024, compared to total assets of $2.00 billion at June 30, 2023. The decrease in total assets from the prior year was primarily due to conservative new loan production, combined with decreased liquidity related to a reduction in noninterest-bearing deposits.

Total gross loans decreased by $33.2 million, or 2%, to $1.49 billion at June 30, 2024, from $1.52 billion at March 31, 2024 and decreased $95.9 million, or 6%, from $1.58 billion at June 30, 2023. During the second quarter of 2024, commercial loans increased by $1.7 million, or less than 1%, real estate related loans decreased by $33.0 million, or 4%, and other loans decreased $1.9 million, or 5%. Compared to the same period in the prior year, commercial, real estate other, real estate construction and land, and other loans decreased by $10.1 million, or 2%, $34.8 million, or 4%, $45.1 million, or 74%, and $5.9 million, or 13%, respectively.

Total deposits of $1.64 billion at June 30, 2024 remained unchanged from March 31, 2024, and decreased by $99.6 million, or 6%, from $1.74 billion at June 30, 2023. Compared to the same period last year, the decrease in total deposits was primarily concentrated in noninterest-bearing demand deposits. Noninterest-bearing deposits, primarily commercial business operating accounts, represented 39% of total deposits at both June 30, 2024 and March 31, 2024 and represented 43% of total deposits at June 30, 2023.

Excluding junior subordinated debt securities, the Company had no outstanding borrowings at June 30, 2024, March 31, 2024 or June 30, 2023.

Asset Quality:

The provision for credit losses on loans was $13.7 million for the second quarter of 2024, compared to $301,000 for the first quarter of 2024 and $340,000 for the second quarter of 2023. The Company had net loan charge-offs of $13.3 million, or 0.89% of gross loans, during the second quarter of 2024, net loan charge-offs of $348,000, or 0.02% of gross loans during the first quarter of 2024 and no charge-offs or recoveries during the second quarter of 2023.

Non-performing assets (“NPAs”) to total assets were 1.13% at June 30, 2024, compared to 0.08% at March 31, 2024 and 0.01% at June 30, 2023, with non-performing loans of $21.7 million, $1.5 million and $181,000, respectively, on those dates.

The allowance for credit losses on loans was $16.3 million, or 1.10% of total loans, at June 30, 2024, compared to $16.0 million, or 1.05% of total loans, at March 31, 2024 and $15.7 million, or 0.99% of total loans, at June 30, 2023.

The allowance for credit losses on unfunded loan commitments was $1.8 million, or 0.33% of total unfunded loan commitments, at June 30, 2024, compared to $2.0 million, or 0.32% of total unfunded loan commitments, at March 31, 2024 and $1.9 million, or 0.31% of total unfunded loan commitments, at June 30, 2023.

Capital Adequacy:

At June 30, 2024, shareholders’ equity totaled $195.5 million, compared to $200.7 million at March 31, 2024 and $184.2 million one year ago. Additionally, at June 30, 2024, the Company’s total risk-based capital ratio, tier one capital ratio, and leverage ratio were 13.93%, 10.06%, and 9.93%, respectively; all of which were above the regulatory standards of 10.00%, 8.00%, and 5.00%, respectively, for “well-capitalized” institutions.

About California BanCorp:

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The Company’s common stock trades on the Nasdaq Global Select marketplace under the symbol CALB. For more information on California BanCorp, please visit our website at www.californiabankofcommerce.com.

Contacts:

Steven E. Shelton, (510) 457-3751

Chief Executive Officer

seshelton@bankcbc.com

Thomas A. Sa, (510) 457-3775

President, Chief Financial Officer and Chief Operating Officer

tsa@bankcbc.com

Use of Non-GAAP Financial Information:

This press release contains both financial measures based on GAAP and non-GAAP. Non-GAAP financial measures are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. The non-GAAP financial measures included in this press release include: Total Revenue; Adjusted non-interest expense; Adjusted Efficiency Ratio; Tangible Equity to Tangible Assets Ratio; Quarterly and Year-to-Date Average Tangible Equity to Tangible Assets Ratio; and Tangible Book Value Per Share.

Forward-Looking Statements:

Statements in this news release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Company’s business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that the Company makes about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Company’s control. As a result of those risks and uncertainties, the Company’s actual future performance or financial results could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Southern California Bancorp to terminate their agreement with respect to the pending merger; the outcome of any legal proceedings that may be instituted against the Company or Southern California Bancorp; delays in completing the merger with Southern California Bancorp; the failure to satisfy any of the other conditions to the merger on a timely basis or at all; the ability to complete the merger and integration of the Company and Southern California Bancorp successfully; costs being greater than anticipated; cost savings being less than anticipated; the risk that the merger disrupts the business of the Company, Southern California Bancorp or the combined company; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Company’s loans, interest income and interest rate margins and, therefore, the Company’s future operating results; the impacts of the failure of other depository institutions on investor and depositor sentiments and preferences; the Company’s ability to manage its liquidity; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Readers of this news release are encouraged to review the additional information regarding these and other risks and uncertainties to which our business is subject that are contained in our Annual Report on Form 10-K for the year ended December 31, 2023 which is on file with the Securities and Exchange Commission (the “SEC”).

Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.

FINANCIAL TABLES FOLLOW

CALIFORNIA BANCORP AND SUBSIDIARY

SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY

(Dollars in Thousands, Except Per Share Data)


							Change									Change
*QUARTERLY HIGHLIGHTS:*	Q2 2024			Q1 2024			$			%			Q2 2023			$			%
Interest income	$	26,748		$	27,382		$	(634	)		-2	%	$	27,172		$	(424	)		-2	%
Interest expense		9,925			9,667			258			3	%		8,526			1,399			16	%

Net interest income		16,823			17,715			(892	)		-5	%		18,646			(1,823	)		-10	%
Provision for credit losses		13,506			126			13,380			10619	%		444			13,062			2942	%

Net interest income after provision for credit losses		3,317			17,589			(14,272	)		-81	%		18,202			(14,885	)		-82	%
Non-interest income		1,518			1,705			(187	)		-11	%		1,135			383			34	%
Non-interest expense ⁽¹⁾		13,188			13,704			(516	)		-4	%		11,603			1,585			14	%

Income before income taxes		(8,353	)		5,590			(13,943	)		-249	%		7,734			(16,087	)		-208	%
Income tax expense		(2,492	)		1,773			(4,265	)		-241	%		2,294			(4,786	)		-209	%

Net income	$	(5,861	)	$	3,817		$	(9,678	)		-254	%	$	5,440		$	(11,301	)		-208	%

Diluted earnings per share	$	(0.68	)	$	0.45		$	(1.13	)		-251	%	$	0.65		$	(1.33	)		-205	%

Net interest margin		3.71	%		3.89	%		-18 Basis Points						3.93	%		-22 Basis Points
Efficiency ratio ⁽¹⁾		71.90	%		70.57	%		+133 Basis Points						58.66	%		+1324 Basis Points


							Change
*YEAR-TO-DATE HIGHLIGHTS:*	2024			2023			$			%
Interest income	$	54,130		$	52,711		$	1,419			3	%
Interest expense		19,592			15,308			4,284			28	%

Net interest income		34,538			37,403			(2,865	)		-8	%
Provision for credit losses		13,632			802			12,830			1600	%

Net interest income after provision for credit losses		20,906			36,601			(15,695	)		-43	%
Non-interest income		3,223			2,242			981			44	%
Non-interest expense ⁽¹⁾		26,892			23,446			3,446			15	%

Income before income taxes		(2,763	)		15,397			(18,160	)		-118	%
Income tax expense		(719	)		4,506			(5,225	)		-116	%

Net income	$	(2,044	)	$	10,891		$	(12,935	)		-119	%

Diluted earnings per share	$	(0.24	)	$	1.29		$	(1.53	)		-119	%

Net interest margin		3.80	%		3.98	%		-18 Basis Points
Efficiency ratio ⁽¹⁾		71.22	%		59.14	%		+1208 Basis Points

(1)	See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data

CALIFORNIA BANCORP AND SUBSIDIARY

SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION

(Dollars in Thousands, Except Per Share Data)


							Change									Change
*PERIOD-END HIGHLIGHTS:*	Q2 2024			Q1 2024			$			%			Q2 2023			$			%
Total assets	$	1,917,389		$	1,922,541		$	(5,152	)		0	%	$	2,005,646		$	(88,257	)		-4	%
Gross loans		1,487,697			1,520,891			(33,194	)		-2	%		1,583,631			(95,934	)		-6	%
Deposits		1,638,689			1,639,516			(827	)		0	%		1,738,296			(99,607	)		-6	%
Tangible equity ⁽¹⁾		188,042			193,263			(5,221	)		-3	%		176,783			11,259			6	%
Tangible book value per share ⁽¹⁾	$	22.20		$	22.91		$	(0.71	)		-3	%	$	21.09		$	1.11			5	%
Tangible equity / tangible assets ⁽¹⁾		9.85	%		10.09	%		-24 Basis Points						8.85	%		+100 Basis Points
Gross loans / total deposits		90.79	%		92.76	%		-197 Basis Points						91.10	%		-31 Basis Points
Noninterest-bearing deposits / total deposits		39.31	%		38.64	%		+67 Basis Points						42.69	%		-338 Basis Points


*QUARTERLY AVERAGE*							Change									Change
*HIGHLIGHTS:*	Q2 2024			Q1 2024			$			%			Q2 2023			$			%
Total assets	$	1,909,125		$	1,916,142		$	(7,017	)		0	%	$	1,983,877		$	(74,752	)		-4	%
Total earning assets		1,823,785			1,831,333			(7,548	)		0	%		1,900,918			(77,133	)		-4	%
Gross loans		1,507,625			1,518,722			(11,097	)		-1	%		1,577,529			(69,904	)		-4	%
Deposits		1,622,673			1,629,636			(6,963	)		0	%		1,684,008			(61,335	)		-4	%
Tangible equity ⁽¹⁾		196,841			193,094			3,747			2	%		175,783			21,058			12	%
Tangible equity / tangible assets ⁽¹⁾		10.35	%		10.12	%		+23 Basis Points						8.89	%		+146 Basis Points
Gross loans / total deposits		92.91	%		93.19	%		-28 Basis Points						93.68	%		-77 Basis Points
Noninterest-bearing deposits / total deposits		39.55	%		40.34	%		-79 Basis Points						42.65	%		-310 Basis Points


*YEAR-TO-DATE AVERAGE*							Change
*HIGHLIGHTS:*	Q2 2024			Q2 2023			$			%
Total assets	$	1,912,634		$	1,979,107		$	(66,473	)		-3	%
Total earning assets		1,827,558			1,897,448			(69,890	)		-4	%
Gross loans		1,513,173			1,579,917			(66,744	)		-4	%
Deposits		1,626,155			1,691,925			(65,770	)		-4	%
Tangible equity ⁽¹⁾		194,967			172,636			22,331			13	%
Tangible equity / tangible assets ⁽¹⁾		10.23	%		8.76	%		+147 Basis Points
Gross loans / total deposits		93.05	%		93.38	%		-33 Basis Points
Noninterest-bearing deposits / total deposits		39.94	%		42.76	%		-282 Basis Points

(1)	See Interim Consolidated Non-GAAP Data

CALIFORNIA BANCORP AND SUBSIDIARY

SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY

(Dollars in Thousands)


*ALLOWANCE FOR CREDIT LOSSES (LOANS):*	06/30/24			03/31/24			12/31/23		09/30/23			06/30/23
Balance, beginning of period	$	15,981		$	16,028		$	15,921	$	15,722		$	15,382
CECL adjustment		—			—			—		—			—
Provision for credit losses, quarterly		13,668			301			87		121			340
Charge-offs, quarterly		(13,351	)		(439	)		—		(156	)		—
Recoveries, quarterly		50			91			20		234			—

Balance, end of period	$	16,348		$	15,981		$	16,028	$	15,921		$	15,722


*NONPERFORMING ASSETS:*	06/30/24		03/31/24		12/31/23		09/30/23		06/30/23
Loans accounted for on a non-accrual basis	$	21,463	$	1,212	$	3,781	$	1,236	$	181
Loans with principal or interest contractually past due 90 days or more and still accruing interest		244		240		—		—		—

Nonperforming loans	$	21,707	$	1,452	$	3,781	$	1,236	$	181
Other real estate owned		—		—		—		—		—

Nonperforming assets	$	21,707	$	1,452	$	3,781	$	1,236	$	181

Nonperforming loans by asset type:
Commercial	$	9,624	$	1,159	$	3,728	$	1,183	$	—
Real estate other		11,515		—		—		—		—
Real estate construction and land		—		—		—		—		—
SBA		324		53		53		53		181
Other		244		240		—		—		—

Nonperforming loans	$	21,707	$	1,452	$	3,781	$	1,236	$	181


*ASSET QUALITY:*	06/30/24			03/31/24			12/31/23			09/30/23			06/30/23
Allowance for credit losses (loans) / gross loans		1.10	%		1.05	%		1.03	%		1.01	%		0.99	%
Allowance for credit losses (loans) / nonperforming loans		75.31	%		1100.62	%		423.91	%		1288.11	%		8686.19	%
Nonperforming assets / total assets		1.13	%		0.08	%		0.19	%		0.06	%		0.01	%
Nonperforming loans / gross loans		1.46	%		0.10	%		0.24	%		0.08	%		0.01	%
Net quarterly charge-offs / gross loans		0.89	%		0.02	%		0.00	%		0.00	%		0.00	%

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in Thousands, Except Per Share Data)


	Three months ended									Six months ended
	06/30/24			03/31/24			06/30/23			06/30/24			06/30/23
INTEREST INCOME
Loans	$	22,962		$	23,574		$	23,476		$	46,536		$	45,948
Federal funds sold		2,542			2,334			2,238			4,876			3,998
Investment securities		1,244			1,474			1,458			2,718			2,765

Total interest income		26,748			27,382			27,172			54,130			52,711

INTEREST EXPENSE
Deposits		9,366			9,096			7,493			18,462			13,515
Other		559			571			1,033			1,130			1,793

Total interest expense		9,925			9,667			8,526			19,592			15,308

Net interest income		16,823			17,715			18,646			34,538			37,403
Provision for credit losses		13,506			126			444			13,632			802

Net interest income after provision for credit losses		3,317			17,589			18,202			20,906			36,601

NON-INTEREST INCOME
Service charges and other fees		1,147			1,379			867			2,526			1,730
Other non-interest income		371			326			268			697			512

Total non-interest income		1,518			1,705			1,135			3,223			2,242

NON-INTEREST EXPENSE ⁽¹⁾
Salaries and benefits		8,925			8,852			7,831			17,777			15,707
Premises and equipment		1,431			1,452			1,168			2,883			2,348
Merger related expenses		647			1,024			—			1,671			—
Other		2,185			2,376			2,604			4,561			5,391

Total non-interest expense		13,188			13,704			11,603			26,892			23,446

Income before income taxes		(8,353	)		5,590			7,734			(2,763	)		15,397
Income taxes		(2,492	)		1,773			2,294			(719	)		4,506

NET INCOME	$	(5,861	)	$	3,817		$	5,440		$	(2,044	)	$	10,891

EARNINGS PER SHARE
Basic earnings per share	$	(0.69	)	$	0.45		$	0.65		$	(0.24	)	$	1.30

Diluted earnings per share	$	(0.68	)	$	0.45		$	0.65		$	(0.24	)	$	1.29

Average common shares outstanding		8,456,488			8,413,735			8,369,907			8,480,654			8,354,564

Average common and equivalent shares outstanding		8,558,432			8,566,712			8,414,213			8,610,179			8,442,607

PERFORMANCE MEASURES
Return on average assets		-1.23	%		0.80	%		1.10	%		-0.21	%		1.11	%
Return on average equity		-11.54	%		7.66	%		11.91	%		-2.03	%		12.19	%
Return on average tangible equity		-11.98	%		7.95	%		12.41	%		-2.11	%		12.72	%
Efficiency ratio ⁽¹⁾		71.90	%		70.57	%		58.66	%		71.22	%		59.14	%

(1)	See pro-forma balances and ratios, excluding the impact of merger related expenses - Interim Consolidated Non-GAAP Data

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in Thousands)


	06/30/24			03/31/24			12/31/23			09/30/23			06/30/23
ASSETS
Cash and due from banks	$	14,036		$	12,071		$	27,520		$	17,128		$	19,763
Federal funds sold		217,713			191,027			184,834			181,854			187,904
Investment securities		125,303			126,918			145,401			149,244			151,129
Loans:
Commercial		612,208			610,459			626,615			633,902			622,270
Real estate other		821,551			834,143			849,306			858,611			856,344
Real estate construction and land		15,467			35,886			44,186			40,003			60,595
SBA		3,678			3,919			4,032			4,415			4,936
Other		34,793			36,484			35,394			36,184			39,486

Loans, gross		1,487,697			1,520,891			1,559,533			1,573,115			1,583,631
Unamortized net deferred loan costs (fees)		1,708			1,223			1,107			1,312			1,637
Allowance for credit losses		(16,348	)		(15,981	)		(16,028	)		(15,921	)		(15,722	)

Loans, net		1,473,057			1,506,133			1,544,612			1,558,506			1,569,546
Premises and equipment, net		1,763			1,987			2,207			2,432			2,625
Bank owned life insurance		26,273			26,084			25,878			25,697			25,519
Goodwill and core deposit intangible		7,415			7,422			7,432			7,442			7,452
Accrued interest receivable and other assets		51,829			50,899			48,021			41,614			41,708

Total assets	$	1,917,389		$	1,922,541		$	1,985,905		$	1,983,917		$	2,005,646

LIABILITIES
Deposits:
Demand noninterest-bearing	$	644,179		$	633,489		$	657,302		$	686,723		$	742,160
Demand interest-bearing		22,550			21,911			26,715			28,533			29,324
Money market and savings		633,880			656,236			631,015			672,119			633,620
Time		338,080			327,880			310,212			319,706			333,192

Total deposits		1,638,689			1,639,516			1,625,244			1,707,081			1,738,296

Junior subordinated debt securities		54,360			54,326			54,291			54,256			54,221
Other borrowings		—			—			75,000			—			—
Accrued interest payable and other liabilities		28,883			28,014			34,909			32,465			28,894

Total liabilities		1,721,932			1,721,856			1,789,444			1,793,802			1,821,411

SHAREHOLDERS’ EQUITY
Common stock		114,095			113,566			113,227			112,656			112,167
Retained earnings		82,121			87,982			84,165			78,824			73,423
Accumulated other comprehensive loss		(759	)		(863	)		(931	)		(1,365	)		(1,355	)

Total shareholders’ equity		195,457			200,685			196,461			190,115			184,235

Total liabilities and shareholders’ equity	$	1,917,389		$	1,922,541		$	1,985,905		$	1,983,917		$	2,005,646

CAPITAL ADEQUACY
Tier I leverage ratio		9.93	%		10.17	%		9.61	%		9.27	%		9.01	%
Tier I risk-based capital ratio		10.06	%		10.15	%		9.53	%		9.34	%		9.07	%
Total risk-based capital ratio		13.93	%		13.93	%		13.16	%		13.00	%		12.73	%
Total equity/ total assets		10.19	%		10.44	%		9.89	%		9.58	%		9.19	%
Book value per share	$	23.07		$	23.79		$	23.38		$	22.64		$	21.98
Common shares outstanding		8,472,038			8,436,732			8,402,482			8,395,483			8,383,772

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)

(Dollars in Thousands)


	Three months ended June 30,							Three months ended March 31,
	2024							2024
			Yields			Interest				Yields			Interest
	Average		or			Income/		Average		or			Income/
	Balance		Rates			Expense		Balance		Rates			Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,507,625		6.13	%	$	22,962	$	1,518,722		6.24	%	$	23,574
Federal funds sold		190,007		5.38	%		2,542		174,551		5.38	%		2,334
Investment securities		126,153		3.97	%		1,244		138,060		4.29	%		1,474

Total interest earning assets		1,823,785		5.90	%		26,748		1,831,333		6.01	%		27,382

Noninterest-earning assets:
Cash and due from banks		17,526							18,858
All other assets (2)		67,814							65,951

TOTAL	$	1,909,125						$	1,916,142

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	23,735		0.22	%		13	$	24,736		0.20	%		12
Money market and savings		637,301		3.24	%		5,128		635,696		3.12	%		4,928
Time		319,899		5.31	%		4,225		311,884		5.36	%		4,156
Other		54,339		4.14	%		559		55,130		4.17	%		571

Total interest-bearing liabilities		1,035,274		3.86	%		9,925		1,027,446		3.78	%		9,667

Noninterest-bearing liabilities:
Demand deposits		641,738							657,320
Accrued expenses and other liabilities		27,855							30,856
Shareholders’ equity		204,258							200,520

TOTAL	$	1,909,125						$	1,916,142


Net interest income and margin (3)				3.71	%	$	16,823				3.89	%	$	17,715

(1)	Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of $197,000 and $34,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for credit losses of $15.2 million and $16.1 million, respectively.

(3)	Net interest margin is net interest income divided by total interest-earning assets.

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)

(Dollars in Thousands)


	Three months ended June 30,
	2024							2023
			Yields			Interest				Yields			Interest
	Average		or			Income/		Average		or			Income/
	Balance		Rates			Expense		Balance		Rates			Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,507,625		6.13	%	$	22,962	$	1,577,529		5.97	%	$	23,476
Federal funds sold		190,007		5.38	%		2,542		170,608		5.26	%		2,238
Investment securities		126,153		3.97	%		1,244		152,781		3.83	%		1,458

Total interest earning assets		1,823,785		5.90	%		26,748		1,900,918		5.73	%		27,172

Noninterest-earning assets:
Cash and due from banks		17,526							19,207
All other assets (2)		67,814							63,752

TOTAL	$	1,909,125						$	1,983,877

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	23,735		0.22	%		13	$	30,346		0.16	%		12
Money market and savings		637,301		3.24	%		5,128		609,200		2.50	%		3,793
Time		319,899		5.31	%		4,225		326,291		4.53	%		3,688
Other		54,339		4.14	%		559		90,188		4.59	%		1,033

Total interest-bearing liabilities		1,035,274		3.86	%		9,925		1,056,025		3.24	%		8,526

Noninterest-bearing liabilities:
Demand deposits		641,738							718,171
Accrued expenses and other liabilities		27,855							26,441
Shareholders’ equity		204,258							183,240

TOTAL	$	1,909,125						$	1,983,877

Net interest income and margin (3)				3.71	%	$	16,823				3.93	%	$	18,646

(1)	Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of $197,000 and $175,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for credit losses of $15.2 million and $15.4 million, respectively.

(3)	Net interest margin is net interest income divided by total interest-earning assets.

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)

(Dollars in Thousands)


	Six months ended June 30,
	2024							2023
			Yields			Interest				Yields			Interest
	Average		or			Income/		Average		or			Income/
	Balance		Rates			Expense		Balance		Rates			Expense
ASSETS
Interest earning assets:
Loans (1)	$	1,513,173		6.18	%	$	46,536	$	1,579,917		5.86	%	$	45,948
Federal funds sold		182,279		5.38	%		4,876		163,812		4.92	%		3,998
Investment securities		132,106		4.14	%		2,718		153,719		3.63	%		2,765

Total interest earning assets		1,827,558		5.96	%		54,130		1,897,448		5.60	%		52,711

Noninterest-earning assets:
Cash and due from banks		18,192							18,656
All other assets (2)		66,884							63,003

TOTAL	$	1,912,634						$	1,979,107

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest-bearing liabilities:
Deposits:
Demand	$	24,236		0.21	%		25	$	32,179		0.12	%		19
Money market and savings		636,499		3.18	%		10,056		617,885		2.25	%		6,897
Time		315,891		5.34	%		8,381		318,313		4.18	%		6,599
Other		54,734		4.15	%		1,130		80,701		4.48	%		1,793

Total interest-bearing liabilities		1,031,360		3.82	%		19,592		1,049,078		2.94	%		15,308

Noninterest-bearing liabilities:
Demand deposits		649,529							723,548
Accrued expenses and other liabilities		29,356							26,383
Shareholders’ equity		202,389							180,098

TOTAL	$	1,912,634						$	1,979,107

Net interest income and margin (3)				3.80	%	$	34,538				3.98	%	$	37,403

(1)	Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the calculation of yields. Interest income on loans includes amortization of net deferred loan costs of $231,000 and $401,000, respectively.

(2)	Other noninterest-earning assets includes the allowance for loan losses of $15.7 million and $16.2 million, respectively.

(3)	Net interest margin is net interest income divided by total interest-earning assets.

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED NON GAAP DATA (UNAUDITED)

(Dollars in Thousands, Except Per Share Data)


*TOTAL REVENUE:*	Three months ended						Six months ended
	06/30/24		03/31/24		06/30/23		06/30/24		06/30/23
Net interest income	$	16,823	$	17,715	$	18,646	$	34,538	$	37,403
Non-interest income		1,518		1,705		1,135		3,223		2,242

Total revenue	$	18,341	$	19,420	$	19,781	$	37,761	$	39,645


*ADJUSTED NON-INTEREST EXPENSE*	Three months ended									Six months ended
*AND EFFICIENCY RATIO:*	06/30/24			03/31/24			06/30/23			06/30/24			06/30/23
Non-interest expense	$	13,188		$	13,704		$	11,603		$	26,892		$	23,446
Less: Merger related expenses		(647	)		(1,024	)		—			(1,671	)		—

Total non-interest expense, before merger related expenses	$	12,541		$	12,680		$	11,603		$	25,221		$	23,446
Total revenue	$	18,341		$	19,420		$	19,781		$	37,761		$	39,645

Adjusted efficiency ratio		68.38	%		65.29	%		58.66	%		66.79	%		59.14	%


*AVERAGE TANGIBLE EQUITY /*	Three months ended									Six months ended
*AVERAGE TANGIBLE ASSETS:*	06/30/24			03/31/24			06/30/23			06/30/24			06/30/23
Total assets	$	1,909,125		$	1,916,142		$	1,983,877		$	1,912,634		$	1,979,107
Goodwill and core deposit intangibles		7,417			7,426			7,457			7,422			7,462

Tangible assets	$	1,901,708		$	1,908,716		$	1,976,420		$	1,905,212		$	1,971,645

Total shareholders’ equity	$	204,258		$	200,520		$	183,240		$	202,389		$	180,098
Goodwill and core deposit intangibles		7,417			7,426			7,457			7,422			7,462

Tangible equity	$	196,841		$	193,094		$	175,783		$	194,967		$	172,636

Tangible equity / tangible assets		10.35	%		10.12	%		8.89	%		10.23	%		8.76	%

CALIFORNIA BANCORP AND SUBSIDIARY

INTERIM CONSOLIDATED NON-GAAP DATA (UNAUDITED)

(Dollars in Thousands)


*TANGIBLE EQUITY / TANGIBLE ASSETS:*	06/30/24			03/31/24			12/31/23			09/30/23			06/30/23
Total assets	$	1,917,389		$	1,922,541		$	1,985,905		$	1,983,917		$	2,005,646
Goodwill and core deposit intangibles		7,415			7,422			7,432			7,442			7,452

Tangible assets	$	1,909,974		$	1,915,119		$	1,978,473		$	1,976,475		$	1,998,194

Total shareholders’ equity	$	195,457		$	200,685		$	196,461		$	190,115		$	184,235
Goodwill and core deposit intangibles		7,415			7,422			7,432			7,442			7,452

Tangible equity	$	188,042		$	193,263		$	189,029		$	182,673		$	176,783

Tangible equity / tangible assets		9.85	%		10.09	%		9.55	%		9.24	%		8.85	%


*BOOK VALUE PER SHARE:*	06/30/24		03/31/24		12/31/23		09/30/23		06/30/23
Total shareholders’ equity	$	195,457	$	200,685	$	196,461	$	190,115	$	184,235
Common shares outstanding		8,472,038		8,436,732		8,402,482		8,395,483		8,383,772
Total shareholders’ equity / common shares outstanding	$	23.07	$	23.79	$	23.38	$	22.64	$	21.98


*TANGIBLE BOOK VALUE PER SHARE:*	06/30/24		03/31/24		12/31/23		09/30/23		06/30/23
Tangible equity	$	188,042	$	193,263	$	189,029	$	182,673	$	176,783
Common shares outstanding		8,472,038		8,436,732		8,402,482		8,395,483		8,383,772
Tangible equity / common shares outstanding	$	22.20	$	22.91	$	22.50	$	21.76	$	21.09

INVESTOR PRESENTATION Q2 2024 Steven E. Shelton CEO Thomas A. Sa President, CFO & COO Exhibit 99.2

FORWARD-LOOKING STATEMENTS During the course of the presentation and any transcript that may result, written or otherwise, California BanCorp (the “Company”) may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks. Although the Company may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Based on CALB’s stock price of $21.50 as of 6/28/24 Walnut Creek Headquarters/Regional Office in Oakland Regional Offices in San Jose, Walnut Creek and Sacramento Branch services in Walnut Creek OVERVIEW OF CALIFORNIA BANCORP Established in 2007 as a relationship focused commercial business bank serving Northern California with $1.92 billion in assets and a market capitalization of ~$182 million(1) Majority of executive management joined the bank at inception Significant commercial core deposit base Primary relationship managers with average banking experience of over 25 years and average loan books of $45 million Positioned to leverage recent investments to enhance our platform and extend our markets FOCUSED REGIONAL OFFICE FOOTPRINT COMPANY OVERVIEW FINANCIAL SNAPSHOT – 6/30/24 Balance Sheet ($mm) Q2 2024 Profitability (%) Assets 1,917 ROAA -1.23 Loans 1,488 ROATCE -11.98 Deposits 1,639 Net Interest Margin 3.71 Tangible Equity 188 Efficiency Ratio 71.90 Loans/ Deposits (%) 91% Cost of Deposits 2.32 Loan Composition (%) Deposit Composition (%) C&I Loans / Gross Loans 41.1 DDA/ Total Deposits 39.1 CRE Loans / Gross Loans 55.2 Core Deposits/ Total Deposits 79.4 Capital Ratios (Consolidated) (%) Credit Metrics (%) TCE / TA 9.85 NPAs / Loans & OREO 1.46 Leverage Ratio 9.93 NPAs / Assets 1.13 Tier 1 Ratio 10.06 Reserves / Gross Loans 1.10 TRBC Ratio 13.93 NCOs / Avg. Loans 0.89

BRANCH LIGHT, COMMERCIAL FOCUSED BUSINESS BANK Middle market commercial banking focus Privately owned companies with $30 million - $300 million in annual revenue Clients with minimum lending relationships of $2 million or $1 million in deposits Portfolio managed over the long term to ~41% C&I loans and ~38% noninterest-bearing deposits Investing in other asset generating business lines Asset-Based Lending division established in July 2011 Practice Acquisition division established in March 2011 Construction division established December 2015 Sponsor Finance division established in February 2020 Strong core commercial deposit generation strategy Utilize technology with minimal branches Provide commercial cash management services to middle market clients Dedicated treasury management sales team and platform Dollars in millions Data as of 12/31 for each respective year 2015 – Q2’24 CAGR = 14.4% BUSINESS MODEL OVERVIEW LOAN GROWTH DEPOSIT GROWTH 2015 – Q2’24 CAGR Total gross loans = 13.9% Gross loans (ex. PPP) = 13.9%

TAKING SHARE FROM NATIONAL/REGIONAL BANKS Combine Capabilities of a Big Bank with the High Service Levels of a Community Bank Attract top talent with deep market experience to compete against and win business from large banks Professional team with a consultative delivery process Invest in systems, tools, and technology for success in niche markets Offer clients access to key decision makers Ability to execute quickly, with market leading responsiveness PRODUCT AND SERVICE DIFFERENTIATION INDUSTRY & SPECIALTY LENDING FOCUS OUR “TYPICAL CLIENT” Commercial Banking Focused on Four Core Industries Manufacturing and Distribution Professional Contractor Investor CRE Practice Acquisition Asset Based Lending Sponsor Finance Construction Specialty Lending Groups ~$75 M in annual revenue $8 M revolving line with $3 M average outstanding $3 M equipment term loan $5 M commercial real estate loan $3 M demand deposit operating account $5 M money market accounts to hold surplus deposits Fee income driven by commercial portfolio account analysis and treasury management services

EXPERIENCED MANAGEMENT TEAM Served as Executive Vice President and CCO from 2007 through 2017 Previously served in various executive management positions including Executive Vice President and Senior Lending Officer for Wells Fargo’s corporate bank and President & CCO of CivicBank of Commerce John Lindstedt, SEVP & CCO Emeritus Tom M. Dorrance, SEVP Technology & Operations Previously served as a Senior Vice President and Chief Information Officer for North Bay Bancorp Has worked in financial management and commercial banking since 1992 including I.T. Manager at CivicBank of Commerce Michele Wirfel, SEVP & CBO Previously served as the Bank’s Executive Vice President & East Bay Market President Has worked in financial management and commercial banking since 1991 in various executive management positions including regional manager for CivicBank of Commerce Age: 84 Age: 57 Age: 51 Previously served as an Executive Vice President of the Bank primarily responsible for managing production since the Bank’s founding in 2007 Served for thirteen years in various executive management positions including President of CivicBank of Commerce Steven E. Shelton, CEO Age: 58 Years at CALB: 16 Years in Industry: 37 Years at CALB: 16 Years in Industry: 53 Years at CALB: 16 Years in Industry: 29 Years at CALB: 16 Years in Industry: 30 Veteran banker with more than 15 years banking experience in the Sacramento area Previously served as Wells Fargo Senior Vice President and Sacramento Region Manager Scott Myers SEVP & CLO Age: 49 Joined 2019 Years in Industry: 25 More than 30 years’ experience in executive finance and risk management roles, most recently serving as Chief Risk Officer for Western Alliance Bank. Previously served in various executive and director roles at Bridge Bank and its holding company Bridge Capital Holdings (BBNK), including Chief Financial Officer and Chief Strategy Officer. Thomas A. Sa, President, CFO & COO Age: 57 Joined 2019 Years in Industry: 33 Previously served as Deputy Chief Credit Officer and part of senior management from 2007 to 2018 17 years of experience in various positions including lending and credit administration at Mechanics Bank Vivian Mui, SEVP & CCO Age: 40 Years at CALB: 16 Years in Industry: 20

Dollars in millions Tangible book value per share and capital offering price adjusted for historical stock splits Data as of 12/31 for each respective year DEMONSTRATED GROWTH TRACK RECORD $16 million common stock offering at $9.90 per share to fund growth in June 2014 $4 million private placement offering at $12.86 per share to payoff SBLF in May 2016 Completed acquisition of Pan Pacific Bank ($131 million in assets) in December 2015 2015 – Q2’24 Asset CAGR of 13.9% Practice Acquisition Division opened in March 2011 Completed $25.0 million private offering of common stock in August 2018 Holding Company formed in June 2017 Walnut Creek LPO opened in July 2017 Bank founded in March 2007 with $27.5 million in capital Completed expansion into the Sacramento Region San Jose ABL Division opened in July 2011 Launched Sponsor Finance in February 2020 Completed $20 million sub-debt offering in September 2020 Listed on the NASDAQ stock market in March 2020 SUCCESSFUL EXPANSION THROUGHOUT NORTHERN CALIFORNIA Completed $35 million sub-debt offering in August 2021

Dollars in millions Core deposits defined as total deposits less time deposits and brokered deposits. Data as of 12/31 for each respective year 2015 – Q2’24 CAGR DDA: 13.6% Total Deposits: 14.3% 0.23% 0.24% 0.35% Cost of Deposits 94% 93% 94% Core Deposit Mix 0.81% 88% 0.55% 91% 0.48% 87% 0.27% 91% 42% 44% 41% 39% 44% 46% 40% HISTORICAL DEPOSIT COMPOSITION DEPOSIT PORTFOLIO HIGHLIGHTS–6/30/24 STRONG CORE DEPOSIT BASE Deposits were neutral in 2Q24 as new deposit relationships offset seasonal outflows Core deposit base driven by commercial clients 95%+ of commercial relationships hold deposits at the bank Core deposits comprise 79% of total deposits Utilize remote deposit capture and commercial cash management to generate and retain deposits Treasury management division established in Q4-2019 DEPOSIT COMPOSITION 0.47% 85% 2.15% 81% 2.32% 79%

Dollars in millions Data as of 12/31 for each respective year Excludes PPP loans DIVERSIFIED COMMERCIAL LOAN PORTFOLIO HISTORICAL LOAN COMPOSITION(1) OPERATING LOC USAGE LOAN PORTFOLIO COMPOSITION GROSS LOAN FUNDING VS. NET LOAN GROWTH(2) (3) 5.19% 96% 5.09% 97% 4.22% 89% Yield on Loans Loans /Deposits 4.29% 82% 40% 41% 30% (39% ex.PPP) 4.96% 89% 40% (41% ex.PPP) 40% 6.00% 96% 41% 6.13% 91%

NEW LOAN PRODUCTION IN 2Q24 BOOKING NEW LOANS AT ATTRACTIVE RATES(1) NEW LOAN FUNDINGS(1) WTD. AVG. RATE ON NEW LOANS(1) Funded new loans with balances of $23 million in 2Q24 compared to $11 million in 1Q24 and $43 million in 2Q23 Weighted average rate on newly funded loans was 9.22% in 2Q24 compared to 7.82% in 1Q24 and 8.41% in 2Q23 2Q24 new loan dollar mix was 88% commercial, 11% CRE, and 1% other. Dollars in millions Excludes PPP loans

CRE LOAN PORTFOLIO – INVESTOR CRE Conservatively underwriting portfolio with an average LTV of 49% Active risk management, stress testing, and evaluation of portfolio results in early recognition and resolution of potential problem credits, consistently strong asset quality, and minimal losses in the portfolio INVESTOR CRE BY PROPERTY TYPE(1) INVESTOR CRE BY GEOGRAPHIC BREAKDOWN (1) Data as a percent of total investor CRE, $583 million Data as of 6/30/2024

CRE LOAN PORTFOLIO – INVESTOR CRE: OFFICE INVESTOR CRE OFFICE COMPOSITION(1) PORTFOLIO HIGHLIGHTS CRE PORTFOLIO COMPOSITION INVESTOR CRE NON-MEDICAL OFFICE GEOGRAPHY(2) Office CRE represents 11% of total loan portfolio with more than 80% of credits being recourse loans Investor Office Non-Medical/Dental portfolio represents 4% of total portfolio No exposure to downtown San Francisco market Majority of credits are located in suburban markets with stable tenants like medical and dental practices Conservative underwriting criteria with low LTVs and high DCRs

COMMERCIAL LOAN PORTFOLIO WELL-DIVERSIFIED PORTFOLIO WITH FOCUS ON STRONG BORROWERS IN RECESSION RESISTANT INDUSTRIES COMMERCIAL LOAN PORTFOLIO(1) COMMERCIAL – SPONSOR FINANCE(2) Data as a percent of total Commercial Loans, $612 million Data as a percent of total Sponsor Finance Loans, $210 million Data as of 6/30/2024 SPONSOR FINANCE HIGHLIGHTS Weighted Average Senior Leverage: 1.90 Weighted Total Leverage: 2.81 Weighted Average FCCR: 1.72

NET CHARGE-OFFS (RECOVERIES) ($000S)(1) NONPERFORMING ASSETS RESERVES / LOANS (1) NCOS (RECOVERIES) / AVG. LOANS (%) CECL Methodology adopted 1/1/2023 ASSET QUALITY TRENDS

ASSET QUALITY TRENDS RISK GRADE SEGMENT SNAPSHOT ($000’s) Special Pass Watch Mention Substandard Nonaccrual Total June 30, 2024 Commercial and Industrial $ 470,720 $ 35,196 $ 24,434 $ 72,233 $ 9,624 $ 612,207 Real Estate - Other 745,723 34,411 20,581 9,320 11,516 821,551 Real Estate - Const & Land 10,943 - - 4,524 - 15,467 SBA 2,936 59 75 285 324 3,679 Other 34,793 - - - - 34,793 Total Gross Loans 1,265,115 69,666 45,090 86,362 21,464 1,487,697 March 31, 2024 Commercial and Industrial $ 491,815 $ 59,689 $ 25,720 $ 32,076 $ 1,159 $ 610,459 Real Estate - Other 757,955 27,839 41,569 6,780 - 834,143 Real Estate - Construction and Land 14,561 2,566 14,227 4,532 - 35,886 SBA 3,018 61 88 699 53 3,919 Other 36,484 - - - - 36,484 Total Gross Loans 1,303,833 90,155 81,604 44,087 1,212 1,520,891 RISK GRADE TRENDS ($000’s)

ROATCE NET INTEREST MARGIN ROAA EFFICIENCY RATIO HISTORICAL PROFITABILITY TRENDS

Disciplined Expense Management Driving Greater Operating Leverage Investment phase in 2018-2019 (talent, product development, and technology) built highly leverageable infrastructure and strong commercial banking team Operating expenses in 1Q24 and 2Q24 include merger related costs of $1.0 million and $647 thousand respectively Dollars in millions OPERATING EXPENSES BEFORE CAPITALIZED LOAN ORIGINATION COSTS

CAPITAL RATIOS – BANK ONLY Data as of 12/31 for each respective year Closed subordinated debt offerings to support consolidated capital ratios totaling $20 million in 2020 and $35 million in 2021 LEVERAGE RATIO TIER 1 RATIO TCE / TA TOTAL CAPITAL RATIO

Northern California commercial business bank with a disciplined approach to credit underwriting Proven organic and acquisition growth capabilities Strong commercial loan portfolio with corresponding commercial relationship deposits Experienced management team and seasoned C&I relationship managers Keen focus on relationship core deposits in deposit rich industries SUMMARY 3

Please send questions to ir@bankcbc.com Or Call 510.457.3751 CaliforniaBankofCommerce.com

Document and Entity Information	Jul. 29, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001752036
Document Type	8-K
Document Period End Date	Jul. 29, 2024
Entity Registrant Name	CALIFORNIA BANCORP
Entity Incorporation State Country Code	CA
Entity File Number	001-39242
Entity Tax Identification Number	82-1751097
Entity Address, Address Line One	1300 Clay Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612
City Area Code	(510)
Local Phone Number	457-3737
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock
Trading Symbol	CALB
Entity Address, Country	CA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

CALB California BanCorp