Earnings Releases·Oct 28, 2026, 8:05 AM ET

California BanCorp — Third Quarter 2026 Earnings Summary

Net income declined to $14.0 million ($0.43/share) from $14.3 million ($0.44/share) in Q2 2026 and $15.7 million ($0.48/share) in Q3 2025, driven by a significant increase in provision for credit losses to $3.2 million from $714 thousand in the prior quarter.
Total loans and deposits grew 1.7% and 3.5% sequentially to $3.16 billion and $3.48 billion respectively, while net interest margin contracted to 4.61% from 4.71% amid rising funding costs.
Management provided no quantitative forward guidance, citing confidence in momentum and disciplined credit management despite elevated geopolitical risks and increased deposit competition.
Capital return activities included $4.6 million in share repurchases (209,348 shares) and a $0.12/share dividend declaration, alongside the redemption of $35.0 million in subordinated debt.
Nonperforming loans rose 4.6% to $9.3 million, primarily due to a $4.6 million full charge-off of two commercial and industrial loans and loan downgrades, though tangible book value per share remained stable at $14.22.