Summary of California BanCorp (BCAL)

Company Overview

• Legal Structure: California corporation, incorporated on October 2, 2019.
• Headquarters: San Diego, California (12265 El Camino Real, Suite 210, ZIP 92130).
• Regulation:
  • Bank holding company regulated by the Federal Reserve.
  • Bank regulated by the OCC (Office of the Comptroller of the Currency).
  • Deposits insured by the FDIC.

Business Operations

• Primary Business: Relationship-focused community bank serving California.
• Market Focus:
  • Southern California: Ventura, Los Angeles, Orange, San Diego, Inland Empire.
  • Northern California: San Francisco, Marin, Contra Costa, Santa Clara, Alameda, Sacramento.
• Branch Network: 14 branches across California.
• Employees: 289 full-time equivalent employees (as of December 31, 2024).
• Customer Base: Small- to medium-sized businesses, professionals, individual clients, nonprofit organizations.
• Community Involvement: Donations, advisory boards, employee volunteer programs, and CRA (Community Reinvestment Act) initiatives.

Financials (as of December 31, 2024)

• Total Assets: $4.03 billion
• Total Loans (including loans held for sale): $3.16 billion
• Total Deposits: $3.40 billion
• Shareholders’ Equity: $511.8 million
• Number of Outstanding Shares: 32,402,140 shares (as of March 31, 2025)
• Market Capitalization: Approximately $154.6 million (based on $13.47 share price on June 28, 2024).

Revenue and Income

• Net Interest Income: $122.98 million (2024)
• Noninterest Income: $4.76 million (2024)
• Total Net Income: $5.43 million (2024), down from $25.91 million in 2023.
• Earnings Per Share (diluted): $0.22 (2024), compared to $1.39 in 2023.
• Pre-tax, Pre-provision Income: $29.95 million (2024); adjusted non-GAAP: $46.24 million.
• Income Tax Expense: $2.83 million (2024).

Business Strategy

• Focus on serving small- and medium-sized businesses and real estate owners.
• Growth through organic expansion and strategic acquisitions.
• Key acquisitions include Bank of Santa Clarita and the merger with California BanCorp (CALB) in 2024.
• Post-merger, the combined bank has assets of about $4.25 billion and 14 branches.

Key Products

• Lending: Construction and land development loans, commercial real estate (CRE) loans, commercial and industrial (C&I) loans, SBA loans (7(a) and 504 programs), consumer loans including residential solar panel financing.
• Deposits: Demand deposits, money market accounts, certificates of deposit, treasury management services, reciprocal deposit networks (CDARS, ICS, R&T).

Strategic Initiatives

• Position as a leading commercial bank tailored for California's small to mid-market businesses.
• Emphasis on personalized, high-touch customer service.
• Expansion into northern California markets through recent merger.
• Support local communities through philanthropic activities and advisory boards.

This detailed summary reflects the company's operations, financial condition, market strategy, and key metrics as provided in the 2024 Form 10-K.