California BanCorp (formerly Southern California Bancorp), a California corporation, reported total consolidated assets of $4.03 billion as of December 31, 2024, up from $2.36 billion the previous year. Total loans, including those held for sale, reached $3.16 billion, while total deposits amounted to $3.40 billion. Shareholders' equity stood at $511.8 million. The significant increase in assets and liabilities is primarily attributed to the merger with California BanCorp (CALB), completed on July 31, 2024. CALB contributed $1.91 billion in assets and $1.64 billion in deposits at the time of the merger.
The merger resulted in a combined company with approximately $4.25 billion in assets and 14 branches across California, employing roughly 300 people. Total consideration for the merger was approximately $216.6 million, leading to $74.0 million in preliminary goodwill. The company's net income for 2024 was $5.4 million ($0.22 per diluted share), a decrease from $25.9 million ($1.39 per diluted share) in 2023. This decrease is largely due to a substantial increase in the provision for credit losses ($20.8 million) and noninterest expenses ($38.0 million), partially offset by increased net interest income ($28.8 million) and lower income taxes ($8.1 million).
California BanCorp's lending portfolio is diversified, including construction and land development loans ($227.3 million), real estate loans ($2.01 billion), commercial and industrial loans ($711.0 million), SBA loans ($189.4 million), and consumer loans ($24.7 million). The company's deposit products include demand, money market, and certificates of deposit accounts, along with treasury management services. The company operates 14 branch offices and four loan production offices across California, focusing on small- to medium-sized businesses and commercial real estate owners. The company's strategy involves organic growth and opportunistic acquisitions that align with its business model.
The company's competitive landscape includes commercial banks, credit unions, and other financial institutions. California BanCorp differentiates itself through a relationship-focused approach, local market knowledge, and community involvement. The company acknowledges several risk factors, including economic downturns in California, changes in interest rates, credit risk, liquidity risks, and regulatory compliance. The company also notes its status as an emerging growth company, which allows for reduced reporting burdens.
Looking ahead, California BanCorp anticipates continued focus on organic growth and strategic acquisitions. However, the company cautions that its future performance may be affected by various factors, including economic conditions, interest rate changes, competition, and regulatory developments. The company's ability to realize the anticipated benefits of the CALB merger and manage its risk factors will be crucial to its future success.
About Southern California Bancorp \ CA
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