Quarterly ResultApr 28, 2026, 08:12 AM
BCAL Q1 Net Income $13.8M, EPS $0.42; Repurchases $7.4M Shares
AI Summary
California BanCorp reported net income of $13.8 million, or $0.42 per diluted share, for the first quarter of 2026, down from $16.4 million and $0.50 per diluted share in the prior quarter. Despite the decrease in profitability, the company's net interest margin improved to 4.47%, and it repurchased 409,915 shares for $7.4 million. Management expressed confidence in the company's trajectory following its merger, citing a stronger balance sheet and broader market reach.
Key Highlights
- Net income was $13.8 million, or $0.42 diluted EPS, for Q1 2026.
- Net interest margin increased to 4.47% from 4.44% in the prior quarter.
- Repurchased 409,915 shares of common stock for $7.4 million.
- Declared a dividend of $0.10 per common share, totaling $3.3 million.
- Nonperforming assets to total assets ratio increased to 0.97% from 0.40% in the prior quarter.
- Cost of deposits decreased to 1.29% from 1.43% in the prior quarter.
- Tangible book value per common share rose to $13.97, up $0.18 from the prior quarter.