California BanCorp \ CA

California BanCorp reported a slight increase in net income for the second quarter of 2026, reaching $14.3 million, or $0.44 per basic share, compared to $14.1 million, or $0.43 per basic share, in Q2 2025. For the first six months of 2026, net income decreased to $28.1 million, or $0.87 per basic share, from $31.0 million, or $0.96 per basic share, in the prior year. Net interest income saw an increase for both periods, while the company recorded a provision for credit losses in 2026, contrasting with a reversal in 2025. Total assets and deposits remained relatively stable.

California BanCorp reported strong second-quarter 2026 earnings with net income of $14.3 million, or $0.44 per diluted share. The company achieved significant loan growth of $113.7 million and improved credit quality, with nonperforming assets to total assets decreasing to 0.44%. Reflecting this performance, the Board of Directors approved an increase in the quarterly cash dividend to $0.12 per share. The company also furnished an investor presentation for upcoming meetings.

California BanCorp held its 2026 Annual Meeting of Shareholders, where key proposals were approved. Shareholders elected ten directors and ratified RSM US LLP as the independent registered public accounting firm for the year ending December 31, 2026. Additionally, the California BanCorp 2026 Omnibus Equity Incentive Plan was approved. Separately, the Board of Directors declared a quarterly cash dividend of $0.10 per share on its common stock.

California BanCorp reported a net income of $13.79 million for the first quarter of 2026, a decrease from $16.85 million in the prior year. Diluted earnings per share fell to $0.42 from $0.52 year-over-year. Net interest income remained relatively stable at $42.08 million, while total assets increased slightly to $4.05 billion and total deposits grew to $3.39 billion.

California BanCorp announced that the borrower of two nonaccrual loans successfully completed the cash sale of a 123-acre property in the Los Angeles area. This sale, which was previously disclosed as being in progress, resulted in the full repayment of both outstanding loans.

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.