Form 8-K

8-K — California BanCorp \ CA

Accession: 0001493152-26-019246

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001795815

SIC: 6021 (NATIONAL COMMERCIAL BANKS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

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2026-04-28

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of the

Securities

Exchange Act of 1934

Date

of Report (Date of earliest event reported): April 28, 2026

California

BanCorp \ CA

CALIFORNIA

BANCORP

(Exact

name of registrant as specified in its charter)

California

001-41684

84-3288397

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

Number)

12265 El

Camino Real, Suite 210

San Diego, California

92310

(Address of Principal Executive

Offices)

(Zip Code)

(844)

265-7622

(Registrant’s

Telephone Number, Including Area Code)

N/A

(Former

name or former address, if changed since last report.)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions:

☐

Written communications pursuant to Rule 425 under the

Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the

Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b)

under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c)

under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title of

each class

Trading Symbol(s)

Name of each

exchange on which registered

Common Stock

BCAL

The Nasdaq Stock Market

LLC

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ☒

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item

2.02 Results of Operations and Financial Condition

April 28, 2026, California BanCorp (the “Company”) issued an earnings release reporting its consolidated financial results

as of and for the first quarter of 2026. A copy of that earnings release is furnished as Exhibit 99.1 hereto.

Item

7.01 Regulation FD Disclosure

copy of a slide presentation that the Company may use for upcoming meetings with investors and other interested parties is furnished

as Exhibit 99.2 hereto. Additionally, the Company has posted the slide presentation in the Investor Relations section of its website

at https://ir.californiabankofcommerce.com. Information obtained or linked to the foregoing website shall not be deemed to be included

in this Current Report on Form 8-K.

accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K, including Exhibit

99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange

Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference into any filing

under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such

filing..

Item

9.01 Financial Statements and Exhibits.

Exhibit No.

Description

99.1

Earnings Press Release date April 28, 2026

99.2

Investor Presentation, First Quarter 2026

104

Cover Page Interactive Data File (embedded within the

Inline XBRL document)

SIGNATURES

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

CALIFORNIA BANCORP

Date: April 28, 2026

By:

/s/ David I. Rainer

David I. Rainer

Chief Executive Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

CALIFORNIA

BANCORP REPORTS NET INCOME OF

$13.8

MILLION FOR THE FIRST QUARTER

San

Diego, Calif., April 28, 2026 – California BanCorp (“us,” “we,” “our,” or the “Company”)

(NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial

results for the first quarter of 2026.

The

Company reported net income of $13.8 million, or $0.42 per diluted share, for the first quarter of 2026, compared to $16.4

million, or $0.50 per diluted share for the fourth quarter of 2025, and $16.9 million, or $0.52 per diluted share for the first

quarter of 2025.

“Our

merger has delivered exactly what we expected—a stronger balance sheet, broader market reach, and a foundation for sustained growth,”

said David Rainer, Chairman and CEO of the Company and Bank. “Today, we operate with a true statewide footprint across California’s

most dynamic markets, creating new opportunities to deepen relationships and expand our franchise. We are investing in top-tier production

talent as we continue to focus on organic growth. The energy across our organization is high, and we are confident in the trajectory

ahead.”

First

Quarter 2026 Highlights

● Net

income of $13.8 million or $0.42 diluted earnings per share for the first quarter.

● Net

interest margin of 4.47%, compared with 4.44% in the prior quarter.

● Reversal

of provision for credit losses of $381 thousand for the first quarter, compared with

$4.4 million for the prior quarter.

● Return

on average assets of 1.36%, compared with 1.58% in the prior quarter.

● Return

on average common equity of 9.62%, compared with 11.43% in the prior quarter.

● Return

on average tangible common equity (non-GAAP1) of 12.37%, compared with 14.80%

in the prior quarter.

● Nonperforming

assets to total assets ratio of 0.97% at March 31, 2026, compared with 0.40% at December

31, 2025.

● Allowance

for credit losses (“ACL”) was 1.21% of total loans held for investment at

March 31, 2026, compared to 1.20% at December 31, 2025; allowance for loan losses (“ALL”)

was 1.14% of total loans held for investment at March 31, 2026, compared to 1.13% at December

31, 2025.

● Noninterest-bearing

deposits represented 36.8% of total deposits, compared with 35.0% of total deposits at

December 31, 2025.

● Cost

of deposits was 1.29%, compared to 1.43% in the prior quarter.

● Cost

of funds was 1.36%, compared with 1.50% in the prior quarter.

● Repurchased

409,915 shares of common stock at an average price of $18.08 and a total cost of $7.4 million

under the stock repurchase program in the first quarter.

● Dividend

of $0.10 per common share declared in March 2026 and paid in April 2026, totaling $3.3 million.

● Tangible

book value per common share (non-GAAP1) of $13.97 at March 31, 2026, up $0.18

from $13.79 at December 31, 2025.

● The

Company’s preliminary capital ratios at March 31, 2026 exceed the minimums required

to be “well-capitalized,” the highest regulatory capital category.

1 Reconciliations of non–U.S.

generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

First

Quarter Operating Results

Net

Income

Net

income for the first quarter of 2026 was $13.8 million, or $0.42 per diluted share, compared with $16.4 million, or $0.50 per diluted

share in the fourth quarter of 2025. Pre-tax, pre-provision income (non-GAAP1) for the first quarter was $18.7 million, an

increase of $717 thousand from the prior quarter. The net income and diluted earnings per share decrease were largely driven by slightly

lower net interest income, reversal of provision for credit losses and noninterest income, partially offset by lower noninterest expense.

Net

Interest Income and Net Interest Margin

Net

interest income for the first quarter of 2026 was $42.1 million, compared with $42.9 million in the prior quarter. The decrease in net

interest income was primarily due to a $2.4 million decrease in total interest and dividend income, partially offset by a $1.6 million

decrease in total interest expense in the first quarter of 2026, as compared with the prior quarter. The decrease in net interest income

was also impacted by two fewer days in the current quarter than the prior quarter. During the first quarter of 2026, loan interest income

decreased by $1.8 million, including a decrease of $575 thousand in accretion from the net purchase accounting discounts on acquired

loans and a reversal of nonaccrual loans’ interest income of $479 thousand, coupled with a decrease of $1.4 million in interest

income from deposits in other financial institutions, partially offset by an increase of $375 thousand in total debt securities income

and an increase of $367 thousand in dividend income from restricted stock investments and other bank stock. The decrease in interest

income was mainly due to an ten basis point decrease in the yield on interest-earning assets and a decrease in average deposits in other

financial institutions of $88.9 million, partially offset by increases in average total loans of $32.3 million, average total debt securities

of $35.3 million and average Fed funds sold/resale agreements of $8.0 million. The decrease in interest expense for the first quarter

of 2026 was primarily due to a $1.6 million decrease in interest expense on total interest-bearing deposits, the result of a 23 basis

point decrease in the cost of average total interest-bearing deposits, coupled with a $7.4 million decrease in average total interest-bearing

deposits.

Net

interest margin for the first quarter of 2026 was 4.47%, compared with 4.44% in the prior quarter. The increase was primarily related

to the 14 basis point decrease in the cost of funds outpacing the ten basis point decrease in the total interest-earning assets yield.

The yield on total average interest-earning assets in the first quarter of 2026 was 5.72%, compared with 5.82% in the prior quarter.

The yield on average total loans in the first quarter of 2026 was 6.14%, a decrease of 17 basis points from 6.31% in the prior quarter.

The yield on average total loans in the first quarter of 2026 included the impact of the reversal of nonaccrual loan interest noted above,

which decreased the overall loan yield by six basis points. There was no significant reversal of interest income in the prior quarter.

Accretion income from the net purchase accounting discounts on acquired loans was $3.2 million, increasing the yield on average total

loans by 44 basis points; the net amortization expense from the purchase accounting discounts on acquired subordinated debt and acquired

time deposits premium increased the interest expense by $388 thousand, the combination of which increased the net interest margin by

30 basis points in the first quarter of 2026. In the prior quarter, accretion income from the net purchase accounting discounts on acquired

loans was $3.8 million, increasing the yield on average total loans by 51 basis points; the net amortization expense from the purchase

accounting discounts on acquired subordinated debt and acquired time deposits premium increased the interest expense by $389 thousand,

the combination of which increased the net interest margin by 36 basis points.

Cost

of funds for the first quarter of 2026 was 1.36%, a decrease of 14 basis points from 1.50% in the prior quarter. The decrease was primarily

driven by a 23 basis point decrease in the cost of average total interest-bearing deposits. The amortization expense of $388 thousand

from the purchase accounting discounts on acquired subordinated debt and acquired time deposits premium contributed five basis points

to the cost of funds. Average noninterest-bearing demand deposits decreased $27.4 million to $1.21 billion and represented 34.95% of

total average deposits for the first quarter of 2026, compared with $1.23 billion and 35.39%, respectively, in the prior quarter; average

interest-bearing deposits decreased $7.4 million to $2.24 billion during the first quarter of 2026. The total cost of deposits in the

first quarter of 2026 was 1.29%, compared with 1.43% in the prior quarter. The cost of total interest-bearing deposits decreased 23 basis

points, driven primarily by the Company’s ongoing deposit pricing and mix strategy in the first quarter of 2026.

Average

total borrowings increased $674 thousand to $34.4 million in the first quarter of 2026, primarily due to a $304 thousand increase in

average Federal Home Loan Bank (“FHLB”) advances from an overnight advance and $370 thousand increase in average subordinated

debt due to accretion of discounts. The average cost of total borrowings was 8.25% for the first quarter of 2026, up from 8.19% in the

prior quarter.

Reversal

of Provision for Credit Losses

The

Company recorded a reversal of provision for credit losses of $381 thousand for the first quarter of 2026, compared with a reversal of

provision for credit losses of $4.4 million in the prior quarter. The reversal of provision for credit losses in the first quarter of

2026 was related to the ALL. There was no reversal of provision for credit losses for unfunded loan commitments during the first quarter

of 2026. Total unfunded loan commitments increased by $38.7 million to $925.1 million at March 31, 2026, compared to $886.4 million in

unfunded loan commitments at December 31, 2025.

The provision for credit losses for loans held for investment in the first quarter of

2026 was a reversal of $381 thousand, a decrease of $3.8 million from a reversal of provision for credit losses of $4.2 million in the

prior quarter. The decrease was driven primarily by the changes in the reasonable and supportable forecast, primarily related to the

economic outlook for California, coupled with a decrease in loan balances, changes in the portfolio mix, and changes in the qualitative

factors, partially offset by an increase in the criticized loan loss rates, which are updated annually in the model, despite a decline

in criticized loan balances. The Company’s management continues to monitor macroeconomic variables including changes in interest

rates, uncertainty in the current economic environment, and elevated geopolitical risks related to ongoing conflicts in the Middle East.

Management believes it has appropriately provisioned for the current environment.

Noninterest

Income

Total

noninterest income was $2.1 million in the first quarter of 2026, a decrease of $858 thousand compared with $3.0 million in the fourth

quarter of 2025. Other charges and fees decreased $820 thousand in the first quarter due primarily to lower income from equity investments

of $181 thousand in the first quarter compared to $948 thousand in the prior quarter.

Noninterest

Expense

Total

noninterest expense for the first quarter of 2026 was $25.5 million, a decrease of $2.4 million from total noninterest expense of $27.9

million in the prior quarter. Salaries and employee benefits increased $136 thousand during the first quarter of 2026 to $16.6 million

primarily as a result of increases in payroll taxes typically occurring in the first quarter each year, partially offset by a decrease

in severance costs compared to the prior quarter. There were no similar severance costs in the current quarter. Additionally, the decrease

in litigation settlements of $2.0 million in the first quarter was primarily due to the recording of non-recurring litigation settlements

of $2.0 million in the prior quarter.

Efficiency

ratio (non-GAAP1) for the first quarter of 2026 was 57.69%, compared with 60.80% in the prior quarter.

Income

Tax

the first quarter of 2026, the Company’s income tax expense was $5.3 million, compared with $6.0 million for the fourth quarter

of 2025. The effective rate was 27.8% for the first quarter of 2026 and 26.7% for the fourth quarter of 2025. The increase in the effective

tax rate for the first quarter of 2026 was primarily attributable to a lower benefit from low-income housing tax credit investments as

well as lower pre-tax income paired with minimal change in other permanently non-deductible expenses.

Balance

Sheet

Assets

Total

assets at March 31, 2026 were $4.05 billion, an increase of $15.3 million or 0.4% from December 31, 2025. The increase in total assets

from the prior quarter was primarily related to an increase in cash and cash equivalents of $11.2 million, and an increase in available-for-sale

debt securities of $63.7 million, partially offset by a $62.1 million decrease in loans, including loans held for sale, as compared to

the prior quarter.

Loans

Total

loans held for investment (“LHFI”) were $2.97 billion at March 31, 2026, a decrease of $61.1 million, compared with December

31, 2025. During the first quarter of 2026, there were new originations of $98.4 million, partially offset by net paydowns of $42.3 million,

loan payoffs of $108.6 million, and a loan transferred to other real estate owned (“OREO”) of $8.6 million. Total loans secured

by real estate decreased by $34.7 million, of which multifamily loans decreased $51.1 million and 1-4 family residential loans decreased

by $13.3 million; commercial and industrial loans decreased by $26.2 million; and other consumer loans decreased by $178 thousand. These

decreases were partially offset by an increase in other commercial real estate loans of $28.2 million and construction and land development

loans of $1.5 million.

The

Company had $24.1 million in loans held for sale at March 31, 2026, consisting of $7.6 million SBA 7(a) loans and $16.5 million consumer

solar loans, compared with $25.1 million at December 31, 2025, consisting of $7.8 million of SBA 7(a) loans and $17.3 million consumer

solar loans. Loan delinquencies for loans held for sale totaled $719 thousand, including $281 thousand of SBA 7(a) loan and $298 thousand

of consumer solar loans that were 30–89 days past due, and $140 thousand of consumer solar loans that were more than 90 days past

due and still accruing interest. The Company recorded a $266 thousand valuation allowance related to its consumer solar loans in the

first quarter of 2026.

Deposits

Total

deposits at March 31, 2026 were $3.39 billion, an increase of $22.9 million from December 31, 2025. The increase was primarily due to

an increase in noninterest-bearing demand deposits of $69.1 million, partially offset by decreases in interest-bearing non-maturity deposits

of $23.9 million, non-brokered time deposits of $18.6 million, and brokered time deposits of $3.8 million. Noninterest-bearing demand

deposits at March 31, 2026, were $1.25 billion, or 36.8% of total deposits, compared with $1.18 billion, or 35.0% of total deposits at

December 31, 2025. At March 31, 2026, total interest-bearing deposits were $2.15 billion, compared with $2.19 billion at December 31,

2025. At March 31, 2026, the Company did not have any brokered time deposits. The Company offers the Insured Cash Sweep product and Certificate

of Deposit Account Registry Service, each of which provides reciprocal deposit placement services to fully qualified large customer deposits

for FDIC insurance among other participating banks. Total reciprocal deposits were $723.7 million, or 21.3% of total deposits at March

31, 2026, compared with $743.6 million, or 22.1% of total deposits at December 31, 2025.

Federal

Home Loan Bank (“FHLB”) and Liquidity

March 31, 2026 and December 31, 2025, the Company had no FHLB or Federal Reserve Discount Window borrowings.

March 31, 2026, the Company had available borrowing capacity from an FHLB secured line of credit of approximately $756.7 million and

available borrowing capacity from the Federal Reserve Discount Window of approximately $318.8 million. The Company also had available

borrowing capacity from four unsecured credit lines from correspondent banks of approximately $90.5 million at March 31, 2026, with no

outstanding borrowings. Total available borrowing capacity was $1.17 billion at March 31, 2026. Additionally, the Company had unpledged

liquid securities at fair value of approximately $197.8 million and cash and cash equivalents of $411.1 million at March 31, 2026.

Asset

Quality

Total

non-performing assets were $39.2 million, or 0.97% of total assets at March 31, 2026, compared with $16.1 million, or 0.40% of total

assets at December 31, 2025. Total non-performing loans were $30.6 million, or 1.03% of total loans held for investment at March 31,

2026, compared with $16.1 million, or 0.53% of total loans held for investment at December 31, 2025.

Total

nonperforming loans increased in the first quarter of 2026 primarily due to the addition of two borrower relationships that transitioned

from substandard accrual to nonaccrual. The first of these relationships consists of two commercial real estate loans with a combined

net carrying value of $17.8 million at March 31, 2026. These loans are secured by a 123-acre property operated as an event venue in the

Los Angeles area and were originated in 2022, with a combined 50% loan to value at origination. These two loans are classified as individually

evaluated, collateral-dependent loans and no allowance was recorded at March 31, 2026. The Company is aware the borrower is working with

a cash buyer to sell the event venue, in which case the loans will be paid off with the sale proceeds. Regardless of the potential sale

outcome, the full repayment of these loans is anticipated, and the Company is aggressively pursuing the resolution of this matter.

The

other relationship, which was reclassified as substandard nonaccrual, is a commercial real estate loan with a net carrying value at March

31, 2026, of $5.8 million. The collateral for this loan is located in Dana Point Calif.; the loan was originated in 2022 with an original

loan to value of 56%. This loan is classified as an individually evaluated, collateral-dependent loan and no allowance was recorded at

March 31, 2026, as a full repayment is anticipated.

The

Company foreclosed on a property securing a construction loan for a single-family residence and transferred it to OREO, net, with an

estimated “As-Is” land fair value of $9.6 million per the February 5, 2026 appraisal. No additional charge-off was required

at the time of transfer based on the current “As-Is” collateral value, after accounting for estimated selling cost.

Special

mention loans decreased by $18.7 million during the first quarter of 2026 to $53.7 million at March 31, 2026. The decrease in the special

mention loans was due mostly to $21.0 million of loans downgraded to substandard, including $17.8 million related to the aforementioned

two commercial real estate loans downgraded to substandard nonaccrual, coupled with $7.9 million in payoffs, $963 thousand in upgrades

to pass rating and $861 thousand in net paydowns, partially offset by $12.0 million of loans downgraded from a pass rating.

Substandard

loans increased by $11.7 million during the first quarter of 2026 to $72.4 million at March 31, 2026. The increase in the substandard

loans was due primarily to $21.0 million in downgrades from special mention to substandard, and $5.8 million related to the aforementioned

commercial real estate loan downgraded to substandard nonaccrual, partially offset by an $8.6 million construction loan transferred to

OREO, $4.2 million in loans upgraded to a pass rating, and $2.3 million in net paydowns.

The

Company had no LHFI that were over 90 days past due and still accruing interest at March 31, 2026 and December 31, 2025, respectively.

Loan

delinquencies (30-89 days past due, excluding nonaccrual loans) totaled $12.8 million at March 31, 2026, compared with $14.7 million

in such loan delinquencies at December 31, 2025. The decrease was primarily due to an $8.0 million multifamily loan that was repaid in

full, a $5.8 million commercial real estate loan downgraded to substandard nonaccrual described above, partially offset by $8.7 million

of commercial real estate loans, $2.7 million of 1-4 family residential loans with the same guarantor in common related to the OREO construction

property discussed above, and $788 thousand of commercial and industrial loans that became delinquent during the first quarter of 2026.

The

allowance for credit losses, which is comprised of the ALL and reserve for unfunded loan commitments, totaled $36.1 million at March

31, 2026, compared with $36.5 million at December 31, 2025. The $346 thousand decrease in the allowance for credit losses included a

$381 thousand reversal of provision for credit losses for the loan portfolio, and gross recoveries of $35 thousand for the quarter

ended March 31, 2026. There were no charge-offs of loans during the first quarter of 2026.

The ALL was $34.0 million, or 1.14% of total loans

held for investment at March 31, 2026, compared with $34.3 million, or 1.13% at December 31, 2025.

Capital

Tangible

book value per common share (non-GAAP1) at March 31, 2026 was $13.97, compared with $13.79 at December 31, 2025. In the first

quarter of 2026, tangible book value was primarily impacted by net income of $13.8 million for the first quarter, and stock-based compensation

activity, partially offset by an increase in net of tax unrealized losses on available-for-sale debt securities, and the Company’s

stock repurchase program activity and cash dividends, which reduced the tangible book value per common share by $0.23 and $0.10, respectively.

Other comprehensive losses related to net of tax unrealized losses on available-for-sale debt securities increased by $2.1 million to

$3.8 million at March 31, 2026, from $1.6 million at December 31, 2025. The increase in the net of tax unrealized losses on available-for-sale

debt securities was attributable to non-credit related factors, including a decrease in bond prices at the long end of the yield curve

and the general interest rate environment, and growth in the available-for-sale debt securities. Tangible common equity (non-GAAP1)

as a percentage of total tangible assets (non-GAAP1) at March 31, 2026, increased to 11.46% from 11.45% in the prior quarter,

and net of tax unrealized losses on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1)

at March 31, 2026 increased to 0.8% from 0.4% in the prior quarter.

The Company’s preliminary capital ratios exceed the minimums required to be “well-capitalized”

at March 31, 2026.

Stock

Repurchase Program

During

the first quarter of 2026, the Company repurchased 409,915 shares of its common stock at an average price of $18.08 and a total cost

of $7.4 million under the stock repurchase program. The remaining maximum number of shares authorized to be repurchased under this program

was 978,157 shares at March 31, 2026.

ABOUT

CALIFORNIA BANCORP

California

BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A.,

a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of

the Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego,

California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses

through its 14 branch offices including 11 commercial banking offices serving California. The Bank’s solutions-driven, relationship-based

approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional

information is available at www.californiabankofcommerce.com.

CAUTIONARY

NOTE REGARDING FORWARD-LOOKING STATEMENTS

addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation

Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated

events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements

regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, and expectations

regarding the adequacy of reserves for credit losses, as well as forecasts relating to financial and operating results or other measures

of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and

uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking

statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words

or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,”

“will,” “would,” “believe,” “anticipate,” “estimate,” “expect,”

“hope,” “intend,” “plan,” “potential,” “project,” “will likely result,”

“continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,”

and “outlook,” and variations of these words and similar expressions.

Factors

that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited

to the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and

liquidity of banks; changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation,

interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the

Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and

services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition

of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s

loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company

uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company;

the possibility that the Company may reduce or discontinue the payment of dividends on its common stock; the possibility that the Company

may discontinue, reduce or otherwise limit the level of repurchases of its common stock that it may make from time to time pursuant to

its stock repurchase program; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles,

policies or guidelines; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December

31, 2025, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC

from time to time.

Additional

information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents the Company files with the

SEC from time to time.

Any

forward-looking statement made in this release is based only on information currently available to management and speaks only as of the

date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements

to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking

statements to actual results or to changes in its opinions or expectations, except as required by law.

California

BanCorp and Subsidiary

Financial

Highlights (Unaudited)

At or for the

Three Months Ended

March 31,

2026

December 31,

2025

March 31,

2025

($ in thousands except share and per share data)

EARNINGS

Net interest income

$ 42,084

$ 42,905

$ 42,255

Reversal of credit losses

$ (381 )

$ (4,398 )

$ (3,776 )

Noninterest income

$ 2,137

$ 2,995

$ 2,566

Noninterest expense

$ 25,512

$ 27,908

$ 24,920

Income tax expense

$ 5,299

$ 5,968

$ 6,824

Net income

$ 13,791

$ 16,422

$ 16,853

Pre-tax pre-provision income (1)

$ 18,709

$ 17,992

$ 19,901

Diluted earnings per share

$ 0.42

$ 0.50

$ 0.52

Shares outstanding at period end

32,152,298

32,418,182

32,402,140

PERFORMANCE RATIOS

Return on average assets

1.36 %

1.58 %

1.71 %

Return on average common equity

9.62 %

11.43 %

13.18 %

Yield on total loans

6.14 %

6.31 %

6.61 %

Yield on interest earning assets

5.72 %

5.82 %

6.26 %

Cost of deposits

1.29 %

1.43 %

1.59 %

Cost of funds

1.36 %

1.50 %

1.72 %

Net interest margin

4.47 %

4.44 %

4.65 %

Efficiency ratio (1)

57.69 %

60.80 %

55.60 %

As of

March 31, 2026

December 31, 2025

($ in thousands except share and per share data)

CAPITAL

Tangible equity to tangible assets (1)

11.46 %

11.45 %

Book value (BV) per common share

$ 17.97

$ 17.79

Tangible BV per common share (1)

$ 13.97

$ 13.79

ASSET QUALITY

Allowance for loan losses (ALL)

$ 34,002

$ 34,348

Reserve for unfunded loan commitments

$ 2,105

Allowance for credit losses (ACL)

$ 36,107

$ 36,453

Allowance for loan losses to nonperforming loans

111.0 %

213.5 %

ALL to total loans held for investment

1.14 %

1.13 %

ACL to total loans held for investment

1.21 %

1.20 %

30-89 days past due, excluding nonaccrual loans

$ 12,793

$ 14,725

Over 90 days past due, excluding nonaccrual loans

$ —

Special mention loans

$ 53,680

$ 72,407

Special mention loans to total loans held for investment

1.81 %

2.39 %

Substandard loans

$ 72,392

$ 60,681

Substandard loans to total loans held for investment

2.44 %

2.00 %

Nonperforming loans

$ 30,625

$ 16,086

Nonperforming loans to total loans held for investment

1.03 %

0.53 %

Other real estate owned, net

$ 8,613

$ —

Nonperforming assets

$ 39,238

$ 16,086

Nonperforming assets to total assets

0.97 %

0.40 %

END OF PERIOD BALANCES

Total loans, including loans held for sale

$ 2,996,929

$ 3,058,992

Total assets

$ 4,048,734

$ 4,033,386

Deposits

$ 3,393,485

$ 3,370,581

Loans to deposits

88.3 %

90.8 %

Shareholders’ equity

$ 577,835

$ 576,586

(1) Non-GAAP

measure. See – GAAP to Non-GAAP reconciliation.

or for the

Three

Months Ended

ALLOWANCE

for CREDIT LOSSES

March

31,

2026

December

31,

2025

March

31,

2025

($ in thousands)

Allowance for loan losses

Balance at beginning of period

$ 34,348

$ 41,292

$ 50,540

Reversal of credit losses

(381 )

(4,225 )

(3,158 )

Charge-offs

—

(2,761 )

(3,159 )

Recoveries

1,616

Net recoveries (charge-offs)

(2,719 )

(1,543 )

Balance, end of period

$ 34,002

$ 34,348

$ 45,839

Reserve for unfunded loan

commitments (1)

Balance, beginning of period

$ 2,105

$ 2,278

$ 3,103

Reversal of provision

for credit losses

—

(173 )

(618 )

Balance, end of period

2,105

2,485

Allowance

for credit losses

$ 36,107

$ 36,453

$ 48,324

ALL

to total loans held for investment

1.14 %

1.13 %

1.49 %

ACL to total loans held for investment

1.21 %

1.20 %

1.57 %

Net recoveries (charge-offs) to average total

loans

0.00 %

(0.36 )%

(0.20 )%

(1)

Included in “Accrued interest and other liabilities” on the consolidated balance sheets.

California

BanCorp and Subsidiary

Balance

Sheets (Unaudited)

March

31,

2026

December

31,

2025

($ in thousands)

ASSETS

Cash and due from banks

$ 56,390

$ 52,013

Federal funds sold &

other interest-bearing balances

354,750

347,900

Total cash and cash equivalents

411,140

399,913

Debt securities available-for-sale, at fair

value (amortized cost of $303,968 and $237,191 at March 31, 2026 and December 31, 2025)

298,617

234,890

Debt securities held-to-maturity, at cost (fair

value of $48,467 and $49,308 at March 31, 2026 and December 31, 2025)

52,849

52,936

Loans held for sale

24,096

25,105

Loans held for investment:

Construction & land

development

140,345

138,894

1-4 family residential

129,121

142,399

Multifamily

273,007

324,075

Other commercial real estate

1,848,663

1,820,445

Commercial & industrial

579,660

605,859

Other

consumer

2,037

2,215

Total loans held for investment

2,972,833

3,033,887

Allowance

for credit losses - loans

(34,002 )

(34,348 )

Total loans held for investment,

net

2,938,831

2,999,539

Restricted stock at cost

30,940

30,932

Premises and equipment

11,978

12,116

Right of use asset

15,463

15,094

Other real estate owned, net

8,613

—

Goodwill

110,934

Intangible assets

17,680

18,480

Bank owned life insurance

67,407

67,367

Deferred taxes, net

26,184

29,041

Accrued interest and other

assets

34,002

37,039

Total

assets

$ 4,048,734

$ 4,033,386

LIABILITIES AND SHAREHOLDERS’

EQUITY

Deposits:

Noninterest-bearing demand

$ 1,247,363

$ 1,178,256

Interest-bearing NOW accounts

833,601

840,593

Money market and savings

accounts

1,206,598

1,223,486

Time

deposits

105,923

128,246

Total deposits

3,393,485

3,370,581

Borrowings

34,221

33,832

Operating lease liability

19,184

18,936

Accrued interest and other

liabilities

24,009

33,451

Total liabilities

3,470,899

3,456,800

Shareholders’ Equity:

Common stock - 50,000,000 shares authorized,

no par value; issued and outstanding 32,152,298 and 32,418,182 at March 31, 2026 and December 31, 2025

435,249

442,394

Retained earnings

146,355

135,813

Accumulated other comprehensive

loss - net of taxes

(3,769 )

(1,621 )

Total

shareholders’ equity

577,835

576,586

Total

liabilities and shareholders’ equity

$ 4,048,734

$ 4,033,386

California

BanCorp and Subsidiary

Income

Statements - Quarterly and Year-to-Date (Unaudited)

Three

Months Ended

March

31,

2026

December

31,

2025

March

31,

2025

($ in thousands

except share and per share data)

INTEREST AND DIVIDEND INCOME

Interest

and fees on loans

$ 45,628

$ 47,426

$ 50,686

Interest on debt securities

2,778

2,403

1,524

Interest on tax-exempted debt securities

298

305

Interest and dividends

from other institutions

5,081

6,054

4,310

Total interest and dividend

income

53,785

56,181

56,825

INTEREST EXPENSE

Interest

on NOW, savings, and money market accounts

10,059

11,376

11,116

Interest on time deposits

943

1,204

2,063

Interest on borrowings

699

696

1,391

Total

interest expense

11,701

13,276

14,570

Net interest income

42,084

42,905

42,255

Reversal of credit losses

(1)

(381 )

(4,398 )

(3,776 )

Net interest income after

reversal of credit losses

42,465

47,303

46,031

NONINTEREST

INCOME

Service charges and fees on

deposit accounts

1,100

1,107

1,186

Gain on sale of loans

—

577

Bank owned life insurance income

518

487

463

Servicing and related income on loans

140

142

Other charges and fees

441

1,261

198

Total noninterest income

2,137

2,995

2,566

NONINTEREST EXPENSE

Salaries

and employee benefits

16,550

16,414

15,864

Occupancy and equipment expenses

1,989

2,295

2,152

Data processing

1,965

1,929

1,935

Legal, audit and professional

709

972

859

Regulatory assessments

527

507

722

Director and shareholder expenses

337

311

404

Intangible assets amortization

800

947

948

Litigation settlements, net

2,035

—

Other real estate owned income, net

104

Other expense

2,456

2,494

1,968

Total

noninterest expense

25,512

27,908

24,920

Income before income taxes

19,090

22,390

23,677

Income tax expense

5,299

5,968

6,824

Net

income

$ 13,791

$ 16,422

$ 16,853

Net income per share - basic

$ 0.43

$ 0.51

$ 0.52

Net income per share - diluted

$ 0.42

$ 0.50

$ 0.52

Weighted average common shares-diluted

32,675,943

32,787,551

32,698,227

(1)

Included provision for (reversal of) credit losses on unfunded loan commitments of zero, $(173) thousand and $(618) thousand for the

three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively

California

BanCorp and Subsidiary

Average

Balance Sheets and Yield Analysis (Unaudited)

Three

Months Ended

March

31, 2026

December

31, 2025

March

31, 2025

Average

Balance

Income/

Expense

Yield/

Cost

Average

Balance

Income/

Expense

Yield/

Cost

Average

Balance

Income/

Expense

Yield/

Cost

in thousands)

Assets

Interest-earning assets:

Total loans

$ 3,013,389

$ 45,628

6.14 %

$ 2,981,137

$ 47,426

6.31 %

$ 3,109,722

$ 50,686

6.61 %

Taxable debt securities

257,350

2,778

4.38 %

221,991

2,403

4.29 %

139,481

1,524

4.43 %

Tax-exempt debt securities (1)

52,350

298

2.92 %

52,437

298

2.85 %

53,522

305

2.93 %

Deposits in other financial institutions

426,830

3,843

3.65 %

515,730

5,215

4.01 %

316,582

3,468

4.44 %

Fed funds sold/resale agreements

34,836

300

3.49 %

26,854

268

3.96 %

30,413

335

4.47 %

Restricted stock investments

and other bank stock

31,756

938

11.98 %

31,738

571

7.14 %

31,657

507

6.50 %

Total interest-earning

assets

3,816,511

53,785

5.72 %

3,829,887

56,181

5.82 %

3,681,377

56,825

6.26 %

Total noninterest-earning

assets

297,987

305,526

318,132

Total

Assets

$ 4,114,498

$ 4,135,413

$ 3,999,509

Liabilities

and Shareholders’ Equity

Interest-bearing liabilities:

Interest-bearing NOW accounts

$ 919,891

$ 3,362

1.48 %

$ 880,592

$ 3,896

1.76 %

$ 735,209

$ 3,366

1.86 %

Money market and savings accounts

1,208,718

6,697

2.25 %

1,232,778

7,480

2.41 %

1,161,960

7,750

2.70 %

Time deposits

115,179

943

3.32 %

137,794

1,204

3.47 %

207,519

2,063

4.03 %

Total interest-bearing

deposits

2,243,788

11,002

1.99 %

2,251,164

12,580

2.22 %

2,104,688

13,179

2.54 %

Borrowings:

FHLB advances

333

3.98 %

—

— %

—

— %

Subordinated debt

34,037

696

8.29 %

33,667

696

8.20 %

70,027

1,391

8.06 %

Total

borrowings

34,370

699

8.25 %

33,696

696

8.19 %

70,027

1,391

8.06 %

Total interest-bearing liabilities

2,278,158

11,701

2.08 %

2,284,860

13,276

2.31 %

2,174,715

14,570

2.72 %

Noninterest-bearing liabilities:

Noninterest-bearing deposits (2)

1,205,464

1,232,833

1,255,883

Other liabilities

49,692

47,582

50,368

Shareholders’ equity

581,184

570,138

518,543

Total

Liabilities and Shareholders’ Equity

$ 4,114,498

$ 4,135,413

$ 3,999,509

Net

interest spread

3.64 %

3.51 %

3.54 %

Net

interest income and margin

$ 42,084

4.47 %

$ 42,905

4.44 %

$ 42,255

4.65 %

Cost of deposits

$ 3,449,252

$ 11,002

1.29 %

$ 3,483,997

$ 12,580

1.43 %

$ 3,360,571

$ 13,179

1.59 %

Cost of funds

$ 3,483,622

$ 11,701

1.36 %

$ 3,517,693

$ 13,276

1.50 %

$ 3,430,598

$ 14,570

1.72 %

(1)

Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.

(2)

Average noninterest-bearing deposits represent 34.95%, 35.39% and 37.37% of average total deposits for the three months ended March 31,

2026, December 31, 2025 and March 31, 2025, respectively.

California

BanCorp and Subsidiary

GAAP

to Non-GAAP Reconciliation (Unaudited)

The

following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) efficiency ratio, (2) pre-tax pre-provision

income, (3) average tangible common equity, (4) return on average assets, (5) return on average equity, (6) return on tangible common

equity, (7) tangible common equity, (8) tangible assets, (9) tangible common equity to tangible asset ratio, and (10) tangible book value

per common share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated

financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our

peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information

that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP

financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be

taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

Three

Months Ended

March

31,

2026

December

31,

2025

March

31,

2025

($ in thousands)

Efficiency

Ratio

Noninterest expense

$ 25,512

$ 27,908

$ 24,920

Net interest income

42,084

42,905

42,255

Noninterest income

2,137

2,995

2,566

Total net interest income

and noninterest income

$ 44,221

$ 45,900

$ 44,821

Efficiency ratio (non-GAAP)

57.69 %

60.80 %

55.60 %

Pre-tax

pre-provision income

Net interest income

$ 42,084

$ 42,905

$ 42,255

Noninterest income

2,137

2,995

2,566

Total net interest income

and noninterest income

44,221

45,900

44,821

Less: Noninterest expense

25,512

27,908

24,920

Pre-tax pre-provision

income (non-GAAP)

$ 18,709

$ 17,992

$ 19,901

Return

on Average Assets, Equity, and Tangible Equity

Net income

$ 13,791

$ 16,422

$ 16,853

Average assets

$ 4,114,498

$ 4,135,413

$ 3,999,509

Average shareholders’ equity

581,184

570,138

518,543

Less: Average intangible

assets

128,992

129,870

133,567

Average tangible common

equity (non-GAAP)

$ 452,192

$ 440,268

$ 384,976

Return on average assets

1.36 %

1.58 %

1.71 %

Return on average equity

9.62 %

11.43 %

13.18 %

Return on average tangible common equity (non-GAAP)

12.37 %

14.80 %

17.75 %

March

31,

2026

December

31,

2025

($ in thousands

except share and per share data)

Tangible

Common Equity Ratio/Tangible Book Value Per Share

Shareholders’ equity

$ 577,835

$ 576,586

Less: Intangible assets

128,614

129,414

Tangible common equity

(non-GAAP)

$ 449,221

$ 447,172

Total assets

$ 4,048,734

$ 4,033,386

Less: Intangible assets

128,614

129,414

Tangible assets (non-GAAP)

$ 3,920,120

$ 3,903,972

Equity to asset ratio

14.27 %

14.30 %

Tangible common equity to tangible asset ratio

(non-GAAP)

11.46 %

11.45 %

Book value per share

$ 17.97

$ 17.79

Tangible book value per share (non-GAAP)

$ 13.97

$ 13.79

Shares outstanding

32,152,298

32,418,182

INVESTOR

RELATIONS CONTACT

Kevin

Mc Cabe

California

Bank of Commerce, N.A. kmccabe@bankcbc.com 818.637.7065

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v3.26.1

Cover

Apr. 28, 2026

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Apr. 28, 2026

Entity File Number

001-41684

Entity Registrant Name

California

BanCorp \ CA

Entity Central Index Key

0001795815

Entity Tax Identification Number

84-3288397

Entity Incorporation, State or Country Code

Entity Address, Address Line One

12265 El

Camino Real

Entity Address, Address Line Two

Suite 210

Entity Address, City or Town

San Diego

Entity Address, State or Province

Entity Address, Postal Zip Code

92310

City Area Code

(844)

Local Phone Number

265-7622

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock

Trading Symbol

BCAL

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

true

Elected Not To Use the Extended Transition Period

true

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Cover page.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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