California BanCorp CA
For the period ended Dec 31, 2024. Filed Apr 1, 2025.
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FY2024 · Filed Apr 1, 2025
BCAL$22.06-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net income | $5,433 | $25,910 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation on premises and equipment | 1,759 | 1,530 |
| Core deposit intangible amortization | 1,877 | 389 |
| Amortization of (discounts) premiums of debt securities | (939) | 260 |
| Loss (gain) on sale of loans | 680 | (831) |
| Loss on sale and disposal of fixed assets | 19 | — |
| Loans originated for sale | (6,324) | (9,240) |
| Proceeds from sales of and principal collected on loans held for sale | 6,778 | 11,887 |
| Provision for credit losses | 21,690 | 915 |
| Deferred income tax expense (benefit) | (426) | 418 |
| Impairment charges of right-of-use assets | 78 | 134 |
| Stock-based compensation | 6,244 | 4,518 |
| Increase in cash surrender value of bank owned life insurance | (1,380) | (946) |
| Income from bank owned life insurance | (368) | — |
| Loss on sale of debt securities | — | 974 |
| Loss on sale of other real estate owned | 4,783 | — |
| Valuation allowance on other real estate owned | 614 | — |
| Accretion of net discounts and deferred loan fees | (12,313) | (1,972) |
| Net decrease (increase) in other items | 22,087 | (844) |
| Net cash provided by operating activities | 50,292 | 33,102 |
| INVESTING ACTIVITIES | ||
| Net cash acquired in business combination | 336,298 | — |
| Proceeds from sale of debt securities available for sale | 3,400 | 37,731 |
| Proceeds from maturities and paydowns of debt securities available for sale | 27,528 | 10,618 |
| Purchases of debt securities available for sale | (2,041) | (63,639) |
| Net purchase of stock investments | (6,697) | (4,051) |
| Net repayment (funding) of loans | 81,549 | (59,334) |
| Proceeds from sale of loans held for investment | 76,843 | 50 |
| Proceeds from sale of other real estate owned | 8,327 | — |
| Purchases of premises and equipment | (552) | (302) |
| Net cash provided by (used in) investing activities | 524,655 | (78,927) |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| FINANCING ACTIVITIES | ||
| Net (decrease) increase in deposits | (187,562) | 11,620 |
| Proceeds of Federal Home Loan Bank advances | — | 92,000 |
| Repayment of Federal Home Loan Bank advances | (85,000) | (57,000) |
| Proceeds from exercise of stock options | 950 | 127 |
| Repurchase of common shares | (1,966) | (889) |
| Net cash (used in) provided by financing activities | (273,578) | 45,858 |
| Net change in cash and cash equivalents | 301,369 | 33 |
| Cash and cash equivalents at beginning of year | 86,793 | 86,760 |
| Cash and cash equivalents at end of year | $388,162 | $86,793 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Interest paid | $52,093 | $29,027 |
| Taxes paid | 4,770 | 12,373 |
| Lease liability arising from obtaining right-of-use assets | 105 | 3,193 |
| Loans transferred from loans held for investment to loans held for sale | 25,900 | — |
| Loans transferred from loans held for investment to other real estate owned | 17,701 | — |
| Net impact of adoption of ASU 2016-13 on retained earnings | — | 3,851 |
| Liabilities assumed in business combination (Note 2): | ||
| Fair value of net assets acquired | $1,938,700 | — |
| Fair value of stock and equity award consideration | 215,205 | — |
| Cash consideration | (1,433) | — |
| Liabilities assumed | $1,722,062 | — |
| Goodwill adjustments | $(728) | — |
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