California BanCorp CA
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 12, 2024
BCAL$22.06-0.1%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
For the six months ended June 30, 2024 and 2023
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net income | $5,125 | $14,942 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation on premises and equipment | 738 | 801 |
| Core deposit intangible amortization | 130 | 181 |
| Amortization of (discounts) premiums of debt securities | (274) | 235 |
| Gain on sale of loans | (415) | (885) |
| Loss on sale and disposal of fixed assets | 19 | — |
| Loans originated for sale | (5,956) | (2,954) |
| Proceeds from sales of and principal collected on loans held for sale | 6,778 | 11,887 |
| Provision for credit losses | 2,562 | 187 |
| Deferred income tax expense | 907 | 770 |
| Stock-based compensation | 1,891 | 2,771 |
| Increase in cash surrender value of bank owned life insurance | (527) | (455) |
| Gain on sale of available-for-sale debt securities | — | (34) |
| Loss on sale of other real estate owned | 4,783 | — |
| Accretion of net discounts and deferred loan fees | (990) | (922) |
| Net decrease (increase) in other items | (6,409) | 3,899 |
| Net cash provided by operating activities | 8,362 | 30,423 |
| INVESTING ACTIVITIES | ||
| Proceeds from sale of debt securities available for sale | — | 17,307 |
| Proceeds from maturities and paydowns of debt securities available for sale | 5,983 | 4,029 |
| Purchases of debt securities available for sale | (2,041) | (28,736) |
| Net change in stock investments | (1,046) | (3,530) |
| Net repayment (funding) of loans | 65,750 | (15,028) |
| Proceeds from sale of loans held for investment | 456 | 50 |
| Proceeds from sale of other real estate owned | 8,327 | — |
| Purchases of premises and equipment | (227) | (283) |
| Net cash provided by (used in) investing activities | 77,202 | (26,191) |
| FINANCING ACTIVITIES | ||
| Net (decrease) increase in deposits | (7,703) | 48,984 |
| Proceeds from Federal Home Loan Bank advances | — | 15,000 |
| Repayment of Federal Home Loan Bank advances | (60,000) | (50,000) |
| Proceeds from exercise of stock options | 706 | 93 |
| Repurchase of common shares | (627) | (442) |
| Net cash (used in) provided by financing activities | (67,624) | 13,635 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the six months ended June 30, 2024 and 2023
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net change in cash and cash equivalents | 17,940 | 17,867 |
| Cash and cash equivalents at beginning of period | 86,793 | 86,760 |
| Cash and cash equivalents at end of period | $104,733 | $104,627 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Interest paid | $20,763 | $11,020 |
| Taxes paid | 4,510 | — |
| Lease liability arising from obtaining right-of-use assets | 105 | 405 |
| Loans transferred to other real estate owned | 13,004 | — |
| Net impact of adoption of ASU 2016-13 on retained earnings | — | 3,851 |
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