California BanCorp CA
For the period ended Sep 30, 2024. Filed Nov 14, 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.
Sep 30, 2024 · Filed Nov 14, 2024
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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Consolidated Statements of Cash Flows
For the nine months ended September 30, 2024 and 2023
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net (loss) income | $(11,339) | $21,498 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation on premises and equipment | 1,216 | 1,171 |
| Core deposit intangible amortization | 817 | 309 |
| Amortization of (discounts) premiums of debt securities | (605) | 258 |
| Gain on sale of loans | (415) | (831) |
| 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 | 25,525 | 91 |
| Deferred income tax expense | (4,960) | 1,021 |
| Stock-based compensation | 4,695 | 3,763 |
| Increase in cash surrender value of bank owned life insurance | (925) | (693) |
| Gain on sale of available-for-sale debt securities | — | (34) |
| 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 | (5,647) | (1,471) |
| Net decrease in other items | 12,062 | 7,523 |
| Net cash provided by operating activities | 26,662 | 41,538 |
| INVESTING ACTIVITIES | ||
| Net cash acquired in business combination | 336,298 | — |
| Proceeds from sale of debt securities available for sale | 3,400 | 17,307 |
| Proceeds from maturities and paydowns of debt securities available for sale | 15,097 | 8,339 |
| Purchases of debt securities available for sale | (2,041) | (28,736) |
| Net change in stock investments | (4,178) | (3,987) |
| Net repayment (funding) of loans | 74,768 | (35,427) |
| 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 | (410) | (239) |
| Net cash provided by (used in) investing activities | 431,717 | (42,693) |
| FINANCING ACTIVITIES | ||
| Net increase in deposits | 154,503 | 51,927 |
| Proceeds from Federal Home Loan Bank advances | — | 15,000 |
| Repayment of Federal Home Loan Bank advances | (85,000) | (57,000) |
| Proceeds from exercise of stock options | 716 | 93 |
| Repurchase of common shares | (968) | (504) |
| Net cash provided by financing activities | 69,251 | 9,516 |
| The accompanying notes are an integral part of these consolidated financial statements. | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
For the nine months ended September 30, 2024 and 2023
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Net change in cash and cash equivalents | 527,630 | 8,361 |
| Cash and cash equivalents at beginning of period | 86,793 | 86,760 |
| Cash and cash equivalents at end of period | $614,423 | $95,121 |
| Supplemental Disclosures of Cash Flow Information: | ||
| Interest paid | $33,935 | $18,941 |
| Taxes paid | 4,770 | — |
| Lease liability arising from obtaining right-of-use assets | 105 | 3,193 |
| Loans transferred to loans held for sale | 25,900 | — |
| Loans transferred 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 assets acquired | $1,938,700 | — |
| Fair value of stock and equity award consideration | (215,205) | — |
| Cash consideration | (1,433) | — |
| Liabilities assumed | $1,722,062 | — |
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