California BanCorp reports Q3 EPS 64c, consensus 62c

Reports Q3 revenue $19.8M, consensus $19.82M.”Our third quarter results reflect the strength of the franchise we have built, as we continued to deliver strong financial performance with our return on average assets remaining above 1% despite the challenging operating environment,” said Steven Shelton, Chief Executive Officer of California BanCorp. “We saw continued stability in our deposit base, net interest margin, and asset quality, along with disciplined expense control, which enabled us to generate earnings that were consistent with the prior quarter. As expected, given our conservative approach in the current environment, our balance sheet remained relatively flat with the prior quarter, although we continued to have success in adding new full banking relationships including operating deposit accounts and high quality commercial lending opportunities. “Given the continued economic uncertainty, we will continue to maintain our conservative approach to new loan production. However, we believe the competitive environment remains favorable for us to continue adding new commercial deposit relationships and taking market share as we are seeing increasing opportunities to attract clients who are looking for a commercial bank with a strong balance sheet, robust treasury management solutions, and a superior level of service. Over the near-term, we expect to continue to generate a strong level of profitability while maintaining a high level of capital, liquidity, and reserves, and adding new full banking relationships that will contribute to our long-term profitable growth and further increasing the value of our franchise,” said Mr. Shelton.