Reports Q4 revenue $23.82M, consensus $21.12M. Reports Q4 book value per share $20.67. "Our fourth quarter performance completed another strong year of continuing the growth of our client roster, realizing more operating leverage, and increasing our level of profitability," said Steven Shelton, CEO of California BanCorp. "Given the potential for an economic slowdown in 2023, we have become more selective with our loan production; however, we continue to develop new relationships with high quality commercial clients. As a result, during the fourth quarter we experienced significant growth in both noninterest-bearing deposits and total deposits. At year-end, noninterest-bearing deposits represented 45% of our total deposits which allowed us to maintain a lower cost of funds and create additional expansion in our net interest margin, as well as contribute to our increasing level of profitability. As we further execute our strategy of building a franchise based upon a stable low-cost deposit base and a conservatively underwritten and well-diversified loan portfolio, we believe the Company is positioned to continue generating strong financial performance for our shareholders. Over the longer term, and as economic conditions improve, our strong commercial banking team’s ability to generate attractive lending opportunities will further result in higher levels of revenue, more operating leverage, and profitable growth for our franchise."
Published first on TheFly
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