California BanCorp reports Q2 EPS 65c, consensus 61c

Reports Q2 revenue $19.78M, consensus $20.1M. Reports Q2 tangible book value per share $21.09. Reports Q2 CET1 capital ratio 9.07%. “We executed well in the second quarter and continued to generate strong financial performance with our return on average assets remaining above 1% while maintaining a prudent approach to risk management with a high level of capital, liquidity and reserves,” said Steven Shelton, CEO of California BanCorp. “We continued to see good stability in our deposit base and noninterest-bearing deposits remained above 40% of our total deposits, which reflects the strength of our relationship-oriented approach and the loyalty of the client base we have built. Due to the stability in our deposit base, we were able to repay the borrowings we added towards the end of the first quarter, which helped limit the amount of compression that we had in our net interest margin and support profitability. We also maintained disciplined expense control, which enabled us to continue realizing more operating leverage and improve our efficiency ratio.”