California Bancorp reports Q3 EPS (59c), consensus (39c)

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. “As we previously reported, the merger of Southern California Bancorp (BCAL) and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”