BCALHIGH SIGNALFINANCIAL10-K

BCAL's merger integration delivered exceptional results with net income surging over 1000% while significantly strengthening the balance sheet through debt reduction and equity growth.

The massive 1060% increase in net income demonstrates the merger's immediate accretive impact, while the 51% debt reduction shows strong capital management. The company has successfully integrated the California Bank of Commerce acquisition, creating a $4+ billion asset platform with statewide California presence and substantially improved profitability.

Comparing 2026-03-13 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

BCAL's financial transformation is striking, with net income exploding from $5.4M to $63.1M while net interest income grew a solid 25.7% to $226M, indicating successful merger synergies despite higher interest expenses. The balance sheet strengthened considerably with total debt cut in half to $33.8M and stockholders' equity growing 12.7% to $576.6M, while operating cash flow improved 13.9%. This combination of dramatic earnings growth, debt reduction, and equity expansion signals a highly successful strategic transformation that has fundamentally improved the company's financial profile.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+1060.6%
$5.4M→$63.1M

Net income grew 1060.6% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+407.6%
$5.8M→$29.4M

Interest expense surged 407.6% — significant debt increase or rising rates materially impacting earnings.

Share Buybacks
Cash Flow
+71.2%
$2.0M→$3.4M

Share repurchases increased 71.2% — management returning capital, signals confidence in intrinsic value.

Total Debt
Balance Sheet
-51.5%
$69.7M→$33.8M

Debt reduced 51.5% — deleveraging strengthens balance sheet and reduces financial risk.

Capital Expenditure
Cash Flow
-37.3%
$552K→$346K

Capex reduced 37.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Interest Income
P&L
+25.7%
$179.8M→$226.0M

Net interest income grew 25.7% — benefiting from rate environment or loan book expansion.

Operating Cash Flow
Cash Flow
+13.9%
$50.3M→$57.3M

Operating cash flow grew 13.9% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+12.7%
$511.8M→$576.6M

Equity base grew 12.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-03-13
PRIOR — 2025-04-01
ADDED
As of March 10, 2026, the registrant had 32,326,866 outstanding shares of common stock.
Examples of forward-looking statements include, among others, forecasts relating to financial and operating results or other measures of economic performance.
As of December 31, 2025, we had consolidated assets of $4.03 billion and our branch footprint extends throughout California.
As of December 31, 2025, we had total consolidated assets of $4.03 billion; total loans, including loans held for sale, of $3.06 billion; total deposits of $3.37 billion; and total shareholders equity of $576.6 million.
In connection with the Merger, our shareholders also approved a change of the Company s name from Southern California Bancorp to California BanCorp.
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REMOVED
As of March 31, 2025, the registrant had 32,402,140 outstanding shares of common stock.
The words California BanCorp, or the holding company refer to California BanCorp on a stand-alone basis.
The statements in this annual report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include, among others, statements made about the Company s prospects and results following the merger of the former California BanCorp ( CALB ) into the Company and the merger of the former California Bank of Commerce into the Bank on July 31, 2024 (collectively, the Merger ), as well as forecasts relating to financial and operating results or other measures of economic performance.
(formerly Bank of Southern California, N.A.) under the Bank Holding Company Act of 1956, as amended.
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