BCALMEDIUM SIGNALFINANCIAL10-K

BCAL completed a significant merger that substantially expanded its asset base to $4.03 billion while strengthening its capital position and improving operational cash generation.

The merger with California BanCorp represents a transformative transaction that has meaningfully expanded BCAL's scale and geographic footprint throughout California. The $216.6 million acquisition created substantial goodwill and appears to be driving improved operational performance, as evidenced by stronger net interest income and cash flow generation.

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

BCAL demonstrates solid post-merger financial momentum with net interest income growing notably to $226.0 million and operating cash flow increasing to $57.3 million. The company significantly reduced its debt burden by over half to $33.8 million while building stockholders equity to $576.6 million, indicating improved capital strength. Higher share buybacks coupled with reduced capital expenditures suggest management is prioritizing shareholder returns while integrating the recent acquisition.

FINANCIAL STATEMENT CHANGES
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.
Total aggregate consideration paid for the Merger was approximately $216.6 million and resulted in approximately $73.1 million of goodwill.
Our Market Area Headquartered in Del Mar, California, we currently operate 14 branch offices and 11 commercial banking offices serving California.
The competing major commercial banks have greater resources that may provide them with a competitive advantage by enabling them to maintain numerous branch offices, mount extensive advertising campaigns and invest in new technologies.
Our policies are designed to help ensure that all loan applicants are credit-checked thoroughly and the decision to provide a credit extension is made only after all pertinent information is developed and analyzed.
Assessing management experience, track record and skill set of the management team.
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.
As of December 31, 2024, our consolidated assets have grown to $4.03 billion and our branch footprint has been extended throughout California.
As of December 31, 2024, we had total consolidated assets of $4.03 billion; total loans, including loans held for sale, of $3.16 billion; total deposits of $3.40 billion; and total shareholders equity of $511.8 million.
Prior to that date, our common stock was quoted under the same symbol on the OTC Pink Open Market.
At July 31, 2024, CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion.
Total aggregate consideration paid for the Merger was approximately $216.6 million and resulted in approximately $74.0 million of preliminary goodwill, subject to adjustment in accordance with ASC 805.
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