California BanCorp (NASDAQ: BCAL) reported its financial results for the third quarter of 2026, filing an 8-K with the SEC on October 28, 2026. The company, which operates through its subsidiary California Bank of Commerce, N.A., announced net income of $14.0 million for the quarter, representing $0.43 per diluted share.
This figure marked a slight decrease from the $14.3 million ($0.44 per share) reported in the second quarter of 2026. Compared to the prior year, net income was lower than the $15.7 million ($0.48 per share) generated in the third quarter of 2025.
Management highlighted steady loan growth and strong deposit growth as key drivers of performance. Total loans increased to $3.16 billion as of September 30, 2026, an increase of $53.3 million from the previous quarter. Total deposits also grew, reaching $3.48 billion, up $117.4 million from June 30, 2026.
The company’s return on average common equity was 9.45% for the third quarter, down from 9.84% in the prior quarter. The net interest margin was 4.61%, a decrease of 10 basis points from the previous quarter. The provision for credit losses increased significantly to $3.2 million in the third quarter, compared to $714 thousand in the second quarter.
In other corporate actions, the company redeemed all $35.0 million of its 3.50% fixed-to-floating rate subordinated debt due September 1, 2031, at par value. Additionally, the company repurchased 209,348 shares of common stock in the third quarter at an average price of $21.81, costing $4.6 million.
