California BanCorp Reports Financial Results for the First Quarter Ended March 31, 2020

OAKLAND, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- California BanCorp (the a??Companya??) (Nasdaq-CALB), the parent company of California Bank of Commerce (the a??Banka??), today announced its financial results for the first quarter ended March 31, 2020.
Net income was $473 thousand for the first quarter of 2020, representing a decrease of $105 thousand, or 18% compared to $578 thousand for the fourth quarter of 2019 and a decrease of $1.4 million, or 75%, compared to $1.9 million for the first quarter of 2019. Diluted earnings per share of $0.06 for the first quarter of 2020 compared to $0.07 for the fourth quarter of 2019 and $0.23 for the same period one year ago.a??As we all experience the pressure that the COVID-19 pandemic has caused, the first quarter represents the culmination of an extraordinary effort launched in 2018 to expand our activities, build capabilities and advance our infrastructure. During the quarter, we continued to advance these initiatives while engaging responses during this human crisis to focus on ensuring the health and safety of our employees, helping our clients navigate a challenging, rapidly changing situation, and positioning the Bank to consistently execute our strategy,a?? said Steven Shelton, President and CEO of California BanCorp. a??As the broader economic picture remains uncertain, our solid financial foundation of strong capital and liquidity should position us well for the current environment. We believe our clients entered this event in a position of financial strength, and the combination of their financial health and available financing tools will enable us to support and lend to our clients and manage the impact of a weaker economy while investing in our long-term growth.a??Highlights:

Listed on Nasdaq Global Select Market effective March 20, 2020

Launched Sponsor Finance Division

Engaged business continuity plans in response to the COVID-19 pandemic

Financial Position
March 31, 2020 compared to March 31, 2019
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