California Bancorp Inc. announced unaudited earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $9,266,000 against $7,784,000 reported last year. Net interest income before provision was $8,276,000 compared to $7,183,000 a year ago. Net interest income after provision was $7,992,000 compared to $6,771,000 a year ago. Income before tax provision was $2,910,000 compared to $2,921,000 a year ago. Net income was $5,000 compared to $1,786,000 a year ago. Basic earnings per common share was $0.00 compared to $0.29 a year ago. Return on average assets was 0.00% against 0.91% reported last year. Return on average tangible common equity was 0.03% against 10.35% reported last year.

For the year, the company announced interest income of $34,692,000 against $29,249,000 reported last year. Net interest income before provision was $31,533,000 compared to $27,150,000 a year ago. Net interest income after provision was $29,140,000 compared to $25,747,000 a year ago. Income before tax provision was $11,286,000 compared to $8,416,000 a year ago. Net income was $5,627,000 compared to $5,193,000 a year ago. Basic earnings per common share was $0.89 compared to $0.84 a year ago. Return on average assets was 0.69% against 0.74% reported last year. Return on average tangible common equity was 7.58% against 8.03% reported last year. Tangible book value per common share increased 3% to $12.10 as of December 31, 2017, compared to $11.72 a year ago.

In 2018, the company expects tax rate will be between 25% and 30%, significantly contributing to bottom line results.