California Bancorp Inc Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
February 02, 2018 at 09:00 am EST
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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.
California BanCorp is a holding company for California Bank of Commerce (the Bank). The Bank is a California-chartered commercial bank. The Bank has a full-service branch in California located in Contra Costa County and four loan production offices in California located in Alameda County, Contra Costa County, Sacramento County, and Santa Clara County. It primarily serves business and professional corporations with a variety of business-focused financial services. Some of the products and services that it offers include commercial checking, savings and money market accounts, certificates of deposit, treasury and cash management services, foreign exchange services, commercial and industrial loans, asset-based loans, loans to dental and veterinary professionals, commercial real estate loans, residential and commercial construction and development loans, online banking, and mobile banking. Its customers are generally small to medium-sized businesses and professional firms.
California Bancorp Inc Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018