California Bancorp's Q2 net income rises on improved credit quality
Overview
California Bancorp Q2 net income rises yr/yr
Company's net interest margin declines slightly from previous quarter
Non-performing assets ratio improves as company derisks balance sheet
Outlook
Company expects Sponsor Finance portfolio to run off by year-end
Company anticipates no significant impact from tariffs on client operations
California Bancorp focuses on organic growth through relationship banking
Company observes client hesitancy due to economic uncertainty
Result Drivers
DERISKING STRATEGY - Reduction in Sponsor Finance portfolio and brokered deposits completed, improving credit quality
NON-PERFORMING ASSETS - Significant decrease in non-performing assets ratio to 0.46% from 0.68%
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| $0.43 |
|
Q2 Net Income |
| $14.10 mln |
|
Q2 Net Interest Income |
| $41.42 mln |
|
Q2 Net Interest Margin |
| 4.6% |
|
Press Release: ID:nGNX9p2LRP
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