Downtown San Diego, where California BanCorp, the parent of California Bank of Commerce, is based. Photo: Roman Eugeniusz, CC BY-SA 3.0, via Wikimedia Commons.
California BanCorp, the San Diego-based parent of California Bank of Commerce, reported third-quarter net income of $14.0 million, or $0.43 per diluted share, according to accounts of the company’s Oct. 28 Form 8-K. That was down from $14.3 million, or $0.44 a share, in the second quarter and from $15.7 million, or $0.48 a share, in the third quarter of 2025. Minichart and a Monas Financial filing digest, both published Oct. 28 and both citing the 8-K, reported the same earnings figures. The company’s own website posted a headline on the results the same day but did not include the detailed release in the version of the page reviewed for this story.
Loans held for investment rose $53.3 million, or 1.7 percent, to $3.16 billion, and deposits grew $117.4 million, or 3.5 percent, to $3.48 billion, both outlets reported, with most of the deposit gain in interest-bearing non-maturity accounts. The net interest margin slipped to 4.61 percent from 4.71 percent in the prior quarter, Minichart said, as the yield on earning assets fell and the cost of funds ticked up slightly. Return on average assets was 1.35 percent, down from 1.43 percent, and Monas put return on average common equity at 9.45 percent, down from 9.84 percent.
Credit costs were the main reason profit fell. The provision for credit losses rose to $3.2 million from $714,000 in the second quarter, both accounts said. Minichart, citing the 8-K, said the provision included $4.6 million of net charge-offs, mostly from the full charge-off of two commercial and industrial loans tied to one relationship, a long-term online advertising client whose operations had stopped. Nonperforming loans rose to $9.3 million, or 0.30 percent of loans, from $8.9 million, or 0.29 percent, at June 30. The allowance for credit losses on loans was 1.07 percent, down from 1.13 percent.
The company redeemed $35.0 million of 3.50 percent fixed-to-floating rate subordinated debt at par in September, both outlets reported, and bought back 209,348 shares in the quarter at an average price of $21.81, for $4.6 million. It also paid a $0.12-per-share dividend declared in July. Minichart said tangible book value per share slipped to $14.22 from $14.29 because of a larger unrealized loss on available-for-sale securities. The bank opened a commercial loan production office in downtown San Francisco on Oct. 1, expanding a Northern California presence from its San Diego headquarters.
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