California BanCorp : BCAL Investor Presentation 1Q26

Published: 2026-04-28 08:31:15 ET BCAL

Published on 04/28/2026 at 08:31 am EDT

Investor Presentation

March 31, 2026

Company Overview

Investment Highlights

Market and Footprint

California is the world's 5th largest economy and the largest banking market in the U.S.1

Bank's footprint covers the best small to middle-market business banking markets in California (1.4 million small to medium-sized businesses in the counties we service)2

Scarcity of community banks in the region offers extraordinary opportunity for experienced management team

Management

Seasoned management team with a proven track record of organic and M&A growth

Growth Opportunities

Added five experienced bankers in January 2026, including two veteran commercial bankers with deep roots in the community, to our Northern California team

Merger between Southern California Bancorp and predecessor California BanCorp ("the Merger") closed on July 31, 2024, and expanded footprint into Northern California; franchise offers complementary products and services to expanded client base

Scalable business model of trusted brands offers cost savings and greater efficiency

New C&I teams established in Irvine in 2022 and Los Angeles in 2024

Balance Sheet Composition

Attractive low-cost core deposit base: noninterest-bearing deposits were 37% of total deposits at March 31, 2026

Total loans held for investment of $3.0 billion at March 31, 2026, compared with $3.0 billion at December 31, 2025 and $3.1 billion at March 31, 2025

Diverse commercial loan portfolio

Bank's capital ratios exceed minimums to be "well capitalized," the highest regulatory capital category

California data published by the U.S. Bureau of Economic Analysis (April 2026); world data published by the International Monetary Fund (April 2026).

Employment Development Department, State of California; data as of third quarter 2025.

California BanCorp

At a Glance

21.1%

5-Yr Asset CAGR4

$4.0B

Assets3

$596M

Market Cap1

San Diego

Headquarters

Branch Footprint

BCAL

Nasdaq

23.1%

5-Yr Deposit CAGR4

$3.4B

Deposits3

Bank Acquisitions2

MOE

Market data as of January 23, 2026.

Over the past 10 years.

As of March 31, 2026.

Compound annual growth rate (CAGR) over five-year period ended March 31, 2026.

Attractive Market Position

California is the Largest Banking Market in the United States

$4.2T

California GDP1

5th

Largest economy in the world behind Japan and ahead of India1

40MM

2023 Population2

1.7MM

Small Businesses3

351

272

124

BCAL's Southern California Footprint

$1.6T

Combined GDP1

16th

Largest economy in the world, behind Spain and ahead of Indonesia1

23MM

2023 Population2

Small Businesses3

2000 2010 2024

Median California Bank Assets ($MM)

BCAL's Northern California Footprint

$1,064

$721MM

Combined GDP1

21st

Largest economy in the world, behind Switzerland and ahead of Poland1

6MM

2023 Population2

>300K

Small Businesses3

$175

$252

2000 2010 2024

California data from U.S. Bureau of Economic Analysis (September 2025); World data from Internation Monetary Fund (October 2025).

U.S. Census Bureau (July 2024) and World Population Review (2025).

Employment Development Department, State of California (2025).

Data from S&P Capital IQ.

July 2024

Closed merger of California BanCorp and Southern California Bancorp ($1.86B Assets)

High Growth Franchise

October 2021 Acquired Bank of Santa Clarita ($425MM Assets)

Since 2019, total assets have grown organically and through strategic

M&A by $3.2 billion, or 388%, powered by a dedicated and accomplished team.

$4,032 $4,033 $4,049

November 2020

David Rainer joined BCAL

July 2018 Acquired Americas United Bank ($230MM Assets)

May 2020

Acquired CalWest Bancorp ($311MM Assets)

$2,260

$2,284 $2,360

$1,579

$768

$830

2018 2019 2020 2021 2022 2023 2024 2025 1Q26

(1) Assets included prior years' acquisitions

Experienced Leadership Team

David I. Rainer

Chairman and Chief Executive Officer Banking Experience:

> 40 Years

Richard Hernandez

President Banking Experience:

> 25 Years

Thomas Dolan

Chief Financial Officer, Company Banking Experience:

> 40 Years

Michele Wirfel

Chief Operating Officer Banking Experience:

> 30 Years

Peter Nutz

Chief Credit Officer, Bank Banking Experience:

> 20 Years

Jean Carandang

Chief Financial Officer, Bank Banking Experience:

> 30 Years

Manisha Merchant

Chief Legal Officer Banking Experience:

> 25 Years

Our Vision for a Premier Banking Franchise

Strong Leadership

Experienced teams living and working in their respective California communities, and actively involved in local organizations

Reputation and credibility of leadership attracts top talent in the market

Bank Advisory Boards composed of local business and civic leaders

Growth Strategy

Provide expertise in commercial and industrial, and commercial real estate lending to small and middle-market businesses

High-touch relationship management team offers responsive, personalized service not always available at larger banks

Continue recruiting "in-market" talent

Opportunistic M&A

Business Banking Focus

Loan composition reflects diversity of California marketplace

High-touch customer service draws relationships from larger banks

A significant number of new business results from "warm leads" provided by referrals

Strategic Commercial Offices

Commercial offices offer a full array of banking services, are easily accessible, with good visibility and efficient operations

Commercial offices with average deposits for all branches of $242.4 million per branch at

March 31, 2026 ($3.39 billion in deposits / 14 branches)

Financial Highlights

1100

Financial Highlights Q1 2026

($ in millions except per share data)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Net Income $13.8

$16.4

$15.7

$14.1

$16.9

Financial Highlights

Diluted EPS

$0.42

$0.50

$0.48

$0.43

$0.52

Pre-tax, Pre-provision Income (PTPP)1

$18.7

$18.0

$21.8

$19.4

$19.9

Return on Average Assets

Return on Average Common Equity

1.36%

9.62%

1.58%

11.43%

1.54%

11.24%

1.45%

10.50%

1.71%

13.18%

Net Interest Margin

4.47%

4.44%

4.52%

4.61%

4.65%

Efficiency Ratio1

57.69%

60.80%

51.75%

56.09%

55.60%

Non-performing Assets/Total Assets

0.97%

0.40%

0.38%

0.46%

0.68%

Allowance for Credit Losses/Total Loans Held for Investment

1.21%

1.20%

1.46%

1.57%

Dedicated to our relationship-based commercial business banking model

Organic loan and deposit growth in footprint covering largest business banking markets in California

Prudent underwriting with adequate reserves

Maintaining strong liquidity position with multiple sources of readily available liquidity

Tangible Book Value & Bank Capital Ratios ($ in millions)

March 31,

2026

December 31, September 30,

2025

June 30,

2025

March 31,

2025

Managing capital for long-term success

Tangible Common Equity1

Tangible Book Value per Common Share1

$449.2

$13.97

$447.2

$13.79

$434.4

$13.39

$416.3

$12.82

$398.3

$12.29

Tangible Common Equity/Tangible Assets1

11.5%

10.9%

10.3%

Leverage Ratio

12.0%

11.6%

11.4%

12.1%

12.2%

Common Equity Tier 1 Ratio

13.8%

13.3%

12.9%

13.2%

13.3%

Tier 1 Capital Ratio

13.8%

13.3%

12.9%

13.2%

13.3%

Total Capital Ratio

14.8%

14.2%

14.1%

14.3%

14.4%

Committed to creating shareholder value

Non-GAAP financial measure; a reconciliation to the comparable GAAP measurement is provided at the end of this slide presentation.

1111

Balance Sheet

($ in 000s)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Cash and Cash Equivalents

$ 411,140

$ 399,913

$ 559,216

$ 430,137

$ 439,241

Debt Securities

351,466

287,826

262,424

241,275

184,787

Loans Held for Sale

24,096

25,105

6,685

6,088

4,625

Loans Held for Investment

2,972,833

3,033,887

2,990,299

2,991,560

3,068,774

Allowance for Loan Losses

(34,002)

(34,348)

(41,292)

(41,110)

(45,839)

Net Loans

2,938,831

2,999,539

2,949,007

2,950,450

3,022,935

Goodwill and Other Intangibles

128,614

129,414

130,361

131,309

133,103

Other Assets

194,587

191,589

193,516

194,458

198,399

Total Assets

$ 4,048,734

$ 4,033,386

$ 4,101,209

$ 3,953,717

$ 3,983,090

Liabilities

Total Deposits

$ 3,393,485

$ 3,370,581

$ 3,459,661

$ 3,312,278

$ 3,342,503

Subordinated Debentures

34,221

33,832

33,443

52,883

70,308

Other Liabilities

43,193

52,387

43,381

40,963

38,895

Total Liabilities

3,470,899

3,456,800

3,536,485

3,406,124

3,451,706

Shareholders' Equity

Common Stock

435,249

442,394

444,132

444,365

442,934

Retained Earnings

146,355

135,813

122,644

106,960

92,861

Accumulated Other Comprehensive Loss, Net of Taxes

(3,769)

(1,621)

(2,052)

(3,732)

(4,411)

Total Shareholders' Equity

577,835

576,586

564,724

547,593

531,384

Total Liabilities & Shareholders' Equity

$ 4,048,734 $

4,033,386 $

4,101,209 $

3,953,717 $

3,983,090

1Q26, 4Q25 and 1Q25 Income Statements

Income Statement ($ in 000s)

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

Interest Income

Loans

45,628

47,426

50,686

Securities

3,076

2,701

1,829

Interest and dividends from other institutions

5,081

6,054

4,310

Total Interest Income

53,785

56,181

56,825

Interest Expense

Deposits

11,002

12,580

13,179

Borrowings

699

696

1,391

Total Interest Expense

11,701

13,276

14,570

Net Interest Income

42,084

42,905

42,255

Reversal of provision for credit losses

(381)

(4,398)

(3,776)

Net Interest Income after Reversal of Provision for Credit Losses

42,465

47,303

46,031

Noninterest Income

Service charges and fees on deposit accounts

1,100

1,107

1,186

Gain on sale of loans

577

Bank owned life insurance

518

487

463

Servicing and related income on loans

140

142

Other charges, fees and income

441

1,261

198

Total Noninterest Income

2,137

2,995

2,566

Noninterest Expense

Salaries, wages and other employee benefits

16,550

16,414

15,864

Occupancy

1,989

2,295

2,152

Litigation settlements, net

2,035

Other real estate owned expense

104

Other operating

6,794

7,160

6,836

Total Noninterest Expense

25,512

27,908

24,920

Net Income Before Income Taxes

19,090

22,390

23,677

Income tax expense

5,299

5,968

6,824

Net Income

13,791

16,422

16,853

Assets

($ in thousands)

Total loans

Avg. Balance

$ 3,013,389

Income

$ 45,628

Yield

6.14 %

Liabilities and Shareholders' Equity ($ in thousands)

Interest-bearing NOW accounts

Avg. Balance

$ 919,891

Expense

$ 3,362

Cost

1.48 %

Taxable debt securities

257,350

2,778

4.38 %

Money market and savings accounts

1,208,718

6,697

2.25 %

Net Interest Margin

Yield on Earning Assets

(for three months ended March 31, 2026)

Cost of Funds

(for three months ended March 31, 2026)

Tax-exempt debt securities1

52,350

298

2.92 %

Deposits in other financial institutions

426,830

3,843

3.65 %

Fed fund sold/resale agreements

34,836

300

3.49 %

Restricted stock investments and other bank stock

31,756

938

11.98 %

Total interest-earning assets

3,816,511

53,785

5.72 %

Total noninterest-earning assets

297,987

Total Assets

$ 4,114,498

Net Interest Income ($ in millions)

Time deposits

115,179

943

3.32 %

Total interest-bearing deposits

2,243,788

11,002

1.99 %

Borrowings:

FHLB advances

333

3.98 %

Subordinated debt

34,037

696

8.29 %

Total borrowings

34,370

699

8.25 %

$50.0

$42.1

$42.9

$42.5

$42.3

4.65%

$41.4

4.61%

$40.0

$30.0

4.52%

$20.0

4.47%

4.44%

$10.0

1Q25

2Q25

3Q25

4Q25

1Q26

Shareholders' equity 581,184

Total interest-bearing liabilities

2,278,158

11,701

2.08 %

Noninterest-bearing liabilities: Demand deposits

1,205,464

Other liabilities

49,692

Total cost of deposits in 1Q26 was 1.29% Total cost of funds in 1Q26 was 1.36%

Tax-exempt security yields are presented on a tax equivalent basis using a 21% tax rate.

Low-Cost Core Deposits

100%

90%

18%

20%

21%

22%

20%

80%

70%

60%

34%

50%

35%

36%

40%

30%

20%

39%

37%

36%

35%

37%

10%

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

Noninterest-bearing Demand ICS/R&T

Time Deposits

Money Market & Savings Brokered Time Deposits

Interest-bearing Checking CDARS Time Deposits

97.3% Core deposits1 | 36.8% Noninterest-bearing deposits to total deposits as of March 31, 2026

Deposit Mix and Growth

at quarter ended:

2.00%

1.50%

Cost of Deposits for the quarter ended

1.43%

1.29%

1.59% 1.59% 1.59%

1.00%

0.50%

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

1Q25 2Q25 3Q25 4Q25 1Q26

Total Deposits at quarter ended ($MM)

$3,343

$3,312

$3,460

$3,371

$3,393

1Q25 2Q25 3Q25 4Q25 1Q26

Core deposits calculated as total deposits less CDs > $250K, less brokered deposits < $250K and CDARS deposits <$250K.

Insured Cash Sweep (ICS) and Reich & Tang Deposit Solutions (R&T) interest-bearing products provide customers with FDIC insurance coverage at ICS or R&T network institutions.

Total reciprocal deposits (ICS, R&T and CDARS time deposits) were above 20% of the Bank's total liabilities and approx. $56 million of excess reciprocal deposits is classified as brokered deposits at March 31, 2026. 15

Total

Correspondent

Banks

FRB DW

FHLB

AFS Securities

Cash

$411.1

$197.8

$756.7

$1,774.9

$90.5

$318.8

Significant Available Liquidity ($ in millions)

Significant Access to Liquidity & Funding Capacity

Source

Funding Capacity

In-Use

Total Available Liquidity

As of 3/31/26 ($ in millions)

Cash

$ 411.1

$ -

$ 411.1

AFS Securities

298.6

100.8

197.8

FHLB

821.7

65.0

756.7

FRB DW

318.8

Other Sources

90.5

Total

$ 1,940.7

$ 165.8

$ 1,774.9

Access to ample on-Balance Sheet (BS) and off-BS liquidity (as of 3/31/2026)

On-BS Cash = $411.1 million

Total Borrowing Capacity = $1.23 billion

Total Available Borrowing Capacity = $1.17 billion

Total Available Liquidity = $1.77 billion

Loan Portfolio

Total Loans 1 ($MM),

at the quarter ended

$4,000

$3,000

$2,000

$1,000

$3,073 $2,998 $2,997 $3,059 $2,997

Contractual Maturity Summary for the next 3 years as of March 31, 2026

($ in millions)

< 1 year

1-2 Years

> 2-3

Years

% of total

Loans

% of total

Loans

% of total

Loans

Construction & land development $ 117.4 3.9 % $ 19.4 0.6 % $ - 0.0 %

1-4 family residential 14.7 0.5 % 18.5 0.6 % 3.4 0.1 %

Multifamily 47.9 1.6 % 43.1 1.4 % 3.7 0.1 %

Commercial real estate 188.6 6.3 % 286.2 9.5 % 177.5 5.9 %

Others

1.5 0.1 % 0.6 0.0 % - 0.0 %

Total loans

$ 664.8

22.2 %

$ 462.2

15.2 %

$ 225.7

7.5 %

Sponsor Finance

$ 20.3

0.7 %

$ -

0.0 %

$ -

0.0 %

CRE Owner-Occupied (OO)

$ 40.1

1.3 %

$ 36.1

1.2 %

$ 75.7

2.5 %

CRE Non Owner-Occupied (NOO)

$ 148.5

5.0 %

$ 250.0

8.3 %

$ 101.8

3.4 %

CRE Office and Medical/Dental Office

$ 22.6

0.8 %

$ 62.3

2.1 %

$ 56.0

1.9 %

Commercial & industrial 294.7 9.8 % 94.4 3.1 % 41.1 1.4 %

7.50%

7.00%

1Q25 2Q25 3Q25 4Q25 1Q26

Yield on Loans,

for the quarter ended

6.61% 6.58% 6.50%

% of total

Loan Repricing Summary for the next 3 years as of March 31, 2026

($ in millions) < 1 year 1-2 Years

> 2-3 Years

Prime

$ 617.0

20.6 %

$ 4.0

0.1 %

$ 7.5

0.3 %

Other Indexed Rate Loans

300.7

10.0 %

158.9

5.3 %

145.6

4.9 %

Total Variable Rate Loans

917.7

30.6 %

162.9

5.4 %

153.1

5.2 %

% of total

6.50%

6.00%

6.31%

6.14%

5.87% 5.89% 5.91% 5.80% 5.70%

Loans $ Loans $ Loans

5.50%

5.00%

Fixed Rate Loans 2 270.8 9.0 % 301.4 10.1 % 148.6 5.0 %

Total Loans $ 1,188.5 39.6 % $ 464.3 15.5 % $ 301.7 10.2 %

4.50%

Multifamily

$ 60.5

2.0 %

$ 60.3

2.0 %

$ 26.5

0.9 %

1Q25

2Q25

3Q25

4Q25

1Q26

Sponsor Finance

$ 20.3

0.7 %

$ -

0.0 %

$ -

0.0 %

CRE Owner-Occupied (OO)

$ 167.2

5.6 %

$ 85.4

2.8 %

$ 125.5

4.2 %

Yield on Loans

Yield on Loans Less Accretion

CRE Non Owner-Occupied (NOO)

$ 346.8

11.6 %

$ 270.0

9.0 %

$ 111.2

3.7 %

CRE Office and Medical/Dental Office

$ 102.5

3.4 %

$ 65.8

2.2 %

$ 45.0

1.5 %

Total loans include loans held for sale and loans held for investment.

Fixed rate loans are based on contractual maturity.

Total Loan Portfolio1, as of March 31, 2026

Diverse Loan Portfolio

Commercially Focused | Relationship Based

Multifamily 9.1%

Total CRE 3 by Location4, as of March 31, 2026

Out of State - 10% Others 4- 7%

San Bernardino - 3%

Sacramento - 6%

Riverside - 6%

California - Bay Area - 23%

$1.85 billion

1-4 SFR

4.3%

Construction and Land Dev. 4.7%

San Diego - 11%

Los Angeles - 24%

Total CRE 3 Distribution, as of March 31, 2026

Other

0.6%

Sponsor Finance 0.7%

Ventura - 5%

Orange - 5%

C&I

18.9%

CRE - Other - 4.6%

CRE - Mixed Use - 3.6%

CRE - Hotel - 5.8%

CRE - Industrial - 18.0%

Total loans includes loans held for sale and loans held for investment.

Other loans includes loans secured by farmland and consumer loans.

CRE loans excludes farmland loans.

CRE

61.7%

CRE - Restaurant - 1.2% CRE - Self Storage - 3.5%

CRE - Medical/Dental Office - 3.3%

CRE - Special Purpose - 3.9%

CRE - Retail - 9.1%

$1.85 billion

CRE - Office - 8.6%

Location by counties in California, except Bay area and out of state. Bay area includes Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma counties.

Low LTV Commercial Real Estate Loans

Total CRE1 Distribution by LTV2, as of March 31, 2026

CRE NOO vs CRE OO by Property Type, as of March 31, 2026

>65% to 70%

>60% to 65%

10%

>55% to 60%

13%

>70%

<50%

50%

CRE - Restaurant, 2.4% CRE - Medical/Dental Office, 3.2%

CRE - Special Purpose, 3.9% CRE - Other (4), 4.6%

CRE - Mixed Use, 8.3% CRE - Self Storage, 9.0%

CRE - Retail, 19.4%

CRE - Industrial, 17.9%

>50% to 55%

13%

($ in millions)

No. of Loans

Balance 3

Weighted Avg.

Average Loan Size LTV

CRE - Industrial

275

$ 538.9

$ 2.0

48%

CRE - Office

130

256.5

2.0

50%

CRE - Retail

164

272.8

1.7

46%

CRE - Special Purpose

115.5

2.0

42%

CRE - Medical/Dental Office

101

99.3

1.0

49%

CRE - Self Storage

105.9

6.2

49%

CRE - Restaurant

36.8

1.3

44%

CRE - Hotel

175.0

8.0

49%

CRE - Mixed Use

108.4

2.6

47%

CRE - Other (4)

138.7

2.9

55%

Total CRE 885 $ 1,847.8 $ 2.1 48%

CRE - Hotel, 14.9%

CRE - Restaurant, 1.2% CRE - Mixed Use, 1.6%

CRE - Retail, 6.7% CRE - Medical/Dental Office, 9.2%

CRE - Office, 9.5%

CRE - Special Purpose, 10.3%

CRE - Other (4), 12.7%

CRE - Office, 16.4%

CRE - Industrial, 48.8%

CRE loans excludes farmland loans.

Weighted average LTV is based on current loan balance as of March 31, 2026, and collateral value at origination or renewal.

Balance includes loans held for sale and loans held for investment as of March 31, 2026. 19

CRE - Other includes gas station, mixed use and retirement properties.

CRE Office and Medical/Dental Office Loans

CRE Office Distribution by LTV1, as of March 31, 2026

Loan Size No. of

($ in millions) Loans

Balance 2

Average Loan

Size

Weighted Avg.

LTV 1

< $0.5

$ 10.5

$ 0.3

40%

$0.5 - < $2

$ 50.1

$ 0.9

46%

$2 - < $5

$ 61.3

$ 3.2

48%

$5 - < $10

$ 53.9

$ 6.7

58%

$10 - < $20

$ 60.7

$ 12.1

47%

≥ $20

$ 20.0

62%

CRE - Office

130 $ 256.5 $

2.0

50%

Orange 2.5%

Out of State 3.1%

Others 3

4.3%

Ventura 8.2%

San Diego 8.6%

CRE Office and Medical/Dental Office by Location 3

as of March 31, 2026

Riverside 1.2%

California - Bay Area 29.8%

CRE Medical/Dental Office Distribution by LTV1, as of March 31, 2026

Loan Size

($ in millions)

No. of Average Loan Weighted Avg. Loans Balance 2 Size LTV

< $0.5

$ 11.8

$0.3

45%

Sacramento

13.8%

$0.5 - < $2

$ 38.3

$0.9

49%

$2 - < $5

$ 36.1

$2.8

52%

$5 - < $10

$ 13.1

$6.6

45%

Office 101 $ 99.3 $1.0 49%

Los Angeles 28.5%

Weighted average LTV is based on current loan balance as of March 31, 2026, and collateral value at origination or renewal.

Balance includes loans held for sale and loans held for investment as of March 31, 2026.

Location by counties in California, except Bay area and out of state. Bay area includes Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma counties. 20

Disclaimer

California Bancorp published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 12:30 UTC.