A Business at a Glance
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Table of Contents PART I General Overview California BanCorp (formerly Southern California Bancorp) is a California corporation incorporated on October 2, 2019 and is registered with the Board of Governors of the Federal Reserve System as a bank holding company for California Bank of Commerce, N.A. (formerly Bank of Southern California, N.A.) under the Bank Holding Company Act of 1956, as amended. On May 15, 2020, the Company completed a reorganization whereby the Bank became a wholly-owned subsidiary of the Company. California Bank of Commerce, N.A. began business operations in December 2001 under the name Ramona National Bank. The Bank changed its name to First Business Bank, N.A. in 2006, to Bank of Southern California, N.A. in 2010, and to California Bank of Commerce, N.A. on July 31, 2024. The Bank has a wholly-owned subsidiary, BCAL OREO1, LLC, which was incorporated on February 14, 2024.
| Metric | TTM | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | 180M | 128M | 98M | 91M |
| Net Income | 63M | 5.4M | 26M | 16M |
| EPS | $2.17 | $0.22 | $1.39 | $0.88 |
| Free Cash Flow | 60M | 50M | 33M | 12M |
| ROIC | 10.0% | 12.0% | 13.2% | 8.4% |
| Gross Margin | - | - | - | - |
| Debt/Equity | 0.06 | 0.14 | 0.36 | 0.26 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | 2.1M | 46M | 57M | 28M |
| Operating Margin | 1.2% | 35.7% | 58.5% | 30.4% |
| ROE | 11.2% | 1.4% | 9.0% | 6.2% |
| Shares Outstanding | 32M | 25M | 19M | 18M |
| Metric | 2022 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 91M | 98M | 128M | 180M |
| Gross Margin | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A |
| EBIT | 28M | 57M | 46M | 2.1M |
| Op. Margin | 30.4% | 58.5% | 35.7% | 1.2% |
| Net Income | 16M | 26M | 5.4M | 63M |
| Net Margin | 17.6% | 26.6% | 4.3% | 35.3% |
| Non-Recurring | -768K | 0 | -19K | -19K |
| Returns on Capital | ||||
| ROIC | 8.4% | 13.2% | 12.0% | 10.0% |
| ROE | 6.2% | 9.0% | 1.4% | 11.2% |
| ROA | 0.7% | 1.1% | 0.2% | 0.0% |
| Cash Flow | ||||
| Op. Cash Flow | 13M | 33M | 50M | 60M |
| Free Cash Flow | 12M | 33M | 50M | 60M |
| Owner Earnings | 8.1M | 27M | 42M | 52M |
| CapEx | 1.1M | 302K | 552K | 389K |
| Maint. CapEx | 1.6M | 1.5M | 1.8M | 1.8M |
| Growth CapEx | 0 | 0 | 0 | 0 |
| D&A | 1.6M | 1.5M | 1.8M | 1.8M |
| CapEx/OCF | 8.1% | 0.9% | 1.1% | 0.6% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 574K | 889K | 2.0M | 2.0M |
| Buyback Yield | 0.2% | 0.3% | 0.5% | 0.3% |
| Stock-Based Comp | 3.7M | 4.5M | 6.2M | 6.2M |
| Debt Repayment | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||
| Net Debt | -19M | 16M | -318M | -526M |
| Cash & Equiv. | N/A | N/A | N/A | 559M |
| Long-Term Debt | 68M | 103M | 70M | 70M |
| Debt/Equity | 0.26 | 0.36 | 0.14 | 0.06 |
| Interest Coverage | 4.8 | 2.8 | 1.2 | 1.2 |
| Equity | 260M | 288M | 512M | 565M |
| Total Assets | 2.3B | 2.4B | 4.0B | 0 |
| Total Liabilities | 2.0B | 2.1B | 3.5B | 1.2B |
| Intangibles | 39M | 39M | 134M | 134M |
| Retained Earnings | 49M | 71M | 76M | 76M |
| Working Capital | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A |
| Per Share Data | ||||
| EPS | 0.88 | 1.39 | 0.22 | 2.17 |
| Owner EPS | 0.44 | 1.45 | 1.71 | 1.61 |
| Book Value | 14.22 | 15.46 | 20.73 | 17.47 |
| Cash Flow/Share | 0.73 | 1.78 | 2.04 | 2.02 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 18.3M | 18.6M | 24.7M | 32.3M |
| Valuation | ||||
| P/E Ratio | 18.9 | 12.2 | 75.7 | 8.5 |
| P/FCF | 24.8 | 9.7 | 8.3 | 10.0 |
| EV/EBIT | 10.3 | 5.8 | 2.0 | 33.5 |
| Price/Book | 1.2 | 1.1 | 0.8 | 1.1 |
| Price/Sales | 3.1 | 2.9 | 2.9 | 3.3 |
| FCF Yield | 4.0% | 10.4% | 12.1% | 10.0% |
| Market Cap | 304M | 317M | 411M | 596M |
| Avg. Price | 15.45 | 15.04 | 15.00 | 18.44 |
| Year-End Price | 16.61 | 16.99 | 16.66 | 18.44 |
California BanCorp \ CA passes 2 of 9 quality checks, indicating weak fundamentals.
California BanCorp \ CA trades at 8.5x trailing earnings, compared to its 15-year median P/E of 18.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.0x vs a median of 9.7x. The company's 5-year average ROIC is 11.2%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +15.6%.
California BanCorp \ CA (BCAL) has a current P/E ratio of 8.5, compared to its historical median P/E of 18.9. The stock is currently considered Fair based on its historical valuation range.
California BanCorp \ CA (BCAL) has a 5-year average return on invested capital (ROIC) of 11.2%. This indicates solid capital allocation.
California BanCorp \ CA (BCAL) has a market capitalization of $596M. It is classified as a small-cap stock.
California BanCorp \ CA (BCAL) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.33%.
Based on historical P/E analysis, California BanCorp \ CA (BCAL) appears fair. The current P/E of 8.5 is 55% below its historical median of 18.9. The estimated fair value CAGR (P/E method) is 1.0%.
California BanCorp \ CA (BCAL) operates in the National Commercial Banks industry, within the Financials sector.
California BanCorp \ CA (BCAL) reported annual revenue of $128 million in its most recent fiscal year, based on SEC EDGAR filings.
California BanCorp \ CA (BCAL) has a net profit margin of 4.3%. This is a modest margin.
California BanCorp \ CA (BCAL) generated $50 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
California BanCorp \ CA (BCAL) has a debt-to-equity ratio of 0.14. This indicates a conservatively financed balance sheet.
California BanCorp \ CA (BCAL) reported earnings per share (EPS) of $0.22 in its most recent fiscal year.
California BanCorp \ CA (BCAL) has a return on equity (ROE) of 1.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 3 years of financial data for California BanCorp \ CA (BCAL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
California BanCorp \ CA (BCAL) has a book value per share of $20.73, based on its most recent annual SEC filing.
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