California BanCorp (NASDAQ: BCAL) reported net income of $16.8 million, or $0.51 per diluted share, for the fourth quarter of 2024. This marks a significant improvement from the net loss of $16.5 million, or $0.59 per diluted share, reported in the third quarter of 2024.
The company's pre-tax, pre-provision income for the fourth quarter increased by $19.0 million sequentially to $19.4 million. Net interest income rose to $44.5 million from $36.9 million in the prior quarter, and the net interest margin expanded to 4.61% from 4.43%.
Total noninterest expense decreased by $11.6 million sequentially to $26.1 million, primarily due to a reduction in merger-related expenses to $643 thousand. The efficiency ratio improved to 57.4% from 98.9% in the third quarter, reflecting enhanced operational leverage. Tangible book value per common share increased to $11.71, up $0.43 from the prior quarter.
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