# EDGAR Filing Document

**Accession Number:** 0001752036
**File Stem:** 0001193125-23-016272
**Filing Date:** 2023-1
**Character Count:** 72588
**Document Hash:** 9431ea1f952e1dcfff77edf5eee78878
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-016272.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001193125-23-016272

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** California BanCorp
- **CENTRAL INDEX KEY:** 0001752036
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 821751097
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39242
- **FILM NUMBER:** 23558131

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 CLAY STREET
- **STREET 2:** SUITE 500
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 510-457-3769

**MAIL ADDRESS:**
- **STREET 1:** 1300 CLAY STREET
- **STREET 2:** SUITE 500
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): January 26, 2023

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## CALIFORNIA BANCORP

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **California** | **001-39242** | **82-1751097** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification Number)** |

---

---

| | |
|:---|:---|
| **1300 Clay Street, Suite 500** |  |
| **Oakland, California** | **94612** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

(510) 457-3737

#### (Registrant's Telephone Number, Including Area Code)

#### N/A

#### (Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock | CALB | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition**  |

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On January 26, 2023, California BanCorp (the "Company") issued a press release setting forth its unaudited financial results for the quarter and twelve months ended December 31, 2022. A copy of the Company's press release is furnished as Exhibit 99.1 and is hereby incorporated by reference.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

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Over the upcoming weeks, members of management will be presenting to or conducting one-on-one meetings with investors, analysts or other third parties about the Company and its latest financial results. A copy of the presentation slides, updated with the Company's financial results for the fourth quarter and year ended December 31, 2022, substantially in the form expected to be used in such presentations and meetings, is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information furnished under this Item 2.02 and Item 7.01 and the related Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, except as shall be set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits**  |

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press Release dated January 26, 2023](d451958dex991.htm) |
| 99.2 | [Investor Presentation dated December 31, 2022](d451958dex992.htm) |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | CALIFORNIA BANCORP | CALIFORNIA BANCORP |
| Date: January 26, 2023 | By: | /s/ THOMAS A. SA |
|  |  | Thomas A. Sa<br> President, Chief Financial Officer and Chief Operating Officer |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g451958g0125080947928.jpg)

**California BanCorp Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2022** 

**Oakland, CA** – **January 26, 2023** – California BanCorp (NASDAQ: CALB), whose subsidiary is California Bank of Commerce, announced today its financial results for the fourth quarter and twelve months ended December 31, 2022.

The Company reported net income of $7.7 million for the fourth quarter of 2022, representing an increase of $2.2 million, or 39%, compared to $5.5 million for the third quarter of 2022 and an increase of $4.5 million, or 141%, compared to $3.2 million in the fourth quarter of 2021. For the twelve months ended December 31, 2022, net income was $21.1 million, representing an increase of $7.7 million, or 58%, compared to $13.4 million for the same period in 2021.

Diluted earnings per share of $0.91 for the fourth quarter of 2022 compared to $0.66 for the third quarter of 2022 and $0.38 for the fourth quarter of 2021. For the twelve months ended December 31, 2022, diluted earnings per share of $2.51 compared to $1.61 for the same period in 2021.

"Our fourth quarter performance completed another strong year of continuing the growth of our client roster, realizing more operating leverage, and increasing our level of profitability," said Steven Shelton, Chief Executive Officer of California BanCorp. "Given the potential for an economic slowdown in 2023, we have become more selective with our loan production; however, we continue to develop new relationships with high quality commercial clients. As a result, during the fourth quarter we experienced significant growth in both noninterest-bearing deposits and total deposits. At year-end, noninterest-bearing deposits represented 45% of our total deposits which allowed us to maintain a lower cost of funds and create additional expansion in our net interest margin, as well as contribute to our increasing level of profitability. As we further execute our strategy of building a franchise based upon a stable low-cost deposit base and a conservatively underwritten and well-diversified loan portfolio, we believe the Company is positioned to continue generating strong financial performance for our shareholders. Over the longer term, and as economic conditions improve, our strong commercial banking team's ability to generate attractive lending opportunities will further result in higher levels of revenue, more operating leverage, and profitable growth for our franchise."

**Financial Highlights:** 

*Profitability - three months ended December 31, 2022 compared to September 30, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $7.7 million and $0.91 per diluted share, compared to $5.5 million and $0.66 per share,
respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $23.8 million increased $4.0 million, or 20%, compared to $19.8 million for the third
quarter of 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income of $21.9 million benefited from higher earning assets during the fourth quarter of 2022
combined with the rising rate environment and the acceleration of an unamortized discount totaling $1.4 million related to the repayment of previously purchased loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for loan losses of $1.1 million increased $300,000, or 38%, primarily as a result of continued
adjustments in the qualitative reserve assessment in response to general macroeconomic changes, combined with growth in the real estate other loan portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest income of $2.0 million increased $478,000, or 32%,
primarily due to loan related fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense, excluding capitalized loan origination costs, of
$12.7 million increased $354,000, or 3%, compared to $12.3 million for the third quarter of 2022 primarily as a result of increased salary and benefit expense related to the continued growth of the business, combined with increases in item
processing and business development expenses.

*Profitability - twelve months ended December 31, 2022 compared to December 31, 2021* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $21.1 million and $2.51 per diluted share, compared to $13.4 million and $1.61 per
diluted share, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $78.3 million increased $19.4 million, or 33%, compared to $58.9 million in the prior
year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income of $71.0 million benefited from a more favorable mix of earning assets combined with the
rising rate environment, partially offset by the recognition of net fees from Paycheck Protection Program ("PPP") loans declining by $3.8 million from the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for loan losses increased $3.8 million primarily due to growth in the loan portfolio combined with
a release of reserves in 2021 as a result of the continued assessment of qualitative reserves regarding the general macroeconomic changes related to COVID-19 as it pertained to our overall loan portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest income of $7.4 million increased $3.2 million, or
77%, primarily due to a gain recognized on the sale of a portion of our solar loan portfolio during the first quarter of 2022 combined with an increase in service charges and other fees resulting from growth in the Company's client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense, excluding capitalized loan origination costs, of
$48.8 million compared to $46.0 million for the same period in the prior year, reflecting the Company's investment in infrastructure to support the continued growth of the Company.

*Financial Position – December 31, 2022 compared to September 30, 2022* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets decreased by $6.3 million to $2.04 billion; average total assets increased by
$158.0 million to $2.09 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross loans increased by $5.5 million to $1.59 billion; average gross loans increased by
$97.9 million to $1.62 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deposits increased by $82.7 million to $1.79 billion; average deposits increased by $193.6 million
to $1.79 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other borrowings of $100.0 million were repaid during the fourth quarter of 2022 and no outstanding balance
remained at December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible book value per share of $19.78 increased by $0.98, or 5%.

------

**Net Interest Income and Margin:** 

Net interest income for the quarter ended December 31, 2022 was $21.9 million, an increase of $3.5 million, or 19%, from $18.4 million for the three months ended September 30, 2022, and an increase of $7.9 million, or 57%, from $14.0 million for the quarter ended December 31, 2021. The increase in net interest income compared to the third quarter of 2022 was primarily attributable to growth of the loan portfolio and an increase in net interest margin related to the rising interest rate environment. Additionally, during the fourth quarter of 2022 commercial loans totaling $57.9 million that were previously purchased at a discount were paid off, resulting in the remaining unamortized discount of $1.4 million being accelerated into interest income. Compared to the fourth quarter of 2021, the increase in net interest income resulted from a more favorable mix of earning assets which benefited from the rising rate environment and the accelerated recognition of the discount related to the repayment of previously purchased loans, partially offset by a $684,000 reduction in the amortization of net fees received on PPP loans.

Net interest income for the twelve months ended December 31, 2022 was $71.0 million, an increase of $16.3 million, or 30%, over $54.7 million for the twelve months ended December 31, 2021. The increase in net interest income was primarily attributable to an increase in interest income as the result of a more favorable mix of earning assets combined with higher yields on those assets and the accelerated recognition of the discount related to the repayment of previously purchased loans, partially offset by a $3.8 million reduction in the amortization of net fees received on PPP loans.

The Company's net interest margin for the fourth quarter of 2022 was 4.32%, compared to 3.94% for the third quarter of 2022 and 2.81% for the same period in 2021. The increase in margin compared to the prior quarter and the fourth quarter of 2021 was primarily due to growth in the loan portfolio and increased yields on earning assets, partially offset by an increase in the cost of deposits and other borrowings.

The Company's net interest margin for the twelve months ended December 31, 2022 was 3.79%, compared to 2.89% for the same period in 2021. The increase in margin compared to prior year was primarily due to a more favorable mix of higher yielding earning assets, partially offset by an increase in the cost of deposits and other borrowings and a reduction in the amortization of net fees received on PPP loans.

**Non-Interest Income:** 

The Company's non-interest income for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021 was $2.0 million, $1.5 million, and $994,000, respectively. The increase in non-interest income from the prior periods was primarily due to an increase in service charges and loan related fees.

For the twelve months ended December 31, 2022, non-interest income of $7.4 million compared to $4.2 million for the same period of 2021. The increase in non-interest income from prior year was the result of an increase in service charges and loan related fees, as well as a gain of $1.4 million recognized on the sale of a portion of our solar loan portfolio.

Net interest income and non-interest income comprised total revenue of $23.8 million, $19.8 million, and $15.0 million for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively. Total revenue for the twelve months ended December 31, 2022 and 2021 was $78.3 million and $58.9 million, respectively.

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**Non-Interest Expense:** 

The Company's non-interest expense for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021 was $11.7 million, $11.2 million, and $10.0 million, respectively. The increase in non-interest expense from the prior periods was primarily due to an increase in salaries and benefits related to investments to support the continued growth of the business, combined with increases in item processing and business development expenses. Excluding capitalized loan origination costs, non-interest expense for the fourth quarter of 2022, the third quarter of 2022 and the fourth quarter of 2021 was $12.7 million, $12.3 million, and $11.6 million, respectively.

Non-interest expense of $44.7 million for the twelve months ended December 31, 2022 compared to $40.4 million for the same period of 2021. Excluding capitalized loan origination costs, non-interest expense was $48.8 million for the twelve months ended December 31, 2022 and $46.0 million for the same period in 2021 which reflects the Company's investment in infrastructure to support the continued growth of the Company.

The Company's efficiency ratio, the ratio of non-interest expense to revenues, was 49.17%, 56.52%, and 66.90% for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021, respectively. For the twelve months ended December 31, 2022 and 2021, the Company's efficiency ratio was 57.01% and 68.65%, respectively.

**Balance Sheet:** 

Total assets of $2.04 billion as of December 31, 2022, represented a decrease of $6.3 million compared to $2.05 billion at September 30, 2022, and increased $27.2 million compared to total assets of $2.0 billion at December 31, 2021. The decrease in total assets from the prior quarter was primarily due to decreased liquidity related to the payoff of other borrowings, combined with modest growth of the loan portfolio. Compared to the same period in the prior year, the Company had strong loan growth in the commercial and real estate other portfolios, which was partially offset by decreased liquidity resulting from the outflow of deposits related to forgiveness of PPP loans and the payoff of other borrowings.

Total gross loans were $1.59 billion at December 31, 2022 and September 20, 2022, compared to $1.38 billion at December 31, 2021. During the fourth quarter of 2022, real estate other loans increased by $23.4 million, or 3%, due to organic growth, partially offset by decreases in commercial, real estate construction and land, and SBA loans related to the ordinary course of business. Year-over-year, commercial and real estate other loans increased by $160.3 million, or 34%, and $151.0 million, or 22%, respectively, due to organic growth. These increases were partially offset by a decrease in SBA loans of $74.2 million, or 91%, primarily due to PPP loan forgiveness, and a decrease in other loans of $40.9 million, or 51%, due to the sale of a portion of the solar loan portfolio.

Total deposits increased by $82.7 million, or 5%, to $1.79 billion at December 31, 2022 from $1.71 billion at September 30, 2022, and increased by $111.6 million, or 7%, from $1.68 billion at December 31, 2021. The increase in total deposits from the end of the third quarter of 2022 was primarily due to an increase in non-interest bearing demand deposits of $53.0 million and money market and savings deposits of $73.8 million, partially offset by a decrease in time deposits of $46.7 million as a result of reduced reliance on brokered certificates of deposits. Compared to the same period last year, the increase in total deposits was primarily concentrated in non-interest bearing demand deposits and time deposits, partially offset by a reduction in money market and savings deposits as a result of outflows related to forgiveness of PPP loans. Non-interest bearing deposits, primarily commercial business operating accounts, represented 45.3% of total deposits at December 31, 2022, compared to 44.4% at September 30, 2022 and 45.9% at December 31, 2021.

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As of December 31, 2022, the Company had no outstanding borrowings, excluding junior subordinated debt securities, compared to $100.0 million and $106.4 million of outstanding borrowings as of September 30, 2022 and December 31, 2021, respectively.

**Asset Quality:** 

The provision for credit losses increased to $1.1 million for the fourth quarter of 2022 compared to $800,000 for the third quarter of 2022 and $504,000 for the fourth quarter of 2021. The Company had net loan charge-offs of $650,000, or 0.04% of gross loans, during the fourth quarter of 2022 and $202,000, or 0.01% of gross loans, during the third quarter of 2022. The Company had net loan recoveries of $6,000, or 0.00% of gross loans, during the fourth quarter of 2021.

Non-performing assets ("NPAs") to total assets were 0.06% at December 31, 2022, compared to 0.02% at September 30, 2022 and 0.01% at December 31, 2021, with non-performing loans of $1.3 million, $343,000 and $232,000, respectively, on those dates.

The allowance for loan losses was $17.0 million, or 1.07% of total loans, at December 31, 2022, compared to $16.6 million, or 1.04% of total loans, at September 30, 2022 and $14.1 million, or 1.02% of total loans, at December 31, 2021.

**Capital Adequacy:** 

At December 31, 2022, shareholders' equity totaled $172.3 million compared to $164.1 million at September 30, 2022 and $150.8 million one year ago. Additionally, at December 31, 2022, the Company's total risk-based capital ratio, tier one capital ratio, and leverage ratio were 11.78%, 8.23%, and 7.98%, respectively; all of which were above the regulatory standards of 10.00%, 8.00%, and 5.00%, respectively, for "well-capitalized" institutions.

"Our strong financial performance and effective balance sheet management resulted in further growth of our tangible book value per share to $19.78, representing an increase of 5.2% from the prior quarter," said Thomas A. Sa, President, Chief Financial Officer and Chief Operating Officer of California BanCorp "During the fourth quarter, we successfully completed financing transactions in support of sponsor-backed clients' evolving needs which resulted in nonrecurring fees of $1.4 million contributing to net interest income. Further, our ability to lead these transactions opportunistically enabled us to enhance capital accretion and reduce overall credit exposure. These transactions combined with our strong core financial performance throughout 2022 resulted in a total equity to total assets ratio of 8.43% at year-end, representing an increase of 95 basis points from the prior year. We believe that our strong capital ratios position us well to effectively manage through potential economic uncertainty during 2023 while continuing to support the growth of our franchise over the longer term."

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**About California BanCorp:** 

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The Company's common stock trades on the Nasdaq Global Select marketplace under the symbol CALB. For more information on California BanCorp, call us at (510) 457-3751, or visit us at <u>www.californiabankofcommerce.com</u>.

**Contacts:** 

Steven E. Shelton, (510) 457-3751

Chief Executive Officer

<u>seshelton@bankcbc.com</u>

Thomas A. Sa, (510) 457-3775

President, Chief Financial Officer and Chief Operating Officer

<u>tsa@bankcbc.com</u> 

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**Use of Non-GAAP Financial Information:** 

*This press release contains both financial measures based on GAAP and non-GAAP. Non-GAAP financial measures are used where management believes them to be helpful in understanding the Company's results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.* 

**Forward-Looking Information:** 

*Statements in this news release regarding expectations and beliefs about future financial performance and financial condition, as well as trends in the Company's business and markets are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news release are based on current information and on assumptions that the Company makes about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Company's control. As a result of those risks and uncertainties, the Company's actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; uncertainties related to the coronavirus pandemic; the impact of higher inflation rates; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Company's loans, loan demand, interest income and interest rate margins and, therefore, the Company's future operating results; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships. Readers of this news release are encouraged to review the additional information regarding these and other risks and uncertainties to which our business is subject that are contained in our Annual Report on Form 10-K for the year ended December 31, 2021 which is on file with the Securities and Exchange Commission (the "SEC"). Additional information will be set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, which we expect to file with the SEC during the first quarter of 2023, and readers of this release are urged to review the additional information that will be contained in that report.* 

*Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today's date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.* 

***FINANCIAL TABLES FOLLOW***

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**CALIFORNIA BANCORP AND SUBSIDIARY** 

**SELECTED FINANCIAL INFORMATION (UNAUDITED) - PROFITABILITY** 

**(Dollars in Thousands, Except Per Share Data)** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Change | Change | | Change | Change |
| ***QUARTERLY HIGHLIGHTS:*** | Q4 2022 | Q3 2022 | $% | % | Q4 2021 | $% | % |
|  Interest income | $27480 | $21168 |  | 30% | $15543 |  | 77% |
|  Interest expense | 5620 | 2805 |  | 100% | 1576 |  | 257% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 21860 | 18363 |  | 19% | 13967 |  | 57% |
|  Provision for loan losses | 1100 | 800 |  | 38% | 504 |  | 118% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for loan losses | 20760 | 17563 |  | 18% | 13463 |  | 54% |
|  Non-interest income | 1962 | 1484 |  | 32% | 994 |  | 97% |
|  Non-interest expense | 11713 | 11217 |  | 4% | 10009 |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 11009 | 7830 |  | 41% | 4448 |  | 148% |
|  Income tax expense | 3340 | 2308 |  | 45% | 1267 |  | 164% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $7669 | $5522 |  | 39% | $3181 |  | 141% |
|  Diluted earnings per share | $0.91 | $0.66 |  | 38% | $0.38 |  | 139% |
|  Net interest margin | 4.32% | 3.94% | +38 Basis Points | +38 Basis Points | 2.81% | +151 Basis Points | +151 Basis Points |
|  Efficiency ratio | 49.17% | 56.52% | -735 Basis Points | -735 Basis Points | 66.90% | -1773 Basis Points | -1773 Basis Points |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | | Change | Change |
| ***YEAR-TO-DATE HIGHLIGHTS:*** | 2022 | 2021 | $% | % |
|  Interest income | $82278 | $61293 |  | 34% |
|  Interest expense | 11306 | 6563 |  | 72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income | 70972 | 54730 |  | 30% |
|  Provision for loan losses | 3775 | 4 |  | 94275% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income after provision for loan losses | 67197 | 54726 |  | 23% |
|  Non-interest income | 7374 | 4173 |  | 77% |
|  Non-interest expense | 44665 | 40437 |  | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 29906 | 18462 |  | 62% |
|  Income tax expense | 8798 | 5094 |  | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $21108 | $13368 |  | 58% |
|  Diluted earnings per share | $2.51 | $1.61 |  | 56% |
|  Net interest margin | 3.79% | 2.89% | +90 Basis Points | +90 Basis Points |
|  Efficiency ratio | 57.01% | 68.65% | -1164 Basis Points | -1164 Basis Points |

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**CALIFORNIA BANCORP AND SUBSIDIARY** 

**SELECTED FINANCIAL INFORMATION (UNAUDITED) - FINANCIAL POSITION** 

**(Dollars in Thousands, Except Per Share Data)** 

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|:---|:---|:---|:---|:---|:---|:---|
|  | | | Change | | Change | Change |
| ***PERIOD-END HIGHLIGHTS:*** | Q4 2022 | Q3 2022 | % | Q4 2021 | $% | % |
|  Total assets | $2042215 | $2048501 | 0% | $2014996 |  | 1% |
|  Gross loans | 1593421 | 1587901 | 0% | 1376649 |  | 16% |
|  Deposits | 1791740 | 1709078 | 5% | 1680138 |  | 7% |
|  Tangible equity | 164782 | 156575 | 5% | 143241 |  | 15% |
|  Tangible book value per share | $19.78 | $18.80 | 5% | $17.33 |  | 14% |
|  Tangible equity / total assets | 8.07% | 7.64% | +43 Basis Points | 7.11% | +96 Basis Points | +96 Basis Points |
|  Gross loans / total deposits | 88.93% | 92.91% | -398 Basis Points | 81.94% | +699 Basis Points | +699 Basis Points |
|  Noninterest-bearing deposits / total deposits | 45.30% | 44.39% | +91 Basis Points | 45.90% | -60 Basis Points | -60 Basis Points |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***QUARTERLY AVERAGE*** |  |  | Change | Change |  | Change | Change |
| ***HIGHLIGHTS:*** | Q4 2022 | Q3 2022 | $% | % | Q4 2021 | $% | % |
|  Total assets | $2088206 | $1930227 |  | 8% | $2054490 |  | 2% |
|  Total earning assets | 2007243 | 1849242 |  | 9% | 1971558 |  | 2% |
|  Gross loans | 1621322 | 1523442 |  | 6% | 1330044 |  | 22% |
|  Deposits | 1785693 | 1592096 |  | 12% | 1759592 |  | 1% |
|  Tangible equity | 161919 | 155448 |  | 4% | 142118 |  | 14% |
|  Tangible equity / total assets | 7.75% | 8.05% | -30 Basis Points | -30 Basis Points | 6.92% | +83 Basis Points | +83 Basis Points |
|  Gross loans / total deposits | 90.80% | 95.69% | -489 Basis Points | -489 Basis Points | 75.59% | +1521 Basis Points | +1521 Basis Points |
|  Noninterest-bearing deposits / total deposits | 44.47% | 46.41% | -194 Basis Points | -194 Basis Points | 45.24% | -77 Basis Points | -77 Basis Points |

---

------

---

| | | | |
|:---|:---|:---|:---|
| ***YEAR-TO-DATE AVERAGE*** |  |  | Change |
| ***HIGHLIGHTS:*** | 2022 | 2021 | % |
|  Total assets | $1953168 | $1968884 | -1% |
|  Total earning assets | 1871813 | 1891234 | -1% |
|  Gross loans | 1495981 | 1368960 | 9% |
|  Deposits | 1649512 | 1664352 | -1% |
|  Tangible equity | 153443 | 136623 | 12% |
|  Tangible equity / total assets | 7.86% | 6.94% | +92 Basis Points |
|  Gross loans / total deposits | 90.69% | 82.25% | +844 Basis Points |
|  Noninterest-bearing deposits / total deposits | 45.61% | 44.93% | +68 Basis Points |

---

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**SELECTED INTERIM FINANCIAL INFORMATION (UNAUDITED) - ASSET QUALITY** 

**(Dollars in Thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***ALLOWANCE FOR LOAN LOSSES:*** | **12/31/22** | **09/30/22** | **06/30/22** | **03/31/22** | **12/31/21** |
|  Balance, beginning of period | $16555 | $15957 | $15032 | $14081 | $13571 |
|  Provision for loan losses, quarterly | 1100 | 800 | 925 | 950 | 504 |
|  Charge-offs, quarterly | (650) | (202) |  |  |  |
|  Recoveries, quarterly |  |  |  | 1 | 6 |
|  Balance, end of period | $17005 | $16555 | $15957 | $15032 | $14081 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***NONPERFORMING ASSETS:*** | **12/31/22** | **09/30/22** | **06/30/22** | **03/31/22** | **12/31/21** |
|  Loans accounted for on a non-accrual basis | $1250 | $182 | $549 | $549 | $232 |
|  Loans with principal or interest contractually past due 90 days or more and still accruing interest |  | 161 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans | $1250 | $343 | $549 | $549 | $232 |
|  Other real estate owned |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets | $1250 | $343 | $549 | $549 | $232 |
|  Loans restructured and in compliance with modified terms |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets and restructured loans | $1250 | $343 | $549 | $549 | $232 |
|  Nonperforming loans by asset type: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | $1028 | $161 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate construction and land |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA | 222 | 182 | 549 | 549 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans | $1250 | $343 | $549 | $549 | $232 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***ASSET QUALITY:*** | **12/31/22** | **09/30/22** | **06/30/22** | **03/31/22** | **12/31/21** |
|  Allowance for loan losses / gross loans | 1.07% | 1.04% | 1.06% | 1.07% | 1.02% |
|  Allowance for loan losses / nonperforming loans | 1360.40% | 4826.53% | 2906.56% | 2738.07% | 6069.40% |
|  Nonperforming assets / total assets | 0.06% | 0.02% | 0.03% | 0.03% | 0.01% |
|  Nonperforming loans / gross loans | 0.08% | 0.02% | 0.04% | 0.04% | 0.02% |
|  Net quarterly charge-offs / gross loans | 0.04% | 0.01% | 0.00% | 0.00% | 0.00% |

---

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)** 

**(Dollars in Thousands, Except Per Share Data)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/22** | **09/30/22** | **12/31/21** | **12/31/22** | **12/31/21** |
|  **INTEREST INCOME** |  |  |  |  |  |
|  Loans | $23972 | $19084 | $14520 | $74240 | $58677 |
|  Federal funds sold | 2236 | 867 | 216 | 3519 | 587 |
|  Investment securities | 1272 | 1217 | 807 | 4519 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 27480 | 21168 | 15543 | 82278 | 61293 |
|  **INTEREST EXPENSE** |  |  |  |  |  |
|  Deposits | 4536 | 1672 | 937 | 7810 | 4418 |
|  Other | 1084 | 1133 | 639 | 3496 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | 5620 | 2805 | 1576 | 11306 | 6563 |
|  Net interest income | 21860 | 18363 | 13967 | 70972 | 54730 |
|  Provision for loan losses | 1100 | 800 | 504 | 3775 | 4 |
|  Net interest income after provision for loan losses | 20760 | 17563 | 13463 | 67197 | 54726 |
|  **NON-INTEREST INCOME** |  |  |  |  |  |
|  Service charges and other fees | 1653 | 1237 | 1038 | 4913 | 3222 |
|  Gain on sale of loans |  |  |  | 1393 |  |
|  Other non-interest income | 309 | 247 | (44) | 1068 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest income | 1962 | 1484 | 994 | 7374 | 4173 |
|  **NON-INTEREST EXPENSE** |  |  |  |  |  |
|  Salaries and benefits | 7443 | 7415 | 6370 | 29097 | 26031 |
|  Premises and equipment | 1249 | 1275 | 1320 | 5093 | 5098 |
|  Other | 3021 | 2527 | 2319 | 10475 | 9308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-interest expense | 11713 | 11217 | 10009 | 44665 | 40437 |
|  Income before income taxes | 11009 | 7830 | 4448 | 29906 | 18462 |
|  Income taxes | 3340 | 2308 | 1267 | 8798 | 5094 |
|  **NET INCOME** | $7669 | $5522 | $3181 | $21108 | $13368 |
|  **EARNINGS PER SHARE** |  |  |  |  |  |
|  Basic earnings per share | $0.92 | $0.66 | $0.39 | $2.54 | $1.63 |
|  Diluted earnings per share | $0.91 | $0.66 | $0.38 | $2.51 | $1.61 |
|  Average common shares outstanding | 8330145 | 8322529 | 8255340 | 8306282 | 8222749 |
|  Average common and equivalent shares outstanding | 8463738 | 8405669 | 8342032 | 8404317 | 8292942 |
|  **PERFORMANCE MEASURES** |  |  |  |  |  |
|  Return on average assets | 1.46% | 1.13% | 0.61% | 1.08% | 0.68% |
|  Return on average equity | 17.96% | 13.45% | 8.43% | 13.12% | 9.27% |
|  Return on average tangible equity | 18.79% | 14.09% | 8.88% | 13.76% | 9.78% |
|  Efficiency ratio | 49.17% | 56.52% | 66.90% | 57.01% | 68.65% |

---

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)** 

**(Dollars in Thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12/31/22** | **09/30/22** | **06/30/22** | **03/31/22** | **12/31/21** |
|  **ASSETS** |  |  |  |  |  |
|  Cash and due from banks | $16686 | $24709 | $20378 | $18228 | $4539 |
|  Federal funds sold | 200126 | 216345 | 138057 | 206305 | 465917 |
|  Investment securities | 155878 | 157531 | 165309 | 171764 | 103278 |
|  Loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 634535 | 643131 | 589562 | 522808 | 474281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate other | 848241 | 824867 | 794504 | 741651 | 697212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real estate construction and land | 63730 | 71523 | 63189 | 51204 | 43194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA | 7220 | 8565 | 13310 | 44040 | 81403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 39695 | 39815 | 39814 | 40771 | 80559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, gross | 1593421 | 1587901 | 1500379 | 1400474 | 1376649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unamortized net deferred loan costs (fees) | 2040 | 1902 | 2570 | 2434 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | (17005) | (16555) | (15957) | (15032) | (14081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans, net | 1578456 | 1573248 | 1486992 | 1387876 | 1364256 |
|  Premises and equipment, net | 3072 | 3382 | 3736 | 4047 | 4405 |
|  Bank owned life insurance | 25127 | 24955 | 24788 | 24614 | 24412 |
|  Goodwill and core deposit intangible | 7472 | 7483 | 7493 | 7503 | 7513 |
|  Accrued interest receivable and other assets | 55398 | 40848 | 38599 | 39258 | 40676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $2042215 | $2048501 | $1885352 | $1859595 | $2014996 |
|  **LIABILITIES** |  |  |  |  |  |
|  Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand noninterest-bearing | $811671 | $758716 | $715432 | $746673 | $771205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand interest-bearing | 37815 | 35183 | 45511 | 36419 | 37250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market and savings | 671016 | 597244 | 626156 | 686781 | 717480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time | 271238 | 317935 | 165040 | 130649 | 154203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 1791740 | 1709078 | 1552139 | 1600522 | 1680138 |
|  Junior subordinated debt securities | 54152 | 54117 | 54097 | 54063 | 54028 |
|  Other borrowings |  | 100000 | 100000 | 32166 | 106387 |
|  Accrued interest payable and other liabilities | 24069 | 21248 | 20372 | 18273 | 23689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1869961 | 1884443 | 1726608 | 1705024 | 1864242 |
|  **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
|  Common stock | 111257 | 110786 | 110289 | 109815 | 109473 |
|  Retained earnings | 62297 | 54628 | 49106 | 44862 | 41189 |
|  Accumulated other comprehensive (loss) | (1300) | (1356) | (651) | (106) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 172254 | 164058 | 158744 | 154571 | 150754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $2042215 | $2048501 | $1885352 | $1859595 | $2014996 |
|  **CAPITAL ADEQUACY** |  |  |  |  |  |
|  Tier I leverage ratio | 7.98% | 8.21% | 8.27% | 7.84% | 7.23% |
|  Tier I risk-based capital ratio | 8.23% | 7.98% | 8.09% | 8.49% | 8.62% |
|  Total risk-based capital ratio | 11.78% | 11.57% | 11.84% | 12.49% | 12.75% |
|  Total equity/ total assets | 8.43% | 8.01% | 8.42% | 8.31% | 7.48% |
|  Book value per share | $20.67 | $19.70 | $19.09 | $18.69 | $18.24 |
|  Common shares outstanding | 8332479 | 8327781 | 8317161 | 8270901 | 8264300 |

---

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)** 

**(Dollars in Thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense |
|  **ASSETS** |  |  |  |  |  |  |
|  Interest earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans (1) | $1621322 | 5.87% | $23972 | $1523442 | 4.97% | $19084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold | 229209 | 3.87% | 2236 | 162314 | 2.12% | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 156712 | 3.22% | 1272 | 163486 | 2.95% | 1217 |
|  Total interest earning assets | 2007243 | 5.43% | 27480 | 1849242 | 4.54% | 21168 |
|  Noninterest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 20692 |  |  | 20153 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other assets (2) | 60271 |  |  | 60832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2088206 |  |  | $1930227 |  |  |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
|  Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand | $39582 | 0.06% | $6 | $40044 | 0.08% | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market and savings | 647213 | 1.45% | 2359 | 600100 | 0.62% | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time | 304784 | 2.83% | 2171 | 213001 | 1.35% | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 110650 | 3.89% | 1084 | 154101 | 2.92% | 1133 |
|  Total interest-bearing liabilities | 1102229 | 2.02% | 5620 | 1007246 | 1.10% | 2805 |
|  Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits | 794114 |  |  | 738951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 22467 |  |  | 21094 |  |  |
|  Shareholders' equity | 169396 |  |  | 162936 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2088206 |  |  | $1930227 |  |  |
|  Net interest income and margin (3) |  | 4.32% | $21860 |  | 3.94% | $18363 |

---

(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the
calculation of yields. Interest income on loans includes amortization of net deferred loan fees of $1.0 million and $100,000, respectively.

(2) Other noninterest-earning assets includes the allowance for loan losses of $16.5 million and
$16.0 million, respectively.

(3) Net interest margin is net interest income divided by total interest-earning assets.

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)** 

**(Dollars in Thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** | **Three months ended December 31,** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense |
|  **ASSETS** |  |  |  |  |  |  |
|  Interest earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans (1) | $1621322 | 5.87% | $23972 | $1330044 | 4.33% | $14520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold | 229209 | 3.87% | 2236 | 536503 | 0.16% | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 156712 | 3.22% | 1272 | 105011 | 3.05% | 807 |
|  Total interest earning assets | 2007243 | 5.43% | 27480 | 1971558 | 3.13% | 15543 |
|  Noninterest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 20692 |  |  | 18886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other assets (2) | 60271 |  |  | 64046 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2088206 |  |  | $2054490 |  |  |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
|  Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand | $39582 | 0.06% | $6 | $37379 | 0.10% | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market and savings | 647213 | 1.45% | 2359 | 766826 | 0.40% | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time | 304784 | 2.83% | 2171 | 159420 | 0.40% | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 110650 | 3.89% | 1084 | 122722 | 2.07% | 639 |
|  Total interest-bearing liabilities | 1102229 | 2.02% | 5620 | 1086347 | 0.58% | 1576 |
|  Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits | 794114 |  |  | 795967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 22467 |  |  | 22539 |  |  |
|  Shareholders' equity | 169396 |  |  | 149637 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $2088206 |  |  | $2054490 |  |  |
|  Net interest income and margin (3) |  | 4.32% | $21860 |  | 2.81% | $13967 |

---

(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the
calculation of yields. Interest income on loans includes amortization of net deferred loan fees of $1.0 million and $125,000, respectively.

(2) Other noninterest-earning assets includes the allowance for loan losses of $16.5 million and
$13.6 million, respectively.

(3) Net interest margin is net interest income divided by total interest-earning assets.

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)** 

**(Dollars in Thousands)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense | Average<br>Balance | Yields<br>or<br>Rates | Interest<br>Income/<br>Expense |
|  **ASSETS** |  |  |  |  |  |  |
|  Interest earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans (1) | $1495981 | 4.96% | $74240 | $1368960 | 4.29% | $58677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal funds sold | 220084 | 1.60% | 3519 | 450898 | 0.13% | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 155748 | 2.90% | 4519 | 71376 | 2.84% | 2029 |
|  Total interest earning assets | 1871813 | 4.40% | 82278 | 1891234 | 3.24% | 61293 |
|  Noninterest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and due from banks | 19838 |  |  | 17642 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other assets (2) | 61517 |  |  | 60008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $1953168 |  |  | $1968884 |  |  |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
|  Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand | $40054 | 0.08% | 31 | $35623 | 0.11% | $38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money market and savings | 651429 | 0.70% | 4544 | 705621 | 0.51% | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time | 205681 | 1.57% | 3235 | 175240 | 0.43% | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 121464 | 2.88% | 3496 | 139011 | 1.54% | 2145 |
|  Total interest-bearing liabilities | 1018628 | 1.11% | 11306 | 1055495 | 0.62% | 6563 |
|  Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Demand deposits | 752348 |  |  | 747868 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 21256 |  |  | 21363 |  |  |
|  Shareholders' equity | 160936 |  |  | 144158 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL | $1953168 |  |  | $1968884 |  |  |
|  Net interest income and margin (3) |  | 3.79% | $70972 |  | 2.89% | $54730 |

---

(1) Nonperforming loans are included in average loan balances. No adjustment has been made for these loans in the
calculation of yields. Interest income on loans includes amortization of net deferred loan fees of $1.5 million and $3.4 million, respectively.

(2) Other noninterest-earning assets includes the allowance for loan losses of $15.4 million and
$13.9 million, respectively.

(3) Net interest margin is net interest income divided by total interest-earning assets.

------

**CALIFORNIA BANCORP AND SUBSIDIARY** 

**INTERIM CONSOLIDATED NON GAAP DATA (UNAUDITED)** 

**(Dollars in Thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***REVENUE:*** | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/22** | **09/30/22** | **12/31/21** | **12/31/22** | **12/31/21** |
|  Net interest income | $21860 | $18363 | $13967 | $70972 | $54730 |
|  Non-interest income | 1962 | 1484 | 994 | 7374 | 4173 |
|  Total revenue | $23822 | $19847 | $14961 | $78346 | $58903 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***NET PPP FEES INCLUDED IN<br>INTEREST INCOME:*** | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/22** | **09/30/22** | **12/31/21** | **12/31/22** | **12/31/21** |
|  PPP fees | $27 | $293 | $817 | $2103 | $7133 |
|  PPP capitalized loan origination costs | 3 | 15 | 109 | 343 | 1604 |
|  Net PPP fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | $&nbsp;&nbsp;&nbsp;&nbsp;1760 | $&nbsp;&nbsp;&nbsp;&nbsp;5529 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***NON-INTEREST EXPENSE:*** | **Three months ended** | **Three months ended** | **Three months ended** | **Twelve months ended** | **Twelve months ended** |
|  | **12/31/22** | **09/30/22** | **12/31/21** | **12/31/22** | **12/31/21** |
|  Total non-interest expense | $11713 | $11217 | $10009 | $44665 | $40437 |
|  Total capitalized loan origination costs | 960 | 1102 | 1601 | 4119 | 5528 |
|  Total operating expenses, before capitalization of loan origination costs | $12673 | $12319 | $11610 | $48784 | $45965 |

---

## Exhibit 99.2

![Slide 1](g451958ex99_2s1g1.jpg)

INVESTOR PRESENTATION Q4 2022 Steven E. Shelton CEO Thomas A. Sa President, CFO & COO Exhibit 99.2

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![Slide 2](g451958ex99_2s2g1.jpg)

FORWARD-LOOKING STATEMENTS During the course of the presentation and any transcript that may result, written or otherwise, California BanCorp (the "Company") may make projections or other forward-looking statements regarding a variety of items. Such forward-looking statements are based upon current expectations and involve risks and uncertainties. Actual results may differ materially from those stated in any forward-looking statement based on a number of important factors and risks. Although the Company may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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![Slide 3](g451958ex99_2s3g1.jpg)

Based on CALB's stock price of $23.78 as of 12/31/2022 Total gross loans excluding PPP loans of $2.4 million Walnut Creek Headquarters/Regional Office in Oakland Regional Offices in San Jose, Walnut Creek and Sacramento Branch services in Walnut Creek OVERVIEW OF CALIFORNIA BANCORP Established in 2007 as a relationship focused commercial business bank serving Northern California with $2.0 billion in assets and a market capitalization of ~$198 million(1) Majority of executive management joined the bank at inception Significant commercial core deposit base Primary relationship managers with average banking experience of over 25 years and average loan books of $45 million Positioned to leverage recent investments to enhance our platform and extend our markets FOCUSED REGIONAL OFFICE FOOTPRINT COMPANY OVERVIEW FINANCIAL SNAPSHOT – 12/31/22 Balance Sheet ($mm) Q4 2022 Profitability (%) Assets 2,042 ROAA 1.46 Loans(2) 1,591 ROATCE 18.79 Deposits 1,792 Net Interest Margin 4.32 Tangible Equity 165 Efficiency Ratio 49.17 Loans/ Deposits (%) 89% Cost of Deposits 1.01 Loan Composition (2) (%) Deposit Composition (%) C&I Loans / Gross Loans 39.8 DDA/ Total Deposits 45.3 CRE Loans / Gross Loans 53.2 Core Deposits/ Total Deposits 84.9 Capital Ratios (Consolidated) (%) Credit Metrics (%) TCE / TA 8.07 NPAs / Loans & OREO 0.08 Leverage Ratio 7.98 NPAs / Assets 0.06 Tier 1 Ratio 8.23 Reserves / Gross Loans 1.07 TRBC Ratio 11.78 NCOs / Avg. Loans 0.04

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![Slide 4](g451958ex99_2s4g1.jpg)

Branch light, commercial focused business bank with strong middle market relationships throughout Northern California Strong earnings outlook as efficiencies from investments are realized Proven organic and acquisitive growth story Experienced management team and seasoned C&I relationship teams with strong ties to the local markets Quality core deposit franchise and commercial relationship strategy Disciplined underwriting standards with best-in-class asset quality metrics INVESTMENT HIGHLIGHTS 3

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![Slide 5](g451958ex99_2s5g1.jpg)

Continued Increase in Profitability Conservative Approach to New Loan Production and Risk Management 4th QUARTER 2022 HIGHLIGHTS Net income of $7.7 million, up from $5.5 million in Q3 2022 Diluted EPS of $0.91, up from $0.66 in Q3 2022 ROA of 1.46%, up from 1.13% in Q3 2022 Efficiency ratio improved to 49.17% from 56.52% in Q3 0222 More selective approach to new loan production results in relatively flat loan balances Refinancing of certain Sponsor Finance loans purchased in Q3 2022 results in accelerated fee recognition, positive impact to capital, and lower risk in portfolio Addition of New Clients Drives Positive Trends in Key Metrics Noninterest-bearing deposits increased 7.0% from end of prior quarter Service charges increased 59% from Q4 2021, partially driven by growth in client base Further Growth in Tangible Book Value Proactive management of investment portfolio minimized impact of higher interest rates on tangible book value TBV/share increased 5.2% during 4Q22 due to strong financial performance Continued Strong Asset Quality Non-performing assets to total assets remained low at 0.06% Net charge-offs/average loans of 0.04% Allowance to NPLs of 1,360%

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![Slide 6](g451958ex99_2s6g1.jpg)

BRANCH LIGHT, COMMERCIAL FOCUSED BUSINESS BANK Middle market commercial banking focus Privately owned companies with $30 million - $300 million in annual revenue Clients with minimum lending relationships of $2 million or $1 million in deposits Portfolio managed over the long term to ~40% C&I loans and ~45% noninterest-bearing deposits Investing in other asset generating business lines Asset-Based Lending division established in July 2011 Practice Acquisition division established in March 2011 Construction division established December 2015 Sponsor Finance division established in February 2020 Strong core commercial deposit generation strategy Utilize technology with minimal branches Provide commercial cash management services to middle market clients Dedicated treasury management sales team and platform Dollars in millions Data as of 12/31 for each respective year 2015 – 2022 CAGR = 18.6% BUSINESS MODEL OVERVIEW IMPRESSIVE LOAN GROWTH STRONG DEPOSIT GROWTH 2015 – 2022 CAGR Total gross loans = 17.4% Gross loans (ex. PPP) = 17.4%

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![Slide 7](g451958ex99_2s7g1.jpg)

TAKING SHARE FROM NATIONAL/REGIONAL BANKS Combine Capabilities of a Big Bank with the High Service Levels of a Community Bank Attract top talent with deep market experience to compete against and win business from large banks Professional team with a consultative delivery process Invest in systems, tools, and technology for success in niche markets Offer clients access to key decision makers Ability to execute quickly, with market leading responsiveness PRODUCT AND SERVICE DIFFERENTIATION INDUSTRY & SPECIALTY LENDING FOCUS OUR "TYPICAL CLIENT" Commercial Banking Focused on Four Core Industries Manufacturing and Distribution Professional Contractor Investor CRE Practice Acquisition Asset Based Lending Sponsor Finance Construction Specialty Lending Groups ~$75 M in annual revenue $8 M revolving line with $3 M average outstanding $3 M equipment term loan $5 M commercial real estate loan $3 M demand deposit operating account $5 M money market accounts to hold surplus deposits Fee income driven by commercial portfolio account analysis and treasury management services

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![Slide 8](g451958ex99_2s8g1.jpg)

EXPERIENCED MANAGEMENT TEAM Served as Executive Vice President and CCO from 2007 through 2017 Previously served in various executive management positions including Executive Vice President and Senior Lending Officer for Wells Fargo's corporate bank and President & CCO of CivicBank of Commerce John Lindstedt, SEVP & CCO Emeritus Tom M. Dorrance, SEVP Technology & Operations Previously served as a Senior Vice President and Chief Information Officer for North Bay Bancorp Has worked in financial management and commercial banking since 1992 including I.T. Manager at CivicBank of Commerce Michele Wirfel, SEVP & CBO Previously served as the Bank's Executive Vice President & East Bay Market President Has worked in financial management and commercial banking since 1991 in various executive management positions including regional manager for CivicBank of Commerce Age: 84 Age: 57 Age: 51 Previously served as an Executive Vice President of the Bank primarily responsible for managing production since the Bank's founding in 2007 Served for thirteen years in various executive management positions including President of CivicBank of Commerce Steven E. Shelton, CEO Age: 58 Years at CALB: 14 Years in Industry: 37 Years at CALB: 14 Years in Industry: 53 Years at CALB: 14 Years in Industry: 29 Years at CALB: 14 Years in Industry: 30 Veteran banker with more than 15 years banking experience in the Sacramento area Previously served as Wells Fargo Senior Vice President and Sacramento Region Manager Scott Myers SEVP & CLO Age: 49 Joined 2019 Years in Industry: 25 More than 30 years' experience in executive finance and risk management roles, most recently serving as Chief Risk Officer for Western Alliance Bank. Previously served in various executive and director roles at Bridge Bank and its holding company Bridge Capital Holdings (BBNK), including Chief Financial Officer and Chief Strategy Officer. Thomas A. Sa, President, CFO & COO Age: 57 Joined 2019 Years in Industry: 33 Previously served as Deputy Chief Credit Officer and part of senior management from 2007 to 2018 17 years of experience in various positions including lending and credit administration at Mechanics Bank Vivian Mui, SEVP & CCO Age: 40 Years at CALB: 14 Years in Industry: 20

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![Slide 9](g451958ex99_2s9g1.jpg)

Dollars in millions Tangible book value per share and capital offering price adjusted for historical stock splits Data as of 12/31 for each respective year DEMONSTRATED GROWTH TRACK RECORD $16 million common stock offering at $9.90 per share to fund growth in June 2014 $4 million private placement offering at $12.86 per share to payoff SBLF in May 2016 Completed acquisition of Pan Pacific Bank ($131 million in assets) in December 2015 2015 – 2022 Asset CAGR of 17.7% Practice Acquisition Division opened in March 2011 Completed $25.0 million private offering of common stock in August 2018 Holding Company formed in June 2017 Walnut Creek LPO opened in July 2017 Bank founded in March 2007 with $27.5 million in capital Completed expansion into the Sacramento Region San Jose ABL Division opened in July 2011 Launched Sponsor Finance in February 2020 Completed $20 million sub-debt offering in September 2020 Listed on the NASDAQ stock market in March 2020 SUCCESSFUL EXPANSION THROUGHOUT NORTHERN CALIFORNIA Completed $35 million sub-debt offering in August 2021

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![Slide 10](g451958ex99_2s10g1.jpg)

Dollars in millions Core deposits defined as total deposits less time deposits and brokered deposits. Data as of 12/31 for each respective year 2015 –2022 CAGR DDA: 20.1% Total Deposits: 18.6% 0.23% 0.24% 0.35% Cost of Deposits 94% 93% 94% Core Deposit Mix 0.81% 88% 0.55% 91% 0.48% 87% 0.27% 91% 42% 44% 41% 39% 44% 46% 40% HISTORICAL DEPOSIT COMPOSITION DEPOSIT PORTFOLIO HIGHLIGHTS–12/31/22 STRONG AND GROWING CORE DEPOSIT BASE Deposits increased $83 million from 9/30/22 primarily due to inflows of noninterest-bearing deposits and money market deposits from a combination of new clients and seasonal build Core deposit base driven by commercial clients 95%+ of commercial relationships hold deposits at the bank Core deposits comprise 85% of total deposits Utilize remote deposit capture and commercial cash management to generate and retain deposits Treasury management division established in Q4-2019 DEPOSIT COMPOSITION 0.47% 85%

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![Slide 11](g451958ex99_2s11g1.jpg)

Dollars in millions Data as of 12/31 for each respective year Excludes PPP loans DIVERSIFIED COMMERCIAL LOAN PORTFOLIO HISTORICAL LOAN COMPOSITION(1) OPERATING LOC USAGE LOAN PORTFOLIO COMPOSITION GROSS LOAN FUNDING VS. NET LOAN GROWTH(2) (3) 2017 – 2022 CAGR C&I: 14.0% Total Loans: 16.8% 4.88% 96% 5.19% 96% 5.09% 97% 4.22% 89% Yield on Loans Loans / Deposits 4.29% 82% 45% 40% 41% 30% (39% ex.PPP) (4% ex. PPP) 4.96% 89% 40% (41% ex.PPP)

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![Slide 12](g451958ex99_2s12g1.jpg)

NEW LOAN PRODUCTION IMPROVED IN 4Q22 BOOKING NEW LOANS AT ATTRACTIVE RATES(1) NEW LOAN FUNDINGS(1) WTD. AVG. RATE ON NEW LOANS(1) Funded new loans with balances of $130 million in 4Q22 compared to $124 million in 3Q22 and $119 million in 4Q21 Weighted average rate on newly funded loans was 6.72% in 4Q22 compared to 5.87% in 3Q22 and 4.24% in 4Q21 4Q22 new loan dollar mix was 65% commercial, 34% CRE and 1% other Dollars in millions Excludes PPP loans

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![Slide 13](g451958ex99_2s13g1.jpg)

CRE LOAN PORTFOLIO – INVESTOR CRE CONSERVATIVELY UNDERWRITTEN PORTFOLIO WITH AVERAGE LTV OF 49.9% INVESTOR CRE BY PROPERTY TYPE(1) INVESTOR CRE BY GEOGRAPHIC BREAKDOWN (1) Data as a percent of total investor CRE, $575 million Data as of 12/31/2022

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![Slide 14](g451958ex99_2s14g1.jpg)

CRE LOAN PORTFOLIO – INVESTOR CRE: RETAIL Total of 67 loans: 55 Recourse & 12 Non-Recourse INVESTOR RETAIL: SINGLE VS MULTI TENANT INVESTOR RETAIL BY GEOGRAPHIC BREAKDOWN Data as a percent of total investor CRE Retail, $189 million Data as of 12/31/2022

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![Slide 15](g451958ex99_2s15g1.jpg)

COMMERCIAL LOAN PORTFOLIO WELL-DIVERSIFIED PORTFOLIO WITH FOCUS ON STRONG BORROWERS IN RECESSION RESISTANT INDUSTRIES COMMERCIAL LOAN PORTFOLIO(1) COMMERCIAL – SPONSOR FINANCE(2) Data as a percent of total Commercial Loans, $634 million Data as a percent of total Sponsor Finance Loans, $263 million Data as of 12/31/2022 SPONSOR FINANCE HIGHLIGHTS Weighted Average Senior Leverage: 1.84 Weighted Total Leverage: 2.60 Weighted Average FCCR: 2.43 Overall Credit Quality Trend: Stable

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![Slide 16](g451958ex99_2s16g1.jpg)

Loan Portfolio Characteristics Conservatively underwritten, well diversified loan portfolio with low LTVs and high DCRs Little to no exposure to areas most likely to be impacted by a recession No consumer loans Minimal SBA loans Office CRE represents just 10.8% of total loan portfolio No exposure to downtown San Francisco market Majority of credits are located in suburban markets with stable tenants like medical and dental practices During 4Q22, certain credits in the Sponsor Finance portfolio were refinanced with a portion of the loans being taken by other banks, which reduced the level of risk in this portfolio

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![Slide 17](g451958ex99_2s17g1.jpg)

NET CHARGE-OFFS (RECOVERIES) ($000S)(1) NONPERFORMING ASSETS RESERVES / LOANS NCOS (RECOVERIES) / AVG. LOANS (%)(1) Net charge-offs for 2020 were concentrated in 2Q20 related to non-systemic issues ASSET QUALITY TRENDS

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![Slide 18](g451958ex99_2s18g1.jpg)

ROATCE NET INTEREST MARGIN ROAA EFFICIENCY RATIO HISTORICAL PROFITABILITY TRENDS

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![Slide 19](g451958ex99_2s19g1.jpg)

Disciplined Expense Management Driving Greater Operating Leverage Investment phase in 2018-2019 (talent, product development, and technology) built highly leverageable infrastructure and strong commercial banking team Following investment phase, revenue growth rate has been well in excess of expense growth rate, resulting in greater operating leverage and increasing profitability Dollars in millions OPERATING EXPENSES BEFORE CAPITALIZED LOAN ORIGINATION COSTS $11.9 $12.3 $12.7

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![Slide 20](g451958ex99_2s20g1.jpg)

CAPITAL RATIOS – BANK ONLY Data as of 12/31 for each respective year Closed subordinated debt offerings to support consolidated capital ratios totaling $20 million in 2020 and $35 million in 2021 LEVERAGE RATIO TIER 1 RATIO TCE / TA TOTAL CAPITAL RATIO

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![Slide 21](g451958ex99_2s21g1.jpg)

2023 OUTLOOK AND PRIORITIES CONSERVATIVE LOAN PRODUCTION CONTINUE GROWING DEPOSIT MARKET SHARE Remain conservative in new loan production until economic conditions improve with near-term focus primarily on high quality C&I loans Capitalize on growing reputation and increased scale to continue adding new relationships with clients that provide lower-cost deposits EXPENSE MANAGEMENT Past investments in talent and technology enable us to tightly manage expenses and realize more operating leverage while continuing to add talent in areas that provide high value opportunities TREASURY MANAGEMENT Capitalize on improved treasury management platform to continue adding new commercial relationships that drive higher levels of fee income INTEREST RATE RISK MANAGEMENT Make adjustments in interest rate sensitivity as rate environment evolves to protect NIM when Fed starts to reduce interest rates PROFITABILITY Strength of franchise, with excellent asset quality, high level of reserves, and stable deposit base, positions the Company well to continue generating strong financial performance even in a more challenging environment

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![Slide 22](g451958ex99_2s22g1.jpg)

Northern California commercial business bank with a disciplined approach to credit underwriting Proven organic and acquisition growth capabilities Strong commercial loan portfolio with corresponding commercial relationship deposits Experienced management team and seasoned C&I relationship managers Keen focus on relationship core deposits in deposit rich industries SUMMARY 3

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![Slide 23](g451958ex99_2s23g1.jpg)

Please send questions to ir@bankcbc.com Or Call 510.457.3751 CaliforniaBankofCommerce.com