CALB Overview

Merger Announcement: Southern California Bancorp and California BanCorp have successfully completed their merger, effective July 31, 2024, creating a combined banking entity that will operate under the name California Bank of Commerce, N.A.

Future Plans: The merged company aims to enhance its service offerings and expand its market presence across California, with full integration expected by September 23, 2024, while ensuring customers experience no immediate changes to their banking services.

Quarterly Performance: California Bank of Commerce reported a quarterly loss of $0.68 per share, missing the Zacks Consensus Estimate of $0.52 and showing a significant decline from earnings of $0.65 per share a year ago. The company also missed revenue expectations with $18.34 million for the quarter, compared to $19.78 million a year prior.

Future Outlook: The stock currently holds a Zacks Rank #3 (Hold), indicating expected performance in line with the market. Investors are advised to monitor upcoming earnings estimate revisions and industry outlook, as these factors could significantly influence the stock's future performance.

Stocks Added to Zacks Rank #5 List:

• Adient plc, California BanCorp, and CareTrust REIT, Inc. have been added to the Zacks Rank #5 (Strong Sell) List.
• The Zacks Consensus Estimate for their current year earnings has been revised downward over the last 60 days.

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Zacks Investment Research Recommendations:

• Zacks Investment Research offers recommendations on 7 Best Stocks for the Next 30 Days.
• Free stock analysis reports are available for CareTrust REIT, Inc. (CTRE), Adient (ADNT), and California Bank of Commerce (CALB) on their website.

• On June 26, the Russell 3000 index will see changes with 225 securities being added and 144 securities being removed during the annual reconstitution.

• Notable additions to the Russell 3000 Index include AG Mortgage Investment Trust (MITT), Root (ROOT), Federated Hermes (FHI), Medallion Financial (MFIN), and Burford Capital (BUR).
• Notable deletions from the index are eHealth (EHTH), Bakkt (BKKT), Finance of America Companies (FOA), Security National Financial (SNFCA), and Evans Bancorp (EVBN).