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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

T QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

£ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 001-41684

CALIFORNIA BANCORP

(Exact name of registrant as specified in its charter)



California			84-3288397
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

12265 El Camino Real, Suite 210 San Diego, California			92130
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (844) 265-7622

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

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, no par value per share

BCAL

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. T Yes £ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). T Yes £ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	T
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	T

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. T

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). £ Yes T No

As of May 5, 2026, the registrant had 32,164,824 outstanding shares of common stock.

Table of Contents

CALIFORNIA BANCORP

FORM 10-Q QUARTERLY REPORT

MARCH 31, 2026

TABLE OF CONTENTS



		Page
PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	5
	Consolidated Balance Sheets	5
	Consolidated Statements of Operations	6
	Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Changes in Shareholders' Equity	8
	Consolidated Statements of Cash Flows	9
	Notes to Consolidated Financial Statements	11
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	80
Item 4.	Controls and Procedures	82

PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 3.	Defaults Upon Senior Securities	83
Item 4.	Mine Safety Disclosures	83
Item 5.	Other Information	83
Item 6.	Exhibits	83

SIGNATURES		84

Table of Contents

Cautionary Note Regarding Forward-Looking Statements

The statements in this quarterly report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

We have made the forward-looking statements in this quarterly report based on assumptions and estimates that we believe to be reasonable in light of the information available to us at this time. However, these forward-looking statements are subject to significant risks and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on our business, consolidated financial condition, consolidated results of operations and future growth prospects include, but are not limited to, the following:

•volatility and uncertainty facing the banking industry following the failures of several financial institutions;

•challenges related to changes in interest rates and the impact on our consolidated financial condition and consolidated results of operations;

•our ability to manage our liquidity;

•business and economic conditions nationally, regionally and in our target markets, particularly in California, which is the principal area in which we operate;

•the lack of soundness of other financial institutions;

•disruptions to the credit and financial markets, either nationally, regionally or locally;

•our dependence on the Bank for dividends;

•the possibility that we may reduce or discontinue the payments of dividends on our common stock;

•concentration of our loan portfolio in commercial loans, which loans may be dependent on the borrower’s cash flows for repayment and, to some extent, the local and regional economy;

•concentration of our loan portfolio in loans secured by real estate and changes in the prices, values and sales volumes of commercial and residential real estate;

•risks related to construction and land development lending, which involves estimates that may prove to be inaccurate and collateral that may be difficult to sell following foreclosure;

•concentration of our business activities within the geographic area of California;

•credit risks in our loan portfolio, the adequacy of our allowance for credit losses (“ACL”) and the appropriateness of our methodology for calculating such ACL;

•severe weather, natural disasters, including earthquakes, floods, droughts, and fires, particularly in California;

•our ability to manage balance sheet contraction or related revenue consideration;

•economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that exceeds current consensus estimates;

• our ability to effectively manage underperforming credits;

•risks related to any future acquisitions, including transaction expenses, the potential distraction of management resources and the possibility that we will not realize anticipated benefits from any future acquisitions;

•interest rate shifts and its impact on our consolidated financial condition and consolidated results of operation;

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•disruptions to the credit and financial markets, either nationally or globally;

•competition in the banking industry, nationally, regionally or locally;

•failure to maintain adequate liquidity and regulatory capital and comply with evolving federal and state banking regulations;

•inability of our risk management framework to effectively mitigate credit risk, interest rate risk, liquidity risk, price risk, compliance risk, technology risk, operational risk, strategic risk and reputational risk;

•our dependence on our management and our ability to attract and retain experienced and talented bankers;

•failure to keep pace with technological change or difficulties when implementing new technologies;

•system failures, data security breaches, including as a result of cyber-attacks, or failures to prevent breaches of our network security;

•our reliance on communications and information systems to conduct business and reliance on third parties and their affiliates to provide key components of business structure, any disruptions of which could interrupt operations or increase the costs of doing business;

•fraudulent and negligent acts by our customers, employees or vendors;

•our ability to prevent or detect all errors or fraud with our financial reporting controls and procedures;

•increased loan losses or impairment of goodwill and other intangibles;

•an inability to raise necessary capital to fund our growth strategy, operations, or to meet increased minimum regulatory capital levels;

•the sufficiency of our capital, including sources of such capital and the extent to which capital may be used or required;

•the institution and outcome of litigation and other legal proceedings to which we become subject;

•examinations by our regulatory authorities, including the possibility that the regulatory authorities may, among other things, require us to increase our allowance for credit losses, slow the growth of our commercial real estate loans or write-down assets, or otherwise impose restrictions or conditions on our operations, including, but not limited to, our ability to acquire or be acquired;

•our status as an emerging growth company and a smaller reporting company, which reduces our disclosure obligations under the federal securities laws compared to other publicly traded companies;

•the impact of current and future governmental monetary and fiscal policies, such as the implementation of tariffs and counter-tariffs; and

•other factors and risks described in this quarterly report and from time to time in other documents that we file or furnish with the Securities and Exchange Commission (“SEC”), including, without limitation, the risks described under Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, that was filed with the SEC on March 13, 2026.

Because of these risks and other uncertainties, our actual results, performance or achievement, or industry results, may be materially different from the anticipated or estimated results discussed in the forward-looking statements in this quarterly report. Our past results of operations are not necessarily indicative of our future results. You should not rely on any forward-looking statements, which represent our beliefs, assumptions and estimates only as of the dates on which they were made, as predictions of future events. We undertake no obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. We qualify all of our forward-looking statements by these cautionary statements.

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PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except share data)

(Unaudited)


	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	56,390	$	52,013
Federal funds and other interest-bearing balances	354,750		347,900
Total cash and cash equivalents	411,140		399,913
Debt securities available-for-sale, at fair value (amortized cost of $303,968 and $237,191 at March 31, 2026 and December 31, 2025)	298,617		234,890
Debt securities held-to-maturity, at amortized cost (fair value of $48,467 and $49,308 at March 31, 2026 and December 31, 2025)	52,849		52,936
Loans held for sale, at lower of cost or fair value	24,096		25,105
Loans held for investment	2,972,833		3,033,887
Allowance for credit losses on loans	(34,002)		(34,348)
Loans held for investment, net	2,938,831		2,999,539
Restricted stock, at cost	30,940		30,932
Premises and equipment, net	11,978		12,116
Right-of-use asset	15,463		15,094
Other real estate owned, net	8,613		—
Goodwill	110,934		110,934
Intangible assets, net	17,680		18,480
Bank owned life insurance	67,407		67,367
Deferred taxes, net	26,184		29,041
Accrued interest receivable and other assets	34,002		37,039
Total assets	$	4,048,734	$	4,033,386
LIABILITIES
Noninterest-bearing demand	$	1,247,363	$	1,178,256
Interest-bearing NOW accounts	833,601		840,593
Money market and savings accounts	1,206,598		1,223,486
Time deposits	105,923		128,246
Total deposits	3,393,485		3,370,581
Borrowings	34,221		33,832
Operating lease liability	19,184		18,936
Accrued interest payable and other liabilities	24,009		33,451
Total liabilities	3,470,899		3,456,800
Commitments and contingencies (Note 3 and 10)
SHAREHOLDERS’ EQUITY
Preferred stock - 50,000,000 shares authorized, no par value; no shares issued and outstanding at March 31, 2026 and December 31, 2025	—		—
Common stock - 50,000,000 shares authorized, no par value; issued and outstanding 32,152,298 and 32,418,182 at March 31, 2026 and December 31, 2025	435,249		442,394
Retained earnings	146,355		135,813
Accumulated other comprehensive loss - net of taxes	(3,769)		(1,621)
Total shareholders’ equity	577,835		576,586
Total liabilities and shareholders’ equity	$	4,048,734	$	4,033,386

The accompanying notes are an integral part of these consolidated financial statements.

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CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	45,628	$	50,686
Interest on debt securities	2,778		1,524
Interest on tax-exempted debt securities	298		305
Interest on deposits at other financial institutions	4,143		3,803
Interest and dividends on other interest-earning assets	938		507
Total interest and dividend income	53,785		56,825
INTEREST EXPENSE
Interest on NOW, money market and savings accounts	10,059		11,116
Interest on time deposits	943		2,063
Interest on borrowings	699		1,391
Total interest expense	11,701		14,570
Net interest income	42,084		42,255
Reversal of provision for credit losses	(381)		(3,776)
Net interest income after reversal of provision for credit losses	42,465		46,031
NONINTEREST INCOME
Service charges and fees on deposit accounts	811		776
Interchange and ATM income	289		410
Gain on sale of loans	—		577
Income from bank owned life insurance	518		463
Servicing and related income on loans, net	78		142



Other charges and fees	441		198
Total noninterest income	2,137		2,566
NONINTEREST EXPENSE
Salaries and employee benefits	16,550		15,864
Occupancy and equipment	1,989		2,152
Data processing and communications	1,965		1,935
Legal, audit and professional	709		859

Regulatory assessments	527		722

Director and shareholder expenses	337		404

Intangible asset amortization	800		948
Litigation settlements, net	75		—
Other real estate owned expenses/losses	104		68
Other expenses	2,456		1,968
Total noninterest expense	25,512		24,920
Income before income taxes	19,090		23,677
Income tax expense	5,299		6,824
Net income	13,791		16,853

Earnings per share:
Basic	$	0.43	$	0.52
Diluted	$	0.42	$	0.52

The accompanying notes are an integral part of these consolidated financial statements.

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CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31, 2026		March 31, 2025
Net income	$	13,791	$	16,853

Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on securities available for sale:
Change in net unrealized (loss) gain	(3,050)		3,166


Income tax expense (benefit):
Change in net unrealized (loss) gain	(902)		936


Total other comprehensive (loss) income, net of tax	(2,148)		2,230

Total comprehensive income, net of tax	$	11,643	$	19,083

The accompanying notes are an integral part of these consolidated financial statements.

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CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(dollars in thousands, except share data)

(Unaudited)


	Common Stock and Additional Paid in Capital			Retained Earnings		Accumulated Other Comprehensive Loss		Total Shareholders’ Equity
	Shares	Amount
Three months ended March 31, 2026:
Balance at December 31, 2025	32,418,182	$	442,394	$	135,813	$	(1,621)	$	576,586
Stock-based compensation	—	1,361		—		—		1,361

Stock options exercised	33,250	228		—		—		228
Restricted stock units vested	183,065	—		—		—		—
Repurchase of shares in settlement of restricted stock units	(72,284)	(1,322)		—		—		(1,322)
Repurchases of common shares	(409,915)	(7,412)						(7,412)
Common stock dividends ($0.10 per share)	—	—		(3,249)		—		(3,249)
Net income	—	—		13,791		—		13,791
Other comprehensive loss, net of tax	—	—		—		(2,148)		(2,148)
Balance at March 31, 2026	32,152,298	$	435,249	$	146,355	$	(3,769)	$	577,835
















Three months ended March 31, 2025:
Balance at December 31, 2024	32,265,935	$	442,469	$	76,008	$	(6,641)	$	511,836
Stock-based compensation	—	1,480		—		—		1,480


Stock options exercised	5,138	40		—		—		40
Restricted stock units vested	197,948	—		—		—		—
Repurchase of shares in settlement of restricted stock units	(66,881)	(1,055)		—		—		(1,055)

Net income	—	—		16,853		—		16,853
Other comprehensive income, net of tax	—	—		—		2,230		2,230
Balance at March 31, 2025	32,402,140	$	442,934	$	92,861	$	(4,411)	$	531,384

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CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2026 and 2025
(dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
OPERATING ACTIVITIES
Net income	$	13,791	$	16,853
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of net discounts and deferred loan fees	(3,934)		(6,120)
Depreciation on premises and equipment	374		546
Intangible asset amortization	800		948
Amortization of discounts on debt securities	(566)		(218)
Gain on sale of loans	—		(577)



Loans originated for sale	—		(8,955)
Proceeds from sales of and principal collected on loans held for sale	—		9,569
Reversal of provision for credit losses	(381)		(3,776)
Deferred income tax expense	3,759		5,566

Stock-based compensation	1,361		1,480
Income from bank owned life insurance	(518)		(463)




Valuation allowance on loans held for sale	266		—

Net change in other items	(6,417)		(7,870)
Net cash provided by operating activities	8,535		6,983

INVESTING ACTIVITIES




Proceeds from bank owned life insurance death benefits	877		—

Proceeds from maturities and paydowns of debt securities available for sale	7,085		13,878

Purchases of debt securities available for sale	(73,209)		—

Purchases of restricted stock	(8)		(17)
Net (contributions) distributions of other stock investments	(120)		258
Net repayment of loans	57,153		87,321



Purchases of premises and equipment	(236)		(105)
Net cash (used in) provided by investing activities	(8,458)		101,335

FINANCING ACTIVITIES
Net increase in deposits	22,905		(56,224)
Proceeds from Federal Home Loan Bank advances	10,000		—
Repayment of Federal Home Loan Bank advances	(10,000)		—


Proceeds from exercise of stock options	228		40
Repurchase of shares in settlement of restricted stock units	(1,322)		(1,055)
Repurchase of common stock under authorized stock repurchase program	(7,412)		—
Common stock dividends	(3,249)		—

Net cash provided by (used in) financing activities	11,150		(57,239)




Net change in cash and cash equivalents	11,227		51,079
Cash and cash equivalents at beginning of period	399,913		388,162
Cash and cash equivalents at end of period	$	411,140	$	439,241
The accompanying notes are an integral part of these consolidated financial statements.

CALIFORNIA BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the three months ended March 31, 2026 and 2025
(dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Supplemental Disclosures of Cash Flow Information:
Interest paid	$	11,606	$	16,965
Taxes paid	—		—


Lease liability arising from obtaining right-of-use assets	1,461		—

Loans transferred to other real estate owned	8,613		—






Goodwill adjustments	$	—	$	(7)

The accompanying notes are an integral part of these consolidated financial statements.

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CALIFORNIA BANCORP AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

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. 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 formed on February 14, 2024. BCAL OREO1, LLC is used for holding other real estate owned and other assets acquired by foreclosure. The Bank operates under a federal charter and its primary regulator is the Office of the Comptroller of the Currency (“OCC”). The words “we,” “us,” “our,” or the “Company” refer to California BanCorp and California Bank of Commerce, N.A. collectively and on a consolidated basis. References herein to “California BanCorp,” or the “holding company” refer to California BanCorp on a stand-alone basis. References to the “Bank” refer to California Bank of Commerce, N.A.

As a relationship-focused community bank, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices, including 11 commercial banking offices, serving California.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in Item 8. Financial Statements and Supplementary Data of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, including its wholly owned subsidiary, the Bank and the Bank’s wholly owned subsidiary, BCAL OREO1, LLC. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and

expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for credit losses, the fair value of assets and liabilities acquired in business combinations and related purchase price allocation, the valuation of acquired loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, loan sales and servicing of financial assets and deferred tax assets and liabilities.

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Operating Segments

We operate one reportable segment — commercial banking. The Company has one reporting unit, one operating segment and, consequently, a single reportable segment. The Company’s chief operating decision maker (“CODM”) is a role shared by three executive officers, the Chairman and Chief Executive Officer, President of the Company and Bank, and Chief Financial Officer of the Company and Chief Strategy Officer of the Bank. The Company’s CODM monitors revenue streams and other information regarding the products and services offered through the Company’s banking operations. The information provided to the CODM is presented on an aggregated single segment level basis, which is consistent with the accompanying consolidated financial statements presented in this Quarterly Report on Form 10-Q. The CODM evaluates the financial performance of the Company’s business by evaluating revenue streams, significant expenses, and comparing budgeted to actual results in assessing operating results and in allocating resources, with profitability only determined at a single segment level. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis, coupled with the monitoring of budgeted to actual results, is used in assessing performance and allocating resources. Loans, investments, and deposits provide the revenues from the Company's operations. Interest expense, provisions for credit losses, salaries and benefits, and occupancy expenses represent the significant expenses in the Company's operations. All of the Company's income and expenses are included in the accompanying consolidated statements of operations presented in this Quarterly Report on Form 10-Q. All of the Company’s operations are domestic. The Company’s assets are reflected in the accompanying consolidated balance sheets as “total assets.”

Significant Accounting Policies

Our accounting and reporting policies are described in Note 1 — Basis of Presentation and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. As of March 31, 2026, there were no significant changes to accounting policies from those disclosed in our audited consolidated financial statements included in our 2025 Form 10-K.

Recently Adopted Accounting Guidance

On January 1, 2025, the Company adopted Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. This standard requires, among other things, that a public entity that has a single reportable segment provide enhanced disclosures about significant segment expenses. Significant expense categories are derived from expenses that are (1) regularly reported to an entity’s CODM, and (2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for "other segment items," reflecting the difference between (1) segment revenue less significant segment expenses, and (2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The adoption of ASU 2023-07 did not have a significant impact on the consolidated financial statements.

On January 1, 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. This standard addresses requests for improved income tax disclosures from investors, lenders, creditors and other allocators of capital that use the financial statements to make capital allocation decisions. This ASU is intended to improve the transparency of tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction, in addition to certain other amendments intended to improve the effectiveness of income tax disclosures. The adoption of ASU 2023-09 did not have a material impact on the consolidated financial statements.

On January 1, 2026, the Company adopted ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans. This standard amends the guidance in ASC 326 on the accounting for certain purchased loans. Under this standard, entities must account for acquired loans (excluding credit cards) that meet certain

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criteria at acquisition (“purchased seasoned loans”) by recognizing them at their purchase price plus an allowance for expected credit losses (often referred to as the gross-up approach). These amendments align the accounting for purchased seasoned loans with the treatment of financial assets purchased with more-than-insignificant credit deterioration since origination (“PCD assets”). Early adoption is permitted, and the standard is to be applied prospectively. The adoption of ASU 2025-08 did not have a material impact on the consolidated financial statements..

Recent Accounting Guidance Not Yet Effective

In October 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-06, Disclosure Improvements–Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). The amendments in this update modify the disclosure or presentation requirements for a variety of topics in the codification. Certain amendments represent clarifications to or technical corrections of the current requirements. The following is a summary of the topics included in the update and which pertain to the Company: 1. Statement of cash flows (Topic 230): Requires an accounting policy disclosure in annual periods of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows; 2. Accounting changes and error corrections (Topic 250): Requires that when there has been a change in the reporting entity, the entity disclose any material prior-period adjustment and the effect of the adjustment on retained earnings in interim financial statements; 3. Earnings per share (Topic 260): Requires disclosure of the methods used in the diluted earnings-per-share computation for each dilutive security and clarifies that certain disclosures should be made during interim periods, and amends illustrative guidance to illustrate disclosure of the methods used in the diluted earnings per share computation; 4. Commitments (Topic 440): Requires disclosure of assets mortgaged, pledged, or otherwise subject to lien and the obligations collateralized; and 5. Debt (Topic 470): Requires disclosure of amounts and terms of unused lines of credit and unfunded commitments and the weighted-average interest rate on outstanding short-term borrowings. For public business entities, the amendments in ASU 2023-06 are effective on the date which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation and S-X or Regulation S-K, the pending content of the related amendment will be removed from the codification and will not become effective for any entity. Early adoption is not permitted and the amendments are required to be applied on a prospective basis. The Company expects the adoption of this standard will not have a material impact on its consolidated financial statements.

ASU No. 2024-03, Income Statement– Reporting Comprehensive Income-Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03 which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income– Expense Disaggregation Disclosures– Clarifying the Effective Date, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. The Company expects the adoption of this standard will not have a material impact on its consolidated financial statements.

ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810)-Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. In May 2025, the FASB issued ASU 2025-03, which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). The ASU is intended to improve comparability between business combinations that involve VIEs and those that do not. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-03 must be applied prospectively to any business combination that occurs after the initial adoption date. The Company expects the adoption of this standard will not have a material impact on its consolidated financial statements.

ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. In May 2025, the FASB issued ASU 2025-04 to reduce diversity in practice and improve the usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The

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ASU is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company expects the adoption of this standard will not have a material impact on its consolidated financial statements.

ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11 which is intended to improve the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, rather, the objective of the amendments is to provide clarity on the current interim reporting requirements. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company expects the adoption of this standard will not have a material impact on its consolidated financial statements.

NOTE 2 - INVESTMENT SECURITIES

Debt Securities

Debt securities have been classified as either held-to-maturity or available-for-sale in the consolidated balance sheets according to management’s intent. The amortized cost of held-to-maturity debt securities and their approximate fair values at March 31, 2026 and December 31, 2025 were as follows:


(dollars in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value
March 31, 2026

Taxable municipals	$	555	$	—	$	(67)	$	488
Tax exempt municipals	52,294		—		(4,315)		47,979
	$	52,849	$	—	$	(4,382)	$	48,467

December 31, 2025
Taxable municipals	$	555	$	—	$	(63)	$	492
Tax exempt municipals	52,381		—		(3,565)		48,816
	$	52,936	$	—	$	(3,628)	$	49,308

The amortized cost of available-for-sale debt securities and their approximate fair values at March 31, 2026 and December 31, 2025 were as follows:


(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities	$	230,171	$	1,359	$	(4,193)	$	227,337
SBA securities	3,405		8		(53)		3,360
U.S. Treasury	2,641		—		(185)		2,456
U.S. Agency	2,000		—		(217)		1,783
Collateralized mortgage obligations	64,745		239		(2,240)		62,744

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(dollars in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Taxable municipals	1,006		2		(71)		937


	$	303,968	$	1,608	$	(6,959)	$	298,617

December 31, 2025
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities	$	161,376	$	2,041	$	(2,401)	$	161,016
SBA securities	3,862		8		(54)		3,816
U.S. Treasury	2,654		—		(182)		2,472
U.S. Agency	2,000		—		(207)		1,793
Collateralized mortgage obligations	66,293		457		(1,895)		64,855
Taxable municipals	1,006		—		(68)		938


	$	237,191	$	2,506	$	(4,807)	$	234,890

During the three months ended March 31, 2026 and 2025, there were no transfers between held-to-maturity and available-for-sale debt securities.

At March 31, 2026 and December 31, 2025, the Company did not hold securities of any single issuer, such as a corporation, municipality, or foreign entity, other than the U.S. Government and its agencies, in an amount greater than 10% of our shareholders’ equity.

Accrued interest receivable on held-to-maturity and available-for-sale debt securities totaled $1.4 million and $1.1 million at March 31, 2026 and December 31, 2025, respectively, and is included within accrued interest receivable and other assets in the consolidated balance sheets. Accrued interest receivable is excluded from the ACL.

At March 31, 2026, available-for-sale debt securities with an amortized cost of $87.8 million were pledged to the Federal Reserve Bank (“Federal Reserve”) as collateral for secured public deposits and for other purposes as required by law or contract provisions, in addition to held-to-maturity debt securities with an amortized cost of $52.8 million that were pledged as collateral for a secured line of credit with the Federal Reserve. See Note 6 – Borrowing Arrangements for additional information regarding the FHLB and Federal Reserve secured lines of credit. The Company also pledged $14.7 million available-for-sale debt securities to another financial institution to support the collateralization requirement against certain customers’ standby lines of credit.

Contractual Maturities

The amortized cost and estimated fair value of all held-to-maturity and available-for-sale debt securities as of March 31, 2026 by contractual maturities are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Held-to-Maturity				Available-for-Sale
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
March 31, 2026
Due in one year or less	$	—	$	—	$	39	$	40
Due after one year through five years	—		—		11,259		10,641
Due after five years through ten years	40,507		37,394		13,540		12,572

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	Held-to-Maturity				Available-for-Sale
(dollars in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due after ten years	12,342		11,073		279,130		275,364
	$	52,849	$	48,467	$	303,968	$	298,617

Realized Gains and Losses

There were no gross realized gains and losses for sales and calls of available-for-sale debt securities during the three months ended March 31, 2026 and 2025.

Unrealized Gains and Losses

The gross unrealized losses and related estimated fair values of all available-for-sale debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025 are summarized as follows:


	Less than 12 Months				12 Months or Longer				Total
(dollars in thousands)	Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value
March 31, 2026:
Available-for-sale debt securities:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities	$	(2,121)	$	139,044	$	(2,072)	$	21,290	$	(4,193)	$	160,334
SBA securities	—		—		(53)		2,458		(53)		2,458
U.S. Treasury	—		—		(185)		2,456		(185)		2,456
U.S. Agency	—		—		(217)		1,783		(217)		1,783
Collateralized mortgage obligations	(233)		17,008		(2,007)		24,382		(2,240)		41,390
Taxable municipals	—		—		(71)		435		(71)		435


	$	(2,354)	$	156,052	$	(4,605)	$	52,804	$	(6,959)	$	208,856







December 31, 2025:
U.S. government and agency and government sponsored enterprise securities:
Mortgage-backed securities	$	(329)	$	47,667	$	(2,072)	$	28,726	$	(2,401)	$	76,393
SBA securities	—		—		(54)		2,813		(54)		2,813
U.S. Treasury	—		—		(182)		2,472		(182)		2,472
U.S. Agency	—		—		(207)		1,793		(207)		1,793
Collateralized mortgage obligations	(35)		7,971		(1,860)		25,234		(1,895)		33,205
Taxable municipals	—		—		(68)		438		(68)		438


	$	(364)	$	55,638	$	(4,443)	$	61,476	$	(4,807)	$	117,114

As of March 31, 2026, the Company had a total of 101 available-for-sale debt securities in a gross unrealized loss position totaling $7.0 million, including 60 securities with total gross unrealized losses of $4.6 million that had been in a continual loss position for twelve months and longer. As of December 31, 2025, the Company had a total of 78 available-for-sale debt securities in a gross unrealized loss position totaling $4.8 million, including 63 securities with total gross unrealized losses of $4.4 million that had been in a continual loss position for twelve months and longer. Such unrealized losses on these investment securities have not been recognized into income.

Unrealized losses on available-for-sale debt securities are recognized in shareholders’ equity as accumulated other comprehensive loss. At March 31, 2026, the Company had a net unrealized loss on available-for-sale debt securities of $5.4 million, or $3.8 million net of tax in accumulated other comprehensive loss, compared to a net unrealized loss of $2.3 million, or $1.6 million net of tax in accumulated other comprehensive loss, at December 31, 2025.

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Allowance for Credit Losses on Debt Securities

For available-for-sale debt securities with unrealized losses, management considered the financial condition of the issuer and the Company’s intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company’s available-for-sale debt securities consisted of U.S. Treasury, U.S. government and agency and government sponsored enterprise securities, and municipals, which historically have had limited credit loss experience. In addition, the Company reviewed the credit rating of the municipal securities. At March 31, 2026, the total fair value of taxable municipal securities was $937 thousand, and all of these securities were rated AA and above. At December 31, 2025, the total fair value of taxable municipal securities was $938 thousand, and all of these securities were rated AA and above.

At March 31, 2026, 61 held-to-maturity debt securities with fair values totaling $48.5 million had gross unrecognized losses totaling $4.4 million, compared to 61 held-to-maturity debt securities with fair values totaling $49.3 million had gross unrecognized losses totaling $3.6 million at December 31, 2025. The Company has the intent and ability to hold the securities classified as held-to-maturity until they mature, at which time the Company will receive full value for the securities. At March 31, 2026 and December 31, 2025, fair values of held-to-maturity debt securities rated AA and above totaled $45.3 million and $46.0 million, respectively and those rated AA- totaled $3.2 million and $3.3 million, respectively.

Management evaluates securities in an unrealized loss position at least on a quarterly basis, and determined that the unrealized losses at March 31, 2026 and 2025 related to each investment were primarily attributable to factors other than credit related, including changes in interest rates driven by the Federal Reserve’s policy to fight against inflation and general volatility in market conditions. As such, the Company applied a zero credit loss assumption for these securities and no provision for credit losses was recorded for held-to-maturity or available-for-sale debt securities during the three months ended March 31, 2026 and 2025.

Restricted Stock

As a member of the Federal Reserve System, the Company must hold stock of the Federal Reserve in an amount equal to 3% of the Company’s common stock and additional paid-in capital. In addition, as a member of the Federal Home Loan Bank (“FHLB”) of San Francisco, the Company is required to own stock of the FHLB based on the Company’s outstanding mortgage assets and outstanding advances from the FHLB.

The table below summarizes the Company’s restricted stock investments at March 31, 2026 and December 31, 2025:


(dollars in thousands)	March 31, 2026		December 31, 2025
Federal Reserve Bank	$	15,635	$	15,627
Federal Home Loan Bank	15,305		15,305
	$	30,940	$	30,932

During the three months ended March 31, 2026, the Company purchased $8 thousand of Federal Reserve stock, and there were no purchases of FHLB stock.

Other Equity Securities Without A Readily Determinable Fair Value

The Company also has equity securities in the form of capital stock invested in two different banker’s bank stocks which totaled $819 thousand at both March 31, 2026 and December 31, 2025. These equity securities are reported in accrued interest receivable and other assets in the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company evaluated the carrying value of these equity securities and determined that they were not impaired. During the three months ended March 31, 2026 and 2025, there were no losses related to changes in the fair value of these equity securities.

The Company has other equity investments and investments in a technology venture capital fund focused on the intersection of fintech and community banking. These equity investments represent variable interest entities (“VIEs”), however the Company is not the primary beneficiary. The Company’s maximum exposure to

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loss related to its investments in these unconsolidated VIEs is limited to the carrying value of each of the investments plus any unfunded capital commitments. At March 31, 2026 and December 31, 2025, the balance of these investments, which is included in accrued interest receivable and other assets in the consolidated balance sheets, was $9.4 million and $9.1 million, respectively. Total unfunded capital commitments for these investments were $7.2 million at March 31, 2026. These equity securities are measured using the equity method of accounting when the Company’s ownership interest in such investments exceeds 5%, or carried at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. Cash distributions that are considered a return of capital are recorded as a reduction of the Company’s investment. During the three months ended March 31, 2026, the Company made $90 thousand of net capital contributions to these equity investments and recognized income of $181 thousand which is included in other charges and fees in the consolidated statements of income. At March 31, 2026 and December 31, 2025, the Company evaluated the carrying value of these equity investments and determined they were not impaired. During the three months ended March 31, 2026 and 2025, there were no losses recognized related to changes in the fair value.

The Company has also invested in and acquired limited partnerships that operate affordable housing projects that qualify for and have received an allocation of federal and/or state low-income housing tax credits. These investments represent VIEs, however the Company is not the primary beneficiary. The Company’s maximum exposure to loss related to its investments in these unconsolidated VIEs is limited to the carrying amount of the investment and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. At March 31, 2026 and December 31, 2025, the net amortized balance of these investments was $4.6 million and $4.8 million, respectively, and is included in accrued interest and other assets in the consolidated balance sheets. The unfunded portion of these investments totaled $352 thousand and $382 thousand at March 31, 2026 and December 31, 2025, respectively, and is included in accrued interest payable and other liabilities in the consolidated balance sheets.

The following table presents activity in qualifying low income housing projects for the three months ended March 31, 2026 and 2025 follows:


	Three Months Ended
(dollars in thousands)	March 31, 2026		March 31, 2025
Amortization expense included in income tax expense	$	233	$	306
Tax credits and other tax benefits recognized	267		253
Contributions	30		114

At March 31, 2026 and December 31, 2025, the Company evaluated the carrying value of these tax credit equity investments and determined they were not impaired, and no loss was recognized related to changes in the fair value.

NOTE 3 - LOANS AND ALLOWANCE FOR CREDIT LOSSES

Loans Held for Investment (“LHFI”)

The Company’s loan portfolio consists primarily of loans to borrowers within the California market. Although the Company seeks to avoid concentrations of loans to a single industry or based upon a single class of collateral, real estate and real estate associated businesses are among the principal industries in the Company’s market area. The Company’s loan portfolio in real estate secured credit represented 80% and 80% of total loans at March 31, 2026 and December 31, 2025, respectively. The Company also originates SBA loans either for sale to institutional investors or for retention in the loan portfolio. Loans identified as held for sale are carried at the lower of cost or market value and separately designated as such in the consolidated financial statements. A portion of the Company’s revenues are from origination of loans guaranteed by the SBA under its various programs and sale of the guaranteed portions of the loans. Funding for these loans depends on annual appropriations by the U.S. Congress.

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The composition of the Company’s LHFI portfolio at March 31, 2026 and December 31, 2025 was as follows:


(dollars in thousands)	March 31, 2026		December 31, 2025
Construction and land development	$	140,345	$	138,894
Real estate - other:
1-4 family residential	129,121		142,399
Multifamily residential	273,007		324,075
Commercial real estate and other	1,848,663		1,820,445
Commercial and industrial	579,660		605,859
Consumer	2,037		2,215
Loans held for investment (1)	2,972,833		3,033,887
Allowance for credit losses	(34,002)		(34,348)
Loans held for investment, net	$	2,938,831	$	2,999,539

(1)LHFI includes net unearned fees of $2.3 million and $2.8 million and net unearned discounts on acquired loans of $28.1 million and $31.3 million at March 31, 2026 and December 31, 2025, respectively. The Company recognized $3.9 million and $6.1 million of interest accretion of net deferred loan fees and net discounts on acquired loans for the three months ended March 31, 2026 and 2025, respectively.

The Company has pledged $2.29 billion of loans with the FHLB under a blanket lien, of which an unpaid principal balance of $1.45 billion was considered as eligible collateral under this secured borrowing arrangement and loans with an unpaid principal balance totaling $324.7 million were pledged as collateral under a secured borrowing arrangement with the Federal Reserve as of March 31, 2026. See Note 6 – Borrowing Arrangements for additional information regarding the FHLB and Federal Reserve secured lines of credit.

Loans Held for Sale

At March 31, 2026, the Company had loans held for sale totaling $24.1 million, consisting of $7.6 million of SBA 7(a) loans and $16.5 million of consumer solar loans. At December 31, 2025, loans held for sale totaled $25.1 million, consisting of $7.8 million of SBA 7(a) loans and $17.3 million of consumer solar loans transferred from loans held for investment. The Company accounts for loans held for sale at the lower of carrying value or fair value. At March 31, 2026 and December 31, 2025, the fair value of loans held for sale totaled $24.7 million and $25.6 million, respectively. Loan delinquencies for loans held for sale totaled $719 thousand, including $281 thousand of an SBA 7(a) loan and $298 thousand of consumer solar loans that were 30–89 days past due, and $140 thousand of consumer solar loans that were more than 90 days past due and still accruing interest. The Company recorded a $266 thousand valuation allowance related to its consumer solar loans in the first quarter of 2026.

Credit Quality Indicators

The Company categorizes loans using risk ratings based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. Larger, non-homogeneous loans such as CRE and C&I loans are analyzed individually for risk rating assessment. For purposes of risk classification, 1-4 Family Residential loans for investment purposes are evaluated with CRE loans. This analysis is performed on an ongoing basis as new information is obtained. The Company uses the following definitions for risk ratings:

Pass - Loans classified as pass include loans not meeting the risk ratings defined below.

Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

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Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss - Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future.

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The risk category of LHFI by class of loans and origination year as of March 31, 2026 follows:


	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving Loans Amortized Cost Basis Converted to Term During the Period
(dollars in thousands)	2026		2025		2024		2023		2022		Prior						Total
March 31, 2026
Construction and land development
Pass	$	1,102	$	38,540	$	41,341	$	9,105	$	37,184	$	4,733	$	—	$	—	$	132,005
Special mention	—		—		—		3,340		—		—		—		—		3,340
Substandard	—		—		—		—		5,000		—		—		—		5,000
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total construction and land development	1,102		38,540		41,341		12,445		42,184		4,733		—		—		140,345
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Real estate - other:
1-4 family residential
Pass	3,167		2,462		1,521		1,640		31,605		38,165		47,899		—		126,459
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		2,662		—		—		—		2,662
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total 1-4 family residential	3,167		2,462		1,521		1,640		34,267		38,165		47,899		—		129,121
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Multifamily residential
Pass	3,937		54,541		15,981		18,855		46,851		132,684		158		—		273,007
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—

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	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving Loans Amortized Cost Basis Converted to Term During the Period
(dollars in thousands)	2026		2025		2024		2023		2022		Prior						Total
March 31, 2026
Loss	—		—		—		—		—		—		—		—		—
Total multifamily residential	3,937		54,541		15,981		18,855		46,851		132,684		158		—		273,007
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial real estate and other
Pass	51,600		272,593		93,933		89,614		429,575		766,416		83,015		—		1,786,746
Special mention	—		4,003		—		2,570		1,477		16,111		—		—		24,161
Substandard	—		—		—		185		18,185		13,176		6,210		—		37,756
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate and other	51,600		276,596		93,933		92,369		449,237		795,703		89,225		—		1,848,663
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial and industrial
Pass	9,771		75,204		35,525		18,147		45,476		68,750		273,380		254		526,507
Special mention	—		—		5,168		30		722		1,359		18,900		—		26,179
Substandard	—		292		1,823		876		16,319		796		5,893		975		26,974
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	9,771		75,496		42,516		19,053		62,517		70,905		298,173		1,229		579,660
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Consumer
Pass	91		—		1,123		—		552		—		271		—		2,037
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total consumer	91		—		1,123		—		552		—		271		—		2,037
YTD gross charge-offs	—		—		—		—		—		—		—		—		—


Total by risk rating:
Pass	$	69,668	$	443,340	$	189,424	$	137,361	$	591,243	$	1,010,748	$	404,723	$	254	$	2,846,761

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	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving Loans Amortized Cost Basis Converted to Term During the Period
(dollars in thousands)	2026		2025		2024		2023		2022		Prior						Total
March 31, 2026
Special mention	—		4,003		5,168		5,940		2,199		17,470		18,900		—		53,680
Substandard	—		292		1,823		1,061		42,166		13,972		12,103		975		72,392
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total loans	$	69,668	$	447,635	$	196,415	$	144,362	$	635,608	$	1,042,190	$	435,726	$	1,229	$	2,972,833
YTD gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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The risk category of LHFI by class of loans and origination year as of December 31, 2025 follows:


	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving Loans Amortized Cost Basis Converted to Term During the Period
(dollars in thousands)	2025		2024		2023		2022		2021		Prior						Total
December 31, 2025
Construction and land development
Pass	$	28,119	$	39,469	$	12,434	$	35,050	$	5,336	$	2,263	$	—	$	2,343	$	125,014
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		13,808		—		72		—		—		13,880
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total construction and land development	28,119		39,469		12,434		48,858		5,336		2,335		—		2,343		138,894
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Real estate - other:
1-4 family residential
Pass	2,469		1,525		12,657		29,542		16,550		22,687		50,872		3,430		139,732
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		2,667		—		—		—		—		2,667
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total 1-4 family residential	2,469		1,525		12,657		32,209		16,550		22,687		50,872		3,430		142,399
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Multifamily residential
Pass	61,974		15,987		18,766		77,050		82,137		58,201		1,990		—		316,105
Special mention	—		—		—		7,970		—		—		—		—		7,970
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total multifamily residential	61,974		15,987		18,766		85,020		82,137		58,201		1,990		—		324,075
YTD gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial real estate and other
Pass	259,144		96,078		81,643		422,093		342,770		472,569		70,135		15,711		1,760,143

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	Term Loans Amortized Cost Basis by Origination Year												Revolving Loans Amortized Cost Basis		Revolving Loans Amortized Cost Basis Converted to Term During the Period
(dollars in thousands)	2025		2024		2023		2022		2021		Prior						Total
Special mention	4,018		—		2,765		13,676		1,108		17,386		6,207		—		45,160
Substandard	—		—		3,161		195		1,450		10,336		—		—		15,142
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate and other	263,162		96,078		87,569		435,964		345,328		500,291		76,342		15,711		1,820,445
YTD gross charge-offs	—		—		—		—		1,297		717		—		—		2,014
Commercial and industrial
Pass	82,767		42,546		18,481		44,235		17,898		57,091		289,223		5,349		557,590
Special mention	—		639		33		486		11		1,747		16,191		170		19,277
Substandard	293		1,052		954		16,421		17		828		8,063		1,364		28,992
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial and industrial	83,060		44,237		19,468		61,142		17,926		59,666		313,477		6,883		605,859
YTD gross charge-offs	—		—		91		3,541		163		1,179		—		—		4,974
Consumer
Pass	431		873		—		649		2		1		259		—		2,215
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total consumer	431		873		—		649		2		1		259		—		2,215
YTD gross charge-offs	—		—		—		—		3,502		—		—		—		3,502


Total by risk rating:
Pass	$	434,904	$	196,478	$	143,981	$	608,619	$	464,693	$	612,812	$	412,479	$	26,833	$	2,900,799
Special mention	4,018		639		2,798		22,132		1,119		19,133		22,398		170		72,407
Substandard	293		1,052		4,115		33,091		1,467		11,236		8,063		1,364		60,681
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total loans	$	439,215	$	198,169	$	150,894	$	663,842	$	467,279	$	643,181	$	442,940	$	28,367	$	3,033,887
YTD gross charge-offs	$	—	$	—	$	91	$	3,541	$	4,962	$	1,896	$	—	$	—	$	10,490

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LHFI Past Due and Nonaccrual Loans

A summary of LHFI past due as of March 31, 2026 and December 31, 2025 follows:


	Accruing Loans
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Over 90 Days Past Due		Total Past Due		Nonaccrual		Current		Total
March 31, 2026
Construction and land development	$	—	$	—	$	—	$	—	$	5,000	$	135,345	$	140,345
Real estate - other:
1-4 family residential	2,662		—		—		2,662		—		126,459		129,121
Multifamily residential	—		—		—		—		—		273,007		273,007
Commercial real estate and other	8,743		—		—		8,743		23,690		1,816,230		1,848,663
Commercial and industrial	1,368		20		—		1,388		1,935		576,337		579,660
Consumer	—		—		—		—		—		2,037		2,037
	$	12,773	$	20	$	—	$	12,793	$	30,625	$	2,929,415	$	2,972,833


	Accruing Loans
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Over 90 Days Past Due		Total Past Due		Nonaccrual		Current		Total
December 31, 2025
Construction and land development	$	—	$	—	$	—	$	—	$	13,808	$	125,086	$	138,894
Real estate - other:
1-4 family residential	—		—		—		—		—		142,399		142,399
Multifamily residential	7,970		—		—		7,970		—		316,105		324,075
Commercial real estate and other	5,838		—		—		5,838		83		1,814,524		1,820,445
Commercial and industrial	845		53		—		898		2,195		602,766		605,859
Consumer	—		29		—		29		—		2,186		2,215
	$	14,653	$	82	$	—	$	14,735	$	16,086	$	3,003,066	$	3,033,887

The Company had no LHFI that were over 90 days past due and were still accruing interest at March 31, 2026 and December 31, 2025.

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LHFI Nonaccrual Loans

A summary of total LHFI nonaccrual loans and the amount of LHFI nonaccrual loans with no related ACL as of March 31, 2026 and December 31, 2025 follows:


	Nonaccrual Loans
	Collateral Dependent Loans				Non-Collateral Dependent Loans
(dollars in thousands)	Balance		ACL		Balance		ACL		Total Nonaccrual Loans		Nonaccrual Loans with no ACL
March 31, 2026
Construction and land development	$	5,000	$	373	$	—	$	—	$	5,000	$	—
Real estate - other:


Commercial real estate and other	23,690		—		—		—		23,690		23,689
Commercial and industrial	1,388		122		547		—		1,935		547

Total	$	30,078	$	495	$	547	$	—	$	30,625	$	24,236


	Nonaccrual Loans
	Collateral Dependent Loans				Non-Collateral Dependent Loans
(dollars in thousands)	Balance		ACL		Balance		ACL		Total Nonaccrual Loans		Nonaccrual Loans with no ACL
December 31, 2025
Construction and land development	$	13,808	$	373	$	—	$	—	$	13,808	$	8,808
Real estate - other:


Commercial real estate and other	83		—		—		—		83		83
Commercial and industrial	1,865		207		330		—		2,195		553

Total	$	15,756	$	580	$	330	$	—	$	16,086	$	9,444

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Individually Evaluated Loans

The Company evaluates loans collectively for purposes of determining the ACL in accordance with ASC 326. Loans are grouped based on shared risk characteristics, such as loan type, credit rating, collateral type, and borrower industry. In certain cases, the Company may identify loans that no longer exhibit similar risk characteristics to others in the portfolio. These loans are typically assigned a substandard or worse internal risk grade, as their credit profiles become more unique with deterioration. Such loans are often nonperforming, may be modified for borrowers experiencing financial difficulty, and/or are considered collateral-dependent—where repayment is expected to come from the operation or sale of the underlying collateral. Loans deemed by management to lack shared risk characteristics are evaluated individually for ACL purposes. For individually evaluated loans, the Company generally applies a discounted cash flow method using the loan’s effective interest rate. If a loan is deemed collateral-dependent, the ACL is determined based on the estimated fair value of the collateral, net of estimated costs to sell. Adjustments to the ACL for collateral-dependent loans reflect changes in the expected fair value of the collateral. For all other individually evaluated loans with amortized balances below $200 thousand, the ACL is primarily determined using the loan pricing approach, which applies a 30% factor to the loan’s unguaranteed book balance to reflect expected credit risk and recovery assumptions.

As of March 31, 2026, $45.1 million of loans were individually evaluated with a $373 thousand ACL attributed to such loans. At March 31, 2026, $44.5 million of individually evaluated loans were evaluated based on the underlying value of the collateral, and $547 thousand were evaluated using a discounted cash flow approach. One C&I loan with net amortized balance of $15.8 million was moved to individually evaluated loans due in part, to ongoing third-party litigation against the guarantor. The loan was on accrual status and current on its payment obligation as of March 31, 2026. All other individually evaluated loans were on nonaccrual status at March 31, 2026.

As of December 31, 2025, $30.4 million of loans were individually evaluated with $373 thousand ACL attributed to such loans. At December 31, 2025, $29.8 million of the individually evaluated loans were evaluated based on the underlying value of the collateral, and $553 thousand were evaluated using a discounted cash flow approach. One C&I loan with net amortized balance of $16.1 million was moved to individually evaluated loans due in part, to ongoing third-party litigation against the guarantor. The loan was on accrual status and current on its payment obligation as of December 31, 2025. All other individually evaluated loans were on nonaccrual status at December 31, 2025.

Modified Loans to Borrowers Experiencing Financial Difficulty

The following table presents the period-end amortized cost basis of modified loans to borrowers experiencing financial difficulty during the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31, 2026
(dollars in thousands)		Interest Rate Reduction and Term Extension		Term Extension and Payment Delay		Total		Total as a % of Loan Class

Real estate - other:


Commercial real estate and other		—		3,237		3,237		0.2	%
Commercial and industrial		975		—		975		0.2	%

Total		$	975	$	3,237	$	4,212	0.1	%

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	Three Months Ended March 31, 2025
(dollars in thousands)	Term Extension		Total		Total as a % of Loan Class
Construction and land development	$	1,669	$	1,669	0.8	%




Commercial and industrial	348		348		0.1	%

Total	$	2,017	$	2,017	0.1	%

The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2026 and 2025.


						Three Months Ended March 31, 2026
(dollars in thousands)						Financial effect
































Interest Rate Reduction and Term Extension:





Commercial and industrial						Extended maturity by a weighted average nine months and reduced interest rates by a weighted average of 2.25%

Term Extension and Payment Delay:

Real estate - other:


Commercial real estate and other						Extended maturity by a weighted average of six months, and change payment to payments weighted average of six months of interest only payment


						Three Months Ended March 31, 2025
(dollars in thousands)						Financial effect
Term Extension:
Construction and land development						Extended term by a weighted average of six months




Commercial and industrial						Extended term by a weighted average of nine months

The following tables present a payment aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ended March 31, 2026 and 2025.


	Accruing Loans
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Over 90 Days Past Due		Total Past Due		Nonaccrual		Current		Total
March 31, 2026

Real estate:


Commercial real estate and other	$	196	$	—	$	—	$	196	$	—	$	16,678	$	16,874
Commercial and industrial	—		—		—		—		—		7,769		7,769

	$	196	$	—	$	—	$	196	$	—	$	24,447	$	24,643

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	Accruing Loans
(dollars in thousands)	30-59 Days Past Due		60-89 Days Past Due		Over 90 Days Past Due		Total Past Due		Nonaccrual		Current		Total
March 31, 2025
Construction and land development	$	—	$	—	$	—	$	—	$	—	$	1,669	$	1,669




Commercial and industrial	—		—		—		—		3,743		14,514		18,257

	$	—	$	—	$	—	$	—	$	3,743	$	16,183	$	19,926

During the three months ended March 31, 2026, there were no defaults of loans that had been modified within the last 12 months. During the three months ended March 31, 2025, there were no defaults of loans that had been modified within the last 12 months.

Collateral Dependent Loans

Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Estimates for costs to sell are included in the determination of the ACL when liquidation of the collateral is anticipated. In cases where the loan is well secured and the estimated value of the collateral exceeds the amortized cost of the loan, no ACL is recorded.

A summary of collateral dependent loans by collateral type as of March 31, 2026 and December 31, 2025 follows:


	Type of Collateral
(dollars in thousands)	Commercial Real Estate		Residential Real Estate		Business Assets
March 31, 2026
Construction and land development	$	—	$	5,000	$	—
Real estate - other:


Commercial real estate and other	23,689		—		—
Commercial and industrial	16,978		—		247

	$	40,667	$	5,000	$	247



December 31, 2025
Construction and land development	$	—	$	13,808	$	—
Real estate - other:


Commercial real estate and other	83		—		—
Commercial and industrial	17,330				250

	$	17,413	$	13,808	$	250

Allowance for Credit Losses - Loans

The ACL consists of: (i) a specific allowance established for CECL on loans individually evaluated, (ii) a quantitative allowance for current expected loan losses based on the portfolio and expected economic conditions over a reasonable and supportable forecast period that reverts back to long-term trends to cover the expected life of the loan, (iii) a qualitative allowance including management judgment to capture factors and trends that are not adequately reflected in the quantitative allowance, and (iv) the ACL for off-balance sheet credit exposure for unfunded loan commitments.

The Company used the probability-weighted two-scenario forecasts, representing a base-case scenario and one downside scenario, to estimate the ACL. The Company utilized economic forecasts released by Moody’s

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Analytics during the third week of March 2026. Other sources of economic forecasts and meeting minutes of the Federal Open Market Committee (“FOMC”) meeting were also considered by the Company when determining the scenario weighting. At March 31, 2026, minor adjustments were made to the Moody’s March 2026 U.S. baseline forecast based on a reassessment of policy actions, new data and market movements. Real GDP growth slowed toward year‑end 2025 amid the impact of the government shutdown. Growth is expected to rebound in early 2026, driven by fiscal stimulus and recovery from the shutdown, partially offset by higher energy prices. The annual growth rates for 2026 were raised to 2.8% and with a slight decrease to 1.8% for 2027. The Conference Board forecasted GDP growth to weaken slightly in 2026 at 2.0% and by 1.8% in 2027 amid a fragile balance of resilient labor markets and softening consumer demand due to tariff-induced inflation and energy price shocks. It is less optimistic than Moody’s Baseline scenario of 2026 GDP of 2.8%.

Moody’s economic forecast anticipated two rate cuts in 2026, followed by gradual quarterly reductions until the federal funds rate reaches a neutral level of 3.1% in 2027. The inflation concerns were increased in the near term. The 10-year Treasury yield was forecasted to 4.2%. The labor market showed signs of further weakening in the March 2026 update. Slow job growth was already expected to continue in 2026. Despite this, the unemployment rate is still projected to peak at 4.5% throughout 2026, a downward revision from the December 2025 forecast.

Between December 2025 and March 2026, Moody’s made several notable adjustments to its S2 downside scenario, reflecting higher inflation risk, a more front-loaded and shock-driven outlook, and tighter policy constraints, while the overall severity remained broadly unchanged. The most immediate change is the timing of the recession’s onset, which was pushed from the first quarter 2026 to the second quarter of 2026. Alongside this shift, the peak unemployment rate stayed at 7.3%, now expected to occur in Q1 2027. The economic outlook also became slightly more pessimistic. The projected real GDP growth was revised to 1.4% for 2026, and 0.4% for 2027, compared with 2.8% and 1.8%, respectively, in the March 2026 baseline.

Moody’s economic forecasts for California suggested California gross state product (“GSP”) growth of 2.3% in 2026, up from 2.0% in its December 2025 baseline forecast and continuing to grow to 1.5% in 2027. The report forecasts 2026 California unemployment revised downward to 5.21%. Beacon Economics forecasted the California unemployment rate upward to 5.3% from the fourth quarter of 2026 and topping at 5.4% for the following three quarters.

The other key California economic forecasts, like GSP for the construction sector, California Home Price Index (“HPI”) and 5-Year Treasury yield, used in the ACL calculation were mixed in the baseline and downside scenarios. These varied changes in key economic forecasts for California are expected to have a mixed impact on the Company's ACL. The overall changes are materially more optimistic for most loss drivers except for the construction GDP and the 5-year treasury yield. California unemployment rate is marginally lower in Moody’s baseline in the near-term and materially lower throughout the next 12 quarters in S2 scenario. California Home Price Index was revised higher to reflect the recent market trend. California GDP was revised materially higher in the near term in both scenarios but the growth is slower into 2027 and onwards compared to the December 2025 release. California construction GDP was revised lower, and 5-year treasury-yield is only marginally higher in both scenarios. The changes in unemployment rate, Home Price Index, and GDP will drive reserve lower, while the changes in construction GDP and the 5-year treasury yield will drive reserve higher.

Based on the above reviews and analyses, the Company continues using the two probability-weighted scenario forecasts, and assigned 70% to the baseline scenario and 30% to the S2 downside scenario at March 31, 2026. The recommended weightings are based on the FOMC holding the federal funds rate unchanged in the March 2026 meeting and emphasizing that policy will remain restrictive until there is clearer progress on inflation, reinforcing a “higher for longer” stance. The Fed raised its 2026 inflation forecast to 2.7%, reflecting persistent price pressures tied to higher oil prices, tariffs, and geopolitical disruptions, which limit flexibility to ease policy. By comparison, Moody’s baseline forecast expected two rate cuts in 2026 in June and September by 25 basis points each, which appeared optimistic relative to current policy signals. In March 2026, the Company concluded that Moody’s baseline scenario is overly optimistic across several key assumptions. The official GDP revisions indicated a weaker starting point than the implied Moody’s March 2026 baseline forecast. In addition, Moody’s March 2026 baseline forecast also underestimated the duration and severity of the US-Iran conflict, and hence its economic impact. The Company opts to utilize solely the base-case scenario for the ACL model;

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however, given recent heightened domestic and geopolitical uncertainty, uncertainty around the current administration and tariff policy, a rising inflation level that is still considerably above the Fed’s 2.0% target rate, and slowing GDP growth projection, the Company believes it is prudent to assign a weighting to a downside scenario (S2) that considers the potential for rising inflation. Inflation is a difficult economic variable to predict, as it is subject to a variety of factors and there are limited tools to control it. Incorporating the S2 scenario in our ACL model provides a hedge against the potential for increasing inflation in an uncertain economic environment.

For prepayment and curtailment rates, the Company used its own historical quarterly prepayment and curtailment experience covering the period starting February 2021 through February 2026 to estimate the ACL. During the first quarter of 2026, the Company updated its historical prepayment and curtailment rates analysis, which reflected a slight decrease in prepayment rates and a slight increase in curtailment rates.

Accrued interest receivable on loans, totaled $9.9 million and $9.8 million at March 31, 2026 and December 31, 2025, respectively, and is included within accrued interest receivable and other assets in the accompanying consolidated balance sheets. Accrued interest receivable is excluded from the ACL.

Allowance for Credit Losses - Unfunded Loan Commitments

The allowance for credit losses on unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. The Company evaluates the loss exposure for unfunded loan commitments to extend credit following the same principles used for the ACL, with consideration for experienced utilization rates on client credit lines and the inherently lower risk of unfunded loan commitments relative to disbursed commitments. There was no provision for credit losses for unfunded loan commitments for the three months ended March 31, 2026. There was a $618 thousand reversal of provision for credit losses for unfunded loan commitments for the three months ended March 31, 2025. The (reversal of) provision for credit losses for unfunded loan commitments is included in (reversal of) provision for credit losses in the consolidated statements of operations. The reserve for unfunded loan commitments was $2.1 million at March 31, 2026 and December 31, 2025. The reserve for unfunded loan commitments is included in accrued interest payable and other liabilities in the consolidated balance sheets.

A summary of the changes in the ACL for loans and unfunded commitments for the periods indicated follows:


	Three Months Ended March 31,
(dollars in thousands)	2026		2025
Allowance for loan losses (ALL)
Balance, beginning of period	$	34,348	$	50,540


Reversal of loan losses	(381)		(3,158)
Charge-offs	—		(3,159)
Recoveries	35		1,616
Net recoveries (charge-offs)	35		(1,543)
Balance, end of period	$	34,002	$	45,839
Reserve for unfunded loan commitments
Balance, beginning of period	$	2,105	$	3,103

Reversal of credit losses for unfunded loan commitments	—		(618)
Balance, end of period	2,105		2,485
Allowance for credit losses, end of period	$	36,107	$	48,324

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A summary of changes in the ALL by loan portfolio segment for the periods indicated follows:


(dollars in thousands)	Construction and Land Development		Real Estate - Other		Commercial & Industrial		Consumer		Total


Three Months Ended March 31, 2026
Beginning of period	$	1,204	$	24,590	$	8,544	$	10	$	34,348


Provision for (reversal of) loan losses	184		302		(866)		(1)		(381)
Charge-offs	—		—		—		—		—
Recoveries	—		5		30		—		35
Net recoveries	—		5		30		—		35
End of period	$	1,388	$	24,897	$	7,708	$	9	$	34,002









Three Months Ended March 31, 2025
Beginning of period	$	1,953	$	29,398	$	18,056	$	1,133	$	50,540


(Reversal of) provision for loan losses	(249)		(818)		(2,273)		182		(3,158)
Charge-offs	—		(1,654)		(1,232)		(273)		(3,159)
Recoveries	—		3		1,613		—		1,616
Net (charge-offs) recoveries	—		(1,651)		381		(273)		(1,543)
End of period	$	1,704	$	26,929	$	16,164	$	1,042	$	45,839

Other Real Estate Owned (“OREO”), Net

Real estate acquired by foreclosure or deed in lieu of foreclosure is recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis by a charge to the ACL, if necessary. The Company had $8.6 million of foreclosed assets at March 31, 2026. There was no foreclosed assets at December 31, 2025. During the three months ended March 31, 2026, the Company foreclosed on the collateral related to a construction nonaccrual loan of $8.6 million, that was transferred to OREO at its estimated fair value, after accounting for estimated selling cost. During the three months ended March 31, 2025, the Company did not foreclose on any collateral. During the three months ended March 31, 2026 and 2025, the Company did not sell any OREO.

There was no valuation allowances due to declines in the fair value of the underlying property during the three months ended March 31, 2026 and 2025.

NOTE 4 - GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, the excess purchase price over the fair value of all identifiable assets and liabilities acquired, totaled $110.9 million at March 31, 2026 and December 31, 2025. Goodwill is reviewed for impairment at least annually during the fourth quarter of each fiscal year. On an ongoing basis, we qualitatively assess whether current events or circumstances warrant the need for an interim quantitative assessment of goodwill impairment. We also monitor fluctuations in our stock price.

The Company performed a qualitative assessment for the annual impairment review at December 31, 2025, and as a result of that assessment had determined that there has been no impairment to goodwill. There were no triggering events during the first quarter of 2026 that caused management to evaluate goodwill for a quantitative impairment analysis as of March 31, 2026.

The following table presents changes in the carrying amount of goodwill for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(dollars in thousands)	2026	2025

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Balance, beginning of period	$	110,934	$	111,787

Adjustments to goodwill(1)	—		(7)
Balance, end of period	$	110,934	$	111,780

(1)During the three months ended March 31, 2025, the goodwill adjustments were related to a true-up of the low-income housing tax credit investments acquired in our merger with the predecessor California BanCorp, offset by predecessor California BanCorp state net operating losses that cannot be utilized post-merger.

Core deposit intangibles are amortized over remaining periods of 2.8 to 8.3 years. Trade name is amortized over a remaining period of 0.3 years. As of March 31, 2026, the weighted-average remaining amortization period for intangible assets was approximately 8.2 years.

The Company performs the annual impairment analysis for the intangible assets at least annually during the second half of each fiscal year. The Company evaluated current conditions and concluded there had been no significant changes in the economic environment or future projections since the annual intangible assets impairment test performed during the fourth quarter 2025 and therefore, believes that there was no impairment as of March 31, 2026. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. The following table presents the changes in intangible assets for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(dollars in thousands)	2026		2025
Gross balance, beginning of period	$	27,138	$	27,138
Additions	—		—

California BanCorp \ CA 10-Q