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California BanCorp Exhibit 99.1 California BanCorp Reports Financial Results for the First Quarter Ended March 31 , 2021 Oakland , CA - April 30 , 2021 - California BanCorp ( NASDAQ : CALB ) , whose subsidiary is California Bank of Commerce , announced today its financial results for the first quarter ended March 31 , 2021 . The Company reported net income of $ 2.8 million for the first quarter of 2021 , representing an increase of $ 1.0 million , or 57 % , compared to $ 1.8 million for the fourth quarter of 2020 and an increase of $ 2.3 million , or 494 % , compared to $ 473,000 in the first quarter of 2020 . Diluted 1 per share earnings of $ 0.34 for the first quarter of 2021 compared to $ 0.22 for the fourth quarter of 2020 and $ 0.06 for the first quarter of 2020 . " We delivered a record quarter of earnings in the first quarter driven by our continued strong core loan and deposit growth , which we were able to generate while also helping clients access the Paycheck Protection Program ( “ PPP ” ) and originating a significant volume of loans in the second round of the program , " said Steven Shelton , President and CEO of California BanCorp . " The commercial banking platform we have built with highly experienced bankers offering sophisticated financial products and services through a relationship - based approach is enabling us to continue to take market share , win full banking relationships with high quality operating companies , and originate loans with attractive risk - adjusted yields that support our net interest margin . Our success in loan production and deposit gathering is resulting in strong balance sheet growth , improving operating leverage , and a higher level of profitability . During the first quarter , we saw balanced loan production across our commercial banking platform , as the investments we have made to expand our presence in key markets and develop expertise in niche lending areas continue to produce good results . Our new business pipeline remains healthy , which we believe positions us well to continue driving the growth in our balance sheet that will lead to further improvement in our profitability in the future . " Financial Highlights : Profitability - three months ended March 31 , 2021 compared to December 31 , 2020 • Net income of $ 2.8 million and $ 0.34 per diluted share , compared to $ 1.8 million and $ 0.22 per share , respectively . • Revenue of $ 14.3 million increased $ 578,000 , or 4 % , compared to $ 13.7 million for the fourth quarter of 2020 . Provision for loan losses decreased $ 400,000 due to improved credit quality and continued adjustments in the qualitative reserve assessment in response to general macroeconomic changes related to COVID - 19 as it pertains to our overall loan portfolio . Non - interest expense , excluding capitalized loan origination costs , of $ 11.6 million remained consistent with the fourth quarter of 2020 level of $ 11.6 million .