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Exhibit 99.1 California BanCorp California Bancorp Reports Financial Results for the Second Quarter and Six Months Ended June 30 , 2021 Oakland , CA - July 29 , 2021 - California BanCorp ( NASDAQ : CALB ) , whose subsidiary is California Bank of Commerce , announced today its financial results for the second quarter and six months ended June 30 , 2021 . The Company reported net income of $ 4.2 million for the second quarter of 2021 , representing an increase of $ 1.4 million , or 48 % , compared to $ 2.8 million for the first quarter of 2021 and an increase of $ 2.6 million , or 169 % , compared to $ 1.6 million in the second quarter of 2020. For the six months ended June 30 , 2021 , net income was $ 7.0 million representing an increase of $ 5.0 million , or 245 % , compared to $ 2.0 million for the same period in 2020 . Diluted per share earnings of $ 0.50 for the second quarter of 2021 compared to $ 0.34 for the first quarter of 2021 and $ 0.19 in the second quarter of 2020 . For the six months ended June 30 , 2021 , diluted per share earnings of $ 0.84 compared to $ 0.25 for the same period in 2020 . " We delivered another record quarter of earnings in the second quarter driven by positive trends across most areas of the Company that resulted in a higher level of revenue , improved operating leverage , and increased profitability , ” said Steven Shelton , President and CEO of California BanCorp . “ Our volume of loan production increased during the second quarter across all of our targeted areas in the portfolio while we maintained discipline in pricing and underwriting criteria . This resulted in 15 % annualized loan growth , excluding PPP loans , and stable average loan yields that helped support our net interest margin . The investments we have made to strengthen our Treasury Management platform have also enabled us to continue winning new deposit relationships with larger commercial clients that have more complex cash management requirements , which drove a $ 49.0 million increase in our non - interest bearing deposits during the second quarter . Our loan pipeline remains strong , which should result in continued loan growth in the second half of the year and additional progress on redeploying our excess liquidity into higher yielding earning assets . As we continue to drive revenue growth , we expect to realize additional operating leverage and further improvement in our core level of profitability , excluding the impact of PPP - related income . " Financial Highlights : Profitability - three months ended June 30 , 2021 compared to March 31 , 2021 • Net income of $ 4.2 million and $ 0.50 per diluted share , compared to $ 2.8 million and $ 0.34 per share , respectively . Revenue of $ 14.5 million increased $ 285,000 , or 2 % , compared to $ 14.3 million for the first quarter of 2021 . Provision for loan losses decreased $ 1.4 million due to our continued assessment of qualitative reserves regarding the general macroeconomic changes related to COVID - 19 as it pertains to our overall loan portfolio . Non - interest expense , excluding capitalized loan origination costs , of $ 11.1 million decreased $ 541,000 , or 5 % , compared to $ 11.6 million for the first quarter of 2021 primarily as a result of the seasonal nature of increased payroll taxes typically recognized in the first quarter of the year .