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Exhibit 99.1 California Ban Corp California BanCorp Reports Financial Results for the Third Quarter and Nine Months Ended September 30 , 2021 Oakland , CA - October 28 , 2021 - California BanCorp ( NASDAQ : CALB ) , whose subsidiary is California Bank of Commerce , announced today its financial results for the third quarter and nine months ended September 30 , 2021 . The Company reported net income of $ 3.2 million for the third quarter of 2021 , representing a decrease of $ 946,000 , or 23 % , compared to $ 4.2 million for the second quarter of 2021 and an increase of $ 2.7 million , or 550 % , compared to $ 495,000 in the third quarter of 2020. For the nine months ended September 30 , 2021 , net income was $ 10.2 million which represented an increase of $ 7.7 million , or 305 % , compared to $ 2.5 million for the same period in 2020 . Diluted earnings per share of $ 0.39 for the third quarter of 2021 compared to $ 0.50 for the second quarter of 2021 and $ 0.06 in the third quarter of 2020 . For the nine months ended September 30 , 2021 , diluted earnings per share of $ 1.23 compared to $ 0.31 for the same period in 2020 . " We continued to execute well on our growth strategies in the third quarter and generate quality balance sheet growth , higher revenue , and an increase in our core earnings power , " said Steven Shelton , President and CEO of California BanCorp . " The diverse commercial banking platform we have built provides us with many sources of growth and continues to produce consistent increases in core loans and deposits . While C & I loan demand was lower this quarter , we continued to have strong production of commercial real estate loans , which helped drive 16 % annualized growth in total loans , excluding PPP loans . We continue to steadily add new commercial clients , which is driving strong growth in deposits and loan commitments , although utilization rates on commercial lines of credit remain under 30 % and well below historical levels . As of September 30 , 2021 , we had $ 485 million of unfunded commitments . As utilization rates return to more normalized levels in the future , we will see an additional catalyst for loan growth . Our loan pipeline remains consistently healthy and we expect to deliver another strong quarter to end 2021 driven by continued loan growth , higher revenue , and more operating leverage . " " Our strong deposit growth resulted in excess liquidity that negatively impacted our net interest margin in the third quarter , " said Thomas A. Sa , Senior Executive Vice President , Chief Financial Officer and Chief Operating Officer of California BanCorp . " Going forward , we plan to redeploy more of our excess liquidity into the investment securities portfolio to help drive further increases in net interest income . During the third quarter , we also completed a $ 35 million subordinated debt offering that provides us with additional capital to support our continued balance sheet growth , which will enable us to continue realizing more operating leverage from the infrastructure we have built and further improve our level of profitability in the future . " Financial Highlights : Profitability - three months ended September 30 , 2021 compared to June 30 , 2021 Net income of $ 3.2 million and $ 0.39 per diluted share , compared to $ 4.2 million and $ 0.50 per diluted share , respectively .