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Private Bancorp OF AMERICA , INC . FOR IMMEDIATE RELEASE PRIVATE BANCORP OF AMERICA , INC . REPORTS RECORD QUARTERLY FINANCIAL RESULTS First Quarter Highlights • • • • • • • First quarter net income was $ 4.6 million , or $ 0.81 per diluted share , up from $ 4.4 million or $ 0.78 per diluted share in the prior quarter , and up 141.6 % from $ 1.9 million or $ 0.34 per diluted share from the same period in 2020 Net interest margin for the quarter was 3.89 % compared with 4.74 % in the prior quarter . The net interest margin excluding SBA PPP loans was 3.75 % and 4.18 % in the prior quarter Total loans were $ 1.1 billion , up 8.3 % for the quarter and 22 % year over year Funded $ 104.0 million in the second round of the SBA Paycheck Protection Program Allowance for Loan Losses to total loans is 1.33 % and 1.52 % excluding PPP loans Total deposits were $ 1.2 billion , up 4.6 % for the quarter and 20.9 % year over year - - Return on Average Assets of 1.37 % and Return on Average Equity of 16.94 % La Jolla , Calif . April 26 , 2021 ( GLOBE NEWSWIRE ) Private Bancorp of America , Inc. ( OTCQX : PBAM ) , ( “ Company ” ) and CalPrivate Bank ( “ Bank ” ) announced unaudited financial results for the first quarter ending March 31 , 2021. The Company reported net income of $ 4.6 million , or $ 0.81 per diluted share , for the first quarter of 2021 compared to $ 4.4 million , or $ 0.78 per diluted share for the fourth quarter of 2020 . Rick Sowers , President and CEO of the Company and the Bank stated , “ We are pleased with the progress the Team continues to make in growing the Company and increasing our operating leverage . Loan demand is beginning to show signs of returning as the overall economy begins to open up and we expect that this will translate into new opportunities for our Clients and the Bank . We remain focused on building strong Relationships with our Clients and bringing a Solutions based approach to Private and Business Banking . " Sowers continued , “ Our SBA Team at Private Business Capital has positioned itself well in the markets we serve and this led to increased loan fundings and gain on sale income in the first quarter . Given the opportunities in the marketplace with reduced SBA fees , we anticipate a continued contribution to non- interest income in 2021. Additionally , the Bank was able to support our Clients and Communities with round 2 of the Paycheck Protection Program and originated loans totaling over $ 100 million in the quarter . ” Net Interest Income Net interest income for the first quarter totaled $ 12.8 million representing a decrease of $ 1.8 million , or 12.5 % compared to the fourth quarter of 2020 and an increase of $ 1.3 million or 10.8 % increase for the same period in 2020. The decrease in net interest income for the quarter is due to a $ 1.4 million decrease in loan income . The decrease is due to a $ 1.5 million decrease in SBA PPP loan income during the quarter resulting from less loan forgiveness / payoffs and $ 607 thousand in higher borrowing costs . The increase in borrowing costs is due to a $ 619 thousand prepayment penalty associated with repaying $ 25 million in 1