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Private Bancorp OF AMERICA , INC . FOR IMMEDIATE RELEASE PRIVATE BANCORP OF AMERICA , INC . REPORTS CONTINUED RECORD EARNINGS • Net income for the quarter was $ 4.3 million , or $ 0.75 per diluted share • • • • • • Net interest margin for the quarter was 4.03 % compared with 3.89 % in the prior quarter . The net interest margin excluding SBA PPP loans was 4.14 % and 3.75 % in the prior quarter Net interest income up 6.4 % for the quarter and 17 % year - over - year Non - interest income up 50 % for the quarter and 104 % year - over - year Total loans were $ 1.2 billion , up 7.6 % for the quarter and 14.3 % year - over - year Allowance for Loan Losses to total loans is 1.33 % and 1.46 % excluding PPP loans Total deposits were $ 1.2 billion , up 3.6 % for the quarter and 16.3 % year over year Return on Average Assets was 1.26 % and Return on Average Equity was 14.99 % La Jolla , Calif . July 21 , 2021 ( GLOBE NEWSWIRE ) Private Bancorp of America , Inc. ( OTCQX : PBAM ) , ( “ Company ” ) and CalPrivate Bank ( “ Bank ” ) announced unaudited financial results for the second quarter ending June 30 , 2021. The Company reported net income of $ 4.3 million , or $ 0.75 per diluted share , for the second quarter of 2021 compared to $ 4.6 million , or $ 0.81 per diluted share for the first quarter of 2021. Net income for the six months ending June 30 , 2021 , was $ 8.9 million , or $ 1.56 per diluted share , compared to $ 4.0 million or $ 0.71 per diluted share for the same period in 2020 . Rick Sowers , President and CEO of the Company and the Bank stated , “ Our second quarter results are a reflection of executing on our core business plan . Our Team continues to aggressively focus on our profitability and continued growth of the franchise in all our business lines and markets . The quarter reflected record loan production and strong gain on sale of SBA loans which added higher non - interest income . We are pleased with the results and have tremendous confidence in our Team and their ability to execute on behalf of our Clients . " Sowers continued , " We continue to make progress in improving our operating leverage while adding resources to continue to scale and grow our market share . As part of our strategic plan , we began the implementation of new technologies including the nCino Lending Platform that will drive efficiency and allow us to continue to provide a level of service to our Clients that is second to none . ” Net Interest Income Net interest income for the second quarter totaled $ 13.6 million representing an increase of $ 813 thousand , or 6.4 % compared to the first quarter of 2021 and an increase of $ 2.0 million or 17 % increase for the same period in 2020. The increase in net interest income for the quarter is due to a $ 505 thousand increase in interest income and a $ 308 thousand decrease in funding costs . The increase in loan income is due to a $ 916 thousand increase in non - PPP loan revenue due to increased average loan balances offset by a $ 438 thousand decrease in revenue from SBA PPP loans due to less forgiveness recognized in the second quarter . The decrease in funding costs is due to a $ 108 thousand decrease in deposit costs and $ 200 thousand decrease in borrowing expense as more expensive FHLB borrowings were prepaid . 1