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Private Bancorp OF AMERICA , INC . FOR IMMEDIATE RELEASE CalPrivate BANK Relationships . Solutions . Trust . PRIVATE BANCORP OF AMERICA , INC . ANNOUNCES RECORD THIRD QUARTER 2021 FINANCIAL RESULTS Third Quarter Highlights • Net income for the quarter was $ 5.1 million , compared to $ 4.3 million for Q2'21 • • • • • • • Diluted earnings per share of $ 0.89 , compared to $ 0.75 for Q2'21 Net interest margin of 4.39 % , compared to 4.03 % for Q2'21 Cost of funding sources was 0.22 % , compared to 0.46 % for Q2'21 Gross loans increased $ 43.3 million during the quarter , up 3.7 % ; excluding PPP loans , gross loans increased $ 79.8 million , up 7.4 % Non - interest bearing demand deposits grew $ 42.3 million to $ 646.2 million , representing 49.2 % of total deposits Proactively decreased corporate real estate footprint resulting in a pre - tax impairment charge of $ 670 thousand , which will result in future cost savings Tangible book value per share of $ 21.27 , up $ 0.94 per share or 4.6 % from Q2'21 Well capitalized Tier 1 risk - based capital ratio of 10.64 % ( preliminary ) - La Jolla , Calif . October 22 , 2021 ( GLOBE NEWSWIRE ) - Private Bancorp of America , Inc. ( OTCQX : PBAM ) , ( “ Company ” ) and CalPrivate Bank ( “ Bank ” ) announced unaudited financial results for the third quarter ending September 30 , 2021. The Company reported net income of $ 5.1 million , or $ 0.89 per diluted share , for the third quarter of 2021 compared to $ 4.3 million , or $ 0.75 per diluted share for the second quarter of 2021. Net income for the nine months ending September 30 , 2021 , was $ 13.9 million , or $ 2.45 per diluted share , compared to $ 6.5 million or $ 1.16 per diluted share for the same period in 2020 . Rick Sowers , President and CEO of the Company and the Bank stated , “ Despite the global pandemic that continues to weigh on our Clients and the economy , our third quarter results demonstrate the progress we have made executing on our core business plan while continuing to provide Distinctly Different superior levels of service to our Clients . Our Team , including new hires , continues to focus on financial performance and the continued growth of the CalPrivate franchise in our core markets . The third quarter reflected strong organic loan production and continued gain on sale of SBA loans . We are pleased with the financial results and have tremendous confidence in our Team and their ability to execute on behalf of our Clients and Stakeholders . " Sowers continued , “ We continue to make progress in improving our operating leverage while strategically adding resources and technology to scale and grow our market share . We are excited about the implementation of new technologies including the nCino Bank Operating System that we expect will drive efficiencies . We are also funding fintech companies focusing on services and solutions for community banks through our investment in JAM FINTOP Banktech , LP . ” " PBAM's third quarter of 2021 demonstrated the resilience of our franchise , the continued dedication of our employees , and the tremendous success we have been able to achieve for our Clients and Stakeholders , " said Selwyn Isakow , Chairman of the Board of the Company and the Bank .