1St Centennial Bancorp (1097081) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2005

1St Centennial Bancorp

CIK: 1097081

Exhibit 99.1


Contact: Beth Sanders

Executive Vice President & CFO

Telephone: (909) 798-3611

FAX: (909) 798-1872







Redlands, California—February 07, 2006— 1

st Centennial Bancorp (OTCBB: FCEN), parent holding company of 1st Centennial Bank, today announced fourth quarter and year ending operating results. The Company reported earnings for the quarter ending December 31, 2005 of $1.545 million, compared to earnings of $988,000 for the fourth quarter 2004, representing a 56%, or $557,000 increase. Basic earnings per share were 74 cents for the current quarter compared to 48 cents for the same period last year. Diluted earnings per share were 69 cents for the current quarter compared to 45 cents for the same period last year. Net income for the year ended December 31, 2005 was $5.083 million compared to $3.020 million for all of 2004, an increase of 68%, or $2.063 million. Basic earnings per share were $2.44 in 2005 compared to $1.48 for 2004, while diluted earnings per share were $2.27 for 2005 compared to $1.38 for 2004.


The Return on Average Equity and Return on Average Assets as of December 31, 2005 were 16.77% and 1.22%, respectively, compared to 11.75% and .94%, for the same period in 2004, respectively. The increases in Return on Average Equity and Return on Average Assets are attributed to our record earnings, which resulted from an increase in average earning assets, primarily in our total gross loans.


Total net loans increased $73 million, or 24% from $308 million to $381 million from December 31, 2004 to December 31, 2005. Deposits, at $401 million, represent an increase of $109 million, or 37% from $292 million for the same period. Total assets reached a record high of $456 million at December 31, 2005, up 28%, or $99.5 million, from $357 million at December 31, 2004.


The growth in assets, loans, and deposits was due to the continued success of our business development efforts in and around the marketplaces we serve. The increase in earnings is due to strong loan demand in the market sectors we serve, as well as the Bank’s ability to capitalize on certain non-interest income sources.


Thomas E. Vessey, President and Chief Executive Officer, stated, “Management is proud to report another record year of asset growth and increased earnings. We look forward to the challenges and opportunities that lie ahead in 2006. We have scheduled the Annual Shareholders’ Meeting for May 16, 2006 and hope our valued shareholders can join us.”


Patrick J. Meyer, Chairman of the Board stated, “We are fortunate to have a strong shareholder and customer base that continues to show their confidence and support. We are delighted to report the highest earnings in the Company’s 15-year history, and look forward to expanding our opportunities in the marketplace of Southern California. The Board of Directors is particularly pleased with the caliber of our bank employees throughout the organization.”


1st Centennial Bank operates its main office and construction/real estate loan production offices in downtown Redlands, California, its Religious Lending Group and its SBA/Commercial Lending Group and a full-service branch in Brea, California, and full-service branches in Escondido, Palm Desert, Irwindale and Temecula, California.


The statements contained in this release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and California economies, the Company’s ability to implement its strategy and expand its lending operations, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies there from, the success of branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company’s SEC filings.

The following information was filed by 1St Centennial Bancorp on Wednesday, February 8, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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1St Centennial Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2006 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1097081
Form Type: 10-K Annual Report
Accession Number: 0001193125-06-062778
Submitted to the SEC: Fri Mar 24 2006 2:31:00 PM EST
Accepted by the SEC: Fri Mar 24 2006
Period: Saturday, December 31, 2005
Industry: State Commercial Banks

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