Exhibit 99.1

Contact: Beth Sanders

Executive Vice President & CFO

Telephone: (909) 798-3611

FAX: (909) 798-1872

e-mail: bsanders@1stcent.com

 

PRESS RELEASE   FOR IMMEDIATE RELEASE

1st CENTENNIAL BANCORP ANNOUNCES RECORD EARNINGS www.1stcent.com

Redlands, California—January 30, 2007— 1

st Centennial Bancorp (OTCBB: FCEN), parent holding company of 1st Centennial Bank, today announced fourth quarter and year end operating results. The Company reported earnings for the quarter ending December 31, 2006 of $2.015 million, compared to earnings of $1.545 million for the fourth quarter 2005, representing a 30%, or $470,000 increase. Basic earnings per share were 63 cents for the current quarter compared to 49 cents for the same period last year. Diluted earnings per share were 57 cents for the current quarter compared to 46 cents for the same period last year. Net income for the year ended December 31, 2006 was $7.427 million compared to $5.083 million for all of 2005, an increase of 46%, or $2.344 million. Basic earnings per share were $2.33 in 2006 compared to $1.62 for 2005, while diluted earnings per share were $2.12 for 2006 compared to $1.51 for 2005.

The Return on Average Equity and Return on Average Assets as of December 31, 2006 were 19.54% and 1.49%, respectively, compared to 16.77% and 1.22%, for the same period in 2005, 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 $45 million, or 12% from $381 million to $426 million from December 31, 2005 to December 31, 2006. Deposits, at $456 million, represent an increase of $55 million, or 14% from $401 million for the same period. Total assets reached a record high of $551 million at December 31, 2006, up 21%, or $95 million, from $456 million at December 31, 2005.

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.

Thomas E. Vessey, President and Chief Executive Officer, stated, “Management is again proud to report record earnings and significant asset growth. 2007 brings the challenge of maintaining and growing our core deposit base to support anticipated loan demand. We hope our many shareholders will join us for our Annual Shareholders’ Meeting on May 15, 2007.”

Patrick J. Meyer, Chairman of the Board stated, “We are grateful for our strong shareholder and customer base that continue to show their confidence and support. We are delighted to report the highest earnings in the Company’s 16-year history, and look forward to expanding our opportunities in the marketplace of Southern California.”

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, its Homeowner’s Association Department and a full-service branch in Escondido, and full-service branches in 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.

Additional information is available on the Internet at www.1stcent.com or by contacting Beth Sanders, Executive Vice President and Chief Financial Officer at bsanders@1stcent.com.


The following information was filed by 1St Centennial Bancorp on Wednesday, January 31, 2007 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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