1St Centennial Bancorp (1097081) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

1St Centennial Bancorp

CIK: 1097081

Exhibit 99.1

Contact: Tom Vessey

President & CEO

Telephone: (909) 798-3611

FAX: (909) 798-1872





Redlands, California—January 31, 2008— 1

st Centennial Bancorp (OTCBB: FCEN), parent holding company of 1st Centennial Bank, today announced financial results for 2007. Net earnings for the year ended December 2007 were $7.889 million compared to $7.427 million in net earnings for the year ended December 2006, a 6.2% increase year over year. Basic earnings per share were $1.63 for the year, compared to $1.55 for the year ended 2006, an increase of 5%. Diluted earnings per share were $1.51 for 2007 compared to $1.41 for 2006, a 7% increase.

The Company reported earnings for the quarter ended December 31, 2007 of $1.642 million, compared to earnings of $2.015 million, representing an 18.5%, or $373,000 decrease for the fourth quarter of 2006 due to an increase in our loan loss provision of $1.150 million greater than our loan loss provision in the fourth quarter of 2006. Basic earnings per share were 34 cents for the current quarter compared to 42 cents for the same period last year. Diluted earnings per share were 31 cents for the current quarter compared to 38 cents for the same period last year.

The Return on Average Equity and Return on Average Assets at December 31, 2007 were 16.78% and 1.29%, respectively, compared to 19.54% and 1.49%, for the same period in 2006, respectively. Average Equity increased $9.0 million, or 24%, and Average Assets increased $115.6 million, or 23%, during the last twelve months.

Total net loans increased $88.4 million, or 20.7% from $426.2 million to $514.6 million from December 31, 2006 to December 31, 2007. Non-accrual loans increased $6.9 million to $10.7 million, or 2% of gross loans, and as a result, the Company added $1.650 million to the Allowance for Loan Losses in the fourth quarter, compared to $500,000 added in the fourth quarter in 2006. The Allowance for Loan Losses equaled 1.3% of gross loans at December 2007 compared to 1.3% at December 2006. During the fourth quarter, we took proactive action of adding significantly to the Allowance for Loan Losses, in anticipation of potential residual problems associated with the weak economy. We have developed an aggressive strategy for resolving our non-accrual loans. We will continue to monitor the economy and take appropriate action.

Total deposits, at $478.0 million, represent an increase of $21.5 million or 4.7% from $456.5 million at December 31, 2006. Deposit growth was lower than previous periods due to the Bank’s strategic decision to use Federal Home Loan Bank funds rather than more expensive brokered deposits to fund loan growth. Non-brokered deposits, on an equivalent basis, without FHLB borrowings, grew $49.5 million, or 12.2% year over year.

The following information was filed by 1St Centennial Bancorp on Friday, February 1, 2008 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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SEC Filing Tools
CIK: 1097081
Form Type: 10-K Annual Report
Accession Number: 0001193125-08-050319
Submitted to the SEC: Fri Mar 07 2008 5:10:22 PM EST
Accepted by the SEC: Fri Mar 07 2008
Period: Monday, December 31, 2007
Industry: State Commercial Banks

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