Please wait while we load the requested 10-Q report or click the link below:
|Contact: Tom Vessey||Exhibit 99.1|
President & CEO
Telephone: (909) 798-3611
FAX: (909) 798-1872
|FOR IMMEDIATE RELEASE|
1st CENTENNIAL BANCORP ANNOUNCES FINANCIAL RESULTS
Redlands, CaliforniaApril 25, 2008 1st Centennial Bancorp (OTCBB: FCEN), parent holding company of 1st Centennial Bank, today announced first quarter operating results. The Company reported a loss for the quarter ended March 31, 2008 of ($1.455 million) compared to earnings of $1.975 million for the first quarter of 2007, representing a (174)%, or ($3.430 million) variance. Basic loss per share was ($0.30) compared to earnings of $0.41 per share for the same period last year. Diluted loss per share was ($0.29) for the first quarter of 2008 compared to a profit of $0.37 per diluted share for the same period last year.
Patrick J. Meyer, Chairman of the Board, commented, As the financial services industry grapples with the toughest economic conditions in decades, it is startling to observe how the stock price and market capital of many community banks have declined. 1st Centennial Bank has a great management team and a long history of excellent performance, but we have not been spared from the harsh economic climate facing the Inland Empire. However, we are confident that this current cycle will pass, and that 1st Centennial Bank, having the fundamentals of a great banking franchise, will bounce back with renewed vigor.
The Return on Average Equity and Return on Average Assets as of March 31, 2008 were (10.86)% and (0.83)% respectively, compared to 18.42% and 1.43% for the same period in 2007, respectively. As of March 31, 2008 when compared to the same period last year, average equity increased $10.4 million or 24% and average assets increased $141.2 million or 25%.
Total net loans increased $3.7 million, or 1% from $514.6 million to $518.3 million from December 31, 2007 to March 31, 2008. Total non-performing assets, at $66.3 million increased $51.0 million, or 333% from $15.3 million at December 31, 2007. As of March 31, 2008, non-performing assets to total loans and other real estate owned equaled 12.45% compared to 2.92% at December 31, 2007. As previously reported on April 1, 2008, the Company added $5.1 million to the Allowance for Loan Losses in the first quarter of 2008 to support $5.6 million in write-downs, compared to $100,000 added to the Allowance for Loan Losses in the first quarter of 2007 to support $37,000 in write-downs. The write-downs were a result of declining market values principally in residential construction loans.
The following information was filed by 1St Centennial Bancorp on Monday, April 28, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate 1St Centennial Bancorp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by 1St Centennial Bancorp.