Contact: Tom Vessey    Exhibit 99.1

President & CEO

  

Telephone: (909) 798-3611

  

FAX: (909) 798-1872

e-mail: tvessey@1stcent.com

  

 

PRESS RELEASE

   FOR IMMEDIATE RELEASE

1st CENTENNIAL BANCORP ANNOUNCES FINANCIAL RESULTS

www.1stcent.com

Redlands, California—April 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 SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1St Centennial Bancorp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account