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Contact: Tom Vessey
President & CEO
Telephone: (909) 798-3611
FAX: (909) 798-1872
|PRESS RELEASE||FOR IMMEDIATE RELEASE|
1st CENTENNIAL BANCORP ANNOUNCES
SECOND QUARTER FINANCIAL RESULTS AND PLANS TO EVALUATE
Redlands, CaliforniaAugust 7, 2008 1st Centennial Bancorp (OTCBB: FCEN), parent holding company of 1st Centennial Bank (the Bank), today announced second quarter operating results. The Company reported a net loss for the quarter ended June 30, 2008 of ($2.778) million or ($0.57) diluted loss per share, compared to a net loss of ($1.455) million or ($0.29) diluted loss per share for the first quarter of 2008.
Both the Company and Bank remain well capitalized as defined by applicable regulatory definitions. As of June 30, 2008, the Banks Tier 1 capital to average assets ratio (Leverage Capital Ratio) was 7.38%, the Tier 1 risk-based capital ratio was 9.35%, and the total risk-based capital ratio was 10.61%. On a consolidated basis, as of June 30, 2008, the Companys Tier 1 capital to average assets ratio was 7.60%, the Tier 1 risk-based capital ratio was 9.61%, and the total risk-based capital ratio was 10.87%. Under the regulatory definitions, in order to be considered well capitalized, a financial institution must have a Leverage Capital Ratio of at least 5%, Tier 1 risk-based capital ratio of at least 6% and a total risk-based capital ratio of at least 10%. To be adequately capitalized, those same ratios must be at least 4%, 4% and 8%, respectively.
Patrick J. Meyer, Chairman of the Board, commented, The financial services industry continues to experience a very challenging economic environment, especially in the Inland Empire and other parts of Southern California. These are clearly unprecedented times for our nation, our region and our company, as reflected in the results of operations that so many other financial institutions are reporting. As the financial services industry works through the excess housing inventory in the Inland Empire and surrounding areas, we are strategically positioning ourselves to take advantage of the economic recovery that will occur once the housing industry returns to normal. Here are some specific steps we have taken so far:
We are completing our review of our entire loan portfolio, with specific emphasis on our construction loan portfolio;
We have significantly curtailed our construction lending and will be concentrating on our commercial lending product line;
We are diligently working on plans to resolve and/or restructure our nonperforming assets in an effective and efficient manner in order to maximize shareholder value and not give away these assets to others at low current market prices;
The following information was filed by 1St Centennial Bancorp on Friday, August 8, 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.
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