Contact: Beth Sanders

Executive Vice President and Chief Financial Officer

Telephone: (909) 798-3611

FAX: (909) 798-1872

e-mail: mailto:bsanders@1stcent.com







Redlands, California November 3, 2008— 1

st Centennial Bancorp (OTCBB: FCEN), (“the Company”) parent holding company of 1st Centennial Bank (the “Bank”), today announced third quarter operating results. The Company reported a net loss for the quarter ended September 30, 2008 of ($15.5) million or ($3.18) diluted loss per share, compared to a net loss of ($2.8) million or ($0.57) diluted loss per share for the second quarter of 2008.

Patrick J. Meyer, Chairman of the Board, commented, “During the current quarter we built up our loan loss reserves to a very conservative level in order to reflect the current condition of our loan portfolio at quarter end, which decreased our capital levels. We are continuing to work with our investment bankers and financial consultants towards raising additional capital, in addition to reviewing recent governmental programs to determine if they are available to us. We are also in the process of increasing our authorized number of shares of common stock and authorizing a class of shares of preferred stock to enhance our ability to raise capital during these unprecedented times for our nation, our region and our Company. We have currently received the approval of a majority of our outstanding shares for these changes to our authorized capital, although the solicitation process will remain open until November 5, 2008.

Additionally, given the current financial market conditions, shareholder and depositors’ concerns regarding the financial services industry, we increased our cash levels at the Bank in order to bolster our liquidity by attracting additional funds using broker certificate of deposits.”

Meyer continued; “The Board of Directors and senior management remain keenly focused on our objectives to effectively manage our credit related issues, loan loss reserves and capital requirements. 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 to operate the Bank in a safe and sound manner. With the restructuring of our management team during the third quarter and the implementation of cost reductions throughout the Company, we are laying the foundation for strategically positioning ourselves to take advantage of the economic recovery that will occur once the housing industry recovers from the economic downturn.”

The following information was filed by 1St Centennial Bancorp on Wednesday, November 5, 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.


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.


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.


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


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


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


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


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


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


Log in with your credentials


Forgot your details?

Create Account