1st Centennial Bancorp Announces Financial Results.

www.1stcent.com

REDLANDS, Calif. -- 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.

Total deposits, as of March 31, 2008 were $493.7 million, representing an increase of $15.7 million or 3% from $478.0 million at December 31, 2007. Total assets reached a record high of $715.9 million from $689.5 million at December 31, 2007, up $26.4 million, or 4%. The growth in assets, loans and deposits was due to the continued success of our business development efforts in and around the marketplaces we serve.

Thomas E. Vessey, President and Chief Executive Officer stated, "During the first quarter your Management took bold but necessary action in critically evaluating the loan portfolio relating to residential real estate loans as a result of the precipitous decrease in housing prices subsequent to year-end. The substantial write-downs during the first quarter reflected this critical and conservative evaluation, and Management will aggressively pursue recoveries of all charged off amounts. In the immediate term, however, these write-downs necessitated the substantial provision to loan losses for the quarter. During times of cyclical downturn it is important to stay positive and look ahead to future upside potential. Once we are past this economic downturn, the outlook for the greater Inland Empire region is very bright for our communities and for our Bank."

1st Centennial Bank operates its main office and construction/real estate loan production offices in downtown Redlands, California; its Religious Lending Group and its SBA/Commercial Lending Group and a full-service branch in Brea, California; its Homeowners Association and a full-service branch in Escondido, and full-service branches in Palm Desert, Irwindale and Temecula, California.

The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the National and California economies, the Company's ability to implement its strategy and expand its lending operations, the Company's ability to attract and retain skilled employees, customers' service expectations, the Company's ability to successfully deploy new technology and gain efficiencies there from, the success of branch expansion, changes in interest rates, loan portfolio performance, and other factors detailed in the Company's SEC filings.

Additional information is available on the Internet at www.1stcent.com or by contacting Beth Sanders, Executive Vice President and Chief Financial Officer at [e-mail].

[TABLE OMITTED]
[TABLE OMITTED]
[TABLE OMITTED]