Centennial First Financial Services Announces Record Earnings.Business Editors REDLANDS, Calif.--(BUSINESS WIRE)--Jan. 23, 2001 Centennial First Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CFFX), the parent holding company of Redlands Centennial Bank, Tuesday announced fourth quarter operating results. The company reported net income for the fourth quarter ending Dec. 31, 2000 of $281,000, up 5 percent from $268,000 earned in the fourth quarter of 1999. Basic earnings per share increased 5 percent to $0.41 for the fourth quarter of 2000, compared with $0.39 for the same quarter of 1999. For the 12 months ending Dec. 31, 2000, net income was $907,000, up 24 percent from the $729,000 earned during 1999. Undiluted earnings per share increased 29 percent to $1.33 for the year, compared with $1.03 for 1999. Return on average assets and return on average equity for 2000 were 1.07 percent and 13.74 percent, respectively. Total assets increased $18,104,000, or 24 percent, from $76,007,000 to $94,111,000 from Dec. 31, 1999 to Dec. 31, 2000. Loan growth, especially growth in construction loans, continued to positively impact the company's net interest margin. Total loans increased $6.4 million, or 12 percent to $58.8 million at Dec. 31, 2000, from $52.4 million at Dec. 1999. Deposits increased 25 percent from $69 million at Dec. 31, 1999 to $86.4 million at Dec. 31, 2000. The bank's net interest margin increased to 7.64 percent during the year compared with 7.07 percent at Dec. 31, 1999. In a signed Definitive Agreement, the company announced in December its planned acquisition of Palomar Community Bank in Escondido, Calif. The cash transaction is expected to be completed mid-year and will pay Community West Bancshares, the parent holding company of Palomar, $10.5 million. This month, Redlands Centennial Bank opened a full-service branch in Brea, Calif. In addition, the bank operates its main office and construction loan production office in downtown Redlands, and an SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan production office in Santa Ana Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif. and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . "We are delighted to report that 2000 results were the best in the company's 10 year history," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Douglas C. Spencer. "Our focus has been quality growth and increased earnings. With the addition of our Brea office, we now have a presence in Orange County, and soon, to include northern San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County with the addition of Palomar. "The synergy of these three strategic locations will enhance our service and lending opportunities which will lead to further increases in shareholder value." Additional information is available on the Internet at www.redcent.com or by contacting Spencer directly at spencerd@redcent.com. |
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