Coronado First Bank Achieves Profitability in the Month of September Prior to Two Year Anniversary.CORONADO, Calif. -- Bruce Ives, 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. of Coronado First Bank (the "Bank") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDFB) announced financial results for the third quarter ended September 30, 2007. Total assets grew to $47 million and total deposits grew to $35 million, an increase of 61% and 104% over the same period in 2006, respectively. The Bank had total loans, net of reserves, at quarter-end of $38 million, an increase of 218% over September 30, 2006. Bruce Ives said, "We are extremely excited to have achieved profitability prior to our two year anniversary. This confirms that we are serious about creating shareholder value while providing high touch, high quality service to our clients." Ives continued, "Additionally, we continue to experience strong balance sheet growth in a stabilizing stabilizing, v to hold a limb motionless in order to ground its energy; a standard isometric resistance technique, it releases tension and lengthens muscle fibers. market environment. Our proactive approach to business development is paying off as demonstrated by the significant asset growth that we have experienced over the last year. We have maintained stable and consistent growth while significantly reducing our operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. over the first two years. We are committed to maintaining this pattern of consistency going forward." The Bank reduced its unaudited third quarter loss by 62% to $96,000 and reduced its year over year loss by 41% to $557,000. This represents ($0.07) and ($0.40) diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share, respectively (inclusive of inclusive of prep. Taking into consideration or account; including. $135,000 of additional expense relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the implementation of FAS 123R, which requires companies to record compensation expense related to stock options). The Bank achieved a net profit of $5,000 in the month of September. Ives concluded, "We are focused on maintaining consistent and sustainable growth that will translate to long term shareholder value. I am pleased with what we have accomplished in a relatively short amount of time. We have established ourselves as a strong community centered bank that is focused on providing superior service to all of our clients. The Board, Management and Staff all remain committed to establishing a long term, consistent performing bank that will generate strong shareholder returns for years to come. Thank you for your continued support as we travel down the road to Premier Performance." Coronado First Bank is publicly traded on the Over-the-Counter Bulletin Board, ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : "CDFB". For more information on the Bank please contact: Bruce Ives at 619-437-1000 www.coronadofirst.com This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve inherent risks and uncertainties. Coronado First Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Coronado First Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise. [TABLE OMITTED] |
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