Coronado First Bank Concludes First Full Year in Strong Fashion.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 fourth quarter and year-end December 31, 2006. The Bank reported an unaudited fourth quarter loss of $229,000 and a year to date loss of $1,177,000. This represents ($0.16) and ($0.85) 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. earnings (loss) per share for the fourth quarter and year-end 2006, respectively (inclusive of inclusive of prep. Taking into consideration or account; including. $174,000 of additional pre-tax expense relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the implementation of FAS 123R during 2006, which requires companies to record compensation expense related to stock options). Total assets grew to $31.2 million at December 31, 2006 and total deposits grew to $19.5 million, an increase of 56% and 165% over December 31, 2005, respectively. The Bank had total loan commitments of over $35 million with loan outstandings at year-end of $18.3 million, a 117% increase over year-end 2005. Bruce Ives, President and CEO, stated, "Loan demand remains strong throughout 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 and our strategy of consistent and stable growth is paying off. Our loan to deposit ratio remains strong at 94% with no criticized or classified loans on the books. We also continue to experience increased non-interest bearing demand deposit growth which has and will continue to have positive impact on our bottom line." Ives continued, "In a one year period of time we have accomplished what we set out to do. First, we have established a strong foundation on which the Bank will continue to leverage to achieve maximum returns. Second, with the utilization of superior technology, we have been successful in mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. the effect of having only one office location as we look to provide service to both on-island and off-island clients. We will continue to emphasize our 'Service First' philosophy and maintain our commitment to our clients and shareholders." Ives concluded, "I take great pride in what has been accomplished over our first full year of operation and look forward to fulfilling our commitment of providing superior service to our clients and generating superior returns to our shareholders." 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] [TABLE OMITTED] |
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