First Coastal Bancshares Reports First Quarter Earnings.

MANHATTAN BEACH, Calif. -- First Coastal Bancshares (OTCBB:FCST), parent company of wholly owned First Coastal Bank, N.A. ("the Bank"), reported net income of $368,000 for the quarter ended March 31, 2007, an increase of 28 percent over first quarter 2006 earnings of $287,000. For the same period, the Bank posted net income of $526,000 compared to $407,000 in the first quarter 2006.

In February 2007, First Coastal Bancshares announced a definitive agreement to merge the company with and into CVB Financial Corp. (NASDAQ:CVBF) and to merge First Coastal Bank with and into Citizens Business Bank. The transaction is valued at approximately $35 million, or approximately 4.4 times tangible book value and 35 times earnings based on 2006 net income. It is expected to close in June 2007.

"We are proud to have built an organization with a solid capital structure, clean balance sheet and sustained growth and to approach the completion of our merger with CVB Financial on such a strong upward trajectory," said Don M. Griffith, chairman and chief executive officer.

"While we have always focused on long-term value rather than reported earnings, First Coastal Bank's ROA and ROE have continued to steadily increase," Griffith noted. At March 31, 2007, return on tangible assets was 0.93 percent compared to 0.61 percent for the full year 2006. Similarly, return on tangible equity increased to 14.23 percent at the end of the first quarter 2007, up from 10.27 percent for the full year 2006.

Throughout the first quarter 2007, the Bank's capital ratios were above levels considered well-capitalized by bank regulators. At March 31, 2007, the Bank's Leverage ratio was 6.77 percent, Tier 1 Risk-Based Capital ratio was 9.02 percent, and Total Risk-Based Capital ratio was 12.74 percent. The Bank's asset quality remained strong with a ratio of non-accrual loans to total loans of 0.15 percent and delinquent loans to total loans of 0.69 percent.

"Since 1996, we have successfully built First Coastal by adhering to the fundamentals of community banking -- building strong core deposits, cultivating enduring banking relationships, maintaining continuity in our staffing, and remaining connected to our communities," Griffith said. "Citizens shares those values, which makes this merger such a great fit. Our shareholders will receive an excellent return. But equally important, the businesses, entrepreneurs and professionals we have had the privilege of serving will substantially benefit from Citizen's greater lending capacity, product diversity, and in-house processing capabilities." In addition, because Citizens is retaining nearly all of First Coastal's employees, customers will continue to work with the staff they've known for so many years.

"We are proud to deliver to Citizens a financially sound organization with solid customer relationships and a well-established banking franchise, which can serve as a platform for their expansion," said Griffith.

First Coastal Bank operates branches in Manhattan Beach, El Segundo, Marina del Rey and Gardena. At March 31, 2007, the Bank had assets of $222.2 million.

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