First Mountain Bancorp Announces First Quarter 2007 Results.BIG BEAR LAKE, Calif. -- First Mountain Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FMBP FMBP Framed Movable Boundary Protocol ) today reported quarterly consolidated net income of $373,470 or a basic earnings per share of $0.26 for the quarter ended March 31, 2007, compared to $368,031, or basic earnings per share of $0.26 for the comparable quarter of 2006. First quarter earnings exceeded last year's first quarter results and also exceeded the Company's first quarter budget projections. Consolidated earnings are derived almost entirely from Bancorp's sole subsidiary, First Mountain Bank. First Mountain Bancorp also reported total consolidated assets of $153,773,392 at March 31, 2007, compared to $153,815,458 at December 31, 2006. Although total asset and deposit growth have slowed significantly in recent months, the Bank's loan activity has remained strong while maintaining excellent credit quality with delinquencies and losses well below industry standards. Gross loans outstanding totaled $118,886,767 at March 31, 2007 compared to $115,651,842 at December 31, 2006, an increase of $3,234,925, or 2.8% during the quarter. Bancorp's consolidated equity capital continues to be well in excess of the regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. for a "well capitalized" designation. Book value per share was $10.95 at March 31, 2007. "We are pleased that First Mountain Bancorp and our subsidiary, First Mountain Bank, exceeded our earnings targets, as well as last year's results for the first quarter," stated Jack Briner, 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. . "We believe this reflects a strong performance in light of recent trends in economic activity, real estate markets, and interest rates." Sentencing was recently completed in the criminal matter brought by the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. against the former officers and employees of the Bank. With the completion of the criminal matter, it is more likely the Bank can reach a resolution on the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. between the Bank and the former employees. The stay has been lifted with respect to the lawsuit originally filed in federal court in Oregon and subsequently transferred to 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. , and the Bank expects renewed activity in 2007. First Mountain Bancorp is the parent holding company of First Mountain Bank, which is headquartered in Big Bear Lake and has four offices serving the Big Bear and high desert areas of Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . For further information, contact Jack Briner, CEO or Dennis Saunders, President/CFO at (909) 866-5861. Tables follow [TABLE OMITTED] [TABLE OMITTED] |
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