First Mountain Bancorp Announces Third Quarter 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 $433,160 or a basic earnings per share of $0.30 for the quarter ended September 30, 2006, compared to $362,990, or basic earnings per share of $0.26 for the comparable quarter of 2005. Bancorp also reported consolidated net income of $1,170,860 for the nine months ended September 30, 2006, or $0.82 basic earnings per share, compared to $1,044,539 or $0.75 basic earnings per share for the same period of 2005. This represents an increase in earnings of 12% for the comparable periods. Consolidated earnings are derived almost entirely from Bancorp's sole subsidiary, First Mountain Bank. First Mountain Bancorp also reported total consolidated assets of $152,521,043 at September 30, 2006, compared to $151,400,151 at December 31, 2005. While deposits have shown a slight increase over year-end 2005, loan demand continued to be very strong throughout the quarter and year-to-date. Gross loans outstanding totaled $109,274,903 at September 30, 2006 compared to $92,115,199 at December 31, 2005, an increase of $17,159,704, or 19%. 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 $10.26 at September 30, 2006. A criminal case brought by the government against four former employees of First Mountain Bank is nearing conclusion with all four pleading Asking a court to grant relief. The formal presentation of claims and defenses by parties to a lawsuit. The specific papers by which the allegations of parties to a lawsuit are presented in proper form; specifically the complaint of a plaintiff and the answer of a defendant plus any guilty to tax fraud. Sentencing is scheduled for January 2007. The civil case involving the Bank and the same former employees continues to be stayed pending the sentencing. With respect to the stayed 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. , the Bank continues to expect very limited activity until after the conclusion of the criminal case. 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, President/CEO or Dennis Saunders Saun´ders n. 1. See Sandress. , Senior Executive Vice President/COO/CFO at (909) 866-5861. Tables follow [TABLE OMITTED] [TABLE OMITTED] |
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