First Mountain Bank Announces First Quarter Results.BIG BEAR LAKE, Calif. -- First Mountain Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FMBR) today reported quarterly net income of $368,031 or a basic earnings per share of $0.27 for the quarter ended March 31, 2006, compared to $286,989 or basic earnings per share of $0.22 for the comparable quarter of 2005. This represents an increase in earnings of 28 percent for the comparable periods. As previously reported, the results for the first quarter of 2005 included significant non-recurring expenses, including costs to repair flooding of the Bank's main office and other non-recurring professional fees. First Mountain Bank also reported total assets of $147,378,546 at March 31, 2006, compared to $151,400,151 at Dec. 31, 2005. The lack of winter snows caused a temporary slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in economic activity and contributed to declining deposits and assets during the first quarter. Late season storms have extended the ski season The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and increased activity in the Bank's primary market areas. The Bank continues to be "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . Book value per share was $10.15 at March 31, 2006. 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. against five former employees of the Bank continues pending before the court. The Bank also continues to work toward resolution on the lawsuit lawsuit: see procedure; tort. originally filed in Federal court in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. . All litigation has been transferred to the U.S. District Court in 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. . There continues to be a litigation reserve based on accounting guidelines. First Mountain Bank has headquarters 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 Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the Saunders Saun´ders n. 1. See Sandress. , senior executive vice president/COO/CFO at 909-866-5861. Tables follow
FIRST MOUNTAIN BANK
STATEMENT OF CONDITION
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March 31, 2006 Dec. 31, 2005
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Assets (Unaudited)
Cash and due from banks $7,337,716 $9,240,293
Fed funds 14,640,000 19,985,000
Investment securities 23,981,033 24,334,966
Loans 95,385,484 92,115,199
Less: Allowance for loan losses (1,190,240) (1,186,896)
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Net loans 94,195,244 90,928,303
Bank premises and equipment 2,320,355 2,351,250
Other assets 4,904,198 4,560,339
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Total Assets $147,378,546 $151,400,151
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Liabilities
Noninterest-bearing deposits $49,418,347 $51,090,229
Interest-bearing deposits 82,406,083 84,889,774
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Total deposits 131,824,430 135,980,003
Other liabilities 1,620,091 1,960,610
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Total Liabilities 133,444,521 137,940,613
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Stockholders' Equity
Common stock 8,608,673 8,436,563
Retained earnings 5,453,582 5,085,551
Accumulated other comprehensive
income/(loss) (128,230) (62,576)
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Total Stockholders' Equity 13,934,025 13,459,538
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Total Liabilities and Stockholders'
Equity $147,378,546 $151,400,151
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STATEMENT OF INCOME (Unaudited)
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For the three months ended
03/31/06 03/31/05
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Interest income $2,281,780 $1,934,969
Interest expense 352,197 221,743
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Net interest income before
provision for loan losses 1,929,583 1,713,226
Provision for loan losses 15,000 -
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Net interest income 1,914,583 1,713,226
Other operating income 268,677 248,932
Operating expenses 1,611,229 1,532,372
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Income before income taxes 572,031 429,786
Provision for income taxes 204,000 142,797
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Net Income $368,031 $286,989
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Earnings per share - basic $0.27 $0.22
Earnings per share - dilutive $0.27 $0.21
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