First Mountain Bank Announces Second Quarter Results.BIG BEAR LAKE, Calif. -- First Mountain Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FMBR) today reported quarterly net income of $369,669 or a basic earnings per share of $0.26 for the quarter ended June June: see month. 30, 2006, compared to $394,560, or basic earnings per share of $0.28 for the comparable quarter of 2005. The decline in earnings between the periods resulted from a shortened short·en v. short·ened, short·en·ing, short·ens v.tr. 1. To make short or shorter. 2. 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 a slow start to the summer season in 2006 which created declining deposits and assets for the Bank. The Bank also reported net income of $737,700 for the six months ended June 30, 2006, or $0.52 basic earnings per share, compared to $681,549, or $0.49 basic earnings per share for the same period of 2005. This represents an increase in earnings of 8% for the comparable periods. First Mountain Bank also reported total assets of $142,644,964 at June 30, 2006, compared to $151,400,151 at Dec. 31, 2005. Although deposits have decreased over the past six months, recent deposit promotions are bringing new deposit relationships to the Bank. Loan growth has been very strong during the first six months of 2006, resulting in an increase of $10 million in outstanding balances. Loans outstanding exceeded $100 million for the first time in the Bank's history, and gross loans totaled $102,013,279 at June 30, 2006. 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 $9.89 at June 30, 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. Some movement on this case could occur late this year following the criminal trials against these individuals currently scheduled for the fourth quarter. There is presently very limited activity with respect to 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. , 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 court has stayed both lawsuits pending completion of the criminal trial. 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.
FIRST MOUNTAIN BANK
STATEMENT OF CONDITION
------------------------------------------ ------------- -------------
June 30, 2006 Dec. 31, 2005
------------- -------------
Assets (Unaudited)
Cash and due from banks $7,733,833 $9,240,293
Fed funds 5,975,000 19,985,000
Investment securities 20,281,244 24,334,966
Gross loans 102,013,279 92,115,199
Less: Allowance for loan losses (1,237,751) (1,186,896)
------------- -------------
Net loans 100,775,528 90,928,303
Bank premises and equipment 2,412,851 2,351,250
Other assets 5,466,508 4,560,339
------------- -------------
Total Assets $142,644,964 $151,400,151
============= =============
Liabilities
Noninterest-bearing deposits $44,826,057 $51,090,229
Interest-bearing deposits 81,652,770 84,889,774
------------- -------------
Total deposits 126,478,827 135,980,003
Other liabilities 1,917,487 1,960,610
------------- -------------
Total Liabilities 128,396,314 137,940,613
------------- -------------
Stockholders' Equity
Common stock 9,914,243 8,436,563
Retained earnings 4,519,457 5,085,551
Accumulated other comprehensive
income/(loss) (185,050) (62,576)
------------- -------------
Total Stockholders' Equity 14,248,650 13,459,538
------------- -------------
Total Liabilities and Stockholders' Equity $142,644,964 $151,400,151
============= =============
STATEMENT OF INCOME (Unaudited)
----------------------------------------------------------------------
For the three months For the six months
ended ended
06/30/06 06/30/05 06/30/06 06/30/05
----------- ----------- ----------- -----------
Interest income $2,320,511 $2,004,770 $4,602,291 $3,939,739
Interest expense 378,463 235,658 730,660 457,401
----------- ----------- ----------- -----------
Net interest income
before provision for
loan losses 1,942,048 1,769,112 3,871,631 3,482,338
Provision for loan
losses 58,250 - 73,250 -
----------- ----------- ----------- -----------
Net interest income 1,883,798 1,769,112 3,798,381 3,482,338
Other operating income 297,993 274,724 566,670 523,656
Operating expenses 1,607,122 1,431,146 3,218,351 2,963,518
----------- ----------- ----------- -----------
Income before income
taxes 574,669 612,690 1,146,700 1,042,476
Provision for income
taxes 205,000 218,130 409,000 360,927
----------- ----------- ----------- -----------
Net Income $369,669 $394,560 $737,700 $681,549
=========== =========== =========== ===========
Earnings per share -
basic $0.26 $0.28 $0.52 $0.49
Earnings per share -
dilutive $0.25 $0.27 $0.51 $0.47
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion