Coronado First Bank Boosts Reserves.
Mr. Ives announced unaudited financial results for the third quarter 2009. The Bank had a quarterly loss of $907,000 or ($0.65) per share. It should be noted that the Bank generated a quarterly operating profit of $57,000 (Operating profits are defined as profits prior to additions to loan loss provision and extraordinary items). The loss included $846,000 in additions to Loan Loss Provisions and extraordinary items of $118,000 relating primarily to FDIC assessments. Noting that total revenue increased by 29% for the nine months ended September 30, 2009 compared to 2008, Ives added, "Coronado First Bank is committed to long term success, and our proactive approach will enhance our ability to achieve stronger shareholder returns in the future." The Bank posted a nine month loss of $1,018,000 or ($0.73) per share, which includes $1,052,000 in Loan Loss Provisions.
Total assets grew to $97 million and total deposits grew to $87 million, increases of 46% and 64%, respectively over September 30, 2008. Total loans grew by 61% to $82 million over the same time period. Much of this growth was attributable to the San Diego Office which opened July 1st. It is important to note that 90% of the deposits at the San Diego Office are core checking and savings deposits, which was established as a priority for that office.
Ives concluded, "As always, we appreciate our shareholders support as we continue to direct the Bank with long term shareholder value as our primary objective."
This press release includes forward-looking statements that involve inherent risks and uncertainties. Coronado First Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which Coronado First Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
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|Date:||Oct 29, 2009|
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