Thursday, January 9, 2025

Coronado First Bank Posts Positive Third Quarter Earnings

CORONADO, CA, Oct 18, 2010 (MARKETWIRE via COMTEX) — Bruce Ives, President and CEO of Coronado First Bank (the “Bank”) /quotes/comstock/11k!cdfb (CDFB 2.75, 0.00, 0.00%) announced unaudited financial results for the third quarter ended Sept. 30, 2010. The Bank posted a third quarter profit of $69,000 ($0.05 diluted earnings per share) and reduced its year to date loss to $142,000 ($0.10 diluted loss per share) compared to losses in 2009 of $907,000 ($0.65 diluted loss per share) and $1,018,000 ($0.73 diluted loss per share), respectively. Total assets were $90 million and total deposits were $80 million at the quarter end. Total net loans declined 21.7% to $64 million, reflecting management’s strategy of reducing non-performing loans and reducing concentrations in commercial real estate. The Bank finished the quarter with one non-performing asset, one REO asset and its Allowance for Loan and Lease Losses stood at 2.4% of gross loans.

Management’s continued emphasis on core deposit generation had a positive impact on third quarter results. Non-interest bearing demand deposits increased by 47.7%, while overall deposits decreased by 7.4% over the same period last year; 100% of this reduction in deposits came in the area of the more costly time deposits. As expected, this resulted in a lower cost of funds to the Bank of 0.88% and an improved net interest margin of 4.3% as of Sept. 30, 2010. The Bank ended the quarter with a Tier I leverage capital ratio of 9.8% and a total risk-weighted capital ratio of 14.2%.

Ives said, “The Bank’s board of directors and management remain diligent in our efforts to reduce non-performing assets, reduce commercial real estate loan concentrations, improve our core deposit base and achieve sustainable profitability. Additionally, at quarter-end, the Bank did not have any performing loans that were beyond 30 days delinquent. While the economic and regulatory environment still present challenges to all banks, we are encouraged by our staff’s ability to overcome these obstacles and implement our strategic plan. While we achieved profitability for the third quarter, there is still much work to be done to accomplish our goals.”

Ives concluded, “The board would like to take this opportunity to thank Edward Martin for his five years of service as a board member of Coronado First Bank. Mr. Martin made a five year commitment to the board when he joined and he is looking forward to spending more time traveling and pursuing other challenges. We truly appreciate the significant contribution that he made towards the success of Coronado First Bank and wish him the best. And as always, we appreciate our shareholders’ support as we continue to direct the Bank with long term shareholder value as our primary objective.”

Coronado First Bank is publicly traded on the Over-the-Counter Bulletin Board, ticker symbol: “CDFB.”

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.

CORONADO FIRST BANK CONDENSED BALANCE SHEETS

For more information on the Bank please contact:

Bruce Ives
619-437-1000
www.coronadofirst.com

SOURCE: Coronado First Bank



LEAVE A REPLY

Please enter your comment!
Please enter your name here

Coronado Times Staff
Coronado Times Staff
Have news to share? Send tips, story ideas or letters to the editor to: [email protected]

More Local News