Earnings released for Coronado First Bank

CORONADO FIRST BANK STRENGTHENS RESERVE POSITION Coronado, Calif. — Business Wire – February 4, 2010 –Bruce Ives, President and CEO of Coronado First Bank (the “Bank”) (OTCBB: CDFB) announced today that based on continued analysis of the current and expected economic conditions, the Bank increased its provision for loan losses by $717,000 in the quarter ended Dec. 31, 2009, resulting in a $728,000 loss for that period. For the full year 2009, the Bank increased its provision for loan losses by $1,769,000, so that at year-end the provision for loan losses was 2.27% of total loans. The unaudited financial results for the year, with the increased provision, show a loss of $1,746,000. These results equate to ($0.52) and ($1.25) loss per share, respectively. Ives said that the Bank continues to monitor its loan portfolio in the context of the economic environment and that increasing the reserve would provide additional protection against the effects of further economic deterioration in the portfolio. Ives added, “While we are not pleased with the year-end loss, we remain committed to the long term success of this organization and we are confident that building up our reserves is necessary to enable long term success.” Download the entire PDF document: 4th quarter 2009.pdf