(041409) Coronado First Bank Turns Profitable in March

CORONADO, Calif. – (Business Wire) Bruce Ives, President and CEO of Coronado First Bank (the “Bank”) (OTCBB: CDFB), announced unaudited financial results for the first quarter ended March 31, 2009. Total assets grew to $82 million and total deposits grew to $70 million, an increase of 38% and 52% over March 31, 2008, respectively. The Bank had total loan commitments of just over $99 million with loan outstandings at March 31, 2009 of $76 million, an 82% increase over the same period in 2008. The Bank reported a first quarter loss of $149,000, but turned profitable in March, generating a net profit for the month of $29,000. The quarterly loss represents ($0.11) diluted loss per share (inclusive of $41,000 of compensation expense relating to the implementation of FAS 123R, which requires companies to record the expense related to stock options). Additionally, $158,000 in loan loss reserves were set aside to support the solid loan growth that the Bank experienced in the first quarter. Furthermore, the Bank had a Tier I leverage capital ratio of 14% at March 31, 2009, well in excess of the 5% required to be well capitalized as defined by the FDIC. Ives said, “We are extremely proud to report that Coronado First Bank has turned the corner to profitability despite these challenging economic times. The implementation of our expansion strategy has played a significant role in achieving this objective. The San Diego Office team generated $21 million in new loans since arriving in 2008 and we look forward to opening the new branch in a profitable fashion from day one.” Ives continued, “Our focus on long term stability and measured growth has provided us with the ability to take advantage of unique opportunities in this market. We will continue to take a conservative approach to growing our portfolio and expanding our services throughout San Diego County. We truly appreciate the support that our shareholders, clients and employees have demonstrated over the first three years of serving our community. We look forward to continuing our journey towards Premier Performance and long term shareholder value for years to come.” Coronado First Bank is publicly traded on the Over-the-Counter Bulletin Board, ticker symbol: “CDFB”. For more information on the Bank please contact: Bruce Ives at 619-437-1000, www.coronadofirst.com. 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.