Coronado First Bank Reduces Non-Performing
Loans by 45% in Second Quarter
July 28, 2010 11:33 AM Eastern Daylight Time
CORONADO, Calif.--(EON: Enhanced Online News)--Bruce Ives, President and CEO of Coronado First Bank
(the “Bank”) (OTCBB: CDFB), announced unaudited financial results for the second quarter ending June 30, 2010,
highlighting the Bank’s 45% reduction in non-performing loans.
“Our focus on cleaning up our non-performing assets (NPA’s) hit its stride in the second quarter as the Bank reaped
the benefits of our aggressive strategy to successfully resolve NPAs. As a result, we ended the quarter with $0
OREO and 3 NPA’s totaling $4,364,000,” Ives said.
As of June 30, 2010, total assets were $97 million and total deposits $87 million, an increase of 1% and 4% over
June 30, 2009, respectively. Total net loans declined 15% to $68 million, reflecting the loan pay-offs and the
reduction in non-performing loans through sales and write-downs.
The Bank reported a second quarter loss of $275,000 ($0.20 diluted loss per share) and a six month loss of
$210,000 ($0.15 diluted loss per share) compared with a loss of $111,000 for the six month period ended June 30,
2009. Earnings from operations before the disposal of OREO and write-offs for the first half of the year were
$141,000 ($0.10 diluted earnings per share).
“While the Bank experienced a loss in the second quarter, we were successful in reducing our non-performing and
OREO assets by 45% or $3,529,000, and we expect to resolve the remaining NPA’s by year-end with maximum
effort being placed on minimizing losses,” Ives said. At June 30th, Loan Loss Reserves totaled $1,582,000, or 2.26
% of loans outstanding.
At June 30, 2010, the Bank’s capital ratios remain well above the minimum ratios for a well-capitalized bank based
on regulatory minimum guidelines.
The Bank continued to improve its core deposit position, one of its primary objectives for 2010, and at June 30,
core deposits represented 72% of the deposit base. The gr