CORONADO, Calif., Jul 28, 2010 (BUSINESS WIRE) -- Bruce Ives, President and CEO of Coronado First Bank (the "Bank") /quotes/comstock/11k!cdfb (CDFB 3.00, +0.05, +1.70%) , 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.
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