Business & Finance
Business and Finance
Business and Finance
Tue, October 26, 2010
Mon, October 25, 2010 First Mountain Bancorp Announces Third Quarter and Nine Months 2010 Results
BIG BEAR LAKE, Calif.--([ BUSINESS WIRE ])--First Mountain Bancorp (OTCBB:FMBP) and its subsidiary, First Mountain Bank, today reported quarterly consolidated net income of $56,823, or earnings per basic share of $0.04 for the quarter ended September 30, 2010, compared to a net loss of $1,322,396, or loss per basic share of $ 0.85 for the third quarter of 2009. The Company also reported net income of $175,627, or $0.11 earnings per basic share for the nine months ended September 30, 2010, compared to a net loss of $1,390,087, or $0.89 loss per basic share for the first nine months of 2009.
"The Company has reported a profit for the third consecutive quarter, noteworthy in the current economic conditions"
aThe Company has reported a profit for the third consecutive quarter, noteworthy in the current economic conditions,a stated Jack Briner, Chief Executive Officer. aDelinquencies have stabilized and our year-over-year net income has improved dramatically. We are confident that our local economy and our subsidiary, First Mountain Banka™s financial performance will continue to improve as we work closely with our clients to dig out of the recession.a
Total assets ended the quarter at $140,610,535 as compared to the December 31, 2009, figure of $137,772,896. The asset growth in the third quarter resulted from strong deposit growth that came from our local market areas. During the third quarter deposits grew by $4,340,000. The most recent report by the FDIC also shows the Bank increased its deposit market share in its primary market area by 1.0% to 37.4% at June 30, 2010.
aThe Bank is really encouraged by these recent deposit trends, especially in light of the continued economic slump. In fact, the FDICa™s report shows we outpaced all other mountain competitors in market share growth between June 2009 and June 2010,a noted Mr. Briner.
Gross loans outstanding at quarter end totaled $100,338,051, compared to $107,629,578 at December 31, 2009, a decrease of $7,291,527, or 6.8%. The decrease is primarily attributable to the decline in the economy. The Companya™s strong loan portfolio yield and core deposit mix continues to provide an interest rate spread well in excess of peers.
The allowance for possible loan losses stood at $2,950,786 at September 30, 2010, or 2.94% of outstanding loans, compared to a ratio of 3.49% at December 31, 2009. Non-performing loans represented 9.2% of the loan portfolio at quarter end, and continues to be an area of special focus and aggressive effort by the Company.
At September 30, 2010, the Company had total consolidated equity capital of $15,126,872, which represents a Tier 1 leverage capital ratio of 10.0%, while the Banka™s stand-alone Tier 1 leverage capital ratio was 9.92%. Both ratios are significantly in excess of regulatory guidelines for a aWell Capitalizeda designation. The Company also reported book value of $9.67 per share on 1,564,926 shares outstanding at quarter end.
First Mountain Bancorp is the parent holding company of First Mountain Bank, which is headquartered in Big Bear Lake and has four offices serving the Big Bear and high desert areas of Southern California. For further information contact Jack Briner, CEO, or Dennis Saunders, President/CFO, at (909) 866-5861.
FIRST MOUNTAIN BANCORP | ||||||||||||||||||||
STATEMENT OF CONDITION - (Consolidated) (Unaudited) | ||||||||||||||||||||
| September 30, 2010 |
| December 31, 2009 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 14,113,203 | $ | 6,565,413 | ||||||||||||||||
| Fed funds | 5,197,094 | 8,950,773 | ||||||||||||||||||
| Investment securities | 12,334,606 | 7,081,000 | ||||||||||||||||||
| Gross loans | 100,338,051 | 107,629,578 | ||||||||||||||||||
| Less: Allowance for loan losses | (2,950,786 | ) | (3,759,073 | ) | ||||||||||||||||
| Net loans | 97,387,265 | 103,870,505 | ||||||||||||||||||
| Bank premises and equipment | 2,261,412 | 2,257,059 | ||||||||||||||||||
| Other assets | 9,316,955 | 9,048,146 | ||||||||||||||||||
| Total Assets | $ | 140,610,535 | $ | 137,772,896 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Noninterest-bearing deposits | $ | 35,637,503 | $ | 37,539,472 | ||||||||||||||||
| Interest-bearing deposits | 88,898,237 | 84,560,794 | ||||||||||||||||||
| Total deposits | 124,535,740 | 122,100,266 | ||||||||||||||||||
| Other liabilities | 947,923 | 805,829 | ||||||||||||||||||
| Total Liabilities | 125,483,663 | 122,906,095 | ||||||||||||||||||
| Stockholders' Equity | ||||||||||||||||||||
| Common stock | 11,985,848 | 11,935,614 | ||||||||||||||||||
| Retained earnings | 3,052,142 | 2,876,516 | ||||||||||||||||||
| Accumulated other comprehensive income | 88,882 | 54,671 | ||||||||||||||||||
| Total Stockholders' Equity | 15,126,872 | 14,866,801 | ||||||||||||||||||
| Total Liabilities and Stockholders' Equity | $ | 140,610,535 | $ | 137,772,896 | ||||||||||||||||
| STATEMENT OF INCOME - (Consolidated) (Unaudited) | |||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||||||||||||
| 09/30/10 | 09/30/09 | 09/30/10 | 09/30/09 | ||||||||||||||||||||||||
| Interest income | $ | 1,661,110 | $ | 1,914,525 | $ | 5,010,752 | $ | 6,039,063 | |||||||||||||||||||
| Interest expense | 215,072 | 280,183 | 614,015 | 1,011,850 | |||||||||||||||||||||||
| Net interest income before | |||||||||||||||||||||||||||
| provision for loan losses | 1,446,038 | 1,634,342 | 4,396,737 | 5,027,213 | |||||||||||||||||||||||
| Provision for loan losses | 35,000 | 2,440,000 | 93,000 | 3,410,000 | |||||||||||||||||||||||
| Net interest income | 1,411,038 | (805,658 | ) | 4,303,737 | 1,617,213 | ||||||||||||||||||||||
| Other operating income | 315,757 | 278,437 | 847,482 | 825,349 | |||||||||||||||||||||||
| Operating expenses | 1,672,972 | 1,752,175 | 4,943,592 | 4,915,649 | |||||||||||||||||||||||
| Income (loss) before income taxes | 53,823 | (2,279,396 | ) | 207,627 | (2,473,087 | ) | |||||||||||||||||||||
| Provision (benefit) for income taxes | (3,000 | ) | (957,000 | ) | 32,000 | (1,083,000 | ) | ||||||||||||||||||||
| Net Income (Loss) | $ | 56,823 | $ | (1,322,396 | ) | $ | 175,627 | $ | (1,390,087 | ) | |||||||||||||||||
| Earnings (loss) per share - basic | $ | 0.04 | $ | (0.85 | ) | $ | 0.11 | $ | (0.89 | ) | |||||||||||||||||
| Earnings (loss) per share - dilutive | $ | 0.04 | $ | (0.85 | ) | $ | 0.11 | $ | (0.89 | ) | |||||||||||||||||
FIRST MOUNTAIN BANCORP | |||||||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||||||
| 9/30/2010 | 9/30/2009 | 9/30/2010 | 9/30/2009 | ||||||||||||||||||
| Performance Ratios: | |||||||||||||||||||||
| Return on Average Assets | 0.16 | % | -3.84 | % | 0.17 | % | -1.31 | % | |||||||||||||
| Return on Average Equity | 1.51 | % | -32.77 | % | 1.56 | % | -11.23 | % | |||||||||||||
| Average yield on interest-earning assets | 5.192 | % | 5.888 | % | 5.340 | % | 6.174 | % | |||||||||||||
| Average cost of interest-bearing liabilities | 0.695 | % | 0.912 | % | 0.682 | % | 1.100 | % | |||||||||||||
| Net interest spread | 4.497 | % | 4.977 | % | 4.658 | % | 5.075 | % | |||||||||||||
| Net interest margin | 4.520 | % | 5.027 | % | 4.685 | % | 5.140 | % | |||||||||||||
| As of | As of | ||||||||||||||||||||
| 9/30/2010 | 12/31/2009 | ||||||||||||||||||||
| Capital Ratios (Bank): | |||||||||||||||||||||
| Total Risk-Based Capital Ratio | 13.5 | % | 13.2 | % | |||||||||||||||||
| Tier 1 Risk-Based Capital Ratio | 12.2 | % | 11.9 | % | |||||||||||||||||
| Tier 1 Leverage Ratio | 9.9 | % | 10.5 | % | |||||||||||||||||
| Asset Quality: | |||||||||||||||||||||
| Number of non-performing loans | 11 | 18 | |||||||||||||||||||
| Total number of foreclosed properties | 5 | 2 | |||||||||||||||||||
| Total non-performing loans | $ | 9,179,841 | $ | 7,764,563 | |||||||||||||||||
| Total foreclosed properties (OREO) | $ | 1,865,200 | $ | 291,636 | |||||||||||||||||
| Total non-performing assets | $ | 11,045,041 | $ | 8,056,199 | |||||||||||||||||
| Ratio of non-performing loans to total loans | 9.15 | % | 7.09 | % | |||||||||||||||||
| Total non-performing assets to total assets | 7.86 | % | 5.85 | % | |||||||||||||||||
| Total non-performing assets to equity and loan loss reserves | 61.65 | % | 43.25 | % | |||||||||||||||||
| (commonly referred to as Texas Ratio) | |||||||||||||||||||||
| Allowance for Loan Losses: | |||||||||||||||||||||
| Total Balance | $ | 2,950,786 | $ | 3,759,073 | |||||||||||||||||
| As a percent of non-performing assets | 26.72 | % | 46.66 | % | |||||||||||||||||
| As a percent of total loans outstanding | 2.94 | % | 3.49 | % | |||||||||||||||||
| Stock Information: | |||||||||||||||||||||
| Shares outstanding | 1,564,926 | 1,560,262 | |||||||||||||||||||
| Book value per share | $ | 9.67 | $ | 9.53 | |||||||||||||||||
