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26.04.2011 23:17:00
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First Mountain Bancorp Announces First Quarter 2011 Results
First Mountain Bancorp (OTCBB:FMBP) and its subsidiary, First Mountain Bank, today reported quarterly consolidated net income of $65,002 or earnings per basic share of $0.04 for the quarter ended March 31, 2011, compared to net income of $105,449, or earnings per basic share of $ 0.07 for the first quarter of 2010.
"We are pleased that the turnaround in earnings that began in 2010 has continued into the first quarter of 2011,” stated Jack Briner, Chief Executive Officer. "We are also pleased with the improvement in our non-performing assets which declined by nearly $1.5 million during the quarter, plus an additional $136,000 reduction subsequent to quarter end.”
Total assets ended the quarter at $144,172,387 as compared to the December 31, 2010, figure of $143,707,686. Total deposits were $128,221,685 at March 31, 2011, compared to the December 31, 2010, figure of $127,921,792. Assets and deposits have continued to grow in spite of the continued economic pressures in the Bank’s market areas.
Gross loans outstanding at quarter end totaled $102,455,266, compared to $98,914,244 at December 31, 2010, an increase of $3,541,022, or 3.6%. The Bank has experienced a compression in yields and net interest margin over the past twelve months; however, at 4.67%, the Bank’s net interest margin continues to provide an interest rate spread well in excess of peers.
The allowance for possible loan losses stood at $2,646,618 at March 31, 2011, or 2.58% of outstanding loans, compared to a ratio of 2.74% at December 31, 2010. Non-performing loans represented 7.2% of the loan portfolio at quarter end, and continues to be an area of special focus and aggressive effort by the Bank.
At March 31, 2011, the Company had total equity capital of $15,077,873, which represents a Tier 1 leverage capital ratio of 9.4%, which is significantly in excess of regulatory guidelines for a "Well Capitalized” designation. The Company also reported book value of $9.63 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.
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FIRST MOUNTAIN BANCORP |
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| STATEMENT OF CONDITION - (Consolidated)(Unaudited) | ||||||||||
| March 31, 2011 |
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December 31, 2010 |
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| Assets | ||||||||||
| Cash and due from banks | $ | 21,690,499 | $ | 25,563,874 | ||||||
| Fed funds | 963,192 | 962,653 | ||||||||
| Investment securities | 10,511,073 | 7,884,000 | ||||||||
| Gross loans | 102,455,266 | 98,914,244 | ||||||||
| Less: Allowance for loan losses | (2,646,618 | ) | (2,711,957 | ) | ||||||
| Net loans | 99,808,648 | 96,202,287 | ||||||||
| Bank premises and equipment | 2,223,593 | 2,275,008 | ||||||||
| Other assets | 8,975,382 | 10,819,864 | ||||||||
| Total Assets | $ | 144,172,387 | $ | 143,707,686 | ||||||
| Liabilities | ||||||||||
| Noninterest-bearing deposits | $ | 38,107,393 | $ | 38,061,645 | ||||||
| Interest-bearing deposits | 90,114,292 | 89,860,147 | ||||||||
| Total deposits | 128,221,685 | 127,921,792 | ||||||||
| Other liabilities | 872,829 | 783,695 | ||||||||
| Total Liabilities | 129,094,514 | 128,705,487 | ||||||||
| Stockholders' Equity | ||||||||||
| Common stock | 12,018,567 | 12,002,760 | ||||||||
| Retained earnings | 3,009,014 | 2,944,012 | ||||||||
| Accumulated other comprehensive income | 50,292 | 55,427 | ||||||||
| Total Stockholders' Equity | 15,077,873 | 15,002,199 | ||||||||
| Total Liabilities and Stockholders' Equity | $ | 144,172,387 | $ | 143,707,686 | ||||||
| STATEMENT OF INCOME - (Consolidated) (Unaudited) | ||||||
| For the three months ended | ||||||
| 03/31/11 | 03/31/10 | |||||
| Interest income | $ | 1,690,015 | $ | 1,688,551 | ||
| Interest expense | 174,969 | 207,401 | ||||
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Net interest income before provision for loan losses |
1,515,046 | 1,481,150 | ||||
| Provision for loan losses | 30,000 | - | ||||
| Net interest income | 1,485,046 | 1,481,150 | ||||
| Other operating income | 268,174 | 253,299 | ||||
| Operating expenses | 1,663,218 | 1,581,000 | ||||
| Income before income taxes | 90,002 | 153,449 | ||||
| Provision for income taxes | 25,000 | 48,000 | ||||
| Net Income | $ | 65,002 | $ | 105,449 | ||
| Earnings per share - basic | $ | 0.04 | $ | 0.07 | ||
| Earnings per share - dilutive | $ | 0.04 | $ | 0.07 | ||
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FIRST MOUNTAIN BANCORP |
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| For the three months ended | ||||||||||
| 3/31/2011 | 3/31/2010 | |||||||||
| Performance Ratios: | ||||||||||
| Return on Average Assets | 0.18 | % | 0.31 | % | ||||||
| Return on Average Equity | 1.73 | % | 2.83 | % | ||||||
| Average yield on interest-earning assets | 5.210 | % | 5.469 | % | ||||||
| Average cost of interest-bearing liabilities | 0.551 | % | 0.697 | % | ||||||
| Net interest spread | 4.659 | % | 4.772 | % | ||||||
| Net interest margin | 4.670 | % | 4.798 | % | ||||||
| As of | As of | |||||||||
| 3/31/2011 | 12/31/2010 | |||||||||
| Capital Ratios (Bank): | ||||||||||
| Total Risk-Based Capital Ratio | 13.2 | % | 13.2 | % | ||||||
| Tier 1 Risk-Based Capital Ratio | 12.0 | % | 12.0 | % | ||||||
| Tier 1 Leverage Ratio | 9.4 | % | 9.6 | % | ||||||
| Asset Quality: | ||||||||||
| Number of non-performing loans | 12 | 10 | ||||||||
| Total number of foreclosed properties | 4 | 5 | ||||||||
| Total non-performing loans | $ | 7,358,519 | $ | 7,028,999 | ||||||
| Total foreclosed properties (OREO) | $ | 1,745,676 | $ | 3,541,240 | ||||||
| Total non-performing assets | $ | 9,104,195 | $ | 10,570,239 | ||||||
| Ratio of non-performing loans to total loans | 7.18 | % | 7.11 | % | ||||||
| Total non-performing assets to total assets | 6.31 | % | 7.35 | % | ||||||
| Total non-performing assets to equity and loan loss reserves | 51.78 | % | 60.19 | % | ||||||
| (commonly referred to as Texas Ratio) | ||||||||||
| Allowance for Loan Losses: | ||||||||||
| Total Balance | $ | 2,646,618 | $ | 2,711,957 | ||||||
| As a percent of non-performing assets | 29.07 | % | 25.66 | % | ||||||
| As a percent of total loans outstanding | 2.58 | % | 2.74 | % | ||||||
| Stock Information: | ||||||||||
| Shares outstanding | 1,564,926 | 1,564,926 | ||||||||
| Book value per share | $ | 9.63 | $ | 9.59 | ||||||
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