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Thirteen priests have been arrested in connection with the incident of fire that gutted a bar and restaurant atop a three-storeyed commercial building here, police said today.
For further informationcontact Jack Briner, CEO, or Dennis Saunders, President/CFO, at (909) 866-5861. At June 30, 2009, the Company reported a book value per share of $10.76, on1,560,262 shares outstanding. Although we cannot guarantee thefinancial performance of the Bank for the remainder of 2009, we believe ouraggressive loan portfolio management and excellent capital levels properlyposition the Bank to deal with the challenges of the current economy," statedMr Briner. The Companycontinues to be "well capitalized," the highest designation under regulatoryguidelines, and its capital ratios significantly exceed the regulatoryrequirements.
"While the level of non-performing assets is of some concern, most of theseloans are real estate secured with good underlying collateral values, despitethe general decline in the real estate market. Total consolidated equity capital was $16,786,626 at June 30, 2009, whichrepresented a total Tier 1 leverage capital ratio of 12.0%. Until the economy shows signs of improving, we havecommitted to follow this conservative approach," stated Jack Briner, ChiefExecutive Officer. The Company reported total consolidated assets of $138,116,907 at June 30, 2009,compared to $144,073,931 at December 31, 2008; total outstanding loans of$113,301,132 at quarter end, compared to the year-end 2008 balance of$113,609,304; and total deposits of $120,524,982 and $126,439,886 at June 30,2009 and December 31, 2008, respectively. "While core earnings remain quite strong, we continue to follow a conservativeoperating model in response to the decline in our local economy by adding to theBank`s loan loss reserve. Subsequent to the end of the second quarter, the Company converted $1.1million of foreclosed property into a performing asset through sale of theproperty, which reduced non-performing assets by 25%, resulting in a revisednon-performing asset ratio of 2.37%.
The Bank had a total of $4,388,837in non-performing assets at June 30, 2009, or 3.18% of total assets, compared to$2,777,296 in non-performing assets, or 1.82% of total assets at December 31,2008. The Company`s earnings were also reduced by thegovernment`s decision to significantly increase the FDIC insurance assessment,including a one-time special assessment, resulting in an increase of $102,000 inthe Company`s FDIC insurance assessment through June 30, 2009 compared to thesame period in 2008. The Company added $698,000 to its ALL during the second quarter of 2009resulting in a total ALL of $2,263,258 at June 30, 2009, or 2.00% of outstandingloans. At December 31, 2008, the allowance for loan losses totaled $1,705,120and represented 1.50% of outstanding loans. The decline in earnings between the six month periods was also the resultof increases in the provision for loan losses resulting in a charge againstearnings of $970,000 through June 30, 2009, compared to provisions of $413,000through June 30, 2008. The Company also reported a net loss of $67,691, or$0.04 loss per basic share, for the six months ended June 30, 2009, compared tonet income of $278,592, or $0.18 earnings per basic share for the first half of2008. The change in earnings between the respective quarters wasmainly attributable to additions to the Company`s loan loss reserves (Allowancefor Loan Losses, or ALL).
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