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At least 1 lakh officials will carry out door-to-door headcount for the National Population Register.
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%.
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