Coronado First Bank Seeks Growth upon Announcement of Q2 Locally headquartered Coronado First Bank (OTCBB: CDFB) announced second quarter results on Monday, which showed an increase in total assets as well as total deposits, and a decrease in operating loss.Bruce Ives, president and CEO of Coronado First Bank, stated in a press release that the second quarter total assets for the quarter ending June 30, 2007, grew to $42.8 million, which is an increase of 66 percent compared to the same quarter last year. In addition, total deposits grew 129 percent to $31.3 million when compared to the same quarter last year.
Ives said he anticipates the company to continue its growth after the announcement of these financials.
“We are very pleased with the strong performance the bank has demonstrated in 2007,” Ives explained in a company release. “While many banks are struggling to grow their deposit base, Coronado First Bank has been extremely successful in this area.”
“While we target continuing growth, we remain committed to maintaining the quality of our asset base,” Ives continued. “As of June 30, 2007, the bank had a loan-to-deposit ratio of 103 percent with no criticized or classified loans.”
Coronado First Bank is a locally headquartered and managed community bank in Coronado, California, and draws resources off of its local shareholders, board of directors and management team.
Being local to Coronado, the bank supports the credit and deposit needs of its residents and the cash management needs of its small-to-medium sized businesses.
While the company is pleased with the asset and deposit financials for the second quarter, the bank still reported an unaudited second quarter loss of $251,000 and a year-to-date loss of $461,000.
“We continue to maintain consistent, sustainable growth that will ultimately lead to stabilized profitability,” Ives concluded. “We have reduced our operating loss every quarter since inception and we anticipate that our goal of profitability will soon be realized. The board, management and staff all remain committed to establishing a long term, premier performing bank that will generate strong shareholder returns for years to come.”