SOURCE: Coronado First Bank

Coronado First Bank

February 01, 2012 20:13 ET

Coronado First Bank Fourth Quarter Earnings

CORONADO, CA--(Marketwire - Feb 1, 2012) - Maria P. Kunac, President and Chief Executive Officer of Coronado First Bank (OTCBB: NADO) (OTCQB: NADO), announced today earnings for 2011.

For the year ended December 31, 2011, Coronado First Bank earned $735,000. One time events included in earnings were $287,000 in merger expenses and in a bargain purchase gain of $337,000 related to the merger. Coronado First Bank ended the year with $161,000,000 in total assets and $27,348,000 in total equity. Ms. Kunac stated, "Coronado First Bank experienced excellent earnings growth in 2011 and with its strong capital position is poised to continue to grow as the economy recovers."

During the fourth quarter, 2011, Coronado First Bank, formerly Embarcadero Bank, completed its merger with Coronado First Bank. Maria P. Kunac, President and CEO, adds, "Since the completion of the merger, the Bank has relocated corporate headquarters to Coronado, consolidated the former Embarcadero Bank's downtown branch into the Bank branch at 1370 India Street in downtown San Diego, and successfully completed the conversion of its core processing systems." Ms. Kunac adds, "The Bank is enthusiastically serving the community and appreciates the loyalty of its shareholders and customers."

Coronado First Bank
Balance Sheet
(Unaudited - 000's Omitted)
December 31, 2011 2010
Assets
Cash and Cash Equivalents $ 29,295 $ 10,434
Investments 11,042 2,838
Loans, Net 113,779 56,968
Premises, Equipment and Other Assets 7,109 2,351
Total Assets $ 161,225 $ 72,591
Liabilities and Shareholders' Equity
Demand Deposits $ 19,285 $ 3,273
Interest Bearing Deposits 103,209 41,811
Total Deposits 122,494 45,084
FHLB Advances / Borrowings 10,000 5,918
Other Liabilities 1,383 375
Shareholders' Equity 27,348 21,214
Total Liabilities and Shareholders' Equity $ 161,225 $ 72,591
Coronado First Bank
Income Statement
(Unaudited - 000's Omitted)
Twelve months ended December 2011 2010
Interest Income
Loans, including fees $ 4,660 $ 3,201
Investments 68 53
Total Interest Income 4,728 3,254
Interest Expense
Deposits 596 486
FHLB Advances / Borrowings 190 140
Total Interest Expense 786 626
Net Interest Income 3,942 2,628
Provision for Loan Losses 155 321
Net Interest Income after Provision for Loan Losses 3,787 2,307
Other Income 538 148
Operating Expenses 3,077 2,034
Operating Income 1,248 421
Income Taxes 513 1
Net Earnings $ 735 $ 420
Selected Ratios:
Earnings Per Share (Weighted Average Shares) $ 0.35 $ 0.20
Tangible Book Value Per Share $ 10.55 $ 10.04
Tier 1 Leverage Ratio 15.76 % 29.73 %
Total Risk Based Capital Ratio 22.72 % 37.89 %
Asset Quality
(Non Performing Assets + 90 Days Past Due Accruing) divided by (Equity + Allowance for Loan Losses) 7.34 % 3.52 %

Coronado First Bank is publicly traded on the Over-the Counter Bulletin Board, ticker symbol: "NADO," with total shares outstanding for Coronado First Bank stock are 2,592,740 as of 12/31/11.

For more information on the Bank please contact:

Maria P. Kunac at 619-522-2550
www.coronadofirst.com

This press release may include forward-looking statements that involve inherent risks and uncertainties, including the anticipated benefits to be achieved as a result of the merger, the successful integration of the two banks, the equity capital of the combined bank, the potential returns on investment of shareholders, economic conditions and competition in the geographic and business areas in which the Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation. These statements are subject to risks and uncertainties and actual results could differ materially due to certain risk factors. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.