SOURCE: Fullerton Community Bank

May 01, 2007 13:05 ET

RMG Capital Corporation Announces 1Q Profit

FULLERTON, CA -- (MARKET WIRE) -- May 1, 2007 -- RMG Capital Corporation (OTCBB: RMGC), the holding company for Fullerton Community Bank, F.S.B. in Fullerton, California, announced first-quarter profits of $965 thousand or $0.32 per share as compared to earnings of $1.01 million and $0.37 per for the same period in 2006. The decline in earnings per share in 2007 reflects the dividends paid on $5 million of preferred stock issued by RMG Capital Corporation on March 31, 2006.

According to company spokesman, Richard Kusserow, Bank assets for the first quarter totaled $658 million, an increase of 3.16% over the same period a year ago. Total Bank loans increased $3.1 million for the three-months ending March 31, 2007, reflecting increases in Small Business and Construction loans, which were offset by declines in consumer and income property loan production.

As of March 31, 2007, the Bank's Net Interest Margin was at 3.37%. Even though Fullerton Community Bank continued to experience downward pressure on its Net Interest Margin, we did not experience the same level of erosion that plagued the industry over the past year. This was the result of increasing our level of core deposits and a migration toward higher yielding assets.

Contact Information

  • Contact:
    Richard O. Kusserow
    VP and Secretary
    RMG Capital Corporation
    (714) 578-7500