SOURCE: Fullerton Community Bank

October 25, 2006 11:47 ET

RMG Capital Corporation Announces 3Q Profit

FULLERTON, CA -- (MARKET WIRE) -- October 25, 2006 -- RMG Capital Corporation (OTCBB: RMGC), the holding company for Fullerton Community Bank, F.S.B. in Fullerton, California, announced third-quarter profits of $909 thousand bringing year-to-date net income to $3.0 million or $1.12 per share. This represents a 13% increase over the same period last year.

According to company spokesman Richard Kusserow, total Bank assets grew to $666 million, an increase of 16.5% over the same period a year ago. Total Bank loans increased $24.6 million for the quarter, reflecting steady growth in the Small Business and Construction loan sectors. As expected, the Bank's Net Interest Margin at 3.46% is down from earlier year highs reflecting higher funding costs. However, the retention of low interest deposits has contributed to strong core earnings and year-to-date Net Income for the Bank of $3.77 million, an increase of 26.2% over the same period last year.

Contact Information

  • Contact:
    Richard O. Kusserow