1st Centennial Bancorp reports Q2 net loss
Net interest income for the period was $5.98 million, representing a fall from $7.3 million for the comparable period in the prior year. The return on average equity (ROAE) and return on average assets (ROAA) for the quarter were 22.28% and 1.55% respectively, versus 18.87% and 1.48% for the comparable period in 2007, respectively. According to the company, the change in operating results for the three months ended June 30, 2008 as compared to the same period last year was due primarily to increases in the provision for loan losses and non-interest expense, and a decrease in the net interest margin. For the six months ended June 30, 2008, the net loss totaled $4.23 million or $0.87 diluted loss per share, as compared to a net income of $4.12 million or $0.77 diluted earnings per share for the six months ended June 30, 2007. The ROAE and ROAA for the six months ended June 30, 2008 were 16.37% and 1.20% respectively, compared to 18.65% and 1.45% for the same period in 2007, respectively.