vintage vending machines
BIG BEAR LAKE, Calif. — First Mountain Bancorp (OTCBB: FMBP) and its wholly-owned subsidiary,
First Mountain Bank (collectively the Bank), announced its 2009 results.
The Bank reported that while net interest income, exclusive of loan loss
provisions, remained constant from 2008 levels at over $6.6 million in
2009, the Board and Management remained committed to a conservative
approach to loan grading and providing for potential loan losses. During
the year, the Bank added $4,470,000 to the reserve for possible loan
losses, up from $1,562,000 in 2008. In addition, all banks experienced
significantly higher deposit insurance premiums. In 2009, the Bank was
required to pay FDIC premiums of over $308,000 compared to $65,000 in
2008. The increases to the loan loss reserve and the special FDIC
assessment resulted in a net loss for 2009 of $2,009,816, or $1.29 per
basic share, compared to $199,421 of net income, or $0.13 per share in
2008. Absent the significant provision to the allowance for possible
loan losses and the special assessment, the Bank would have achieved a
very respectable level of net income.
Jack Briner, CEO of the Bank, commented: “Almost 60% of the banks
headquartered in California had a net loss for 2009 and experienced loan
classification downgrades during regulatory examinations resulting in
significantly increased reserves. While we are not pleased with our
bottom line for 2009, we believe it is important to note that during a
recent regulatory examination the Bank experienced no loan downgrades
and our allowance for possible loan losses held up unchanged in spite of
the intense scrutiny of the regulators and our outside accountants. We
believe that the allowance for possible loan losses, which now stands at
3.49% of total loans, is adequate and properly managed.”
As we enter 2010, the Bank’s net interest margin remains in the 90th
percentile of all banks in the industry, and our Tier 1 Capital Ratio
continues to be more than twice the required level to be rated “Well
Capitalized,” the industry’s highest rating.
In view of the ongoing economic pressures in the Inland Empire, the
Board and Management are committed to continuing a conservative lending
philosophy. And, while there are no assurances that the Bank will not
experience further loan portfolio deterioration due to the economy, the
Board and Management are optimistic that the Bank will return to an
acceptable level of profitability in 2010.
First Mountain Bancorp is the parent holding company of First Mountain
Bank, which is headquartered in Big Bear Lake and has four offices
serving the Big Bear and high desert areas of Southern California. For
further information, contact Jack Briner, CEO, or Dennis Saunders,
President/CFO, at (909) 866-5861.
Womens clothing retailer Artigiano have again taken inspiration from Italy for their summer collection and have revealed an exclusive preview of the forthcoming range on their website.
The handful of items featured in the exclusive Summer preview have many of this seasons key trends covered; from jewel tones to luxury fabrics, metallics to bold prints it looks like Summer with Artigiano could be the perfect way to express your personality through your wardrobe.
A spokesperson for the company said “This Summer colours zing, fabrics shimmer, silhouettes fit flare and with our clothing accessories designed especially to match the summer collection you can add an extra layer of sophistication”.
Cleverly teasing us with a preview that features items suitable for all occasions and available now, Artigiano have helped us forget about the rain and focus on warmer, brighter days; be it at the poolside or attending a special event in style.
Celebrating their 15th year this year Artigiano specialises in Italian inspired womens clothing in sizes 8-20. The company launched sister brand Spirito di Artigiano in 1998 to capture the style of Artigiano and translate it into a plus size clothing collection available in sizes 14-28.
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