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Coronado First Bank Q1 net loss decreases

Coronado First Bank has reported a net loss of $79,000 for the first quarter ended March 31, 2008, compared to a net loss of $210,000 for the corresponding period of 2007.

The bank’s total assets grew to $59.3 million and total deposits grew to $46.2 million as at March 31, 2008, an increase of 62% and 85%, respectively, over the same period in 2007.

Bruce Ives, president and CEO, said: While the significant interest rate reductions by the Fed have reduced our interest margin, the bank’s strong growth enabled us to increase net interest income by 50% from March 2007. As a result, we have continued to reduce our net operating loss in a consistent fashion.