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NorCal Community Bancorp Q1 net income down 13%

NorCal Community Bancorp, the parent company of Bank of Alameda, has reported net income of $528,000 for the first quarter of 2008, a 13% decrease, compared to net income of $609,000 for the first quarter of 2007.

Earnings per diluted share decreased to $0.16 for Q1 2008, a 16% decrease, compared to $0.19 for Q1 2007.

The return on average assets for the first quarter of 2008 was 0.77% and the return on average shareholders’ equity was 7.81%, compared to 0.96% and 10.93%, respectively, in the first quarter of 2007.

At March 31, 2008, the company’s total assets were $280.2 million, an increase of $17 million or 6% compared to March 31, 2007.