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Coronado First on Road to Profitability, CEO Says

Coronado First Bank reported April 13 an unaudited first-quarter net loss of $149,000, compared with a net loss of $79,000 for the first quarter of 2008.

CEO Bruce Ives said the four-year-old bank turned the corner to earning profits in March with a monthly net gain of $29,000. The quarterly loss was the result of beefing up reserves because of hefty loan growth, and expenses from stock options.

The bank is growing at a good clip, with assets up 38 percent to $82 million, and deposits up 52 percent to $70 million. Loans hit $76 million, a gain of 82 percent from the like period of 2008.

The bank’s capital is in superb shape with Tier 1 leverage at 14 percent, nearly triple the 5 percent minimum required.

Coronado First, with a single office, said it plans to open a second office in Little Italy in July.

, Mike Allen

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