Coronado First Bank, purchased by Embarcadero Bank last year which adopted the acquired bank’s name, said its unaudited, second quarter net income was $329,000; and net profit for the first half was $573,000.
Embarcadero purchased CFB for nearly $9 million in a transaction that closed in November when the combined assets of both banks were $161 million.
As of June 30, Coronado First said it had $160 million in assets, and $120 million in deposits.
The bank has a surplus of capital with its total risk-based capital ratio at 23.83 percent, more than double the amount needed to be considered well-capitalized.
The bank says its book value per share was $10.77 per share as of June 30, up 22 cents from the end of last year, and well above the $9.30 market price for its shares, traded under NADO on the Over the Counter Bulletin Board.
— Mike Allen