Coronado First Bank Announces Audited Consolidated Earnings Results for the Full Year Ended December 31, 2011; Provides Profit Guidance for the Year 2012
Coronado First Bank announced audited consolidated earnings results for the full year ended December 31, 2011. For the year, the company reported net interest income of $3,941,913 against $2,627,889 a year ago. Income before provision for income taxes was $1,247,751 against $420,876 a year ago. Net income was $734,570 against $420,076 a year ago. Basic and diluted earnings per share were $0.34 against $0.20 a year ago. Net cash provided by operating activities was $2,221,455 against net cash used in operating activities of $494,458 a year ago.
The company announced that it currently expects another significant increase in profitability in the year 2012 as the company fully realize the benefits resulting from the merger.