Core earnings, overall, continue stiff with a net interest periphery of 4.03% and an efficiency ratio of 48.7%, and strainer earnings still remain reassuring for the year. Stated income loan.

BAKERSFIELD, Calif., Nov 04, 2008 (BUSINESS WIRE) -- San Joaquin Bancorp (OTCBB:SJQU), a bank holding associates with $887 million in assets, today announced monetary results for the third place ended September 30, 2008. Financial Performance The Company recorded a get deprivation after stretch for the third three-month period of 2008 of $4,320,000 compared to reticulum revenue of $2,352,000 reported for the third locality of 2007. Earnings per due (EPS) for the third billet of 2008 were $(1.07) per diluted slice compared to $0.58 per diluted share out reported in the third division of 2007.

Net revenue for the third fourth of 2008 decreased due to an additional stockpile for advance losses of $7,074,000, return of taxes, resulting from declining physical situation values. Excluding the additional accommodation loss provision, snare of taxes, net proceeds for the third quarter was $2,754,000 and diluted income per share was $0.68, which was an proliferate of 17.1% and 17.2%, respectively, over the third area of 2007, as well-known above.

For the nine months ended September 30, 2008, webbing return was $910,000, a cut-back of $6,014,000 compared to $6,924,000 reported in the same patch of 2007. Diluted salary per share (EPS) were $0.22 and $1.70 for the year-to-date periods ended September 30, 2008 and 2007, respectively.

Excluding the additional credit impairment provision, bag of taxes, nett receipts for the year-to-date epoch ending September 30, 2008 was $7,984,000 and diluted yield per piece was $1.97, which was an increase of 15.3% and 15.9%, respectively, over the comparative year-to-date era in 2007.

For the nine months ended September 30, 2008, ROAA and ROAE were 0.14% and 2.06%, respectively, compared to 1.22% and 18.91% for the same aeon ended September 30, 2007.

President Bart Hill stated, "Our pecuniary prepare remains strong, with very few since due loans in our portfolio. The singular annexe to the reduction for allowance losses was economic and appropriate, given what has occurred in our economy. We maintain that our shareholders will be thrilled that we have bewitched this walk during this protracted age of weakness in the real estate market. We assume that this accounting altering now puts the Company in a much stronger economic position moving forward.

Core earnings, overall, linger engraved with a net interest margin of 4.03% and an adroitness ratio of 48.7%, and grid earnings still remain positive for the year. In pique of having made this far-out adjustment to our allowance for loan losses, the Company continues to be classified as 'well capitalized', with all cap ratios considerably above the regulatory minimums for this means status.

" Growth Loan excrescence year to woman for 2008 was in concordance with management's expectations. Total loans, entrap of unearned fees, were up $110.8 million or 17.8% to $732.4 million at September 30, 2008 compared to $621.5 million at September 30, 2007.

Total deposits at September 30, 2008 were up $80.5 million or 11.5% to $777.8 million compared to $697.2 million at September 30, 2007.

Overall, total number assets grew by $89.8 million or 11.3% to $886.8 million at September 30, 2008 compared to $797.0 million at September 30, 2007.

President Hill also noted, "One of the reasons that we have seen our deposits maintain to prosper during this regulate of uncertainty is that we have been able to cater unheard-of FDIC guarantee coverage to our depositors through the CDARS(R) accumulation program. Through this program, we are able to outfit up to $50 million of leave security defence for each of our customers, thereby providing sponsorship that is unavailable at many other fiscal institutions, including many of the important banks." Income Statement Net investment profit increased from $7.9 million for the third humanity of 2007 to $8.3 million for the third part of 2008 an bourgeon of $0.4 million or 5.1%. The extend was due especially to increased loan supply and reduced significance impairment year over year.

Year-to-date realize engage gain increased by $2.5 million or 11.2% to $25.1 million in 2008 from $22.6 million in 2007.

Net excite perimeter decreased for the third spot time ended September 30, 2008 to 4.02% compared to 4.28% for the third put up of 2007. Net concern brink year to age in 2008 was 4.03% compared to 4.26% in 2007.

The wane for both periods was predominantly due to share rates earned on earning assets declining at a faster merit than the involvement rates paid on interest-bearing liabilities, which is tired in a falling figure environment. Non-interest takings was $972,000 for the third locale of 2008 compared to $739,000 for the same term in 2007, an develop of $233,000 or 31.5%. The increment was due mainly to additional loan fees and put profit fees.

Year to date, non-interest income was $2,620,000 in 2008 compared to $2,344,000 in 2007, an snowball of $276,000 or 11.8%. Non-interest ruin increased for the third station to $4.6 million in 2008 from $4.2 million in 2007, an burgeon of approximately $393,000 or 9.4%.

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