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First Mountain Bancorp (OTCBB:FMBP) and its subsidiary, First Mountain
Bank, today reported quarterly consolidated net income of $65,002 or
earnings per basic share of $0.04 for the quarter ended March 31, 2011,
compared to net income of $105,449, or earnings per basic share of $
0.07 for the first quarter of 2010.
“We are pleased that the turnaround in earnings that began in 2010 has
continued into the first quarter of 2011,” stated Jack Briner, Chief
Executive Officer. “We are also pleased with the improvement in our
non-performing assets which declined by nearly $1.5 million during the
quarter, plus an additional $136,000 reduction subsequent to quarter
Total assets ended the quarter at $144,172,387 as compared to the
December 31, 2010, figure of $143,707,686. Total deposits were
$128,221,685 at March 31, 2011, compared to the December 31, 2010,
figure of $127,921,792. Assets and deposits have continued to grow in
spite of the continued economic pressures in the Bank’s market areas.
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