ICB Financial (OTC Bulletin Board: ICBN) and its portfolio, Inland Community Bank, N.A. reported special charges to earnings to bolster reserves during the quarter ended September 30, 2009. Allowance for loan losses increased 22%. This action was taken in response to the continuing stress in both the National and local economies. At the same time the Bank showed significant growth in Liquidity and core deposits from the same date last year. Provisions for loan losses of $2,626,000 and other charges for OREO reserves and expenses, resulted in a net loss for the first nine months of the year of ($379,000) or ($.07) per common share, compared to net income of $475,000 or $.09 per common share in the same period of 2008.
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However, given the difficult economic environment and despite the loss in the consolidated ICB Financial we remain pleased with our core earnings strength and our growth in assets and deposits. For the nine months ended September 30, 2009 the Bank had net earnings of $255,000 and our capital ratios and liquidity levels are representative of the best in the California Banking Market. As 2009 nears an end, it will certainly be remembered as one of the most difficult and financially eventful periods in decades. And as we go through the final quarter of the year and look forward to 2010, it is evident that the banking landscape will continue to shift. The good news is that the financial crisis has certainly eased from its peak and as market conditions have improved, liquidity has improved, however, some banks remain reluctant to lend which is slowing the overall economic recovery but Inland Community Bank, N.A. continues to seek out quality borrowing relationships. The continued burden of increasing regulation on banks in these troubled times places a cloud over the prospect of a vibrant recovery. And the prepayment of three years of FDIC assessments, which will total in excess of $1.5 million for our Bank, will not help the return on assets which is monitored closely by all regulators and investors. Identification of problem assets has been a high priority for the Bank and although non-performing assets have increased over the last year, there is confidence the decline in asset quality is beginning to slow.
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