American Principle reports
San Luis Obispo-based American Principle Bank, which opened in October, reported July 21 financial results for the six months ended June 30.
It lost $309,000 during the second quarter of 2008, compared to a loss of $499,000 during its first quarter of the year.
The second quarter loss was primarily because of $349,000 in provision for loan losses to increase the allowance for loan losses in conjunction with the growth in the bank’s loan portfolio, American Principle said.
The loss was equivalent to $0.07 per share, down from a $0.12 loss per share for the first quarter of 2008. The 2008 year-to-date loss of $808,000 was equivalent to $0.19 per share.
Net loans increased from $15.0 million as of Dec. 31, 2007 to $38.5 million on March 31 and $66.6 million as of June 30.
