American Principle Bank reported unaudited earnings results for the fourth quarter and year ended December 31, 2009. For the quarter, the Bank reported net income of $241,000, equivalent to $0.06 diluted earnings per share. This compares favorably to the loss of $151,000, equivalent to $0.04 per diluted share, for the fourth quarter of 2008. Net interest income before the provision for loan losses totaled $1.8 million against $1.4 million in the fourth quarter of 2008. Net interest income after provision for loan losses was $1,494,000 compared to $905,000 a year ago. Income before provision for income taxes was $242,000 compared to a loss of $151,000 a year ago. For the full year 2009, the Bank incurred a net loss of $1.7 million, equivalent to $0.40 per diluted share. This compares to full year 2008 results of a net loss of $1.2 million, equivalent to $0.27 per diluted share. The Bank was profitable during three of the four quarters of 2009, with the loss for the year primarily resulting from the financial deterioration and associated charge-offs for a single credit relationship. Net interest income before the provision for loan losses totaled $6.6 million, 60.7% higher than $4,130,000 during 2008. Net interest income after provision for loan losses was $3,179,000 compared to $2,588,000 a year ago. Loss before provision for income taxes was $1,707,000 compared to $1,154,000 a year ago. Nominal and tangible book values were $9.15 per share at December 31, 2009 versus $9.44 per share at December 31, 2008. The bank also announced that, following the recent receipt of all required regulatory approvals, Paul S. Viborg was joining the board of directors in February 2010. Mr. Viborg is a lifelong resident of the Central Coast and the President and Chief Executive Officer of Viborg Sand & Gravel Inc.

American Principle Bank announced that David R. Booker, a founding officer and director of the Bank, has decided to retire as an executive officer, while continuing to serve the Bank as Vice-Chairman of the Board of Directors. Mr. Booker, who will soon be 65 years old, informed the Board of Directors that he wishes to devote more time to his family and to have a greater opportunity to pursue personal interests now that the Bank is in its third year of operation and is well established.

American Principle Bank announced that, after receiving approval from the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation, Mark A. Crawford has been hired as the Bank's new Executive Vice President and Chief Credit Officer. Mr. Crawford is an experienced financial industry executive with over 25 years of professional employment history. Mr. Crawford was most recently a Senior Executive Vice President and the Chief Risk Officer for a financial institution in Texas with over $10 billion in total assets, and has been consulting for the Bank pending receipt of regulatory approval for his hire as an executive officer. Earlier in his career, Mr. Crawford worked for the U.S. Treasury Department and the Federal Reserve Bank of Dallas in a variety of supervisory, policy, and training roles.

American Principle Bank Announces David R. Booker's Retirement as an Executive Officer

American Principle Bank Announces Hire of Mark A. Crawford as Executive Vice President and Chief Credit Officer

American Principle Bank Announces: Fourth Quarter and Full Year 2009 Financial Results; Total Assets Exceed $200 Million; Appointment of New Director; Upcoming Opening of a Branch in Santa Maria

American Principle Bank Announces: Fourth Quarter and Full Year 2009 Financial Results; Total Assets Exceed $200 Million; Appointment of New Director; Upcoming Opening of a Branch in Santa Maria

American Principle Bank Announces David R. Booker's Retirement as an Executive Officer

American Principle Bank Announces Hire of Mark A. Crawford as Executive Vice President and Chief Credit Officer

American Principle Bank Announces Third Quarter 2009 Financial Results