The Company reported net income of $300K, or 1v per diluted share, for the quarter ended September 30, , compared to net income of $2.5M n, or 5c per diluted share, for the quarter ended June 30…The decrease in our net income for the quarter ended September 30 is primarily attributable to a decrease in our recovery of credit losses, the absence of any gains on the sale of loans during the quarter, and an increase in our professional fees. As previously disclosed, we have engaged both a consulting firm and an investment bank to help us develop a comprehensive range of viable strategic options available to us. The new plan will be prepared in light of our election to be a “covered savings association” under applicable law, which became effective this quarter and generally allows us to operate as a commercial bank without the constraints applicable to a thrift institution. We expect these engagements may, among other alternatives, consider the build-out of our presence in California and the relocation of certain operational and executive oversight functions. In that scenario, we expect that repositioning the Bank in this fashion will take significant time and expense.” Thomas M. O’Brien, Chairman, President, and Chief Executive Officer commented:
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