This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Folsom Lake Bank Reports First Quarter Profits

FOLSOM, Calif., April 15 /PRNewswire-FirstCall/ -- Folsom Lake Bank (OTC Bulletin Board: FOLB), announced unaudited financial results for the first quarter period ending March 31, 2010. The Bank reported its first profitable quarter with net income of $44,727 compared to a loss of $461,803 for the first quarter of 2009.  "The Bank continues to enjoy steady and manageable growth, and now a profitable operation, just as our business plan for a classic community bank envisioned," said Robert J. Flautt, President and Chief Executive Officer. "Considering our road to profitability was paved during the "Great Recession", we feel an even greater sense of accomplishment."

Folsom Lake Bank opened April 3, 2007 with 406 local investors. The profitable operation comes 33 months after opening the Bank. The Bank had its first full month of profitability in June of 2009 as envisioned in the original business plan for the Bank, however expenses associated with the opening of a second branch in Roseville put the Bank back in the red. "The Bank had been looking for a location on Douglas Boulevard in Roseville and the Board of Directors decided it was a terrific opportunity that we could not pass up," said David J. West, Chairman of the Board.

Net Interest Income for the quarter was $992,276, up $357,588 or 56% compared to the first quarter of 2009, reflecting healthy growth in earning assets as well as a low cost of deposits. Non-interest income also showed strong growth, improving from $66,545 in first quarter 2009 to $116,614 for the first reporting period in 2010, an increase of 75%. Even with this total increase of 56% in revenue, expense growth was kept to just 15% reflecting a focus on efficiency.

For the quarter ended March 31, 2010, total assets had grown to $104.1 million, an increase of $32.9 million or 46.2% from the first quarter of 2009.  Total deposits were $89.3 million, up $34.1 million or 61.8% from one year ago.  Total loans ended the quarter at $66.1 million, an increase of $27.7 million or 52.3% from the prior year. Investments were $32.7 million, up $11.3 million compared to the year earlier total of $21.4 million. The Allowance for Loan and Lease Losses (ALLL) now totals $1,534,940, or 2.32% of loans outstanding which provides a more than adequate reserve for problem loans.

"The Bank's focus will continue to be on building a strong balance sheet, maintaining a high level of liquidity and sustained profitability. Our assets are split nicely between a conservative lending portfolio and safe investments. Our growth has been remarkably steady over the last three years in spite of a weak economy. I expect we will continue to attract new customer relationships based on our classic community bank values of customer service, local knowledge of our communities and a focus on delivering what the customer wants", concluded Flautt.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs