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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.

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