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Folsom Lake Bank Reports Second Quarter Profits

FOLSOM, Calif., July 15 /PRNewswire-FirstCall/ -- Folsom Lake Bank (OTC Bulletin Board: FOLB), announced unaudited financial results for the six month period ending June 30, 2010. The Bank reported net income of $61,038 compared to a loss of $543,084 for the first six months of 2009.  "We are very pleased that the operations of the Bank continue to progress as envisioned in our original plan for a classic community bank. The Bank continues to enjoy steady and manageable growth and a profitable operation during the first six months of the year," said Robert J. Flautt, President and Chief Executive Officer. "Our bank has built a strong foundation based on conservative operations, a community focus and a very personal approach to helping our clients with their banking business."      

Folsom Lake Bank opened April 3, 2007 with 406 local investors. Two years later in July of 2009 the bank opened its second branch in Roseville near the busy intersection of Douglas Boulevard and Eureka Road. The branch has grown to $24 million in deposits and continues to attract new client relationships for customers looking for the personal touch. "The Bank is just now seeing the benefits of having two very attractive franchise locations in excellent markets. We look forward to continue strong and steady growth in both the Folsom and Roseville market areas," said David J. West, Chairman of the Board.

Net Interest Income for the six month period ending June 30, 2010 was $1,940,420, up $572,827 or 42% compared to the first six months of 2009, reflecting healthy growth in earning assets as well as a low cost of deposits. Expense growth was kept to just 6% over 2009 despite operating with a two branch system in 2010 compared to a one branch operation in 2009.

For the period ended June 30, 2010, total assets had grown to $113.9 million, an increase of $36.4 million or 46.9% from end of the second quarter of 2009.  Total deposits were $98.5 million, up $37.0 million or 60.3% from one year ago.  Total loans ended the quarter at $72.6 million, an increase of $23.5 million or 47.9% from the prior year. Investment securities were $39.0 million, up $19.9 million compared to the year earlier total of $19.1 million. The Allowance for Loan and Lease Losses (ALLL) now totals $1,609,940, or 2.22% of loans outstanding which provides a substantial cushion 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 since inception 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. We are focused on long term profitability rather than short term results," concluded Flautt.

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