This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • 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