This Day On The Street
Continue to site
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

Folsom Lake Bank Reports Second Quarter Profits

FOLSOM, Calif., July 29, 2011 /PRNewswire/ -- Folsom Lake Bank (OTC Bulletin Board: FOLB), announced unaudited financial results for the six month period ending June 30, 2011. The Bank reported net income of $84,192 compared to earnings of $61,038 for the first six months of 2010.  The Bank reported its sixth profitable quarter with net income of $39,129 compared to $16,311 for the second quarter of 2010. Earnings per share were $0.05 for the six months in 2011 compared to $0.04 for the first half of 2010. Return on average assets was 0.15% for the six months in 2011 compared to 0.11% for the like period in 2010. "We are pleased to report a continued profitable operation, just what you would expect to see in a classic community bank," said Robert J. Flautt, President and CEO.

Net Interest Income for the six month period ending June 30, 2011 was $2,196,012, up $255,592, or 13.2% compared to the first six months of 2010, reflecting continued growth in loans as well as a low cost of deposits. Non-interest income was $237,518 for the first six months of 2011 compared to $195,688 for the same period of 2010, an increase of 21.3%.  General and administrative expenses for the first two quarters of 2011 increased by $124,049 which was primarily due to the write down of other real estate in the amount of $186,000.  Excluding the write-down, overall expenses declined 3.2% compared to the same period of 2010.    

For the quarter ended June 30, 2011, total assets were $113.5 million, down 0.4% from the June 2010 asset level of $113.9 million. Total deposits were $94.7 million, down 3.8% from the year earlier $98.5 million, however checking, savings and money market deposit balances were up $18.6 million, as the bank focused on growing relationship deposits. Total loans ended the quarter at $75.4 million, an increase of $2.8 million from the prior year. According to Flautt, "Our focus over the past year has been on sustained profitability, bringing in new customer deposits and maintaining a high level of liquidity. We are especially proud of the 54.1% increase in checking, savings and money market deposits over the past year." Investments securities were $29.6 million, down $9.4 million compared to the year 2010 total of $39.0 million. The Allowance for Loan and Lease Losses (ALLL) now totals $1,512,814, or 2.0% of loans outstanding which provides an adequate reserve for problem loans.

"Our classic community bank serving our local communities continues to progress. Although the last four years has presented quite a few unexpected challenges, we have worked hard to build our bank to a strong position in the local marketplace. I expect we will continue our success focusing on the classic community bank values of customer service, local knowledge of our communities, and delivering what the customer needs and wants," concluded Flautt.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs