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 Solid Growth And Higher Earnings

FOLSOM Calif., Oct. 19, 2012 (GLOBE NEWSWIRE) -- Folsom Lake Bank (OTCBB:FOLB), announced unaudited financial results for the third quarter and nine month period ending September 30, 2012. The Bank reported net income of $390,791, an increase of 61.9% compared to earnings of $241,421 for the first nine months of 2011. The Bank reported its eleventh consecutive profitable quarter with net income of $117,410 compared to $157,228 for the third quarter of 2011. The Bank also had a strong increase in deposits, up over 10% compared to the prior year. "We are pleased with our third quarter performance, with both assets and deposits at new record levels, and a continued string of profitable quarters," said Robert J. Flautt, President and Chief Executive Officer.

For the quarter ending September 30, 2012, total assets were $127.4 million, up 9.5% from $116.3 million at the end of the third quarter of 2011, an increase of $11.1 million. Total deposits were $107.6 million, an increase of $10.1 million or 10.4% from the prior year quarter ending September 30, 2011. The Bank continued to show strong increases in core deposits (checking, savings & money market), up $13.4 million or 23.8% to $69.7 million compared to $56.3 million at the end of third quarter 2011. Loans declined from $75.1 million to $73.0 million due primarily to continued sluggish loan demand; however investment securities increased from $29.1 million to $38.6 million. The Bank attributes this continued growth to the strong interest clients have for the personal service and flexibility that is provided by community banks.

Net-Interest Income for the nine month period ending September 30, 2012 was $3,365,804, up $32,006 or 1.0% compared to the first nine months of 2011. Non-interest income was $239,904 for the first nine months of 2012 compared to $253,637 for the same period of 2011, a decrease of $13,733. Overall revenue, net-interest income and non-interest income, was up only slightly compared to 2011. In spite of the increased asset base, the Bank continues to face margin pressures, negatively impacting revenue generation, with the net interest margin declining from 4.14% to 4.03% over the past twelve months. The Bank eliminated its mortgage division in the first quarter of 2011, reducing fee income by approximately $60 thousand. However, expenses were also reduced with the closing of the mortgage division, and the Bank's non-interest expense is lower by $221,097 for nine months in 2012 compared to nine months in 2011. As a result, earnings for nine months have increased by $149,370 or 61.9% compared to 2011.

1 of 3

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!
DOW 16,915.07 -70.54 -0.42%
S&P 500 1,964.68 -8.15 -0.41%
NASDAQ 4,396.2040 -22.83 -0.52%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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