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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.

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