- Net income grew by $13 thousand in the fourth quarter 2012 to $236 thousand or 5.8 percent over the same quarter in 2011.
- Net income before provision for income tax expense grew by $353 thousand in the fourth quarter 2012 to $407 thousand or 653.7 percent over the fourth quarter 2011.
- Total interest income increased to $1.5 million, up $115 thousand or 8.1 percent from fourth quarter 2011 due to organic loan growth.
- Net interest margin was 4.81 percent for the year ended December 31, 2012 up from 4.45 percent for the year ended December 31, 2011, due largely to the impact of steady loan growth and decreased cost of deposits.
- Total asset grew to $135.7 million, an increase of $12.3 million or 10.0 percent from December 31, 2011.
- Total loans grew to $97.9 million, an $11.6 million or 13.4 percent increase from December 31, 2011.
- Continued strong loan quality with no charged-off loans and recoveries of $1 thousand in the fourth quarter of December 2012.
- Total deposits grew to $120.0 million, an $11.5 million or 10.6 percent increase from December 31, 2011.
- Noninterest bearing deposits increased to $55.1 million or 45.9 percent of total deposits at December 31, 2012. Noninterest bearing deposits grew $10.0 million or 22.0 percent from December 31, 2011.
- Cost of deposits declined to 0.43 percent for the year ending December 31, 2012 as compared to 0.67 percent for the year ending December 31, 2011. Interest expense fell to $62 thousand for the fourth quarter 2012 versus $92 thousand in the fourth quarter of December 2011, a decline of 32.6 percent.
- Continued status as well-capitalized, the highest regulatory category.
Founders Community Bank Announces Record Year
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