For the fourth quarter and the full year 2012 interest expense was $170,461 and $698,016, respectively, a decrease of $25,265 or 12.9% over the fourth quarter of 2011 and a decrease of $137,937 or 16.5% for the year 2012 over 2011. As interest rates have continued at historically low levels, the Bank has been able to reduce interest expense by focusing on increasing low cost core deposits and lowering deposit rates. Especially noteworthy is that the decrease in interest expense is coupled with an increase in the Bank's deposit base of $12.6 million.Non-Interest expense for the fourth quarter and year ending December 31, 2012 was $919,144 and $3,734,063 respectively, a decrease of $28,592 or 3.0% over the fourth quarter of 2011 and a decrease of $225,906 or 5.7% over 2011 expenses of $3,959,969. Over the past three years the Bank has focused on expense control, reducing non-interest expense by 5.1%, while growing revenue $1.3 million or 40.3%. Assets-per-employee has improved, from $4.3 million at the end of 2009 to $6.2 million as of year end 2012. The Bank's efficiency ratio also improved from 83% for 2011 to 78% for 2012.
Folsom Lake Bank Reports Increased 2012 Earnings
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