BELLEVUE, Wash., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Foundation Bancorp, Inc. (OTCBB:FDNB), the holding company for Foundation Bank, today reported it earned $551,000, or $0.16 per diluted share, in the fourth quarter of 2012 compared to a net loss of $3.0 million, or ($0.89) per diluted share, in the fourth quarter a year ago. For all of 2012, Foundation Bancorp earned $2.2 million, or $0.62 per diluted share, compared to a net loss of $5.0 million, or ($1.48) per diluted share, in 2011. Fourth Quarter 2012 Highlights:
- Sixth consecutive quarterly reduction in non-performing assets (NPAs) with a year-over-year reduction of 29%.
- Net interest margin increased to 3.91% for the fourth quarter and 4.01% for the year, compared to 3.87% and 3.72% for the respective periods a year ago.
- Gross loans increased 10% year-over-year to $288.9 million, excluding the decrease in non-accrual loans, loans increased 16%.
- Return on average equity of 8.28% for the fourth quarter and 8.59% for the year.
- Non-interest bearing demand deposits increased 39% and total deposits increased 15% year-over-year.