SAN LUIS OBISPO, Calif., July 26, 2013 /PRNewswire/ --Founders Community Bank, a wholly-owned subsidiary of Founders Bancorp (OTCBB: FBCP) today reported net income of $282 thousand for the quarter ended June 30, 2013, up 73.0 percent from $163 thousand for the quarter ended June 30, 2012. Year to date earnings were also up to $498 thousand from $352 thousand in 2012, an increase of 41.4 percent.
"Founders Community Bank's impressive performance during the second quarter of 2013 was due to continued focus on our core business customers. While other banks have seen reductions in their customer base, we continue to thrive and expand. In a one year period of June 30, 2012 to June 30, 2013, the Bank's assets grew $27.6 million or 21.7 percent. This growth was not at the cost of quality as the Bank attracted several well-known San Luis Obispo County customers and ended the quarter on a strong lending note - with no loan charge offs, no non-accruals and no loans 30 days or more past due," said Chief Executive Officer Thomas J. Sherman.
"We believe that San Luis Obispo County is poised for positive and sustainable economic growth. The Bank, its Board of Directors and employees are here to assist members of the community during this time of growth."
Second Quarter 2013 Highlights
(at or for the quarter ended June 30, 2013, compared to June 30, 2012 unless otherwise noted)
- Net income grew by $119 thousand in the second quarter 2013 to $282 thousand or 73.0 percent over the same period in 2012.
- Net income before provision for income tax expense grew by $200 thousand in the second quarter 2013 to $483 thousand or 70.7 percent over the second quarter 2012.
- Total interest income grew to $1.6 million, up $68 thousand or 4.5 percent from second quarter 2012 due to organic loan growth.
- Total assets increased to $154.8 million, an increase of $27.6 million or 21.7 percent from June 30, 2012.
- Total loans grew to $99.0 million, a $647 thousand or 0.7 percent increase from June 30, 2012.
- Continued strong loan quality with no charged-off loans this quarter and no loans past due over 30 days.
- Total deposits grew to $138.4 million, a $26.5 million or 23.6 percent increase from June 30, 2012.
- Noninterest bearing deposits increased to $61.7 million or 44.6 percent of total deposits at June 30, 2013. Noninterest bearing deposits grew $13.2 million or 27.2 percent from June 30, 2012.
- Cost of deposits declined to 0.21 percent at June 30, 2013 versus 0.25 percent at June 30, 2012. Interest expense was $69 thousand for the second quarter 2013 versus $68 thousand in the second quarter of 2012, an increase of 1.5 percent.
- Continued status as well-capitalized, the highest regulatory category.
Regulatory Minimum | Founders | ||
Capital to be Considered | Community | ||
June 30, 2013 | "Well Capitalized" | Bank | |
Total Risk-Based Capital Ratio | 10.0 % | 16.50 % | |
Tier 1 Risk-Based Capital Ratio | 6.0 % | 15.24 % | |
Tier 1 Leverage Capital Ratio | 5.0 % | 10.84 % | |
About the Bank
Headquartered in San Luis Obispo, CA, Founders Community Bank operates three full service branches and a loan production office. Founders Community Bank specializes in providing personalized community banking services to individuals and small to mid-size businesses and also offers the convenience of 24-hour access through on-line banking, telephone and ATMs. For additional information please review the Bank's website at www.fcbslo.com.
Founders Community Bank - Built on a foundation of success
Forward-Looking Statement Disclaimer -
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to the Company's ability to sustain dividend payments, fluctuations in interest rates, monetary policy established by the Federal Reserve, inflation, government regulations, general economic conditions, and competition within the business areas in which the Company is conducting its operations, including the real estate market in California, the ability to recognize identified cost savings, and other factors beyond the Company's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Press Release Contact: | Mandy Leastman |
Phone: | 805.547.2527 |
SOURCE Founders Community Bank
