Folsom Lake Bank today announced its third-quarter results for the three months ended September 30, 2010, reporting its third consecutive quarter of profitability with income of $99,501.
As of September 30, 2010, the bank reported total assets of $115.2 million, an increase of 25.5 percent over the year comparable quarter of 2009.
Total deposits were $99.6 million, up 31.5 percent from the $23.8 million reported in the third quarter of 2009. Checking, money market and savings accounts increased 65.5 percent from $29.7 million to $49.1 million.
The bank attributes its increases in its focus on customer satisfaction.
“We have had strong success in growing our individual and business account relationships during 2010. Our non-interest checking balances are up over 75 percent over the past 12 months,” Robert J. Flautt, president and CEO of Folsom Lake stated in the press release.
Gross loans increased 21.6 percent from the corresponding quarter a year ago to $73.4 million.
Flautt said the overall economic atmosphere weighed down the bank’s number of loans, though the company foresees growth in the future.
“Aggregate loan demand remains weak because of the current economic climate. We are experiencing continued difficulty in finding ways to approve loans to many of our business clients as the recession has caused quite a few business owners to lose money and produce negative cash flow. However, we remain an active lender in the community and look forward to a continued growth in our loan portfolio,” Flautt stated. “Overall, we continue to be pleased with the progress of the bank, especially our three quarters of profitable operation. These are especially challenging times for banks, and growing the Bank while holding expenses virtually flat is a noteworthy achievement.”
Flautt said the bank will continue to focus on quality customer service, which he believes is a “strong success equation for a successful banking franchise,” in Folsom Lake.
For more information visit http://www.folsomlakebank.com
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