Folsom Lake Bank Assets Improve 87%
April 23rd, 2009 Categories: Real Estate News, Real Estate Trends
Folsom Lake Bank endured a first-quarter loss of $461,803, a common scenario for a startup financial institution.
The current quarter decline — greatly affected by a $300,000 loan loss provision — compares to a loss of $366,564 in first-quarter 2008.
“We are not unaffected by the economic downturn, however our loan portfolio remains strong with no past due or non-accrual loans,” Folsom Bank president and chief executive officer Robert Flautt said in a news release. “We remain an active lender in the community and look forward to a continued growth in our loan portfolio.”
The bank’s first-quarter revenue climbed 79 percent to $946,107, from $528,781.
“We are pleased with the continued strong growth this past quarter and look forward to additional growth as we add our second branch in Roseville later this year,” Flautt said. The new branch on Douglas Boulevard is expected to open in July.
Shares of Folsom Lake Bank (OTCBB: FOLB) remained unchanged at $8.10 in trading Friday.
