Founders Community Bank Announces Third Quarter Results
SAN LUIS OBISPO, Calif., Oct. 14, 2014 /PRNewswire/ -- Founders Community Bank, a wholly-owned subsidiary of Founders Bancorp (OTCBB:FBCP), today reported financial results for the three and nine months ended September 30, 2014.
"The Board of Directors and the management team of Founders Community Bank are pleased to report another profitable quarter in 2014. We continue to achieve our institutional goals by focusing on the basic fundamentals of revenue enhancement, expense reduction, and the realization of operational efficiencies," said President and Chief Executive Officer Thomas Sherman.
"At September 30, 2014, our total loans were $105.5 million, but more importantly, I'm pleased to report that we finished the quarter with no loans past due, no loans on non-accrual, and no Other Real Estate Owned," commented Sherman.
Third Quarter and Year-to-Date 2014 Highlights
(at or for the quarter ended September 30, 2014, compared to September 30, 2013 unless otherwise noted)
- Quarterly net income in the third quarter 2014 was $418 thousand compared to $329 thousand for the three-months ending September 30, 2013. This represents a 27.1 percent increase over the same quarter in 2013.
- Total assets grew to $169 million, an increase of $12 million or 7.7 percent from September 30, 2013.
- Total gross loans grew to $105.5 million, an increase of $4 million from September 30, 2013. Overall credit quality remained strong at September 30, 2014, with no loans over 30 days past due, no loans on non-accrual, and no Other Real Estate Owned (OREO). In addition, the Bank has no impaired loans as defined by the Financial Accounting Standards Board.
- Total deposits grew to $152.7 million, an increase of $12.4 or 8.9 percent from September 30, 2013.
- Noninterest bearing deposits increased to $68 million, an increase of $9.7 million from September 30, 2013.
- Non-Interest Income for the quarter ending September 30, 2014 was $118 thousand as compared to $97 thousand for the three months ending September 30, 2013. The addition of a $4 million investment in Bank Owned Life Insurance ("BOLI") during the third quarter of 2014 contributed to the increase in the current period non-interest income.
- Cost of deposits remained the same at 0.18 percent for the quarter ending September 30, 2014 as compared to the quarter ending September 30, 2013. Also, interest expense decreased to $66 thousand for the three months ending September 30, 2014 versus $69 thousand for the three month ending September 30, 2013.
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 –
Certain of the statements contained herein that are not historical facts are "forward-looking statements" within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: "believe," "expect," "anticipate," "intend," "estimate," "target," "plans," "may increase," "may fluctuate," "may result in," "are projected," and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank's market areas; governmental regulation and legislation; credit quality; competition affecting the Bank's businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank's control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Press Release Contact: Cindy Magliari, SVP/CFO
Phone: 805.547.2517
FOUNDERS COMMUNITY BANK |
|||||
BALANCE SHEET - Unaudited |
|||||
(Dollar in thousands) |
|||||
Sep |
Dec |
Sep |
|||
2014 |
2013 |
2013 |
|||
Assets: |
|||||
Cash and due from banks |
$ 2,602 |
$ 2,821 |
$ 3,885 |
||
Interest earning deposits due from banks |
13,474 |
4,554 |
18,488 |
||
Total Cash and Cash Equivalents |
16,076 |
7,375 |
22,373 |
||
Certificates of deposit in financial institutions |
31,570 |
26,107 |
22,292 |
||
Investment securities |
9,661 |
10,683 |
8,340 |
||
Fed Funds Sold |
224 |
18 |
96 |
||
Loans net of unearned income |
105,546 |
113,395 |
101,363 |
||
Allowance for loan losses |
1,702 |
1,749 |
1,640 |
||
Net loans |
103,844 |
111,646 |
99,723 |
||
Premises and equipment, net |
1,453 |
1,567 |
1,605 |
||
Deferred tax assets |
824 |
809 |
802 |
||
Other real estate owned |
- |
326 |
600 |
||
Bank Owned Life Insurance |
4,050 |
- |
- |
||
Accrued interest receivable and other assets |
1,275 |
1,116 |
1,094 |
||
Total Assets |
$ 168,977 |
$ 159,647 |
$ 156,925 |
||
Liabilities: |
|||||
Non-interest-bearing demand deposits |
$ 67,967 |
$ 59,502 |
$ 58,245 |
||
Savings and NOW deposits |
29,216 |
28,335 |
26,030 |
||
Money market deposits |
29,898 |
28,849 |
29,173 |
||
Certificates of deposit |
25,638 |
26,986 |
26,848 |
||
Total Interest Bearing Deposits |
84,752 |
84,170 |
82,051 |
||
Total Deposits |
152,719 |
143,672 |
140,296 |
||
Accrued interest payable and other liabilities |
170 |
121 |
199 |
||
Total Liabilities |
152,889 |
143,793 |
140,495 |
||
Shareholders' Equity |
|||||
Preferred stock and related surplus - SBLF |
1,850 |
2,950 |
3,760 |
||
Common Stock |
11,164 |
11,164 |
11,164 |
||
Additional paid in capital |
771 |
739 |
728 |
||
Dividends paid - SBLF |
(25) |
(146) |
(137) |
||
Prior year accumulated income |
1,149 |
140 |
140 |
||
Current year-to-date income |
1,211 |
1,155 |
827 |
||
Accumulated other comprehensive income (loss) |
(32) |
(148) |
(52) |
||
Total Shareholders' Equity |
16,088 |
15,854 |
16,430 |
||
Total Liabilities & Shareholders' Equity |
$ 168,977 |
$ 159,647 |
$ 156,925 |
FOUNDERS COMMUNITY BANK |
||
STATEMENTS OF INCOME - Unaudited |
||
For the Nine Months Ended |
||
(Dollar in thousands except per share data) |
||
9 Months Ended |
||
Sep |
Sep |
|
2014 |
2013 |
|
Interest Income: |
||
Interest and fees on loans |
$ 5,157 |
$ 4,622 |
Interest on investment securities |
110 |
16 |
Interest on due from banks |
227 |
167 |
Total Interest Income |
5,494 |
4,805 |
Interest Expense: |
||
Interest on savings and NOW deposits |
19 |
13 |
Interest on money market deposits |
70 |
63 |
Interest on certificates of deposit |
109 |
127 |
Total Interest Expense |
198 |
203 |
Net Interest Income |
5,296 |
4,602 |
Provision for loan losses |
58 |
(40) |
Net Interest Income After Loan Loss Prov |
5,238 |
4,642 |
Non-Interest Income: |
||
Gain(loss) on sale of OREO, net |
2 |
(41) |
Gain(loss) on sale of other assets, net |
(1) |
1 |
Deposit account service charge income |
90 |
100 |
Bank Owned Life Insurance Income |
50 |
- |
Other non-interest income |
153 |
167 |
Total Non-Interest Income |
294 |
227 |
Non-Interest Expense: |
||
Salaries and employee benefits |
2,063 |
2,027 |
Occupancy |
487 |
471 |
Data processing and software |
403 |
362 |
Insurance |
29 |
29 |
Legal and professional |
125 |
119 |
Advertising and marketing |
26 |
30 |
FDIC deposit assessment |
63 |
60 |
Office supplies |
24 |
26 |
Other operating expenses |
261 |
301 |
Total Non-Interest Expense |
3,481 |
3,425 |
Net Income before Prov for Income Tax Exp |
2,051 |
1,444 |
Provision for income tax expense |
840 |
617 |
Net Income |
$ 1,211 |
$ 827 |
Basic earnings per share |
$ 1.04 |
$ 0.73 |
Average shares outstanding |
1,159,833 |
1,132,500 |
FOUNDERS COMMUNITY BANK |
||||||||
STATEMENTS OF INCOME - Unaudited |
||||||||
For the Three Months Ended |
||||||||
(Dollar in thousands except per share data) |
||||||||
3 Months Ended |
3 Months Ended |
3 Months Ended |
||||||
Sep |
Sep |
Jun |
Jun |
Mar |
Mar |
|||
2014 |
2013 |
2014 |
2013 |
2014 |
2013 |
|||
Interest Income: |
||||||||
Interest and fees on loans |
$ 1,690 |
$ 1,585 |
$ 1,719 |
$ 1,517 |
$ 1,748 |
$ 1,520 |
||
Interest on investment securities |
31 |
8 |
38 |
4 |
41 |
4 |
||
Interest on due from banks |
88 |
66 |
70 |
55 |
69 |
46 |
||
Total Interest Income |
1,809 |
1,659 |
1,827 |
1,576 |
1,858 |
1,570 |
||
Interest Expense: |
||||||||
Interest on savings and NOW deposits |
6 |
5 |
6 |
4 |
7 |
4 |
||
Interest on money market deposits |
25 |
23 |
23 |
22 |
22 |
18 |
||
Interest on certificates of deposit |
35 |
41 |
37 |
43 |
37 |
43 |
||
Total Interest Expense |
66 |
69 |
66 |
69 |
66 |
65 |
||
Net Interest Income |
1,743 |
1,590 |
1,761 |
1,507 |
1,792 |
1,505 |
||
Provision for loan losses |
2 |
1 |
- |
(2) |
56 |
(39) |
||
Net Interest Income After Loan Loss Prov |
1,741 |
1,589 |
1,761 |
1,509 |
1,736 |
1,544 |
||
Non-Interest Income: |
||||||||
Gain(loss) on sale of OREO, net |
2 |
- |
- |
- |
- |
(41) |
||
Gain(loss) on sale of other assets, net |
(1) |
1 |
- |
- |
- |
- |
||
Deposit account service charge income |
28 |
33 |
29 |
31 |
33 |
36 |
||
Bank Owned Life Insurance income |
36 |
- |
14 |
- |
- |
- |
||
Other non-interest income |
53 |
63 |
52 |
47 |
48 |
57 |
||
Total Non-Interest Income |
118 |
97 |
95 |
78 |
81 |
52 |
||
Non-Interest Expense: |
||||||||
Salaries and employee benefits |
694 |
651 |
680 |
637 |
689 |
739 |
||
Occupancy and Equipment |
164 |
158 |
163 |
159 |
160 |
154 |
||
Data processing and software |
132 |
131 |
174 |
113 |
97 |
118 |
||
Insurance |
10 |
10 |
9 |
9 |
10 |
10 |
||
Legal and professional |
42 |
39 |
43 |
78 |
40 |
2 |
||
Advertising and marketing |
10 |
7 |
9 |
14 |
7 |
9 |
||
FDIC deposit assessment |
20 |
21 |
19 |
20 |
24 |
19 |
||
Office supplies |
8 |
7 |
7 |
9 |
9 |
10 |
||
Other operating expenses |
83 |
97 |
52 |
65 |
126 |
139 |
||
Total Non-Interest Expense |
1,163 |
1,121 |
1,156 |
1,104 |
1,162 |
1,200 |
||
Net Income before Prov for Income Tax Exp |
696 |
565 |
700 |
483 |
655 |
396 |
||
Provision for income tax expense |
278 |
236 |
288 |
201 |
274 |
180 |
||
Net Income |
$ 418 |
$ 329 |
$ 412 |
$ 282 |
$ 381 |
$ 216 |
||
Basic earnings per share |
$ 0.36 |
$ 0.29 |
$ 0.36 |
$ 0.25 |
$ 0.33 |
$ 0.19 |
||
Average shares outstanding |
1,159,833 |
1,132,500 |
1,159,833 |
1,132,500 |
1,159,833 |
1,131,700 |
SOURCE Founders Community Bank
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