SAN LUIS OBISPO, Calif., Feb. 2, 2015 /PRNewswire/ -- Founders Community Bank, a wholly-owned subsidiary of Founders Bancorp (ticker: FBCP) today reported unaudited net income of $1.64 million for the year ended December 31, 2014, compared to net income of $1.15 million in 2013, and $850 thousand in 2012.
"The Board of Directors of Founders Community Bank is pleased to report another productive year in 2014. Numerous challenges may still persist in the banking industry, but we adhered to our business plan with positive results," said Thomas J. Sherman, President and CEO.
"When considering our year-end balance sheet and income statement, there were several positive items of note. In addition to record earnings, the Bank finished the year with no loans past due, no loans on non-accrual, and no Other Real Estate Owned. The only contrary issue was that total net loans retreated in the latter-half of 2014 as numerous projects financed by the Bank were completed and paid off. However, we are optimistic about the prospects for loan growth in the new year despite the fact that the Federal Reserve is poised to potentially begin raising interest rates in mid-2015. As the local lending landscape evolves, we will remain ever-vigilant in our underwriting standards. We will also remain true to our basic tenets of revenue enhancement, expense reduction, the realization of efficiencies, and the management of risk in all areas of our operations," commented Sherman.
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: Thomas J. Sherman
Phone: 805.543.6500
FOUNDERS COMMUNITY BANK |
|||||
BALANCE SHEET - Unaudited |
|||||
(Dollar in thousands) |
|||||
Dec 31 |
Dec 31 |
Dec 31 |
|||
2014 |
2013 |
2012 |
|||
Assets: |
|||||
Cash and due from banks |
$ 3,197 |
$ 2,821 |
$ 3,296 |
||
Interest earning deposits due from banks |
7,671 |
4,554 |
16,079 |
||
Total Cash and Cash Equivalents |
10,868 |
7,375 |
19,375 |
||
Certificates of deposit in financial institutions |
38,822 |
26,107 |
14,473 |
||
Investment securities |
9,634 |
10,683 |
1,002 |
||
Fed Funds Sold |
103 |
18 |
295 |
||
Loans net of unearned income |
103,747 |
113,395 |
97,881 |
||
Allowance for loan losses |
1,736 |
1,749 |
1,640 |
||
Net loans |
102,011 |
111,646 |
96,241 |
||
Premises and equipment, net |
1,423 |
1,567 |
1,725 |
||
Deferred tax assets |
662 |
809 |
514 |
||
Other real estate owned |
- |
326 |
751 |
||
Bank Owned Life Insurance |
4,086 |
- |
- |
||
Accrued interest receivable and other assets |
1,199 |
1,116 |
1,352 |
||
Total Assets |
$ 168,808 |
$ 159,647 |
$ 135,728 |
||
Liabilities: |
|||||
Non-interest-bearing demand deposits |
$ 66,864 |
$ 59,502 |
$ 55,140 |
||
Savings and NOW deposits |
30,389 |
28,335 |
18,076 |
||
Money market deposits |
28,143 |
28,849 |
19,453 |
||
Certificates of deposit |
27,100 |
26,986 |
27,339 |
||
Total Interest Bearing Deposits |
85,632 |
84,170 |
64,868 |
||
Total Deposits |
152,496 |
143,672 |
120,008 |
||
Accrued interest payable and other liabilities |
172 |
121 |
105 |
||
Total Liabilities |
152,668 |
143,793 |
120,113 |
||
Shareholders' Equity |
|||||
Preferred stock and related surplus - SBLF |
1,441 |
2,950 |
3,760 |
||
Common Stock |
11,164 |
11,164 |
11,159 |
||
Additional paid in capital |
781 |
739 |
666 |
||
Dividends paid - SBLF |
(31) |
(146) |
(108) |
||
Prior year accumulated income |
1,149 |
140 |
(710) |
||
Current year-to-date income |
1,644 |
1,155 |
850 |
||
Accumulated other comprehensive income (loss) |
(8) |
(148) |
(2) |
||
Total Shareholders' Equity |
16,140 |
15,854 |
15,615 |
||
Total Liabilities & Shareholders' Equity |
$ 168,808 |
$ 159,647 |
$ 135,728 |
FOUNDERS COMMUNITY BANK |
|||
STATEMENTS OF INCOME - Unaudited |
|||
(Dollar in thousands) |
|||
12 Months Ended |
|||
Dec 31 |
Dec 31 |
Dec 31 |
|
2014 |
2013 |
2012 |
|
Interest Income: |
|||
Interest and fees on loans |
$ 6,830 |
$ 6,303 |
$ 5,922 |
Interest on investment securities |
153 |
48 |
7 |
Interest on due from banks |
332 |
240 |
165 |
Total Interest Income |
7,315 |
6,591 |
6,094 |
Interest Expense: |
|||
Interest on savings and NOW deposits |
26 |
20 |
12 |
Interest on money market deposits |
97 |
86 |
71 |
Interest on certificates of deposit |
146 |
166 |
186 |
Total Interest Expense |
269 |
272 |
269 |
Net Interest Income |
7,046 |
6,319 |
5,825 |
Provision for loan losses |
61 |
66 |
191 |
Net Interest Income After Loan Loss Prov |
6,985 |
6,253 |
5,634 |
Non-Interest Income: |
|||
Gain(loss) on sale of OREO, net |
2 |
(61) |
- |
Gain(loss) on sale of other assets, net |
(1) |
1 |
(9) |
Deposit account service charge income |
117 |
134 |
88 |
Bank Owned Life Insurance Income |
86 |
- |
- |
Other non-interest income |
204 |
213 |
200 |
Total Non-Interest Income |
408 |
287 |
279 |
Non-Interest Expense: |
|||
Salaries and employee benefits |
2,741 |
2,671 |
2,635 |
Occupancy |
651 |
631 |
604 |
Data processing and software |
539 |
485 |
421 |
Insurance |
41 |
39 |
38 |
Legal and professional |
190 |
158 |
146 |
Advertising and marketing |
34 |
40 |
75 |
FDIC deposit assessment |
85 |
72 |
80 |
Office supplies |
35 |
34 |
38 |
Other operating expenses |
334 |
385 |
408 |
Total Non-Interest Expense |
4,650 |
4,515 |
4,445 |
Net Income before Prov for Income Tax Exp |
2,743 |
2,025 |
1,468 |
Provision for income tax expense |
1,099 |
870 |
618 |
Net Income |
$ 1,644 |
$ 1,155 |
$ 850 |
Basic earnings per share |
$ 1.39 |
$ 1.00 |
$ 0.75 |
Average shares outstanding |
1,184,667 |
1,158,833 |
1,131,700 |
SOURCE Founders Community Bank
Related Links
http://www.founderscommunitybank.com
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