Founders Community Bank Announces Record Year

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

SOURCE Founders Community Bank