Having Experienced Record Growth, First Resource Bank Reports Healthy Year-End Results

By

Glenn B. Marshall
Glenn B. Marshall

Having recently experienced record growth, First Resource Bank has announced fourth-quarter and full-year financial results through Dec. 31, 2016.

Net income for the year ended Dec. 31, 2016 was $1,281,233, compared with $1,185,769 for the prior year.

Highlights include:

  • Record net income, 8 percent higher than the prior year.
  • Net income available to common shareholders grew 12 percent over the prior year.
  • Total interest income grew 16 percent over the prior year.
  • Deposits grew 22 percent to end the year at a record high, $202.7 million.
  • Loans outstanding grew 12 percent to end the year at a record high, $197.8 million.
  • Total assets grew 16 percent to end the year at $240.9 million.
  • Asset quality improved significantly, with nonperforming assets to total assets declining from 1.17 percent at Dec. 31, 2015 to 0.63 percent at Dec. 31, 2016.
  • Redeemed the remaining 25 percent of the bank’s preferred stock issued to the Small Business Lending Fund.
  • Issued a 5 percent stock dividend.

“2016 was a tremendous year for First Resource Bank,” said Glenn B. Marshall, President and CEO. “We are seeing the positive results of the investments made over the last few years in the bank’s future, including hiring quality staff and expanding the branch system. The record balance sheet growth experienced in 2016 has built a recurring revenue stream that will continue to benefit the bank in the future.”

Net income for the quarter ended Dec. 31, 2016 was $390,990, which compares to $332,009 for the previous quarter and $252,344 for the fourth quarter of the prior year.

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