First Resource Bank has announced financial results for the three months and year ended Dec. 31, 2017.

Highlights for the year include:

• Net income grew 32 percent
• Total interest income grew 15 percent
• Non-interest-bearing deposits grew 33 percent
• Net interest margin was 3.86 percent in 2017 as compared to 3.78 percent in 2016
• Sold $4.1 million in common stock
• Named to 2018 OTCQX Best 50 list based on 2017 stock performance

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“2017 was an amazing year for First Resource Bank, led by record profitability progressively improving year after year,” said CEO Glenn B. Marshall. “We exceeded our budget for the year and have built a balance sheet that is well positioned for 2018.

“The improvement in our deposit mix is ongoing; however, we made tremendous headway in 2017 as non-interest-bearing deposits grew 33 percent during the year. Our focus on growing shareholder value was rewarded with First Resource Bank being ranked No. 11 in the OTCQX Best 50 ranking due to strong stock price appreciation and improved liquidity in our common stock in 2017.”

Net income for the quarter ended Dec. 31, 2017 was $401,757, which compares to $461,704 for the previous quarter and $390,990 for the fourth quarter of the prior year.

Included in fourth-quarter results was $110,547 in additional federal income tax due to the revaluation of the bank’s deferred tax asset in connection with lower corporate tax rates enacted via the Tax Cuts and Jobs Act on Dec. 22, 2017. Excluding the one-time tax charge of $110,547, adjusted net income for the three months ended Dec. 31, 2017 would have been $512,304, an 11 percent increase over the previous quarter. (Adjusted net income is a non-GAAP measure.)

Click here to read First Resource Bank’s quarterly report in full.

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