First Resource Bank Reports Highest Quarterly Profit in Its History, Plans to Open Third Branch

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First Resource Bank has announced financial results for the three months ended March 31, 2018.

Highlights for the first quarter of 2018 include:

  • Net income of $480,992 was the highest quarterly profit in the bank’s history.
  • Net income grew 20 percent over the quarter ended Dec. 31, 2017 and 18 percent over the quarter ended March 31, 2017.
  • Total interest income grew three percent over the quarter ended Dec. 31, 2017 and 14 percent over the quarter ended March 31, 2017.
  • Total loans grew 11 percent when comparing March 31, 2018 to March 31, 2017.
  • Net interest margin increased eight basis points from 3.90 percent in the quarter ended Dec. 31, 2017 to 3.98 percent for the quarter ended March 31, 2018.

“We are pleased with first-quarter results as we were able to deploy federal income tax savings into enhancing our staffing and moving forward with plans for a third branch, while still achieving record profitability,” said Glenn B. Marshall, First Resource Bank’s President and CEO. “The bank’s scalability has been enhanced with personnel moves made during the quarter, and we are very excited about our planned geographic expansion into the Wayne market.”

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