Fresno First Bank earnings up 11 percent
- Published on 07/05/2012 - 2:17 pm
Fresno First Bank posted a 10.7 percent increase in net income in the second quarter of 2012 over the first quarter of the year, but also a 8.1 percent decrease from the second quarter of 2011.
The bank’s second quarter net income came in at $311,400, compared to $281,400 in the first quarter of 2012 and $338,700 in the second quarter of 2011. However part of the 2011 second quarter income included an $88,600 tax benefit.
The 2012 year-to-date net income for the bank comes to $592,800, as opposed to $769,100 for the first six months of 2011.
“If you look at an apples-to-apples comparison of pre-tax earnings in both years, we earned $1,004,000 in the first six months of 2012 compared to $560,000 in 2011, an increase of $444,000 or 79.2%,” said Rick Whitsell, bank president and CEO, in a release.
The bank has increased its lending by $1.9 million since the beginning of the year, with its total loans outstanding at the end of the second quarter at $102.3 million. It is also a $10.3 million increase since the end of the second quarter of 2011, when its total loans outstanding balance was $92.0 million.
However the banks total deposits have decreased since the beginning of the year. On June 30, 2012, the balance was $153.1 million, compared to $158.5 million on Dec. 31, 2011. However it is a $21.8 million increase over the $131.3 million balance on June 30, 2011.
“Although we saw a seasonal decline in deposits in the first quarter of 2012 we have seen a nice rebound in the second quarter,” said Steve Canfield, executive vice president and CFO. “Over the past year we have seen solid growth in loans, deposits and total assets. Since June 30, 2011, loans outstanding have increased $10.3 million or 11.2 percent, deposits have increased $21.8 million or 16.6 percent while total assets have grown by $24.0 million or 16.1 percent.”
The net interest income for the first six months of 2012 comes to $3.6 million, as opposed to $3.2 for the first six months of last year.
For more information, visit fresnofirstbank.com.