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[网上兼职赚钱日结]Tax Income Increases 115% at First Resource Bank

摘要:[网上兼职赚钱日结]Tax Income Increases 115% at First Resource Bank Quarterly Pre-Tax Income Increases 115% at First Resource Bank,



  EXTON, Pa., Nov. 5 /PRNewswire-FirstCall/ -- First Resource Bank (OTC Bulletin Board: FRSB - News) is pleased to announce net income of $596,058 for the quarter ended September 30, 2007, making this its fourth consecutive profitable quarter. Included in net income for the third quarter is a net tax benefit of $542,053 due to the reversal of a valuation allowance previously recorded against the Bank''s deferred tax asset. Pre-tax income for the three months ended September 30, 2007 was $54,005 which favorably compares to net income of $25,177 for the quarter ended June 30, 2007, $8,052 for the quarter ended March 31, 2007, and $1,963 for the quarter ended December 31, 2006. Pre- tax income of $54,005 for the quarter ended September 30, 2007 compares to a net loss of $47,447 for the same quarter in the prior year. The quarter ended September 30, 2007 was the Bank''s ninth full quarter of operations.

President & CEO Glenn B. Marshall stated, "In an industry that has received a fair amount of bad press lately, we are pleased to report continued quality growth in our loan portfolio and stabilization of our cost of funds."

Net interest income for the third quarter of $754,689 was 3.4% higher than the previous quarter and 24.3% higher than the same quarter in the prior year. The third quarter''s net interest margin was 3.60%, which narrowed 11 basis points over the previous quarter''s net interest margin of 3.71% due to a decline in loan yields, primarily in loans priced off of the Prime rate. At September 30, 2007, 46.2% of the Bank''s loans were priced as a function of the Prime rate.

The loan portfolio grew $4.5 million, or 6.1%, during the third quarter to $78.7 million at September 30, 2007. The majority of this loan growth was in the commercial construction portfolio which grew $2.8 million, or 24.2% during the third quarter. Mr. Marshall noted, "Our Chester County market has had a modest adjustment to housing prices and sales volume. With our advice, our builders have revised their price points and are refocusing on quality locations. We continue to see good sales activity in our customers'' portfolios."

Following is detail on the composition of the loan portfolio: Sept. 30, Dec. 31, Sept. 30, 2007 2006 2006 Commercial real estate $ 39,085,790 $ 29,681,091 $ 27,770,305 Commercial construction 14,137,540 10,826,194 10,362,810 Commercial business 6,466,648 4,223,770 3,320,520 Consumer 19,021,185 16,419,712 13,649,901 Total loans $ 78,711,163 $ 61,150,767 $ 55,103,536

The allowance for loan losses to total loans was 1.19% at September 30, 2007 as compared to 1.17% at June 30 and March 31, 2007, and 1.11% at December 31, 2006. There have been no charge-offs to date. There was one additional loan relationship for $328,000 placed on non-accrual during the third quarter. The non-performing loan portfolio at September 30, 2007 consisted of four consumer home equity loan relationships totaling $915,000. Collection efforts are progressing on these non-performing loans and management believes that these loans are adequately secured and any potential losses on these loans have been provided for through the allowance for loan losses. There were no other loans more than 90 days past due at September 30, 2007. The Bank has no subprime loans nor is that a business it has ever been involved in since opening.

Deposits grew $3.9 million, or 5.3%, during the third quarter to a total of $76.2 million at September 30, 2007. Most of the growth was due to an increase of $5.1 million in certificates of deposit and an increase of $1.2 million in money market deposits, offset by a decrease of $2.1 million in non- interest bearing deposits. Non-interest bearing deposits declined primarily due to a $2.0 million decrease in internal accounts used to fund loan closings. These internal account balances were unusually high at the end of the previous quarter due to several large loan closings that happened at the end of June.

Lauren C. Ranalli, Executive Vice President and Chief Financial Officer, stated, "We have allocated all internal resources to the successful deployment of FRed(TM), First Resource Easy Deposit(TM), our remote deposit capture product which went live during the third quarter. This product has been successfully installed at new and existing customer locations eliminating their need to spend resources to travel to the Bank and feedback has been very positive. We see FRed(TM) as a critical component of our business strategy going forward."

Non-interest income increased $3,495, or 17.7%, to $23,254 in the third quarter of 2007 as compared to $19,759 in the second quarter of 2007. Non- interest income increased $32,524, or 105.8%, to $63,267 for the nine months ended September 30, 2007 as compared to $30,743 for the nine months ended September 30, 2006. These increases were due to increased deposit service charges and higher loan related servicing fees. Non-interest income was diversified during 2007 as evidenced by mortgage fees comprising 47.9% of total non-interest income for the nine months ended September 30, 2007 as compared to 72.1% of total non-interest income for the nine months ended September 30, 2006.


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