Founders Community Bank Q4 net income increases

Founders Community Bank, a wholly-owned subsidiary of Founders Bancorp, has reported that net income for the fourth quarter ended December 31, 2012 was $236,000, an increase of 5.8%, compared to the fourth quarter of 2011.

Net interest income after provision for loan losses for the fourth quarter ended December 31, 2012 was $1.5 million, an increase of 13.9%, compared to the fourth quarter of 2011.

Non-interest income for the fourth quarter ended December 31, 2012 was $71,000, compared to $188,000 for the fourth quarter of 2011.

Net income for the year ended December 31, 2012 was $850,000, compared to $481,000 for the year ended December 31, 2011.

"Founders Community Bank completed a profitable quarter and a very productive year by focusing on consistent growth in our core products of loans and deposits and improved service to our communities," said CEO Thomas Sherman.

"Total loans grew to $97.9 million, an increase of 13.4 percent while maintaining strong loan quality with no loans past due more than 30 days or on non-accrual. Furthermore, Other Real Estate Owned decreased to $751 thousand at December 31, 2012. In addition to the loan growth, the Bank also grew deposits to $120.0 million, an increase of 10.6 percent. The continued and consistent growth in both the loan portfolio and deposits is a testament to the dedication and expertise of our employees," commented Sherman.