Folsom Lake Bank (FOLB.OB) said Friday that net income for the full year 2011 increased 38.7% to $492,960 from $355,386 in the full year 2010.
Net Interest Income for 2011 grew 10.5% from the previous year to $4.49 million, reflecting growth in loans as well as a low cost deposit base.
For the year ended December 31, 2011, total assets were $116.5 million, up 4.0% from the year end totals reported in 2010 of $112.0 million. Total deposits were $97.5 million, up 4.6% from the year earlier $93.1 million. Total loans ended the year at $73.5 million, an increase of $0.8 million from the prior year.
At December 31, 2011, shareholders equity totaled $12.6 million and the Bank's Tier 1 Capital Ratio was 10.25% compared to 10.15% at December 31, 2010.
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