First Resource Bank Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 25, 2016 at 01:00 pm
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First Resource Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net income available to common shareholders of $244,297 compared to $243,299 for the same period prior year. Net interest income was $1,753,210 compared to $1,648,820 for the same period prior year. Income before income tax expense was $361,642 compared to $377,635 for the same period prior year. Total interest income was $2,214,964 compared to $2,003,888 for the last year. Book value per share was $8.24 against $8.03 a year ago. Earnings per share basic and diluted were $0.12 against $0.15 a year ago.
For the year, the company reported net income available to common shareholders of $1,139,598 compared to $1,054,863 for the same period prior year. Net interest income was $6,715,443 compared to $6,154,464 for the same period prior year. Pre-tax income was $1,873,243 compared to $1,612,933 for the same period prior year. Total interest income was $8,329,493 compared to $7,539,124 for the last year.
First Resource Bank (the Bank) is a locally owned and operated state-chartered bank. The Bank operates with three full-service branches, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. It offers a full range of deposit and credit services with personalized service. The Bank is a full-service bank providing personal and business lending and deposit services. The Bank's business deposit products include Basic Business Checking, Non-Profit Checking, Business Money Market, Minute Escrow, IOLTA Checking, Public Funds Money Market, Certificate Deposit Account Registry Service (CDARS)/Insured Cash Sweep (ICS), and CD's. Its business lending products include Commercial Mortgage, Construction, Working Capital Credit Lines, Small Business Administration, Commercial Term Loans, and Credit Cards. Its personal deposit products include Checking, Checking with Interest, Diamond Club Checking, Personal Money Market, and Other Personal Services.