First Resource Bank Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
January 28, 2015 at 12:30 pm EST
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First Resource Bank announced unaudited earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's total interest income was $2.0 million compared with $1.8 million a year ago. Net interest income was $1.6 million compared with $1.4 million a year ago. Income before income tax expense was $0.38 million compared with $0.43 million a year ago. Net income was $0.26 million compared with $0.29 million a year ago. Net income available to common shareholders was $0.24 million or $0.15 per basic and diluted share compared with $0.28 million or $0.17 per basic and diluted share a year ago.
For the year, the company's total interest income was $7.5 million compared with $6.9 million a year ago. Net interest income was $6.2 million compared with $5.5 million a year ago. This improvement was attributed to strong loan growth, steady loan yields and low levels of excess cash. Income before income tax expense was $1.6 million compared with $1.5 million a year ago. Net income was $1.1 million compared with $1.06 million a year ago. Net income available to common shareholders was $1.1 million compared with $1.0 million a year ago.
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.