First Resource Bank Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
July 22, 2015 at 08:00 am EDT
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First Resource Bank reported unaudited earnings results for the second quarter and six months ended June 30, 2015. The company reported net income for the quarter ended June 30, 2015 was $329,300 compared to $300,610, which was 9% higher than the prior quarter and 10% higher than the second quarter in the prior year. After accounting for preferred stock dividends, net income available to common shareholders for the quarter ended June 30, 2015 was $316,592. This compares to net income available to common shareholders of $288,328 for the quarter ended March 31, 2015 and $287,903 for the quarter ended June 30, 2014. Net interest income was $1,657,079 for the quarter ended June 30, 2015 as compared to $1,625,573 for the previous quarter, an improvement of 2%. Total interest income was $2,038,036 compared to $1,844,785 reported a year ago. Income before income tax expense was $632,889 against $436,959 a year ago.
The company reported net income for the six months ended June 30, 2015 was $630,336 compared to $596,359, a 6% improvement over the same period in the prior year. Net income available to common shareholders also increased 6% as compared to the prior year, growing from $570,944 for the six months ended June 30, 2014 to $604,920 for the six months ended June 30, 2015. Net interest income for the six months ended June 30, 2015 was $3,282,652, an 11% improvement over net interest income of $2,964,069 for the six months ended June 30, 2014. Total interest income was $4,019,320 compared to $3,650,910 reported a year ago. Pre-tax income was $1,068,679 against $868,493 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.