EXTON, PA – First Resource Bank (OTCQX: FRSB) announced financial results for the three months ended September 30, 2017.
Highlights for the third quarter of 2017 included:
• Net income was $461,704, an increase of 11% over the second quarter of 2017 and 39% over the third quarter of 2016 • Non-interest bearing deposits grew 8% • The net interest margin expanded from 3.87% in the second quarter to 3.96% in the third quarter • $42 thousand in gains on sales of SBA loans were recognized
Glenn B. Marshall, President & CEO, stated, “The third quarter of 2017 was the seventh consecutive quarter with increasing profitability. In the first nine months of 2017 we have already surpassed net income for the entire year in 2016. Our deposit growth has been focused on business checking and strategies implemented are yielding solid results. We are very happy with the performance of our West Chester branch which has grown in excess of $55 million in deposits since opening in April 2014.”
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