Fresno First Bank reports 'very good' 2011

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Published on 01/17/2012 - 4:45 pm

Written by business journal staff

Fresno First Bank's pre-tax income in 2011 increased by 62.9 percent to $1.57 million compared to the year perior, the bank announced today.

Total assets for the year also reached a record $177.7 million as of Dec. 31, up 24.2 percent from 2010. In addition, earnings per share for 2011 were $1.02 compared to 78 cents in 2010.

“2011 was a very good year for Fresno First Bank. Our earnings have continued to increase, our growth for the year was even better than we had projected, and in December, we were able to pay our shareholders a 5% stock dividend,” said Rick Whitsell, president and CEO of Fresno First Bank, in a statement.

Whitsell also highlighted a new mortgage lending department and merchant services department as two initiatives worth noting.

Shareholder equity at Dec. 31 was $18.2 million, with a capital ratio of 10.25 percent of total assets.