First Resource Bank Q3 profit rises on loan growth
FRSB•First Resource Bank's third-quarter net income rose 30% year over year to $2.9 million, while earnings per share increased 31% to $0.98. Net interest margin rose to 4.06% from 3.87%.
1. Loan growth lifts income
First Resource Bank said higher average loan balances and improved loan yields drove year-over-year growth in net interest income. Increased deposits, especially in interest-bearing checking and money market accounts, contributed to asset expansion. Non-interest expenses rose as salaries, data processing and FDIC premiums increased.
