San Luis Obispo-based Founders Community Bank earned $189,000 in the first quarter, up 220 percent from the $86,000 it earned in the first quarter a year earlier. The bank also announced plans to open a new Morro Bay branch.
Loans and deposits were up during the quarter, with noninterest-bearing deposits climbing by $7 billion, CEO Thomas Sherman said in an earnings release.
“Credit quality for the first quarter of 2012 remained strong with no loans past due more than 30 days, and only one loan on non-accrual in an amount of $48,000, which was fully covered by the guarantee of the U.S. Small Business Administration,” he said.
The U.S. Treasury’s Small Business Lending Fund program added $4.2 million of fresh capital to the bank last year, it said, a boost that has fueled organic growth.
Founders’ new full-service branch will be at 310 Morro Bay Boulevard and is expected to open in July.