Folsom Lake Bank, which has branches in Folsom, Roseville and Rancho Cordova, reported net income of $198,010, or 12 cents per share, in the third quarter ended Sept. 30. It was the bank’s 23rd consecutive profitable quarter.
Quarterly profits were down from $245,030, or 15 cents a share, in last year’s third quarter. The bank noted that the 2015 total included a $163,970 provision for taxes.
Through nine months of 2015, net income was $605,771, or 38 cents a share, compared with $721,816, or 45 cents a share, in 2014. The bank recorded $396,683 in tax provisions this year versus a $40,000 tax benefit in 2014.
“The bank is seeing increased demand for loan products from its small business clients, and this has helped grow assets, loans and deposits to record levels,” Robert Flautt, president and CEO, said in a statement.
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