Fremont Bank Reports Strong Capital Growth and Lending Resources
Significant earnings aids bank's ability to lend to consumers
FREMONT, Calif., November 17, 2011 Fremont Bank , a leading full-service community bank in California, recently announced that its net income for the past nine months ending September 30, 2011 was $30.4 million; nearly double the net income compared to the same period in 2010. The bank's net income during this period was bolstered in part by strong residential mortgage origination volumes as it continues to provide low rate mortgage refinancing opportunities to homeowners in the greater Bay Area.
The bank's earnings were also positively impacted by an improving loan portfolio, as delinquent loans declined by nearly 30% to $39.4 million at September 30, 2011, or 2.4% of total loans. Additionally, loan charge-offs also declined by 69% to $5.9 million for the nine month period when compared to last year.
“We are thankful for our clients' trust and loyalty in allowing us to serve all of their banking needs and for making us a top lender in California,” said Fremont Bank President Andy Mastorakis. “In this challenging economic environment, we are proud to be a safe and sound lender and look forward to continuing our partnerships with the community through the Fremont Bank Foundation and our Corporate Giving Program.”
The bank's balance sheet remains strong as the bank continues its strategy of lending to multifamily and commercial real estate investors in the Bay Area. Cash and liquid assets at September 30 were $657 million or 27% of total assets and its total risk-based capital ratio was 14.0%.
The bank's loan volumes have also significantly increased since the financial crisis began to present day, nearly tripling funding for Bay Area and greater California residents from more than 5,400 loans in 2008 to 10,500 in the first 9 months of 2011. During the same three year period, the loan servicing portfolio grew from $3.8 billion in 2008 to $6.5 billion as of September 30, 2011. Funded purchase loans have grown to $324 million year to date.
About Fremont Bank
Fremont Bank (www.fremontbank.com)
is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 18 branches and seven additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank's business. Accommodation of customer needs in a friendly, personal atmosphere characterizes the Bank's culture.