FREMONT BANK RESIDENTIAL LENDING REACHES $3.9 BILLION
Newly released annual report shows a 186 percent increase in one year
FREMONT, Calif., March 22, 2012 - Fremont Bank released its annual report today, which showed net income of $38.8 million in 2011 - a 186 percent increase over the previous year.
The bank's profitability was bolstered by $3.9 billion in residential loan originations, growth in its mortgage servicing portfolio, lower loan charge-offs and improved operating margin.
“Fremont Bank continues to be one of the most financially sound banks on the West Coast,” says Fremont Bank President Andy Mastorakis. “Our clients trust and choose to bank with us because of our enduring financial stability.”
In addition to the strength of its financial performance, the quality of Fremont Bank's loan portfolio improved as well. Non-performing loans declined more than 38 percent from a year ago and the portfolio of foreclosed properties dropped by one-third, while loan loss reserves remained strong and capital ratios increased across the board.
“Our continued healthy financial position also means we are interested in and actively seeking to lend money within our local business communities,” says Mastorakis.
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 clients' needs in a friendly, personal atmosphere characterizes Fremont Bank's culture.