Fremont Bank Reports Record Earnings for First Half of 2012
FREMONT, Calif. August 1, 2012 - Fremont Bank, a leading full-service community bank in Northern California, announced today record earnings of $39.5 million net income for the first half of 2012, compared with $21.9 million for the same time period in 2011. The announcement follows strong full year earnings performance in 2010 ($30.5 million) and 2011 ($49.1 million) and further confirms Fremont Bank's growing reputation as a top performing bank. According to a recent FDIC report, Fremont Bank is one of only three California banks that have been profitable every quarter for the past 25 years.
Net income through the first six months of 2012 was bolstered by strong residential mortgage origination volumes of $3.3 billion, compared to $1.6 billion for the same period last year. Moreover, Fremont Bank showed strong growth in its commercial lending, which increased by 88 percent over the same period last year, lending over $169 million.
Additional results at Fremont Bank also reflect financial strength. Customer deposits have grown to $2 billion. Delinquent loans have declined from $31.7 million to $24 million since January 1, 2012, and loan charge-offs have declined by 70 percent to $1.1 million for the first six months of 2012, compared to 2011.
“Our significant increase in lending, coupled with our deposit growth, puts Fremont Bank at the forefront of the Bay Area's recovering economy. Our strong capital position along with our time-honored commitment to service allows us to serve the financial needs of our growing client base,” said Andrew Mastorakis, Fremont Bank's president. He also noted, “We have hired to fill more than 70 new positions since the beginning of the year and continue to hire qualified professionals to help us meet the growing needs of our service area.”
Fremont Bank's continued strong earnings guided the decision of its Board of Directors to repay its TARP debt capital obligation with interest, to the U.S. Treasury, last week.
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.