Treasure State Bank has reported a net loss of $19,000 for the first quarter of 2008, compared to a loss of $11,000 for the fourth quarter of 2007. Total assets increased to $59.6 million, a 28.3% increase in total assets from the end of 2007. Growth was driven by strong loan demand.
Gross loans grew by 31.8% to $48.7 million from $36.9 million at the end of 2007. Loan growth generated an 8% increase in net interest income to $528,000, compared to net interest income of $490,000 for the fourth quarter of 2007.
Treasure State Bank experienced no loan losses for the quarter but increased its loan loss reserve to 1.39% from 1.35% of total loans in response to the overall economic conditions and the potential impact on borrowers.
Deposits grew to $47.2 million from $36.5 million the previous quarter. While growth in deposits is satisfactory, growth in core deposits continues to be a major focus of the bank.
Shelley Boutelle, president and CEO of Treasure State Bank, said: The board of directors and senior management are satisfied with the results of the first quarter 2008. Growth has continued to exceed our expectations each quarter and we are confident our progress will continue in spite of the economic challenges facing the nation. We moved into our new facility in February 2008 and are excited to offer our clients a pleasant environment and improved access to our facility.