Bank of Feather River announces second quarter results
Bank of Feather River recently announced results of its second quarter operations.
The company’s assets grew 29 percent to $181,757,000 from June 30, 2019, to June 30, 2020. Total deposits grew from $101,309,000 in 2019 to $150,409,000 for the same quarter in 2020 — an increase of 33 percent year over year. Loans outstanding were $153,290,000 at the end of June, which was up 30 percent from the second quarter of 2019.
Net interest income increased to $3,139,000 in the first half of 2020, compared to $2,990,000 for the same period in 2019. Net income for the six months ending June 30 was $1,209,000, an increase of 25 percent over the first half of 2019.
The bank’s year-over-year growth is attributed to the relocation of its branch office, according to a news release, and the increases were attributable to the COVID-19 stimulus package, with the bank making almost $40 million in Paycheck Protection Program loans to approximately 292 borrowers.