Business News • MarketWire • Focus Business Bank Announces Unaudited Financial Results for December 31, 2013 |
Focus Business Bank Announces Unaudited Financial Results for December 31, 2013 |
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Focus Business Bank Announces Unaudited Financial Results for December 31, 2013
SAN JOSE, CA--(Marketwired - Feb 5, 2014) - Focus Business Bank (OTCQB: FCSB) announced unaudited financial results for the quarter and year ended December 31, 2013. Net income for the quarter was $315,000, or $0.11 per diluted share. For the year ended December 31, 2013, net income was $870,000, or $0.30 per diluted share, compared to $3,458,000, or $1.19 per diluted share, for the year ended December 31, 2012. The changes in net income for the quarter and year ended December 31, 2013 compared to the same periods in 2012 are primarily attributable to the reversal of the Bank's deferred tax asset in late 2012. Pre-tax income of $575,000 and $1,368,000 for the quarter and year ended December 31, 2013 increased 53% and 7%, respectively, compared to pre-tax income of $375,000 and $1,284,000 in the prior year quarter and annual periods. The primary contributors to the growth in pre-tax income were increases in net interest income and non-interest income which were partially offset by increased personnel and infrastructure growth.
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