First Resource Bank reported a net loss of $32,000 in its second quarter of 2009 earnings report, compared to net profit of $23,000 in the same quarter of 2008. The bank said that the loss was caused by a special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) related to deposit insurance. The assessment totaled $55,000 in the quarter.

The bank has a $100 million loan portfolio that is concentrated in four areas – commercial real estate, commercial construction, commercial business and consumer loans. Fifty four percent of its loans are in the commercial real estate area, and 22% are to consumers, with the balance split equally between commercial construction and commercial business.

This diversification has helped the bank during the credit cycle and its allowance for loan losses to total loans was only 1.18% in the quarter, up slightly from the previous quarter. First Resource Bank reported no charge offs for bad loans in the quarter.

Deposit growth was also above average for the quarter, with First Resource Bank increasing deposits by 9.8% in the quarter. The bank said that customers consolidating accounts at First Resource Bank caused the high growth.

First Resource Bank is located in Chester County, Pennsylvania, and has one branch in that area. Its assets as of 6/30/2009 were $120.15 million.