Florida Community Bank, N.A. Announces 1st Quarter Net Income of $4.7 Million and non-GAAP Operating Net Income, excluding non-recurring acquisition related expenses of $7.3 Million
WESTON, FL (April 30, 2014) – Florida Community Bank, N.A. (“FCB” or the “Company”), a banking subsidiary of Bond Street Holdings, Inc. (“Bond Street”), today announced first quarter 2014 earnings:
Q1 2014 Net Income of $4.7 million, including $2.6 million of after tax non-recurring acquisition related expense, up 45% from $3.3 million in Q1 2013.
Q1 2014 Operating Net Income of $7.3 million is up 104% from $3.6 million in Q1 2013
Kent Ellert, President and CEO of Florida Community Bank, N.A. commented, “We are very pleased with the Bank’s continued financial momentum which is being driven by our industry leading organic loan growth and the successful completion of the integration of Great Florida Bank, which was acquired on January 31, 2014.”
Total loans at March 31, 2014 were up 98% to $2.9 billion from $1.5 billion at the prior year March quarter-end. Organic loans, which exclude loans acquired through business combinations, grew by $161 million, or 9.1%, during the first quarter of 2014. Over the last twelve months ended March 31, 2014, organic loans increased by $1.05 billion, or 118.1%, to $1.9 billion. As of March 31, 2014, organic loans were 66% of total loans held by the Company.
Total deposits, excluding affiliated deposits, increased by $816 million for the quarter ended March 31, 2014 to $3.7 billion, with non-time deposits totaling $2.23 billion, or 60% of total deposits. For the last twelve months ended March 31, 2014, total deposits grew by $1.3 billion.
Completed full integration of Great Florida Bank in the first quarter which included systems conversion, functional alignment and rebranding. All 59 banking locations operate under the Florida Community Bank common brand.
The Company continues to exceed all regulatory guidelines required to be considered well capitalized. The Company’s regulatory capital ratios at March 31, 2014 were as follows:
Tier 1 leverage
Tier 1 risk-based capital Total risk-based capital
11.24% 14.88% 15.36%
About Florida Community Bank
Formed in 2009 and headquartered in South Florida, Florida Community Bank is the fourth largest independent bank in Florida. The Company is a community-oriented bank with over $5 billion in assets that operates 59 community banking locations along both Florida coasts and in the Orlando area.
This news release contains forward-looking statements within the meaning of the federal
securities laws. Statements in this release that are not strictly historical are forward-looking and represent the Company’s expectations regarding future events. These forward-looking statements, identified by words such as “will,” “expected,” and “prospects,” involve risks and uncertainties that could cause the Company’s actual results or financial condition to differ, possibly materially, from those indicated in the forward-looking statements. These risks and uncertainties include general economic trends, changes in interest rates, increased competition, changes in consumer demand for financial services, other events affecting the industry generally, risks and uncertainties associated with newly developed or acquired
operations, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new information or future events or circumstances. Equal Housing Lender, Member FDIC.