June 1, 2016 – Daytona Beach, Florida – Gateway Financial Holdings of Florida, Inc. (GFHI) held the Annual Meeting of Shareholders in Ormond Beach on May 26, 2016. Headquartered in Daytona Beach, Gateway Financial Holdings is the holding company joining three independently chartered Florida community banks, including Daytona Beach-based Gateway Bank of Florida, Ocala-based Gateway Bank of Central Florida and Sarasota-based Gateway Bank of Southwest Florida. The company has offices in Daytona Beach, Ormond Beach, Port Orange, Ocala, Gainesville, Alachua, Bradenton and two in Sarasota.
In January of 2016, Gateway Financial Holdings marked the tenth anniversary of the opening of the first Gateway Bank – an office of Gateway Bank of Florida in Ormond Beach. Since 2006, Gateway Bank of Florida opened offices in Daytona Beach and Port Orange.
In an address to shareholders, Dr. P.T. Fleuchaus, Chairman of the Board of Directors stated, “As a shareholder group, we can look at the continued accomplishments of the Gateway Bank organization with great pride.” He continued, “Our banks are growing at a measured and sustainable pace, we receive high ratings from regulators and industry analysts, our management is strong and we now rank as the 29th largest banking entity in the state by Total Assets.” Fleuchaus was recognized by the Company with a “Lifetime Achievement Award” for over three decades of service to Florida community banking, and specifically community banking in Volusia County. Over the course of 36 years, in addition to spearheading the organization of Gateway Financial Holdings of Florida, he organized Tomoka State Bank and in 1998 organized Peninsula Bank of Central Florida. Many of the original directors of both Tomoka and Peninsula Bank serve on the Gateway Board of Directors.
Gateway Financial Holdings Vice Chairman Sanford Miller announced an annual dividend of $0.08 per share for common and preferred shareholders. Not unlike the 2015 dividend, he pointed to solid 2015 financial results and continued ability of the banks to post sustained earnings on core banking operations. The dividend record date is May 31, 2016, and the dividend is payable on June 15, 2016.
At the Annual Meeting of Shareholders, senior company officers presented a summary of financial performance for the year. The three Gateway banks are individual charters and operate as free-standing banking companies. Gateway Financial Holdings consolidates the results along with holding company operations to post overall financial results for Gateway Financial Holdings of Florida, Inc. Financial highlights at the holding company level include:
- Asset Growth – At December 31, 2015, the Company posted Total Assets of $774.8 million, a 15.1% increase of $101.8 million when compared to $673.0 million in Total Assets posted at December 31, 2014.
- Loan Growth – At December 31, 2015, Total Loans were $476.0 million. This total represents a 23.1% increase of $89.3 million compared to $386.7 in Total Loans posted at December 31, 2014. During the course of the year 2015, the Gateway banks originated $221.0 million in new loans, fueling the growth of businesses in each market area served by a Gateway Bank.
- Deposit Growth – At December 31, 2015, Deposits totaled $661.8 million, an 18.7% increase of $104.3 million when compared to $557.5 million in Deposits posted at December 31, 2014.
- Sustained Profitability – The year ended December 31, 2015 marked the fifth consecutive year Gateway Financial Holdings of Florida posted cumulative profitable operations at the Holding Company level.
- Highest Bauer Ratings – The three market banks – Gateway Bank of Florida, Gateway Bank of Central Florida and Gateway Bank of Southwest Florida are all rated Five Stars (Superior) by Bauer Financial, the most widely followed bank rating firm in the nation. Each bank held a Five Star rating throughout the year.
- Loan Quality – At December 31, 2015, Gateway Financial Holdings posted a ratio of Non-Performing Assets (NPAs) to Total Assets of 0.34% – a third of one percent. Non-Performing Assets are comprised of Non-Accruing loans and Other Real Estate Owned (OREO). By comparison, the statewide average ratio of NPAs/Total Assets for all Florida-based banks stood at 1.12% for the same time period – over three times greater.
About Gateway Financial Holdings of Florida, Inc. – Based in Daytona Beach Florida, Gateway Financial Holdings of Florida, Inc. is the multi-charter holding company through which the company operates three independently chartered Florida banks. These include: Gateway Bank of Florida with offices in Daytona Beach, Ormond Beach and Port Orange; Gateway Bank of Central Florida with offices in Ocala, Gainesville and Alachua; and Gateway Bank of Southwest Florida with two Sarasota offices and one Bradenton office. All Gateway banks are rated Five Stars by Bauer Financial Services.
The banks provide personal and business banking services including depository and transactional services as well as commercial and personal lending. The company also provides wealth management services through Gateway Private | Wealth, a strategic alliance established with Raymond James Financial Services.
Further information on Gateway Financial Holdings of Florida and Gateway banks may be obtained by contacting President David K. Maholias at 386/947-5404.