Daytona Beach-based Bank Holding Company Posts Record Assets, Loans and Deposits
January 23, 2017 – Daytona Beach, Florida – Gateway Financial Holdings of Florida, Inc., (GFHI) the bank holding company under which Gateway Bank of Florida, Gateway Bank of Central Florida and Gateway Bank of Southwest Florida operate, announced today the unaudited ended December 31, 2016.
In making the announcement, GFHI Chairman, Dr. P.T. Fleuchaus stated, “The Gateway banks performed beyond all expectations in 2016. We continued to earn the confidence of our customers in every market and our banks fueled business growth by way of lending in every market we serve.” He continued, “As a result, we posted record results in Total Assets, Total Loans, Total Deposits and both Pre-tax and Net Profit.”
Among the highlights of the 2016 results:
- Assets –Total Assets increased 14.03% to $883.5 million.
- Loans –Total Loans increased 15.65% to $550.5 million.
- Deposits – Total Deposits increased 11.70% to $739.2 million. Total Non-Interest Bearing Deposits increased 30.81% $185.5 million.
- Profitability – Pre-Tax Profit increased 68.42% to $9.6 million. Net Profit increased 47.83% to $6.8 million. The year ended 12/31/16 marked the sixth consecutive year the Gateway banking organization posted cumulative profitable operations.
In addition to these financial results, each individual Gateway bank maintains capital ratios exceeding the regulatory guidelines to be considered “well capitalized.”
In November of 2016, the Company announced the signing of a definitive merger agreement with CenterState Banks (NASDAQ: CSFL). The merger is expected to close in the second quarter of 2017.
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, strategic alliance established with Raymond James Financial Services.
Further information on Gateway Financial Holdings of Florida and Gateway banks may be obtained by contacting David K. Maholias, President at 386/947-5405. Media inquiries may also be directed to Frank S. Knautz at 941/225-9983.