Facebook LinkedIn Twitter YouTube YouTube
Connect with Us: Facebook LinkedIn Twitter YouTube YouTube

Boca Raton News

ARTICLE

Date ArticleType
8/19/2019 General
LEGACY BANK OF FLORIDA REPORTS NET INCOME

LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $1.999 MILLION FOR THE FIRST HALF OF 2019 
Boca Raton, Florida – Legacy Bank of Florida (the “Bank”) reported consolidated net income for the six months ended June 30, 2019, of $1.999 million compared to a net income of $1.793 million for the comparable period in 2018.  The improvement in the Bank’s net earnings is attributed to increased net interest income along with increased revenue generated from other fees and charges. 
 
The Bank’s net interest income for the six month period ending June 30, 2019, was $6.9 million as compared to $6.6 million for the same period in 2018.  The Bank’s noninterest income for the six month period ending June 30, 2019 was $637,000, compared to $458,000 for the same period in 2018. 
 
The Bank’s total assets at June 30, 2019, were $444.3 million, as compared to $427.0 million at December 31, 2018, an increase of $17.3 million or 4.0%.   The Bank’s loans net of reserves at June 30, 2019 were $382.3 million, an increase of $19.8 million, or 5.5%, from the $362.5 million reported at December 31, 2018.  Total deposits ending June 30, 2019, were $342.9 million as compared to $305.9 million at December 31, 2018, a $37.1 million or 12.1% increase.  The Bank's stockholders' equity at June 30, 2019, was $48.6 million compared to $45.7 million at December 31, 2019, a $3.0 million or 6.5% increase.   
 
Dennis G. Bedley, Chairman & CEO commented, “We are very pleased with our midyear performance.  Through the first six months we are on track for record loan production as we have originated over $75.2 million in new loans compared to $46.8 million for the same period of 2018.  The company’s prospects for lending remains strong.  We have also seen some notable increases in deposits during the year as they have increased $37.1 million from December 2018.  (We have realized a 16.7% increase in our noninterest bearing deposits while also realizing a 20.6% increase in our time deposits.) Finally, lowering our efficiency ratio remains a top priority.  There is more to be done, but I am pleased with our progress as we remain focused on strategies that produce long term value for our shareholders.”
 
Legacy Bank of Florida, founded in 2006, is a locally owned and managed community Bank with offices in Boca Raton, West Palm Beach, Fort Lauderdale, Delray Beach and Pompano.  The Bank specializes in business and professional banking, including commercial loan and deposit products, and a full line of retail and corporate cash management products.  For additional information, please visit www.legacybankfl.com.  Member FDIC