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Boca Raton News

ARTICLE

Date ArticleType
11/14/2019 General
LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $3.1 MILLION

LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $3.1 MILLION
FOR THE FIRST THREE QUARTERS OF 2019

 
Boca Raton, Florida – Legacy Bank of Florida (the “Bank”) reported consolidated net income for the nine months ended September 30, 2019, of $3.1 million compared to a net income of $2.9 million for the comparable period in 2018.  The Bank’s net interest income for the nine month period ending September 30, 2019, was $10.4 million as compared to $10.0 million for the same period in 2018.   The Bank’s other income through the nine months of operation was $1.1 million compared to the $767,000 for the same period in 2018.
 
The Bank’s total assets at September 30, 2019, were $457.8 million, as compared to $427.0 million at December 31, 2018, an increase of $30.8 million or 7.2%.  The Bank’s loans net of reserves at September 30, 2019 were $395.7 million, an increase of $33.2 million, or 9.2%, from the $362.5 million reported at December 31, 2018.  Total deposits ending September 30, 2019, were $359.1 million as compared to $305.9 million at December 31, 2018, a $53.2 million increase or 17.4%.  The Bank's stockholders' equity at September 30, 2019, was $49.9 million compared to $45.7 million at December 31, 2018, a $4.2 million or 9.2% increase.   
 
“Legacy Bank reported a strong third quarter, and year-to-date income was up over $256,000 from the same period in 2018 due to both strong net interest income and noninterest income.  We are pleased with our increased net interest margin in this decreasing rate environment.  We continue to have strong loan growth, a net 9.2% through the third quarter, while realizing a 17.4% increase in our deposits during the year.  Our credit quality remains strong as we continue to focus 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
                                                                             
Forward-Looking Statements
 
This document contains certain forward-looking statements relating to present or future trends or factors affecting the banking industry and specifically the operations, markets and products of the Bank.  Actual results could differ materially from those projected and may be affected by changing events and trends that have influenced the Bank's assumptions, but that are beyond the control of the Bank.  These trends and events include changes in the interest rate environment, expected cost savings, anticipated growth in the Bank's newly established or augmented sources of noninterest income, changes in the domestic and foreign business environments and securities markets and changes in the regulatory authorities and policies affecting the Bank.