ARTICLE
Boca Raton, Florida – Legacy Bank of Florida (Bank) reported pretax income of $2.5 million for 2015 compared to the pretax income of $1.4 million for 2014, an 81.5% increase. The Bank reported net income for the year ended December 31, 2015, of $1.56 million, or $0.11 per share, compared to the net profit of $10.5 million, or $0.79 per share, for the year ended December 31, 2014. The net profit in 2014 was augmented by the reversal of a $9.3 million valuation allowance on the Bank’s deferred tax asset. The Bank’s net interest income after the provision for loan losses was $9.6 million for 2015 compared to the $8.5 million for 2014, a 13.2% increase. The Bank’s total assets at December 31, 2015, were $286.4 million, as compared to $271.5 million at December 31, 2014, an increase of $14.9 million or 5.5%. The Bank’s loans net of reserves at December 31, 2015 were at $220.8 million as compared to $179.7 million at December 31, 2014, an increase of $41.1 million or 22.9%. Total deposits ending December 31, 2015, were $231.2 million as compared to $227.8 million at December 31, 2014, a $3.4 million increase or 1.5%. The Bank's stockholders' equity at December 31, 2015, was $33.5 million compared to $30.1 million at December 31, 2014, a $3.4 million or 11.3% increase. Our capital increase was in part due to a $1.7 million stock offering at $3.00 per share (1.3X book). Dennis Bedley, Chairman and CEO commented, "2015 was an outstanding year for Legacy Bank of Florida. Strong loan growth, significant reduction in our nonperforming assets, higher net interest income and prudent expense management all contributed to our success. Thank you, to our Board, Management and Employees for all their hard work. We leave 2015 with a lot of momentum and continue to be excited about the prospects of Legacy Bank for 2016.” 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 credit and deposit products, and a full line of retail and corporate cash management products. For additional information, please visit www.legacybankfl.com.