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Stonegate Bank reports lower earnings, organic growth

 

By Ina Paiva Cordle

icordle@MiamiHerald.com

Stonegate Bank on Monday reported $2.2 million in fourth quarter earnings, or 26.2 cents per share, down from

$2.8 million or 34 cents per share in the fourth quarter of 2011. For the full year, the bank earned

$9.1 million or $1.10 per share, a drop from $11.5 million or $1.40 per share in 2011.

The bank said that in 2011 it received “bargain purchase gains” from banks it bought from the Federal Deposit Insurance Corp., while in 2012 its growth was purely organic.

Stonegate’s total loans increased by $132 million or 22 percent in 2012, to $732 million at year-end. The bank, which is based in Fort Lauderdale had $945 million in total assets at Dec. 31, 2012.

INA PAIVA CORDLE

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