Florida Community Bank’s first quarter earnings rise

 

icordle@MiamiHerald.com

Florida Community Bank on Wednesday reported $4.7 million in first quarter net income, up 45 percent from the first quarter of 2013.

The results included $2.6 million in after-tax, acquisition-related expenses, the Weston-based bank said. During the quarter, Florida Community Bank closed on its purchase of Great Florida Bank of Miami.

Florida Community Bank’s loans at March 31 were up 98 percent to $2.9 billion from $1.5 billion at March 31, 2013. Over the last twelve months, the bank’s organic loans increased by $1.05 billion, or 118.1 percent, to $1.9 billion, the bank said. As of March 31, organic loans were 66 percent of total loans held by the bank.

Total deposits grew by $1.3 billion during the past year, to $3.7 billion.

Formed in 2009, Florida Community Bank has more than $5 billion in assets that operates 59 branches along both Florida coasts and in the Orlando area.

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