Stonegate Bank reports lower second quarter earnings

Stonegate Bank on Thursday reported net income of $1.9 million for the second quarter, or 17 cents per share, compared to $2.3 million or 27 cents a share for the same period of last year.

Total loans grew $31.2 million during the second quarter, or 9 percent on an annualized basis, to $1.2 billion, largely due to the origination of $136.5 million in loans during the second quarter. The bank said its loan portfolio consists primarily of loans to individuals and small- and medium-sized businesses.

Stonegate Bank, based in Pompano Beach, has $1.7 billion in assets and 14 banking offices in South and West Florida.

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