Stonegate Bank releases first quarter earnings, beats analyst expectations

Stonegate Bank beat analyst expectations on its first quarter earnings report.

The Pompano Beach-based bank announced earnings of 39 cents per share on Monday, compared to analyst predictions of 27 cents per share.

Stonegate reported net income of $5 million for the quarter, down from $5.2 million in the first quarter of last year. The January acquisition of the Community Bank of Broward held back earnings for the quarter and will likely affect second quarter earnings as well, Stonegate said in a release.

The bank, which has 21 branches across South Florida and the Tampa-area, has $1.9 billion in assets.