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Boca Raton News

ARTICLE

Date ArticleType
8/17/2018 General
LEGACY BANK OF FLORIDA REPORTS

LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $1.793 MILLION FOR THE FIRST HALF OF 2018
 
Boca Raton, Florida – Legacy Bank of Florida (the “Bank”) reported consolidated net income for the six months ended June 30, 2018, of $1.793 million compared to a net income of $1.150 million for the comparable period in 2017.  The improvement in the Bank’s net earnings is attributed to increased net interest income along with increased revenue generated from other fees and charges.  The 55.9% increase in earnings over the same period in 2017 was also enhanced by the Tax Reform Act passed at the end of 2017. 
 
The Bank’s net interest income for the six month period ending June 30, 2018, was $6.6 million as compared to $5.9 million for the same period in 2017.  The Bank’s noninterest income for the six month period ending June 30, 2018 was $458,000, compared to $230,000 for the same period in 2017. 
 
The Bank’s total assets at June 30, 2018, were $394.5 million, as compared to $377.9 million at December 31, 2017, an increase of $16.6 million or 4.4%.   The Bank’s loans net of reserves at June 30, 2018 were $327.9 million, an increase of $18.9 million, or 6.1%, from the $309.0 million reported at December 31, 2017.  Total deposits ending June 30, 2018, were $293.9 million as compared to $276.3 million at December 31, 2017, a $17.6 million increase.  The Bank's stockholders' equity at June 30, 2018, was $42.7 million compared to $39.7 million at December 31, 2017, a $3.0 million or 7.7% increase.   
 
Dennis G. Bedley, Chairman & CEO commented, “We are very pleased with our midyear performance.  Through the first six months of 2018 we added $47 million of loans on our books.  We have, and will expect to experience loan payoffs which gives us the ability to redeploy the proceeds into higher earning assets.  The company’s prospects for lending remains strong.  We have seen some notable increases in deposits during the year, they have increased $17.6 million from December 2017.  There is more to be done, but I am pleased with our progress as we remain focused on strategies that produce long term value for our shareholders.”
 
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 loan and deposit products, and a full line of retail and corporate cash management products.  For additional information, please visit www.legacybankfl.com.  Member FDIC
 
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