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Boca Raton News


Date ArticleType
5/17/2017 General
Legacy Bank Reports $480k in 2017 Quarter 1

Boca Raton, Fla. – Legacy Bank of Florida reported net earnings for the first quarter ended March 31, 2017 of $480,000, compared to net earnings of $422,000, for the comparable period in 2016. The improvement in the Bank’s net earnings is attributed to an increase in net interest income. Net interest income after loan loss provision for the period ended at $2.814 million as compared to the $2.448 million for the same period in 2016. The Bank had no nonperforming assets at the end of the period, compared to the $5.8 million for the same period in 2016.

Legacy Bank of Florida’s total assets at March 31, 2017 were $350.9 million, as compared to $335.6 million at December 31, 2016, an increase of $15.3 million, or 4.6%. The Bank’s loans net of reserves at March 31, 2017 were at $282.9 million, an increase of $15.3 million, or 5.7%, from the $267.6 million reported at December 31, 2016. The Bank’s total deposits ended the quarter at $268.0 million as compared to $269.8 million reported at December 31, 2016. The Company’s stockholders’ equity at March 31, 2017 ended at $35.9 million an increase of $563,000 from December 31, 2016.

Dennis G. Bedley, Chairman & CEO commented, “2017 is off to a strong start as first quarter results showed continued improvement in most areas. Earnings were up nearly 14% over 2016, solid loan growth, up 5.7% from December 2016, and $69.4 million greater than March of 2016. And finally, the Bank was able to dispose of its last piece of OREO in February. The Bank became the largest independent Bank in Palm Beach County during the first quarter as well as earning the recognition of a Five-Star Superior Rating from Bauer Financial, the nation’s premier bank rating firm. We continue to add value to our shareholders and I remain very excited about the Bank.”

About Legacy Bank of Florida
Celebrating over 11 years of serving Palm Beach and Broward Counties, Legacy Bank of Florida has more than $350 million in assets and five convenient locations in Boca Raton, Delray Beach, Fort Lauderdale, Pompano Beach and West Palm Beach. The Bank is locally owned and managed. The focus of the Bank is on exceptional business and professional banking service, commercial credit and deposit products, and a full line of retail and corporate cash management products. For additional information, please visit www.legacybankfl.com. Member FDIC

Forward-Looking Statements
This document contains certain forward-looking statements relating to present or future trends or factors affecting the banking industry and specifically the operations, markets and products of the Bank. Actual results could differ materially from those projected and may be affected by changing events and trends that have influenced the Bank's assumptions, but that are beyond the control of the Bank. These trends and events include changes in the interest rate environment, expected cost savings, anticipated growth in the Bank's newly established or augmented sources of noninterest income, changes in the domestic and foreign business environments and securities markets and changes in the regulatory authorities and policies affecting the Bank.