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Boca Raton News


Date ArticleType
2/22/2018 General
Legacy Bank of Florida Reports Net Income for 2017


Boca Raton, Florida – Legacy Bank of Florida (Bank) today reported net income of $556,000 for 2017 which included a $1.9 million expense related to the Tax Reform Act commonly known as Tax Cuts and Jobs Act enacted on December 22, 2017, compared to $1.9 million in 2016.  Our 2017 pretax income ended the year at $3.9 million compared to $3.1 million in 2016, a 25.1% increase.


The Bank’s total assets at December 31, 2017, were $377.9 million, as compared to $335.6 million at December 31, 2016, an increase of $42.3 million or 12.6%.  The Bank’s loans net of reserves at December 31, 2017 were at $309.0 million as compared to $267.6 million at December 31, 2016, an increase of $41.4 million or 15.5%.  Total deposits ending December 31, 2017, were $276.3 million as compared to $269.8 million at December 31, 2016, a $6.5 million increase or 2.4%.  The Bank's stockholders' equity at December 31, 2017, was $39.7 million compared to $35.3 million at December 31, 2016, a $4.4 million or 12.3% increase. 


"This year produced marked improvement in our overall performance of the Bank.”  Dennis G. Bedley, Chairman and CEO commented.  “These results were driven by strong loan growth, improved credit quality and our disciplined approach to managing expenses.  Thank you, to our Board, Management and Employees for all their hard work.  We remain focused on strategies that will produce 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 credit and deposit products, and a full line of retail and corporate cash management products.  For additional information, please visit www.legacybankfl.com.


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.  


Roger D. Hicks
Electrum Branding
Director of Client Services
3333 W. Commercial Boulevard, Suite 111
Fort Lauderdale, FL 33309
Office: 954-318-1600 x. 301