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Boca Raton News

ARTICLE

Date ArticleType
11/16/2020 General
LEGACY BANK OF FLORIDA REPORTS

LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $4.1 MILLION FOR THE FIRST THREE QUARTERS OF 2020
Boca Raton, Florida

Legacy Bank of Florida ("Bank") reported consolidated net income for the nine months ended September 30, 2020, of $4.1 million compared to a net income of $3.1 million for the comparable period in 2019. The Bank’s net interest income for the nine month period ending September 30, 2020, was $12.5 million as compared to $10.4 million for the same period in 2019. Interest income for the nine month period was $16.4 million as compared to $15.2 million in 2019, while interest expense was $3.9 million compared to the $4.7 million for the same period in 2019.

The Bank’s total assets at September 30, 2020, were $542.9 million, as compared to $454.6 million at December 31, 2019, an increase of $88.3 million or 19.4%. The Bank’s loans net of reserves at September 30, 2020, were $493.6 million, an increase of $95.1 million, or 23.9%, from the $398.4 million reported at December 31, 2019. Through the nine months we are on track for record loan production as we have originated over $140.4 million in new loans compared to $115.5 million for the same period of 2019. Total deposits ending September 30, 2020, were $421.0 million as compared to $342.2 million at December 31, 2019, a $78.8 million or 23.0% increase. The Bank's stockholders' equity at September 30, 2020, was $55.0 million compared to $51.4 million at December 31, 2019, a $3.6 million or 7.0% increase.

Dennis G. Bedley, Chairman & CEO commented, "Though our third quarter presented a challenging environment, Legacy Bank reported a strong quarter, up 29% over the third quarter of 2019. I am proud of our financial performance and how our team responded to the COVID-19 Pandemic. We continue to focus on the safety and well being of our employees and clients as well as the marketplace we serve. We generated over 600 Small Business Administration Paycheck Protection Program loans this year. Many small businesses that relied on big banks found them to be unresponsive and were left without funding. Legacy Bank was able to step in and funded over $67 million to assist those businesses. I remain optimistic about the bright South Florida economy and the ability of Legacy Bank to increase its share of the banking marketplace."

Legacy Bank of Florida, founded in 2006, is a $500+ million locally owned and managed community Bank headquartered in Boca Raton, Florida with offices in Boca Raton, West Palm Beach, Fort Lauderdale, Delray Beach and Pompano. The Bank specializes in business and professional banking, including commercial loans, small business loans, deposit products, and a full line of retail and corporate cash management products. For additional information, please visit www.legacybankfl.comREAD MORE