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Boca Raton News

ARTICLE

Date ArticleType
2/10/2021 General
LEGACY BANK OF FLORIDA

LEGACY BANK OF FLORIDA REPORTS NET INCOME OF $5.9 MILLION FOR 2020

Boca Raton, Florida – Legacy Bank of Florida (“Bank”) reported pretax income of $7.8 million for 2020 compared to the pretax income of $5.9 million for 2019, a 32.5% increase. The Bank’s net income for the year ended December 31, 2020, of $5.9 million, or $0.37 earnings per share, compared to the net income of $4.5 million or $0.28 earnings per share, for the year ended December 31, 2019. The Bank’s net interest income after the provision for loan losses was $16.9 million for 2020 compared to the $14.0 million for 2019, a 21.0% increase. The $2.9 million increase in the net interest income is attributed to the increase in the Bank’s net interest margin of 3.50% in 2020 compared to 3.23% for 2019.

The Bank’s total assets at December 31, 2020, were $533.3 million, as compared to $454.6 million at December 31, 2019, an increase of $78.8 million or 17.3%. The Bank’s loans net of reserves at December 31, 2020 were $479.0 million as compared to $398.4 million at December 31, 2019, an increase of $80.6 million or 20.2%. Total deposits ending December 31, 2020, were $431.8 million as compared to $342.2 million at December 31, 2019, a $89.6 million increase or 26.2%. The Bank's stockholders' equity at December 31, 2020, was $57.1 million compared to $51.4 million at December 31, 2019, a $5.7 million or 11.1% increase.

Dennis G. Bedley, Chairman and CEO commented; “The COVID-19 Pandemic in 2020 has brought about many new, unforeseen, challenges throughout the year. We continue to focus on the safety and well being of our employees and clients. The Bank participated in the Small Business Administration Paycheck Protection Program (“SBA PPP”) helping some 600 participants in the marketplace we serve and generating $67 million in loans. We continue to participate in the SBA PPP2 loan program.

Throughout 2020, the Bank continued its exceptional loan growth increasing our outstandings by $80.6 million. While the prime lending rate throughout 2020 remained flat at 3.25%, we were able to increase the Bank’s net interest margin by 0.27%. The Bank continues to have higher cost of funds reprice at considerably lower levels due to the liquidity in the market place. We would expect this trend to continue throughout the remainder of 2021. In addition, we were able to put aside $600,000 in loan loss reserves increasing our ratio to 0.67% at December 31, 2020. I am very proud of the way the Bank has been able to adjust and transform while continuing to serve our existing customers’ needs. As always, we continue to remain focused on implementing 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 credit and deposit products, and a full line of retail and corporate cash management products. For additional information, please visit www.legacybankfl.com