Bank, on strength of PPP loans, doubles net income in second quarter

ST. PETERSBURG — As of June 30, First Home Bank had processed $831 million in Paycheck Protection Program loans, which boosted its net income for the second quarter to $2.345 million, a 106% increase from the same period last year, when its net income was $1.138 million. 

The St. Petersburg-based bank, in a press release, says its PPP loans also increased its total assets, as of June 30, to $1.470 billion. At the end of 2019, the bank’s total assets were $531 million.