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Business Observer Friday, Jan. 31, 2020 2 weeks ago

Bank tops $500M total assets milestone

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First Home Bank’s retail deposits grew by 72% in 2019.

ST. PETERSBURG — First Home Bank surpassed $500 million in total assets for the first time last year. 

In a press release, the St. Petersburg-based bank says its total assets grew to $531 million — a 45% increase over 2018. 

“The growth in total assets was driven by an astounding 72% increase in retail deposits from our expanding network of banking centers,” CEO Anthony Leo states in the release. “With two new offices slated in 2020, we expect First Home Bank to continue its path to becoming the premier banking franchise in the Tampa Bay region.”

According to the release, First Home Bank’s fourth-quarter net income was $1.167 million, while its net income for the year was $4.484 million. The bank’s residential mortgage division also produced a record year, with $763 million in new loan originations, as did CreditBench, its SBA lending division, which produced $316 million in new SBA loans.

First Home Bancorp Inc., the bank’s parent holding company, operates five full-service banking centers in the Tampa Bay region. It reported $51.14 million in gross revenue in 2018, up from $35.14 million in 2017.

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