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Bank reports surge in loans

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  • | 12:02 p.m. May 1, 2014
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Florida Community Bank, with a large and growing presence on the Gulf Coast, reported a surge in loans through the 2014 first quarter.

Total loans at the Weston-based bank increased 98% over the first quarter of 2013, from $1.5 billion to $2.9 billion, according to a release. The bank's organic loans, which exclude loans acquired through acquisitions and business combinations, grew 118.1% in the same time frame, from $1.05 billion to $1.9 billion.

A subsidiary of Miami-based Bond Street Holdings, FCB reported growth in other metrics, including:
• Net income in the first quarter increased 45% over the 2013 first quarter, from $3.3 million to $4.7 million, which includes $2.6 million of after tax non-recurring acquisition related expense;
• Operating net income in the 2014 first quarter was $7.3 million, up 104% from $3.6 million in the 2013 first quarter;
• Deposits increased $816 million for the quarter and $1.3 billion over the last 12 months through March 31.

“We are very pleased with the bank's continued financial momentum which is being driven by our industry leading organic loan growth and the successful completion of the integration of Great Florida Bank which was acquired on Jan. 31,” Florida Community Bank President and CEO Kent Ellert says in the release.

FCB, with more than $5 billion in assets and 59 branches along both Florida coasts and in the Orlando area, is the fourth largest independent bank in the state.


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