Florida Community Bank boosts loans by $176M, adds jobs

Mark Freerks

Florida Community Bank added 25 employees in the second quarter.

Florida Community Bank grew its loan by $176 million during the second quarter as it brought on 25 additional employees.

The Weston-based bank, a subsidiary of private equity-funded Bond Street Holdings, has been busy on the acquisition front as well. Its deal to buy Jacksonville-based Atlantic Coast Bank fell short after selling shareholders voted against the sale, but now it has a pending $42.5 million deal to acquire Miami Lakes-based Great Florida Bank (Pink Sheets: GFLB).

Florida Community Bank?s organic growth during the second quarter exceeded the size of many small banks in the state. Its loan portfolio reached $1.64 billion on June 30, up from $1.46 billion on March 31. It increased its employee headcount to 567, from 542.

The bank posted earnings of $3.5 million in the second quarter, up from earnings of $3.3 million in the first quarter. Its net interest income was unchanged at $28.8 million. It took a $473,000 expense to reserve for future loan losses, improved from a $1.1 million expense in the first quarter.

Its asset quality got better. Most of its problem assets came from failed banks that it acquired with loss-sharing coverage from the Federal Deposit Insurance Corp.

Florida Community Bank had $106.7 million in noncurrent loans, or 6.45 percent of total loans, with $73.2 million of that with FDIC loss sharing on June 30. That?s down from $116.9 million in noncurrent loans, or 7.89 percent, with $78.2 million in FDIC loss sharing on March 31.

The bank held $15.8 million in reserve for future loan losses to cover 47 percent of its loans without FDIC loss sharing protection on June 30.

Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.

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