Dear Valued Clients and Shareholders,
We are pleased to report on Floridian Community Bank's ("FCB") progress for the nine months ending September 30, 2013. Since December 31, 2012 total assets increased from $272 million to $278 million, deposits from $228 million to $239 million, while loans declined from $177 million to $169 million. Our four branch offices located in Broward and Palm Beach counties have continued to attract additional deposit relationships in their respective market areas as a result of the Bank's ongoing outreach efforts and reputation for providing bespoke services.
We expect that lending activity for the fourth quarter 2013 will be robust and make up for the decline experienced during the first nine months. Management continues to work through certain remaining distressed loans as we build additional reserves to provide a cushion for any future losses. Although full year results have not concluded, the Bank expects 2013 to mark the fourth consecutive year of profitability despite the economic hardship still felt by South Florida financial institutions, including FCB.
The Bank's Tier One Leverage and Total Risk Based Capital Ratios at September 30, 2013 were 9.40% and 13.42%, compared to 9.26% and 14.05% at year-end 2012. Both periods' ratios exceed regulatory requirements for a "well capitalized" institution. In comparison to many of our banking peers in South Florida, FCB's asset quality ratios remain well above average. Non-performing assets as a percentage of total assets were 2.30% compared to a South Florida peer average of 5.95%. The aforementioned compiled peer data is as of June 30, 2013 and was provided by Carson Medlin, an investment banking firm specializing in the community banking sector.
During 2013, which also commemorates FCB's ten year anniversary, we were awarded the highest attainable rating of FIVE STARS by Bauer Financial Inc., a national bank rating agency. The coveted distinction is given only to financial institutions with strong asset quality, capital, and profits. There are few banks in South Florida who share such recognition.
Looking ahead, our goal next year is to open an additional branch office within one of the two counties we serve and continue investing in our communities by extending credit to South Floridians. The Board of Directors' primary objective is to protect and enhance our shareholders investment while delivering high levels of service to our clients.
We thank you for your continued trust and patronage.
Joseph S. Marzouca
Chief Executive Officer
Dear Valued Clients and Shareholders,
Need To Refinance Or
Purchase A Home?
We Now Finance Home Mortgage Loans!Interest rates are still at historic lows.
Take advantage NOW before interest rates increase.
Call today for a NO OBLIGATION Consultation.
Ulises Alonso, SVP/CFO, Joseph Marzouca, CEO,
Lee Frankhouser, President, Andy Sundaram, SVP,
Christine Simpson, SVP
- Residential Mortgages Available
- Home Equity Lines
- Commercial Real Estate Loans
- Professional Lines of Credit
- Community/HOA/Condo Association Loans By the way, did we mention we have money to lend?
is proud to support the
Cuore d' Italia Scholarship
& Italian Language Awards.
Proud to Support
Carver Middle School!
Using Home Equity to Buy an Automobile
Home equity loans are a great way to borrow, and although many homeowners use them for home improvement projects, they can also be used for other purchases, like car buying. Equity grows as the value of your property rises, and many consumers take advantage of the gains in the real estate market without having to actually sell their house, by using convenient home equity loans.
Whereas a home equity line of credit operates much like a credit card, an equity loan is more like a typical bank loan - the kind of loan consumers prefer when looking for a longer repayment schedule and more competitive rates. If you want to borrow a set amount of money with a fixed interest rate over a period of a few years, the home equity option is an appropriate choice.
For example, rather than borrow money from a car dealership (at a high rate of interest and with relatively unfavorable terms) you might be better off borrowing against the equity in your home. The savings over the life of the loan (thanks to a lower interest rate and some potential tax deductions) can be considerable. And as your property continues to increase in market value, the otherwise untapped equity will work for you, to help make needed purchases along the way.
Consider, for instance, a homeowner who bought a house for $200,000 a few years ago and now realizes that the same property is worth $260,000. If the home appreciates in value at a rate of just 6 percent per year for the next three years, it will be worth over $300,000. With an increase in value of more than $40,000, the built-in equity is more than enough to offset the expense of a new vehicle in three years time.
Rather than sell the house to gain access to those funds, however, the homeowner can simply use an equity loan that is paid back at a fixed interest rate over a period of years. Once the loan is repaid, the homeowner's untapped credit is once again available for other purposes. And at tax time, the interest paid on a home equity loan may qualify for an itemized deduction.*
Consult Floridian Community Bank before you begin shopping for your next automobile. With a convenient home equity loan, you may be able to drive away with a great deal without ever having to put a dent in your savings account.
*Consult a tax adviser for information regarding the deductibility of interest and charges.
The Wellington Chamber is honored to announce the appointment of Joanne Dee to the Board of Directors as well as a member of the Trustee level President's Circle. Joanne was chosen to represent on the Board of Directors for her expertise in banking, philanthropy and community involvement.
Joanne Dee is the Vice President Manager of Floridian Community Bank Wellington. Prior to joining Floridian Community Bank Joanne has spent the last 20 years in the banking industry in the capacity of Private Banker, Business Banker and Branch Manager. Most recently with Regions Bank and BMO Harris Private Banking.
Joanne is a graduate of Leadership Palm Beach Class of 2008 & Leadership Fort Lauderdale Class of 2005. She holds various professional licenses in the areas of real estate and insurance.
Joanne lives in Wellington and enjoys Yoga and cycling in her spare time.
Mortgage Update From Louise Nelson
You May Have Missed the Housing Bottom, But Not the Mortgage Rate Bottom
The forecast has always been that the Fed will end QE3 but we don't know when or what the process will be. It all depends on the performance of the economy, primarily job growth and inflation. Whether mortgage rates can ease or will continue to move higher depends on these factors.
In perspective - the recent move upward in mortgage rates signals the beginning of a longer-term trend of higher borrowing costs for home buyers. Mortgage rates on home loans are modest by traditional standards, however the ultralow borrowing costs that encouraged millions of homeowners to refinance and helped revive the depressed housing market are quickly becoming a memory.
Louise M. Nelson
VP/Residential Mortgage Sales Manager
We Want to Hear Your Two Cents!
Email your ideas, suggestions and comments to email@example.com, give us a call or stop by one
of our conveniently located branches and ask to speak with the branch manager.
5599 South University Drive Davie, FL 33328 954-434-8050
14235 US Highway 1 Juno Beach, FL 33408 561-630-5778
4850 West Atlantic Ave. Delray Beach, FL 33445 561-496-2690
1314 Greenview Shores Blvd. Wellington, FL 33414 561-333-5773