Dear Valued Clients and Shareholders,
We are pleased to report on Floridian Community Bank's ("FCB") financial results for the year ending December 31, 2012. Total assets grew from $259.3 million to $272.1 million, loans from $160.8 million to $177.0 million, and deposits from $212.5 to $227.7 million for the periods ending December 31, 2011 and 2012 respectively. The four branch offices situated in Broward and Palm Beach counties have continued to gain market share from effective networking efforts and consumers gravitating towards a neighborhood banking environment resulting in a 7% total increase in deposits over the previous year.
Net interest income, which is a barometer of core earnings from balance sheet activity, increased from $8.2 million to $9.1 million over the same period. Income before taxes increased from $1,028,000 to $2,855,000 representing a 178% increase. In 2012, the Bank recognized $257,000 in gains on the sale of certain securities given favorable market conditions at the time compared to $154,000 in securities gains in 2011. Further, in 2012 the Bank recorded accretion income of $417,000 compared to $260,000 in the prior year primarily from the payoff of a loan participation the Bank acquired at a discount in 2010. Also, Management was successful in working out certain distressed loans resulting in the release of $535,000 in specific reserves into income and recording lower losses totaling $92,000 in real estate dispositions compared to $446,000 in the prior year. The 2012 year marks the third year in a row in which the Bank has recorded profits despite the economic hardship that afflicted many South Florida financial institutions.
|December, 2012||December, 2011|
|Cash & Due From Banks||$35,218,303||$39,744,821|
|Commercial Real Estate Loans||80,360,629||76,733,829|
|Residential Real Estate & Other||55,060,515||29,759,321|
|Loans, Net of Reserves||174,712,618||157,533,278|
|Money Market Accounts||147,243,298||125,725,584|
|Total Liabilities & Capital||$272,067,578||$259,349,327|
FCB's total equity capital has also increased from $23.4 million to $25.8 million as a result of retained earnings. The Bank's Tier One Leverage and Total Risk Based Capital Ratios at year end 2012 were 9.26% and 14.05%, compared to 9.40% and 13.85% at year-end 2011, which exceeds regulatory requirements for a "well capitalized" institution. In comparison to our banking peers in South Florida, FCB's asset quality ratios remain superior. Non-performing assets as a percentage of total assets were 2.52% compared to a South Florida peer average of 6.90%. The aforementioned peer data was provided by Carson Medlin, investment banking firm specializing in the community banking industry.
Lastly, we remain focused on achieving managed growth across our business lines and look for strategic opportunities to expand our presence in markets which complement our own. Despite signs of an improving economy, we continue to maintain a cautious outlook. The Board of Directors primary objective is to protect our shareholders investment while enhancing its value over time.
We thank you for your continued trust and support.Joseph S. Marzouca
Chief Executive Officer
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.
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I recently refinanced my home with Floridian Community Bank. Not only did I get the best rate in town but the customer service was friendly, courteous and always helpful. In my dealings with the bank I mostly dealt with Louise Nelson, she was very helpful, patient and friendly. I would recommend this bank to anyone interested in a smooth and easy experience.
Louise Nelson and Floridian Community Bank made refinancing my family home stress free and an uncomplicated experience. The procedure was very organized and occurred in a timely manner. I can't thank the team enough not only for an easy refinance, but always giving me hassle free and friendly banking.
-Naomi Katzowitz, DVM, PA
All personnel I met at Floridian Community Bank, including the president of the bank Mr. Frankhouser, are eager to help and make our banking experience easier. We see a longer term partnership with Floridian Community Bank and recommend the bank to anyone without any hesitation.
Shivam Properties, LLC
I cannot express enough my appreciation for Floridian Community Bank and all its employees. Everyone at Floridian has been extremely helpful and kind to me. I have dealt with almost everyone in the branch from Mrs. Mary McMullen, to the corporate offices, which includes Mr. Beau Marburger and Mr. Lee Frankhouser.
My company has been involved in refinancing transactions with the bank. We also have all of our business accounts with Floridian. All of my experiences with the bank have gone smoothly. Whenever I have a question, it gets answered immediately.
I highly recommend Floridian Community Bank for any business or personal transaction.
- Residential Mortgages Available
- Home Equity Lines
- Commercial Real Estate Loans
- Professional Lines of Credit
- Community/HOA/Condo Association Loans
Commercial Market Manager
Scott Toth recently joined FCB as Commercial Market Manager. Scott will work out of the bank's corporate headquarters in Davie and spearhead the growth and maintenance of loan portfolios and the expansion of the bank's commercial client base.
Mr. Toth brings over 16 years of banking experience to Floridian Community Bank, including 12 years in South Florida with banks including First Union (Business Banker), Florida Capital Bank (Market Executive) and most recently Fifth Third Bank (Middle Market Relationship Manager).
Scott received his Bachelors Degree from John Carroll University, and his MBA from Case Western Reserve University, both in Cleveland, Ohio. He is currently Chair of the Revolving Loan Fund in Pompano Beach for the Office of Housing and Urban Improvement, and Chair of the Greater Ft. Lauderdale Alliance BRAVO Committee.
Mortgage Update From Louise Nelson
You May Have Missed the Housing Bottom, But Not the Mortgage Rate Bottom
Of course, some are also calling it a "mini bubble", otherwise known as a fake recovery, spurred on in part by the record low mortgage rates. Only time will tell...
Meanwhile, mortgage rates have fallen again, with the 15-year fixed sinking into the 2% range, which marks the first time in history the 15-year has broken the 3% barrier. And it seems as though the Fed wants to keep the downward pressure on for a bit longer.
Either way, current rates are savings existing homeowners who can refinance a good amount of money, and they're making home buying a lot more attractive for prospective buyers. Talk to us today to see how these record low interest rates can help you!
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