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Peninsula Bank Posts Earnings for the First Quarter
Ending March 31, 2007
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April 16th,
2007
Englewood, Florida – Peninsula Bank reported continued growth for the
first quarter of 2007, with total assets at March 31, 2007 of
$663,157,000, a 25% increase over the $530,319,000 as of March 31, 2006.
Net loans increased by 16% to $438,483,000 from $376,845,000 as of March
31, 2006 and 2007, respectively. Total deposits increased 24% to
$593,161,000 from $480,063,000 at March 31, 2007 and March 31, 2006,
respectively.
Net income for the first quarter
ending March 31, 2007 was $1,821,000, an increase of $275,000 or 18%
over $1,546,000 for the quarter ending March 31, 2006. Net interest
income for the first three months of 2007 increased 22% to $5,060,000
from $4,138,000 for the first three months of 2006. Non-interest income
decreased 6% to $911,000 from $970,000, while non-interest expense
increased 16% to $2,839,000 from $2,444,000 for the first quarter of
2007 and 2006, respectively.
Non-interest expense was affected
by the opening of a new branch in Palm Beach County, upgrades to the
data processing system and additional marketing expenses during the last
half of 2006. It is anticipated that growth in earning assets will
continue to increase, enabling the Bank to continue its upward earnings
trend. Shareholders’ equity was $53,162,000, an increase of 43% from
$37,281,000 at March 31, 2006.
Peninsula Bank is
headquartered in Englewood, Florida and presently has twelve branches.
Five branches are located in Palm Beach County, one branch in Broward
County and one in Miami-Dade County on the east coast of Florida, with
three branches located in Charlotte County and two in Sarasota County on
the west coast of Florida. An additional Sarasota County location in
North Port, FL is expected to open in the fourth quarter of 2007. |
