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July
30, 2007
Englewood, Florida –
Peninsula Bank reported total assets of
$683,639,000 as of June 30, 2007, a 32% increase over the
$518,165,000 as of June 30, 2006. Total earning assets
increased 31%, to $660,762,000 from $504,428,000 as of June 30,
2007 and June 30, 2006, respectively. As of June 30, 2007, net
loans were $429,856,000, an increase of 2% from the $420,930,000
as of June 30, 2006, while Investment Securities increased 32%,
to $85,521,000 from $64,696,000 as of June 30, 2007 and 2006,
respectively. Total Deposits increased 29% to $613,639,000 as
of June 30, 2007 from $475,585,000 as of June 30, 2006.
Net income for the second quarter of 2007 was
$1,835,000, a 25% increase over the $1,464,000 for the second
quarter of 2006. Net interest income increased 18%, to
$5,150,000 from $4,373,000 for the second quarter of 2007 and
2006, respectively.
Net
income for the six months ending June 30, 2007 was $3,656,000, a
21% increase over the $3,010,000 as of June 30, 2006. Net
interest income increased 20%, to $10,210,000 for the six months
ending June 30, 2007 from $8,511,000 for the six months ending
June 30, 2006. Interest Income for the six months ending June
30, 2007 was $24,194,000 which represents a 38% increase over
the $17,515, 000 for the same period in 2006. In the six months
ending June 30, 2007, interest expense increased to $13,984,000
from $9,004,000, or 55% for the same period ending June 30,
2006. An increase in volume of higher cost CDs for liquidity
purposes in late 2006 contributed to the increase in interest
expense, but interest income from investments and loans in 2007
more than offset the expense increase.
Non-interest income decreased by 37%, to $1,126,000 from
$1,778,000, while non-interest expense increased only 1%, to
$5,075,000 from $5,023,000 for the six months ending June 30,
2007 and 2006, respectively.
Shareholder’s equity was $54,307,000 which is a 42% increase
from $38,311,000 as of June 30, 2006. Contributing to the
increase was a capital addition resulting from a stock offering
to existing shareholders during the last quarter of 2006. The
number of shares outstanding at June 30, 2007 was 3,877,468
versus 2,601,875 as of June 30, 2006. At June 30, 2007, book
value per share was $14.01, a decrease of 5% from $14.72 at June
30, 2006, attributable to the increase in the number of shares.
For shareholders of record as of June 30, 2007, a cash dividend
of 7.5 cents per share was declared, payable on July 18, 2007.
This dividend reduced shareholder’s equity by approximately
$290,000 at June 30, 2007. The bank continues to pursue
litigation concerning the liability judgment of $13 million
written off in the last quarter of 2006.
Peninsula Bank is headquartered in Englewood, Florida and has
twelve branches across the State of Florida. On the east coast,
five branches are located in Palm Beach County, one branch is in
Miami-Dade and another is in Broward County. Three branches are
located in Charlotte County and two are in Sarasota County on
the west coast of Florida. One additional branch location in
Sarasota County is anticipated to open in late 2007. |
