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October 25, 2007
Englewood, Florida –
Peninsula Bank reported net income for the nine months ending
September 30, 2007 of $5,586,000, a 19% increase over the
$4,591,000 as of September 30, 2006. Net interest income
increased 17%, to $15,404,000 for the nine months ending
September 30, 2007 from $13,117,000 for the nine months ending
September 30, 2006. Interest Income was $36,175,000 for the
nine months ending September 30, 2007 which represents a 25%
increase over the $28,911,000 for the same period in 2006. In
the nine months ending September 30, 2007, interest expense
increased to $20,771,000 from $15,794,000, or 32% for the same
period ending September 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 30%, to $1,847,000
from $2,636,000, while non-interest expense increased only 3%,
to $7,926,000 from $7,652,000, for the nine months ending
September 30, 2007 and 2006, respectively.
Net income for the third
quarter of 2007 was $1,830,000, a 16% increase over $1,581,000
for the third quarter of 2006. Net interest income
increased 13%, to $5,194,000 from $4,606,000 for the third
quarter of 2007 and 2006, respectively. Non-interest
Income for the third quarter of 2007 was 721,000, a decrease of
15% from the $858,000 for the third quarter of 2006, while
non-interest expense increased only 8%.
Total assets were $622,610,000 as of September 30, 2007, a 4%
decrease over the $651,302,000 as of September 30, 2006. In the
third quarter of 2006, an extremely successful CD campaign
resulted in higher interest cost and higher cash
availability. During the third quarter of 2007, approximately
$40,000,000 on the aforementioned high cost CD’s were permitted
to “run off” as a result of a slow down in the real estate
economy.
Total
earning assets decreased 4%, to $597,886,000 from $622,397,000
as of September 30, 2007 and September 30, 2006, respectively.
As of September 30, 2007, net loans were $443,046,000, a
decrease of only 2% from the $451,852,000 as of September 30,
2006. Peninsula Bank believes it has positioned itself to
maintain loan levels despite industry-wide challenges in the
real estate market. Investment Securities increased 5%, to
$82,994,000 from $78,739,000 as of September 30, 2007 and 2006,
respectively. Total Deposits decreased 9% to $548,531,000 as of
September 30, 2007 from $605,531,000 as of September 30, 2006.
Shareholder’s equity was $55,993,000 which is a 40% increase
from $40,125,000 as of September 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 September 30, 2007 was 3,877,468
versus 2,601,875 as of September 30, 2006. At September 30,
2007, book value per share was $14.44, a decrease of 6% from
$15.42 at September 30, 2006, attributable to the increase in
the number of shares at a discounted price to shareholders
($13.50). For shareholders of record as of September 30, 2007, a
cash dividend of 7.5 cents per share was declared, payable on
October 18, 2007. This dividend reduced shareholder’s equity by
approximately $290,000 at September 30, 2007.
The bank
continues to pursue its appeal 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. |
