Great Florida Bank Announces $605.8 Million Increase in Total Assets as Part of Third Quarter Financials; Exponential Growth Demonstrates Depth & Strength of Management and Employees.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Nine Current Solution Centers with at Least Eight Additional Locations to Open Next Quarter Introducing their third quarter financials, Miami-based Great Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and Bank (GFB GFB Georgia Farm Bureau GFB Government-Furnished Baseline GFB Gasping for Breath GFB Geschäftsfallbearbeitung (German) GFB Gleaners Community Food Bank GFB Generalized Forward-Backward Method ) President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mehdi Ghomeshi, is proud to announce that total assets have grown to $732.6 million at September September: see month. 30, 2005, an increase of $605.8 million or 477.7% over September 30, 2004. "I am thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. that Great Florida Bank is becoming the bank of choice for our South Florida communities and that it continues to be one of the fastest growing de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. banks in the country," says Ghomeshi. "We can credit our growth, in part, to the fact that customers are discovering the great services that GFB provides." Additionally, net interest income, GFB's primary income source, grew to $5.432 million for the quarter ended September 30, 2005 as compared to $.463 million for the quarter ended September 30, 2004. Great Florida Bank's loan portfolio has continued to experience rapid growth. Loans net of deferred income grew to $546.1 million at September 30, 2005, an increase of $501.1 million from September 30, 2004. Loan quality has remained strong during this period as past due loans at September 30, 2005 represented only .37% of total loans. Additionally, Great Florida Bank's allowance for loan losses of $8.3 million was 1.51% of total loans. Total deposits have grown to $415.9 million at September 30, 2005, an increase of $349.0 million from total deposits at September 30, 2004. Noninterest bearing deposits have grown to $82.1 million at September 30, 2005 an increase of $66.3 million over September 30, 2004. Great Florida Bank's capital ratios remain very strong. Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. has grown to $101.2 million or 13.82% of total assets at September 30, 2005. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Results: For the nine months ended September 30, 2005, Great Florida Bank had a net loss of $2.811 million, however, prior to its provision for loan losses of $4.598 million, Great Florida Bank had operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $1.787 million. Great Florida Bank also announced the opening of its two newest Solution Centers at 1709 East Hallandale Hallandale (hăl`əndāl'), city (1990 pop. 30,996), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; settled 1897, inc. 1927. A retirement center, it is especially popular with French Canadians. Beach Boulevard The following roads are named Beach Boulevard:
Weston Road is a north-south street in west end Toronto, Ontario, Canada. The route is named for the former Village of Weston, which was located near Weston Road and Lawrence Avenue West. in Weston Weston, town (1990 pop. 10,200), Middlesex co., E Mass., W of Boston; settled c.1642, set off from Watertown and inc. 1713. The town is mainly residential. Regis College, the Weston College Geophysical Observatory, and many 18th-century buildings are there. Florida. GFB currently has nine Solution Centers throughout Miami-Dade and Broward Broward could refer to:
About Great Florida Bank: In June 2004, Great Florida Bank launched in the South Florida market with the establishment of its corporate headquarters located in Miami Lakes, Florida Miami Lakes is an incorporated town and former census-designated place in Miami-Dade County, Florida, United States. The population was 22,676 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 22,688. . Great Florida Bank is committed to providing ideas and solutions to its customers' financial needs by offering convenient, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. and state-of-the-art banking services, products, operations and delivery in a relaxed environment. Great Florida Bank's services and products are designed to meet the life-styles and life stages of today's consumer. Great Florida Bank offers innovative online banking services to its customers at www.greatfloridabank.com. Cautionary Statement: This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or historic results. Interim results are not indicative of future results and amounts could vary.
Great Florida Bank
Selected Financial Highlights (unaudited)
September 30, 2005
(Dollars in thousands,
except per share data)
Increase/
Three-Months Ended September 30, 2005 2004 Decrease
Results of Operations: ---------- ---------- ----------
Net Interest Income $ 5,432 $ 463 $ 4,969
Noninterest Income 80 13 67
Noninterest Expense 4,079 1,992 2,087
Provision for loan losses 2,094 534 1,560
Pretax (Loss) (661) (2,050) 1,389
Provision for income tax expense - - -
Net Loss (661) (2,050) 1,389
Net loss per common share -
basic & diluted (.10) (.34) .24
Period End Data:
Total Assets $ 732,578 $ 126,821 $ 605,757
Loans - net 546,050 44,997 501,053
Allowance for loan losses 8,257 76 8,181
Noninterest bearing deposits 82,080 15,755 66,324
Interest bearing deposits 333,799 51,173 282,627
Total Deposits 415,879 66,928 348,951
Advances from the FHLB 196,500 - 196,500
Other borrowings 14,920 - 14,920
Shareholders' equity 101,269 57,253 44,017
Shares outstanding 9,250,036 6,000,000 3,250,036
Book value per share 10.95 9.54 1.41
Daily Average Balances:
Total Assets $ 513,472 $ 104,091 $ 409,381
Earning assets 499,430 100,783 398,647
Loans - net, excluding
non-accrual 476,630 19,516 457,114
Allowance for loan losses 6,896 29 6,867
Noninterest bearing deposits 91,183 8,831 82,352
Interest bearing deposits 257,876 100,783 157,093
Total Deposits 349,059 109,615 239,444
Shareholders' equity 65,101 58,127 6,974
Key Ratios:
Return on average assets -0.51% -7.88% 7.36%
Return on average equity -4.06% -14.11% 10.05%
Net interest margin 4.23% 1.78% 2.45%
Average earning assets / total
assets 97.27% 96.82% 0.44%
Average earning loans / deposits 136.55% 17.80% 118.74%
Average noninterest deposits /
total deposits 26.12% 8.06% 18.07%
Allowance for loan losses/period
end loans 1.51% 0.17% 1.35%
Shareholders' equity to period
end total assets 13.82% 45.14% -31.26%
Great Florida Bank
Selected Financial Highlights (unaudited)
September 30, 2005
(Dollars in thousands,
except per share data)
Nine-Months Ended September 30, 2005
Results of Operations: ----------
Net Interest Income $ 12,255
Noninterest Income 212
Noninterest Expense 10,680
Provision for loan losses 4,598
Pretax (Loss) (2,811)
Provision for income tax expense -
Net Loss (2,811)
Net loss per common share -
basic & diluted (.45)
Period End Data:
Total Assets $ 732,578
Loans - net 546,050
Allowance for loan losses 8,257
Noninterest bearing deposits 82,080
Interest bearing deposits 333,799
Total Deposits 415,879
Advances from the FHLB 196,500
Other borrowings 14,920
Shareholders' equity 101,269
Shares outstanding 9,250,036
Book value per share 10.95
Daily Average Balances:
Total Assets $ 402,617
Earning assets 391,811
Loans - net, excluding
non-accrual 362,248
Allowance for loan losses 5,636
Noninterest bearing deposits 67,058
Interest bearing deposits 214,959
Total Deposits 282,017
Shareholders' equity 56,280
Key Ratios:
Return on average assets -0.93%
Return on average equity -6.66%
Net interest margin 4.06%
Average earning assets / total
assets 97.55%
Average earning loans / deposits 128.54%
Average noninterest deposits /
total deposits 23.78%
Allowance for loan losses/period
end loans 1.51%
Shareholders' equity to period
end total assets 13.82%
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