Nearly all of Tampa Bay’s community banks posted profit gains in the first quarter of 2017.
A consolidating banking industry, new products and a strong economy are cited as reasons for the increases by several bank leaders.
“We’re benefiting from a terrific market with fewer competitors,” said Jack Barrett, president and CEO, First Citrus Bancorporation (OTC: FCIT) in Tampa.
Fee income was up sharply from a new line of business, making U.S. Small Business Administration loans, he said.
That also accounted for gains at First Home Bancorp Inc. in Seminole.
“Much of our success is attributable to the outstanding performance of our SBA Lending Division, which now places among the nation’s Top 10 SBA lenders,” Anthony Leo
, CEO of First Home, said. He’s also looking for revenue growth from residential mortgages and community banking in the rest of 2017.
Commercial loans and low-cost deposits are driving gains at Sunshine Bancorp. (NASDAQ: SBCP), said Andrew Samuel
, president and CEO.
“Increased profits were a direct result of a 43 percent increase in year over year non-interest bearing deposits which has driven down our cost of funds coupled with some nice loan growth,” said Scott Jacobsen
, president and CEO of NorthStar Bank. “Our new offices are really hitting their stride.”
See the original in the Tampa Bay Business Journal