Three Tampa Bay community banks more than doubled profits in the second quarter of 2017, compared to the same quarter a year ago.
Sunshine Bank, First Citrus Bank and Flagship Community Bank posted the largest percentage increases in net income among the 22 banks headquartered in Tampa Bay as of June 30, based on reports to the Federal Financial Institutions Examination Council.
Growing net income boosts bankers’ confidence, making them more apt to lend to the small and mid-size businesses that rely on the banks for credit so they can hire more workers or invest in real estate or equipment.
Sunshine Bank, part of Sunshine Bancorp Inc. (NASDAQ: SBCP
) in Plant City, had the biggest income gain, with $1.97 million in net income for 2Q 2017, up 770 percent from the second quarter of 2016, based on the FFIEC reports.
First Citrus Bank (OTC: FCIT
) in Tampa posted a 203.5 percent profit hike, to $613,000 for 2Q 2017. Flagship Community Bank in Clearwater had $217,000 in 2Q 2017 net income, up 109 percent from a year earlier.
Four of the 22 local banks saw 2Q 2017 profit slipped compared to a year ago, with the biggest drop in profit at Premier Community Bank of Florida in Bradenton, formerly 1st Manatee Bank, in part because of an increase in expenses for salaries and employee benefits.
Assets and loans held even or increased at most of the banks. CenterState Bank — formerly CenterState Bank of Florida until the bank shortened its name on June 1 — had the biggest increase in loans, up 32 percent, after its parent company, CenterState Banks Inc. (NASDAQ: CSFL
) acquired Platinum Bank in Brandon on April 1 and Gateway Financial Holdings of Florida on May 1.
HomeBanc in Tampa had the largest decrease in assets and loans during the second quarter, compared to the first three months of the year. Assets were down 5.1 percent and loans were down 3.4 percent, the FFIEC reports indicate. A call to the bank for comment was not immediately returned.
Bankers throughout the United States reported weaker demand for business loans in the second quarter, the Federal Reserve Bank’s senior loan survey released Monday said.
Raymond James Bank, part of Raymond James Financial Inc. (NYSE: RJF
), is the largest bank headquartered in Tampa Bay. With $20 billion in assets, most bankers do not consider Raymond James a community bank.
Raymond James Bank posted net income of $59.3 million in 2Q 2017, up 12.4 percent from a year earlier, the FFIEC reports show.
See original article in Tampa Bay Business Journal