BOCA RATON, Fla.--(BUSINESS WIRE)--After finishing 2012 with a record net income of $5.1 million in net earnings, Paradise Bank is reporting another record year with net income of $5.7 million for 2013. The Bank generated an annual return on average assets of 1.90% and a return on average equity of 21.23% for 2013. These income results placed the Bank among the highest performing banks in Florida for 2012 and will place the Bank solidly among the highest performing banks in Florida again this year.
Paradise Bank finished the year with $306 million in total assets which included $226 million in loans and $32 million in investment securities. The Bank has $278 million in deposits with a deposit mix of 33% non-interest bearing balances and $27 million in capital. The Bank finished the year with a tier one leverage capital ratio of 9.56% and a total risk based capital ratio of 13.58%. These capital ratios far exceed the 5% and 10% minimum ratios respectively, to be considered well capitalized under regulatory statutes.
Ward Kellogg, Chairman of Paradise Bank said: “Our Board of Directors and staff worked diligently to bring Paradise Bank to this strong and profitable position. We are very pleased to have the financial performance recognized as a result of all our hard work and dedication.”
“We look optimistically toward 2014 being another great year for Paradise Bank. We plan to continue the operations that produce a strong monthly core profit, and expand our successful Small Business Lending (SBA), residential lending and insurance programs,” said President William Burke.
Paradise Bank is a Florida chartered, Federal Reserve member bank with its main office in Boca Raton, Florida and offices in Fort Lauderdale and Delray Beach.