Published Monday, February 10, 2020

Boca Raton, Florida – RELEASE PDF  Legacy Bank of Florida (“Bank”) reported pretax income of $5.9 million for 2019 compared to the pretax income of $5.4 million for 2018, a 9.9% increase. The Bank’s net income for the year ended December 31, 2019, of $4.5 million, or $0.28 earnings per share, compared to the net income of $4.1 million or $0.26 earnings per share, for the year ended December 31, 2018. The Bank’s net interest income after the provision for loan losses was $14.0 million for 2019 compared to the $13.4 million for 2018, a 4.5% increase. The Bank’s noninterest income for the year ended December 31, 2019 was $1.5 million compared to the noninterest income of $1.0 million for the year ended December 31, 2018, a 55.1% increase.

The Bank’s total assets at December 31, 2019, were $454.6 million, as compared to $427.0 million at December 31, 2018, an increase of $27.6 million or 6.5%. The Bank’s loans net of reserves at December 31, 2019 were $398.4 million as compared to $362.5 million at December 31, 2018, an increase of $35.9 million or 9.9%. Total deposits ending December 31, 2019, were $342.2 million as compared to $305.9 million at December 31, 2018, a $36.3 million increase or 11.9%. The Bank's stockholders' equity at December 31, 2019, was $51.4 million compared to $45.7 million at December 31, 2018, a $5.7 million or 12.5% increase, ending the year with a $3.22 book value per share.

Dennis G. Bedley, Chairman and CEO commented, “Throughout 2019 the Bank continued its exceptional loan growth increasing our outstandings by $36.0 million. While rates declined throughout the year, our net interest income increased over $604,000. Credit quality remains sound as South Florida continues to have a strong economy. The Bank’s noninterest income was enhanced by prepayment penalties associated with loans and gains realized from the sale of earning assets. The Bank’s liabilities, have also received significant growth, $36.3 million in deposits, the greatest percentage being in demand deposits. As always, we continue to remain focused on implementing strategies that produce long term value for our Shareholders.”

Legacy Bank of Florida, founded in 2006, is a locally owned and managed community Bank with offices in Boca Raton, West Palm Beach, Fort Lauderdale, Delray Beach and Pompano. The Bank specializes in business and professional banking, including commercial credit and deposit products, and a full line of retail and corporate cash management products. For additional information, please visit www.legacybankfl.com.
Forward-Looking Statements

This document contains certain forward-looking statements relating to present or future trends or factors affecting the banking industry and specifically the operations, markets and products of the Bank. Actual results could differ materially from those projected and may be affected by changing events and trends that have influenced the Bank's assumptions, but that are beyond the control of the Bank. These trends and events include changes in the interest rate environment, expected cost savings, anticipated growth in the Bank's newly established or augmented sources of noninterest income, changes in the domestic and foreign business environments and securities markets and changes in the regulatory authorities and policies affecting the Bank.

Operating Data: (UNAUDITED) (AUDITED)
Interest Income 20,402 17,414
Interest Expense 6,365 3,981
Net interest income 14,037 13,433
Provision for loan and lease losses 50 30
Net interest income after provision for losses 13,987 13,403
Noninterest income 1,539 992
Noninterest expense 9,639 9,038
Income before income tax 5,887 5,357
Income tax (benefit) 1,435 1,293
Net earnings 4,452 4,064
Per Share Outstanding Data:
Basic net earnings per common share $0.28 $0.26
Book value per common share at year or period end $3.22 $2.88
Common shares outstanding, year or period end 15,936,806 15,861,783
Average common shares outstanding, basic 15,865,474 15,795,839
Balance Sheet Data:
Total assets $454,552 $426,998
Total loans, net 398,437 362,498
Allowance for Loan Losses 2,603 2,600
Total deposits 342,208 305,876
Shareholders' Equity 51,360 45,664
Capital Ratios:
Total risk-based capital ratio 12.66% 11.97%
Common Equity Tier I risk-based capital ratio 12.04% 11.31%
Tier 1 risk-based capital ratio 12.04% 11.31%
Tier 1 leverage capital ratio 11.13% 10.68%
Total equity to total assets 11.30% 10.69%
Selected Performance Ratios:
Return on average assets 1.00% 1.02%
Return on average equity 9.20% 9.52%
Net interest margin 3.23% 3.48%
Efficiency ratio 63.42% 62.62%
Asset Quality Ratios:
Allowance for loan losses to period-end loans 0.65% 0.71%
Nonperforming assets to total assets 0.18% 0.00%
Nonperforming assets & loans 90+ days past due to total assets 0.18% 0.00%
Net loan charge-offs to average loans (annualized) 0.01% -0.02%


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