Eustis, FL (PRWEB) July 31, 2010
The Board and Management of First Green Bank are extremely pleased to announce that the Bank showed its first-ever monthly profit in June 2010, of over $14,000 on a pre-tax basis and $5,500 after tax. Achieving a profitable status comes nine months earlier than originally anticipated in the pre-opening projections.
“To be profitable as a new bank after just 16 months of operation, particularly in today’s tough banking environment, we believe is an astounding achievement,” said Ken LaRoe, First Green Bank’s CEO.
First Green Bank (FGB) has been able to achieve profitability months ahead of schedule by maintaining a strong Net Interest Margin and by keeping overhead expenses low.
FGB’s Net Interest Margin is very strong, coming in at 4.18% for the month of June. This is the result of achieving budgeted growth in loan and investment portfolios at higher than projected average yields, and by funding those assets with very low-cost liabilities. FGB’s average cost of funds in June was a very low 1.11%.
While meeting loan growth goals, FGB has been able to keep overhead expenses below projections, and are 3.8% below budget through the first six months of 2010.
FGB ended June at just under $102 million in assets, over $67 million in loans, and $80 million in deposits. Total equity capital remains strong at $15.6 million. Credit quality continues to be high, with no past due loans over 30 days, and no nonperforming assets.
First Green Bank would like to thank our customers and the community for their ongoing support. Our friends and the community have continued to back our vision of being the preeminent community bank in Central Florida while simultaneously promoting environmental sustainability and our Mission which is:
To do the right thing for:
- The Environment
- Our People
- Our Community
- Our Shareholders
For more information on please visit http://www.firstgreenbank.com.
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