First National Bank of South Miami is one of the fastest growing banks in South Florida, nd it has done so organically.
First National Bank of South Miami is beginning to turn heads with its growth, as it passed a half billion dollars in assets for the first time and boosted its loans by $19.5 million in the second quarter.
The bank had $189.5 million in loans on June 30, up from $170 million on March 31. That helped its net interest income grow to $3.04 million in the second quarter, up from $2.75 million in the first quarter.
However, the bank’s net income slipped to $181,000, from $206,000, over that time.
First National Bank of South Miami reached $507.3 million in assets on June 30, up from $497 million on March 31, when it was the 22nd-largest bank based in South Florida. Its assets have surged from $388.9 million two years earlier.
The bank grew its deposits to $411.3 million on June 30, up from $391.8 million on March 31.
Meanwhile, asset quality at the bank improved. It reported $5 million in noncurrent loans, or 2.62 percent of total loans, and $704,000 in repossessed property on June 30. That’s down from $6.2 million in noncurrent loans, or 3.61 percent, and $2.7 million in repossessed property on March 31.
The bank held $1.9 million in reserve for future loan losses to cover 38 percent of its noncurrent loans on June 30. It didn’t take any expenses for bank loans in the second quarter.
Senior Reporter – South Florida Business Journal