First National Bank of South Miami

We offer superior personal service and have been family owned since 1952. Most of our officers have a minimum of 25 years of banking experience in South Florida. Our safety and soundness is ranked within the Top 1% in the State of Florida.

Since 1952, First National Bank of South Miami has distinguished itself with unrivaled experience serving the financial needs of every sector. Because we know our clients well, we can offer them detailed, individual assistance, along with award-winning services from commercial lending to trust management to a comprehensive range of personal banking services.

First National Bank of South Miami has always been respected for its professionalism, integrity, security, and solvency. Our quality has consistently earned us the recognition and highest ratings from independent analysts. Our continued quality and active role in the South Miami community have earned us many loyal clients throughout the years.

Board of Directors

Our Leadership Team

2020 Annual Report

2020: A Year in Crisis 

The beginning of 2020 started with great expectations; we were fresh off a year of record profits, but gathering clouds quickly appeared on the horizon.  After months of living with the COVID-19 pandemic, we are all well aware of not only the social and medical impact it has made but the toll it has also taken on the economy: historically low interest rates, broken supply chains, record unemployment, failing small businesses. We even had a stock market crash between February and April.  The COVID-19 Recession, also known as the Great Lockdown, has been called the worst global economic crisis since the Great Depression.

Responding to the Crisis

COVID-19 Challenges – Our staff overcame great challenges in their personal and professional lives. All of our staff continued to work through the crisis, but quickly changed the way they worked.  Hundreds of thousands of dollars were spent on our facilities, new hardware, and secure applications to enable our staff to meet client needs remotely.   To protect both staff and clients we maintained our facilities so that they met or exceeded COVID-19 protection guidelines.

Meeting Credit Needs – The Bank was able to book almost $92 million in new loans in spite of the economic slowdown. This number does not include the initiation, closing and funding of 540 Paycheck Protection Program (PPP) loans that totaled almost $80 million. Those funds went directly to our community with the primary purpose of saving jobs.

Controlling Risk – In 2020 we provisioned over $700 thousand to increase our allowance for credit losses as a response to loan weaknesses caused by the economic impact of the COVID-19 pandemic on some of our borrowers. This provision was more than a half million dollars higher than in 2019. In addition, in direct correlation with our move toward remote working, our system controls were overhauled and strengthened.

Financial Results

In spite of a very tough economy, our balance sheet shrank by only 2%.  More importantly, our funding from deposits and agreements to repurchase actually increased slightly.  Looking at our statement of operations, we direct you to the Income Before Investment line where you will see that our operating income before tax went from $9.2 million in 2019 to $7.3 million in 2020.  In light of the bad economy, shrinking interest margins and our COVID expenses, our Bank did quite well.

2021: On the Track to Recovery

With the distribution of vaccines well underway, we have reason for optimism.  Traditional FNBSM loan products should pick up in the latter half of 2021.  We are already hard at work on the second wave of PPP loans.  Trust income, which suffered due to the stock market crash of 2020, will resume its upward trend.  Traditional banking will keep evolving and electronic banking products such as the newly introduced Zelle® and the digital wallet services will keep us in the forefront of technology

With great pride we report that since 1989, FNBSM has been awarded a recommended rating by BAUER FINANCIAL, Inc. for Safety and Soundness. FNBSM is in rare company, ranked in the top 5% for Safety and Soundness amongst Florida banks according to Bauer.