• Share
  • RSS
  • Print
  • Comments

FLORIDA BANK SALE

The bank currently has 7,145,324 shares outstanding and is a private company.  The asking price is 17-18 million based upon the current status, revenue stream and new products being offered.  The Board of Directors expect an increase in book value in 2013 between $4.00- $5.00 per share.  The bank has implemented new products such as SBA Lending, SFR lending and credit card issuance.

As of the third quarter 2012 performance of banks in Florida.  The bank is ranked #1 in lowest net charge-offs at -0.57% and highest rate of return on assets at 1.94%.  This is an opportunity acquire a profitable bank that can be converted to a national charter.

 

The most current numbers through October 2012 are below.  If, there is serious interest. Please contact REM Enterprises.

 

To pursue this opportunity, please contact Ron McFarland of REM Enterprises at 951-545-7629 or e-mail remmtg@gmail.com.

 

 

(Dollars in Thousands, except per share data)

FLORIDA BANK

Executive Summary

October 31, 2012

INCOME STATEMENT

 

 

MTD

MTD vs
Plan

Variance

 

YTD

YTD vs Plan

Variance

Actual

Plan

Actual

Plan

Interest Income

$                   323

$          355

$           (32)

-8.88%

ti

$        3,286

$     3,369     5

(83)

-2.46%

Interest Expense

34

42

(8)

-19.78%

sw

419

442

(23)

-5.18%

Net Interest Income

290

313

(23)

-7.42%

 

2,866

2,926

(60)

-2.05%

Provision for Loan Losses

 

 

 

 

 

(1,063)

(1,063)

0

0.00%

Net Int Inc After Provision

290

313

(23)

-7.42%

 

3,929

3,989

(60)

-1.51%

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

Service Charges on Deposits

7

8

(1)              

-12.39%

 

64

69

(5)

-7.72%

Other Service Charges

14

5

7

116.05%

*Au

15

48

(33)

-69.13%

Gain on Sale of Securities

 

 

 

 

 

39

 

39

 

Total Non-Interest Income

20

14

6

45.04%

 

118

117

1

0.53%

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

Salaries and Benefits

110

113

(2)              

-1.96%

 

1,121

1,130

(9)

-0.79%

Occupancy Expense

57

53

4

8.50%

 

559

542

17

3.14%

Other Expense

88

95

(7)

-7.55%

 

855

893

(38)

-4.22%

Total Non-Interest Expense

256

261

(5)

-1.88%

 

2,536

2,565

(30)

-1.15%

Net operating Inc/(Loss)Before Taxes

$                     54

$            65

$           (12)

-18.14%

 

$        1,511

$     1,541    $          (30)

-1.94%

Income Taxes

 

 

 

 

 

 

 

-

 

Net Operating Income/(Loss)

$                     54

$            66

$           (12)

-18.14%

 

$        1,511

$     1,541     5

(30)

-1.94%

Earnings per Share Basic

$                  0.01

 

 

 

 

$          0.30

 

 

 

 

BALANCE SHEET

ASSETS

 

MTD

 

Avg vs
Plan

Variance

 

YTD

Avg vs
Plan

Variance

Actual

Average

Plan

Average

Plan

Cash & Demand Due From Banks

$       2,046

$          935

$         991

$           (55)

-5.60%

5           907

$          929

$           (21)

-2.29%

Int. Bearing Due From Banks

9,907

10,156

12,762

(2,606)

-20.42%

9,943

10,425

(482)

-4.63%

Investment Securities

19,932

18,926

21,194

(2,268)

-10.70%

 

20,672

21,234

(562)

-2.65%

Federal Funds Sold

 

 

 

 

 

 

 

 

 

 

Total Loans

66,555

66,595

67,260

(665)

-0.99%

 

65,020

65,307

(287)

-0.44%

Reserve for Loan Losses

2,744

2,744

2,743

1

0.05%

 

2,979

2,978

0

0.01%

Net Loans

63,811

63,850

64,517

(667)

-1.03%

 

62,042

62,329

(287)

-0.46%

Premises and Equipment

2,597

2,619

2,667

(47)

-1.77%

 

2,747

2,757

(9)

-0.34%

Other Assets

3,111

3,080

2,138

942

44.06%

 

 

 

363

9.71%

TOTAL ASSETS

$ 101,404

$      99,567

$    104,267

$      (4,701)

-4.51%

 

$     100,410

4,0993

$        101:734160

$         (999)

-0.99%

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Demand Deposits

$      11,825

$      10,784

$      11,052

$         (268)

-2.43%

 

$       10,707

$      10,712

$             (5)

-0.04%

NOW Accounts

11,722

11,933

13,083

(1,150)

-8.79%

 

12,362

12,548

(187)

-1.49%

Say & Money Market Accounts

11,188

10,972

11,339

(366)

-3.23%

 

9,986

10,038

(52)

-0.52%

Time Deposits

57,904

57,366

59,527

(2,161)

-3.63%

 

58,958

59,571

(614)

-1.03%

Total Deposits

92,639

91,055

95,000

(3,945)

-4.15%

 

92,012

92,869

(857)

-0.92%

Federal Funds Purchased

 

 

 

 

 

 

0

 

0

 

Other Borrowed Money

1,500

1,500

1,500

 

0.00%

 

1934,

1,934

0

000%

Other Liabilities

234

222

240

(18)

-7.69%

 

228

225

3

1,34%

TOTAL LIABILITIES

94,373

92,777

96,740

(3,964)

-4.10%

 

94,175

95,029

(854)

-090%

CAPITAL

 

 

 

 

 

 

 

 

 

 

TOTAL CAPITAL

7,032

6,790

7,527

(737)

-9.79%

 

6,236

6,381

(145)

-2.28%

TOTAL LIAB AND CAPITAL

$ 101,404

$      99,567

$    104,267

$      (4,701)

-4.51%

 

$     100,410

$    101,410

$         (999)

-0.99%

 

# Actual YEA is 3.98% vs budget of 4.14% (-16 bp). Avg earning assets are $5.5MM less than budget,

## Cost of paying liabs is 0.49% vs budget of .58% (-9 bp). Avg. paying !jabs are $3,7MM less than budget. ### $+9M OREO Properly Rentals

* Excess funds were kept at FRB rather than being sold into FFS market.

 

QUICK SCAN FINANCIAL REPORTS October-2012

rocas)

INCOME STATEMENTS

 

MONTH

 

 

YEAR-TO-DATE

 

GOAL

Oct-12

Plan

Oct-11

 

Oct-12

Plan

Oct-11

12/31/2012

 

 

 

 

 

 

 

 

Net Interest Income

$                  290

$          313

$            323

$

2,866

$       2,926

$         3,309

$             3,559

Loan Loss Provision

0

0

0

 

1,063

$       1,063

(547)

1,063

Other Operating Income

20

14

51

 

118

$          117

(17)

21

Other Operating Expense

(256)

(261)

(295)

 

(2,536)

$     (2,565)

(2,877)

(3,087)

Income Before Taxes

54

66

80

 

1,511

1,541

(133)

1,556

Income Tax

 

-

 

 

 

-

 

-

Net Income

$                    54

$            66

$              80

$

1,511

$       1,541

$                   (133)

$             1,556

Net Income Before Provision

$                    54

$            66

$              80

$

448

$          478

$            415

$                493

AVERAGE BALANCE SHEET

 

 

 

 

 

 

 

 

Earning Assets

$             95,677

$   101,216

$      101,888

$

95,635

$     96,966

$      110,591

$           98,005

Allowance for Loan Losses

(2,744)

(2,743)

(3,881)

 

(2,979)

(2,978)

(4,346)

(2,939)

Non-Earning Assets

6,634

5,795

10,047

 

7,754

7,422

9,017

7,131

TOTAL ASSETS

$             99,567

$   104,267

$      108,054

5

100,410

$   101,410

$      115,262

$         102,197

Interest Bearing Deposits

$             80,271

$     83,948

$        90,546

$

81,305

$     82,157

$        96,885

$           82,619

Other Interest Bearing Liabilities

1,500

$       1,500

4,000

 

1,934

1,934

6,220

1,862

Non-Interest Bearing Deposits

10,784

$     11,052

7,781

 

10,707

10,712

8,663

10,857

Other Liabilities

222

$          240

315

 

228

225

305

228

Equity

6,790

$       7,527

5,411

 

6,236

6.381

3,189

6,631

TOTAL LIABILITIES

 

 

 

 

 

 

 

 

AND EQUITY

$             99,567

$   104,267

$      108,054

$

100,410

$   101,410

$      115,262

$         102,197

MEMO: (MONTH END)

 

 

 

 

 

 

 

 

Loans

66,555

 

69,325

 

 

 

 

 

Deposits

92,639

 

98,650

 

 

 

 

 


 

Text Box: Page F-5FLORIDA BANK

SUMMARY HISTORICAL STATISTICS

(Dollars in thousands except per share data)

Earnings & Profitability

 

2011

 

 

 

 

 

2012

 

 

 

 

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

June

July

Aug

Sep

Oct

Net Income

80

(54)

265

24

30

1,011

88

70

82

61

59

30

54

E. P. S.

$                    0.02

$     (0.01)

$        0.05

$         0.00

$       0.01

$       0.20

$       0.02

$       0,01

$       0.02

$       0.01

$       0.01

$       0.01

$       0.01

R. O. A.

0.87%

-0.60%

2.94%

0.28%

0.38%

11.84%

1.06%

0.32%

1.00%

0.73%

0.69%

0.38%

0.64%

R. 0. E.

17.40%

-12.93%

62.80%

5.51%

7.01%

216.00%

16.94%

12.68%

15.26%

10.89%

10.44%

5.50%

9.39%

Net Interest Margin

3.74%

3.54%

3.39%

3.40%

3.66%

3.33%

3.56%

3.43%

3.98%

3.91%

3.59%

3.48%

3.57%

(Net hit Inc./Avg. Earning Assets}

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Yield Spread

3.68%

3.49%

3.33%

3.34%

3.60%

3.25%

3.48%

3.34%

3.90%

3.83%

3.51%

3.41%

3.49%

( I

 

Average Assets

108,054

109,267

106,149

104,632

99,133

100,549

101,274

101,665

100,090

97,746

101,202

98,105

99,567

Average Total Loans

69,817

68,322

67,166

66,354

65,608

64,086

63,911

63,810

65,262

65,507

64,103

64,976

66,595

Average Deposits

98,328

99,869

96,963

95,199

89,484

92,535

93,770

93,919

92,194

89,417

92,711

89,661

91,055

Capital/Asset Ratio

4.46%

4,35%

4.65%

4.81%

5.02%

6,06%

6.15%

6.20%

6.38%

6.61%

6.44%

6.67%

6.93%

Total Interest Income

385

362

351

344

322

330

324

323

347

342

329

302

323

Total interest Expense

61

60

60

57

48

60

43

42

36

34

34

32

34

Average Earning Assets

101,888

103,883

101,154

99,487

94,014

95,647

96,067

96,536

95,138

92,871

96,601

94,160

95,677

Average Paying Liabilities

94,546

95,905

93,796

91,705

85,931

86,156

84,519

82,585

80,398

78,027

81,307

80,011

81,771

Total Non-Accrual & > 90 Day

3,020

3,006

2,991

2,975

2,946

1,746

1,733

1,720

1,716

1,703

1,698

1,690

2,002

Total Classified

13,831

13,472

13,114

13,091

11,584

9,437

9,081

9,108

8,771

10,582

10,541

10,465

10,777

Weighted Classified/Cap. & Res.

31.92%

31.28%

30.77%

30.62%

26.82%

21.28%

20.26%

20.17%

19.25%

23.30%

22.83%

22.59%

22.41%

Non-Accrual/Total Loans

4.33%

4.40%

4.45%

4.48%

4.49%

2.72%

2.71%

2.70%

2.63%

2.60%

2.65%

2.60%

3.01%

ALLL/Total Loans

5.60%

5.66%

5.32%

5.33%

5.42%

4.28%

4.30%

4.22%

4.18%

4.20%

4.22%

4.22%

4.12%

Texas Ratio

89.01%

87.75%

84.51%

82.91%

80.07%

65.32%

58.88%

58.86%

55.00%

54.00%

44.89%

44.45%

46.28%

Non-Performing Assets/TA

7.47%

7.14%

6.96%

7.21%

7.19%

5.73%

5.30%

5.47%

5.06%

5.09%

4.23%

4.39%

4.46%

 

 

 

Contact: See contact information at top of listing
* Please do NOT contact this lister about other services, products or commercial interests.