Paradise Bank, a full service community bank serving Broward and Palm Beach counties reported today a profit of almost $1,500,000 for the nine month period ending September 30th. This represents a remarkable turnaround of $2,300,000 from the previous year.
The bank also met or exceeded requirements to add capital through core profitability and attracting new investors. As a result, Paradise Bank exceeded targeted guidelines by producing capital ratios of 8% and 12%.
”I’m extremely gratified to share that we have only three non-accruing loans totaling $1,931,000 and four pieces of bank owned real estate totaling $1,718,000 remaining, representing 1.65% of the total loan portfolio,” stated Bill Burke, President of Paradise Bank. “This is very manageable for us.”
Core profitability was enhanced by the launch of a successful Small Business Administration (SBA) loan initiative one year ago. Paradise Bank entered the SBA market last year with the addition of Kevin Rafferty, Senior Vice President, to the bank’s management team.
In terms of dollars of loan volume, Paradise Bank became the top loan producing community bank in the State of Florida and Palm Beach County for the first nine months of this year. They also posted the number two production slot in Broward County for the same time period.
Measured by loan volume for 7a SBA loan product, Paradise Bank focused largely on financing owner occupied commercial real estate properties.
“This truly shows how community banks can make a big positive impact in spurring the economic turnaround of our markets” related Ward Kellogg, Chairman of Paradise Bank.
Becoming the top Small Business Administration (SBA) community bank lender in the state of Florida is a significant milestone for the six-year old, three-branch bank.
“Kevin continues to be a primary driver of quality loan production in Broward and Palm Beach counties” added Kellogg. “Our emphasis continues to focus on the owner occupied type of real estate, and we provide the borrower with the full array of superior banking products.”
Paradise Bank, with total assets of approximately $300 million, is a full service community bank offering an array of commercial banking and retail services with offices in Boca Raton, Delray Beach and Fort Lauderdale. For more information contact Bill Burke at (561) 392-5444 or visit www.paradisebank.com.