First Home Bancorp, Inc. (OTCQB: FHBI) announced today record earnings for the third quarter of 2017. Net income for the quarter was $1.401 million, as compared to $1.312 million for the second quarter of 2017, and $1.152 million for the third quarter of 2016. Year to date earnings through September 30, 2017 increased 36% to $4.011 million, as compared to $2.947 million for the same period in 2016. Year to date return on average assets through September 30, 2017 equaled 2.57%, while return on average equity for the same period was 26.79%. The corporation’s banking subsidiary, First Home Bank, remains one of the very best performing banks in the nation.
Total assets as of September 30, 2017 stood at $228 million, as compared to $133 million as of September 30, 2016, an increase of 71%. Likewise, total deposits increased 64%, while total loans increased 61% during the same period, to $184 million and $192 million, respectively.
During the quarter, First Home’s third full service banking center opened in downtown St. Petersburg, Florida. The Bank’s fourth banking center, located in the Countryside area of Clearwater, Florida, is expected to open early in 2018. According to Anthony N. Leo, Chief Executive Officer, “While we have seen significant growth in our Residential Mortgage and SBA Lending Divisions over the past year, we are now poised to expand the core operations of our Community Banking Division in the coming year.” The corporation raised over $9 million in new capital in the second quarter of 2017 to support the growth of its community banking business.
In August, the Bank’s Residential Mortgage Division established a loan production office in Overland Park, Kansas, in addition to its existing offices in Tampa and Sarasota, Florida. In the fourth quarter, the Division will add offices in Maryland, Minnesota, New Jersey, and New York. Commenting on the new mortgage loan production offices, Mr. Leo said, “Late in 2016 and throughout the first half of 2017, we laid the foundation for a full scale mortgage banking operation. We recruited a top flight management team, and developed the infrastructure, systems, and staffing to grow our residential mortgage services substantially. Now, the results of those investments are being recognized as we establish production teams throughout Florida, as well as the Northeast and Midwest regions. We expect the Residential Mortgage Division to be a significant contributor to the corporation’s growth in earnings in 2018.”
First Home Bancorp, Inc. is a bank holding company with total assets of approximately $228 million. It is the parent company of First Home Bank, a Florida state chartered banking institution, which operates full service banking offices in St. Petersburg, Seminole, and Pinellas Park, Florida.