First Home Bancorp, Inc. announced record earnings for the fourth quarter and full year of 2017. Net income for the quarter was $1.462 million, as compared to $1.401 million for the third quarter of 2017, and $1.287 million for the fourth quarter of 2016. For the full year of 2017, the corporation recorded net income of $5.473 million, as compared to $4.234 million for the full year of 2016, an increase of 29%. Consolidated return on average assets for 2017 was an exceptional 2.46%, while return on average equity for the year was 22.46%. Total assets reached $260.579 million at December 31, 2017, an increase of 72% for the year.
According to Anthony N. Leo, Chief Executive Officer, “2017 was a remarkable year of accomplishments for First Home Bancorp, Inc. We crossed the $260 million mark in total assets for the first time and again achieved record earnings. Despite this robust growth, our Bank’s balance sheet remained sound with non-performing assets at year end equaling only 0.22% of total assets. At the same time, our reserves for loan losses grew to $8.127 million or 4.41% of our loan portfolio as of December 31, 2017.”
“In addition to achieving record earnings, we accomplished our primary strategic objective of building a top flight residential mortgage banking operation,” Mr. Leo added. “By the year end, the Bank’s Residential Mortgage Division reached annualized loan production volume in excess of $450 million, while building the team, systems, and infrastructure to leverage further growth.”
First Home Bancorp, Inc. also announced today that the Board of Directors has declared a 2 for 1 stock split effective February 1, 2018. In addition, the Board declared a cash dividend payment in the amount of $0.09 per share, payable on March 15, 2018 to shareholders of record as of February 15, 2018. In consideration of the stock split, the dividend represents a 50% increase over the cash dividend paid in the fourth quarter of 2017. Mr. Leo commented that, “The stock split and associated increase in the cash dividend is reflective of the corporation’s exceptional performance and demonstrates the confidence of our Board of Directors in the financial strength of our company.”
First Home Bancorp, Inc. is a bank holding company with total assets of approximately $260 million. It is the parent company of First Home Bank, a Florida state chartered banking institution, which operates banking centers in St. Petersburg, Seminole, and Pinellas Park, Florida. Its fourth banking center in Clearwater, Florida is expected to open in the second quarter of 2018.