ST. PETERSBURG, FL – First Home Bancorp, Inc. announced today record earnings for the first quarter of 2018. Net income for the quarter was $1.634 million, as compared to $1.462 million for the fourth quarter of 2017, and $1.298 million for the first quarter of 2017. Consolidated return on average assets for the quarter equaled 2.21%, while return on average equity for the quarter was 20.83%. The corporation’s principal subsidiary, First Home Bank, once again placed as the top performing bank in the state of Florida in the first quarter of 2018.
Total assets at March 31, 2018 reached $296.064 million, as compared to $260.579 million at year end, and $179.467 million at March 31, 2017. According to Anthony N. Leo, Chief Executive Officer, “In addition to continued strong growth in our balance sheet, residential mortgage loan originations for the first quarter exceeded $125 million, while our SBA Lending Division originated more than $65 million in government guaranteed loans.”
The Bank opened its fourth full service banking center in April in the Countryside area of Clearwater, Florida. Mr. Leo said, “The Countryside Banking Center represents the expansion of the Bank’s franchise into the northern portion of Pinellas County. We are confident we can replicate the type of success in Clearwater that we experienced with our entry into St. Petersburg.” The St. Petersburg Banking Center opened in July 2017, and by year-end maintained more than $26 million in checking and savings deposits.
First Home Bancorp, Inc. also announced today that the Board of Directors has declared a cash dividend payment in the amount of $0.09 per share, payable on June 15, 2018 to shareholders of record as of May 15, 2018. The corporation split its shares in February 2018, and increased its cash dividend by 50%, reflecting the confidence of the Board of Directors in the financial strength of the corporation.
First Home Bancorp, Inc. is a bank holding company with total assets of approximately $296 million. It is the parent company of First Home Bank, a Florida state chartered banking institution, which operates four full service banking centers in Pinellas County, Florida.