Eustis, FL (PRWEB) July 31, 2010
“To be profitable as a new bank after only 16 months of operation, especially in the current difficult banking, we believe is an incredible feat,” said Ken LAROE first CEO of Green Bank.
First Green Bank (FGB) has been able to achieve profitability months before the date set by maintaining a net interest margin and strong by keeping overhead low.
Margin
FGB net interest is very high, reaching 4.18% for the month of June This is the result of growth in the budget portfolios and investment higher than expected average yields, and the financing of these assets and liabilities at very low cost. FGB average cost of funds in June was a very low 1.11%.
Although the goals of meeting loan growth, FGB was able to keep overhead costs below forecast, and 3.8% below budget for the first six months of 2010.
FGB
ended June to just under $ 102 million in assets, more than $ 67 million in loans and $ 80 million in deposits. Total shareholders’ equity remains strong at $ 15.6 million. Credit quality continues to be high, without due loans over 30 days, and no nonperforming assets.
First Green Bank would like to thank our customers and the community for their continued support. Our friends and the community continued to support our vision of being the community bank of choice for Central Florida, while promoting environmental sustainability and our mission is:
To do the right thing for:
Our team
Our Community
Our shareholders
For more information please visit http://www.firstgreenbank.com.
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