PRLog - Nov. 28, 2011 - BOCA RATON, Fla. -- Bill Burke, President, announced today that for the nine month period ending September 30th, Paradise Bank reported a profit of almost $1,500,000, a $2,300,000 turnaround from the previous year. Additionally, the bank met or exceeded the requirements to add capital through both core profitability plus attracting new investors.
As a result, Paradise 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. This is very manageable for us,” added Burke.
Core profitability was enhanced by the launch of a successful SBA loan initiative one year ago. In terms of dollars of loan volume, Paradise became the top loan producing community bank in the State of Florida and Palm Beach counties for the first nine months of this year, and posted the number two production slot in Broward. Measured by loan volume for 7a loan product, the bank has focused largely on financing owner occupied commercial real estate opportunities. “This truly shows how community banks can make a big positive impact in spurring the economic turnaround of our markets” related Ward Kellogg, Chairman.
Paradise Bank is a full service commercial bank with offices in Boca Raton, Ft. Lauderdale and Delray Beach, Fl. For additional information contact Bill Burke, President, at 561-392-5444 or visit http://www.paradisebank.com.
# # #
"This information contains “forward-looking statements” within the meaning of the federal securities laws. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Forward-looking statements involve known and unknown risks, on certainties and other factors, which may be beyond our control or which may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements."