Bank of Florida Corp. (BOFL) filed Quarterly Report for the period ended 2009-09-30.
Bancshares of Florida is a bank holding company located in Naples Florida. It is the parent company for Bank of Florida N.A. and Florida Trust Company both based in Naples Florida and Bank of Florida based in Ft. Lauderdale Florida. Bank Of Florida Corp. has a market cap of $18.93 million; its shares were traded at around $1.46 with and P/S ratio of 0.22.
Highlight of Business Operations:
Total assets were $1.5 billion at September 30, 2009, down $61.0 million, or 3.9%, from December 31, 2008, primarily as a result of the $62.0 million goodwill impairment. These declines were partially offset by an increase in cash and due from banks. Goodwill was written down to zero from $62.0 million in December, loans declined $22.1 million, or 1.7%, during the first nine months of this year and investments securities decreased $13.0 million or 11.0%, and cash and noninterest bearing deposits due from banks increased $27.8 million, or 59.0%, to $74.8 million. Total deposits increased $57.1 million to $1.2 billion. Total core deposits, which exclude wholesale brokered CDs, wholesale CDAR deposits, and CDs with balances in excess of $100 thousand, increased $78.1 million. Book value per share declined to $7.68, down $7.19 over the last nine months.
The Company realized a third quarter net loss of $78.1 million, or ($6.10) per diluted share, versus a net loss of $3.5 million or ($0.27) per diluted share, during the same period in 2008. The net loss was primarily due to a $62.0 million goodwill impairment charge, a $19.5 million increase in provision for loan losses and a $1.4 million, or 11.8%, decrease in top-line revenue, mostly attributable to the decline in interest rates. Top-line revenue is a non-GAAP measure which the Company defines as net interest income plus noninterest income, excluding net securities gains/losses. Net interest margin decreased 31 basis points from the third quarter of 2008 to 3.02%.
As of September 30, 2009, we had total loans of $1.3 billion. Real estate loans totaled $1.1 billion (84.6% of our total loans), and consisted of $640.7 million in commercial real estate loans, $241.3 million in construction and land development loans, $171.8 million in one-to-four family residential mortgage loans and $29.6 million in multi-family mortgage loans. Non-real estate loans comprised 13.6% of our total loans and included $113.2 million in commercial and industrial loans and $57.8 million in consumer and other loans. Our exposure to land and construction loans for residential purposes continues to decrease, and we expect it to diminish further through the remainder of 2009 as part of our proactive effort to reduce risks within our loan portfolio. As of September 30, 2009, the balances for land and construction loans for residential purposes accounted for approximately 7.1% of total loans, compared to 8.9% as of September 30, 2008.
At September 30, 2009, non-performing loans totaled $150.1 million, or 11.98% of total loans, up $35.1 million from $115.0 million or 8.93% of total loans in the first quarter. The increase in non-performing loans was primarily related to commercial real estate loans totaling $20.2 million. Non-performing assets were $160.6 million, or 10.79% of total assets, an increase of $40.1 million from $120.5 million, or 7.67% of total assets, in the first quarter.
Total deposits rose $57.1 million, or 4.9%, during the first nine months of 2009 to $1.2 billion. Core deposits, which exclude wholesale brokered CDs, wholesale CDAR deposits, and CDs with balances in excess of $100 thousand, increased $78.1 million or 11.0% from December 31, 2008, with the growth in money market accounts, NOW accounts, and CDs less than $100 thousand accounts more than offsetting the decline in non interest bearing deposits and retail CDARs. Non-core deposit accounts decreased $21.0 million or 4.6% in the first nine months of 2009.
to December 31, 2008. Total borrowings at September 30, 2009 consisted of $21.9 million of repurchase agreements, $16.0 million of subordinated debt and $118.5 million of FHLB Advances compared to $20.0 million of repurchase agreements, $16.0 million of subordinated debt and $152.5 million of FHLB advances, respectively, at the end of 2008. The maturities of all borrowings range from March 2010 through July 2017. Note 10 – Other Borrowings provides additional information regarding the Company’s outstanding other borrowings.
BOFL is in the portfolios of Bill Gates of Bill & Melinda Gates Foundation Trust.
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