Tom Ray, CEO of Encore Bank, is pleased to announce that Ovation Holdings, through its wholly owned subsidiary, Encore Bank, increased its income in the first quarter of 2014 by nearly 95 percent, compared to the same quarter last year. For the first quarter ending March 31, 2014, Ovation Holdings reported net income of $308 thousand, up from $158 thousand in the first quarter of 2013. The current year’s earnings are driven by improved operating income. Specifically, top line revenue was up 16 percent while operating expenses were essentially unchanged.
Additional highlights from the first quarter of 2014 include the origination of $14.8 million of new loans that resulted in loan portfolio growth of $8.4 million to $182 million. Encore Bank grew transaction deposits (checking accounts) to $118 million, representing 38.7% of total deposits.
Ray said, “Encore Bank remains well capitalized and is now benefitting from the effects of a larger loan portfolio, reduced funding cost and strong expense controls. Our primary focus remains on continuing to build our quality loan portfolio.”
During the first quarter, Encore Bank dramatically expanded its wholesale and residential lending activities by increasing its sales force with experienced lenders from the communities in the Bank’s market. Encore Bank also completed a beautiful renovation of its Bonita Springs office in January.
Encore Bank has six convenient locations, including two branches in Naples at 3003 Tamiami Trail North and 2370 Vanderbilt Beach Road, Bonita Springs at 4450 Bonita Beach Road, Fort Myers at 7920 Summerlin Lakes Dr., Port Charlotte at 2120 Kings Highway, and Sun City Center at 1653 Sun City Center Plaza.
For more information, call 239.919.5888 or 239.594.3177 in Naples, 239.495.0243 in Bonita Springs, 239.278.5505 in Fort Myers, 941.258.3055 in Port Charlotte, or 813.634.8001 in Sun City Center, or visit www.encorebank.com. Member FDIC