Tom Ray, CEO of Encore Bank, is pleased to announce that the Bank reported record operating performance for the first quarter. The bank eclipsed $400 million in assets during the quarter on the strength of $26 million growth in deposits. Compared to the prior year, loans are up an impressive $42.7 million or 17.2% to $293.8 million. The community bank’s loan to deposit ratio was at or above 80% for the third consecutive quarter.
For the first quarter Encore Bank reported a 44% growth in year over year net income up $159,000 to $522,000. A combination of top-line revenue growth and expense management accounts for the year over year improvement. Total assets increased from $377.7 million to $418.1 million.
Ray said, “Encore Bank continues to be well capitalized and we are now seeing the benefits of our larger loan portfolio, low funding costs and a customer centric approach to managing expenses. Top-line revenue improvement resulting from loan growth remains our primary focus for 2017.”
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