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Last10K.com | 10-Q Quarterly Report Mon Nov 10 2008
EXHIBIT 99.1
1400 N.
15th
Street
Immokalee,
FL 34142
Ph:
###-##-####
Fax:
239-657-2393
PRESS RELEASE
SUBJECT: Florida Community Banks,
Inc. 2007 Earnings
DATE: March 12,
2008
Florida
Community Banks, Inc.
2007
Earnings
Florida Community Banks, Inc.
reported a net loss for the fourth quarter 2007 of $1,584,088 (-$0.19 per
diluted share) compared to net income of $6,858,930 ($0.87 per diluted share)
last year. Net income for the year ending December 31, 2007 was $10,909,219
($1.36 per diluted share) compared to $23,146,069 ($2.90 per diluted share)
during 2006.
CFO Guy
W. Harris said that these numbers were $3,216,007 lower than what was originally
reported when the Company filed its FR-Y9 report’s with the Federal Reserve back
in early February. He said, “Subsequent events became known that resulted in the
bank reversing approximately $400,000 in interest income and adding an
additional $4,811,000 to its allowance for loan losses”.
CEO
Stephen L. Price stated, “As the economy weakened and the housing market in
Southwest Florida experienced a significant restructure, the banking
industry as a whole felt the impact. Credit quality problems exacerbated by the
backlog in court proceedings delaying resolutions and an increased willingness
of borrowers to file bankruptcy instead of working out their problems are just a
few of the obstacles that we had to contend with in 2007.” Price further stated
“We are confident, however that we will rebound and see an improvement in
results going forward. We have been operating in Southwest Florida
for the past 85 years, and in that time we have seen our share of recessions,
operated through the depression and other challenging economic events and have
consistently emerged strong, healthy and profitable”. Florida Community Bank has
consistently been one of the highest performing banks in
Florida. While compared to our own performance we have had a decline
in profits, comparing Florida Community Bank to our peers we still have very
strong earnings with a Return on Average Assets of 1.11% and a Return on Average
Equity of 11.09%.
Florida Community Banks, Inc.
is a $943 million commercial bank holding company, which specializes in
commercial lending and has been serving SW Florida for 85 years, with offices in
Hendry, Collier, Lee, and Charlotte counties. The Company’s 7,909,261
shares of outstanding stock are owned by more than 1,100 shareholders
predominantly residing in the four counties served by the
company. Florida
Community Banks, Inc. corporate headquarters is located in Immokalee,
Florida.
The following information was filed by Florida Community Banks Inc on Wednesday, March 12, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Florida Community Banks Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Florida Community Banks Inc.
Assess how Florida Community Banks Inc's management team is paid from their Annual Proxy
Florida Community Banks Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
CIK: 1170902
Form Type: 10-Q Quarterly Report
Accession Number: 0001170902-08-000035
Submitted to the SEC: Mon Nov 10 2008 4:51:43 PM EST
Accepted by the SEC: Mon Nov 10 2008
Period: Tuesday, September 30, 2008
Industry: State Commercial Banks
External Resources:
SEC.gov
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