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Professional Holding Corp. Reports Third-Quarter Results
Quarterly Net Income of $1.0 Million as Assets Top $2.1 Billion
Coral Gables, Fla., October 29, 2020 – Professional Holding Corp. (the “Company”) (NASDAQ:PFHD), the parent company of Professional Bank (the “Bank”), today reported net income of $1.0 million, or $0.07 per diluted share for the third quarter of 2020 compared to net income of $3.1 million for the second quarter of 2020, and net income of $0.5 million or $0.08 per diluted share for the third quarter of 2019. For the nine months ended September 30, 2020, net income totaled $2.8 million, or $0.21 per diluted share, compared to net income of $1.3 million, or $0.22 per diluted share for the same period of 2019.
“I am proud of our team which continues to perform and adapt to the COVID-19 pandemic” said Daniel R. Sheehan, Chairman and Chief Executive Officer. “We remain committed to the welfare of our employees, clients, and the South Florida community and continue to take steps to safely remain open assisting existing clients and helping new ones. The Company issued $226.2 million of funds to small businesses through the Paycheck Protection Program (“PPP”), where our average loan amount was $149,738 and median loan was $42,400”. Chief Financial Officer Mary Usategui commented that despite the increase in provision expense, the Company had a profitable third quarter due in part to the realized efficiencies related to the successful integration of Marquis Bancorp. (“MBI”).
Results of Operations for the three months ended September 30, 2020
Net income was $1.0 million compared to $0.5 million for the same period in 2019.
|●||Pre-Tax Pre-Provision earnings (non-GAAP, see Explanation of Certain unaudited non-GAAP Financial Measures) was $6.7 million for the current quarter, an increase of $1.0 million compared to pre-tax pre-provision earnings of $5.7 million in the previous quarter, and 409.1% increase compared to $1.1 million during the same period in 2019.|
|●||Net interest income was $17.5 million, an increase of $1.2 million or 7.4% compared to the previous quarter and an increase of $10.2 million, or 140.7%, compared to the same period in 2019.|
Noninterest income totaled $1.0 million, unchanged from the previous quarter and up $0.1 million, or 14.7% million from the third quarter 2019.
Noninterest expense totaled $11.7 million, an increase of $0.2 million or 1.7% compared to the previous quarter and an increase of $4.7 million, or 66.4%, compared to the same period in 2019. MBI acquisition expenses were primarily responsible for the increase.
Results of Operations for the nine months ended September 30, 2020
|●||Net income of $2.8 million, an increase of $1.4 million, or 105.0%, compared to the same period in 2019.|
|●||Net interest income of $41.8 million, an increase of $21.2 million, or 102.9%, compared to the same period in 2019. This increase was primarily due to loan growth, partially offset by an increase in total deposits.|
|●||Noninterest income totaled $2.8 million, an increase of $0.7 million, or 31.0%, compared to the same period in 2019.|
|●||Noninterest expense of $32.7 million, which represented an increase of $12.7 million, or 63.0%, compared to the same period in 2019. MBI acquisition expenses were primarily responsible for the increase.|
The following information was filed by Professional Holding Corp. (PFHD) on Thursday, October 29, 2020 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.
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