Great News from Legacy Bank of Florida
Legacy Bank of Florida reported net income of $556,000 for 2017 which included a $1.9 million expense related to the Tax Reform Act commonly known as Tax Cuts and Jobs Act enacted on December 22, 2017, compared to $1.9 million in 2016. Our 2017 pretax income ended the year at $3.9 million compared to $3.1 million in 2016, a 25.1% increase.
"This year produced marked improvement in our overall performance of the Bank.” Dennis G. Bedley, Chairman and CEO commented. “These results were driven by strong loan growth, improved credit quality and our disciplined approach to managing expenses. Thank you, to our Board, Management and Employees for all their hard work. We remain focused on strategies that will produce value for our Shareholders." Read more
Additionally in January 2018, the Bank announced it had completed a common stock offering and raised in excess of $5.5 million in capital. The Offering was oversubscribed. The new capital raise allows Legacy Bank to support future growth, as well as fund other general corporate initiatives. Read more
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