Press Release (ePRNews.com) - FORT MYERS, Fla. - Feb 17, 2017 - Encore Bank is pleased to announce that Ovation Holdings, through its wholly owned subsidiary, Encore Bank, reported record operating performance for the fourth quarter of 2016. It was the second record-breaking quarter in a row.
The Bank grew its loan portfolio $13.9 million during the quarter to end the year at $296.5 million. For the year, loans were up an impressive $47.1 million, an 18.8-percent increase over the prior year-end. Strong loan growth resulted in a higher loan-to-deposit ratio of 86.4-percent, up from 79.7 percent the prior year-end. The strong loan growth has led to a 17-basis point improvement in Encore Bank’s year-to-date net interest margin to 3.34 percent. The bank ended the quarter with a well capitalized 8.73-percent Tier 1 leverage ratio.
Encore Bank’s operating performance tops a record-breaking third quarter, when the bank grew net loans by $26.1 million, ending at $279.5 million, which surpassed the second quarter’s all-time high. During the third quarter, the loan-to-deposit ratio improved to 87.0 percent, topping 73.3 percent for the same period the previous year.
For the year ended 2016, Ovation Holdings’ income before tax improved to $2,091,000, up $792,000, or 61-percent higher than the prior year on the strength of both top-line revenue growth and expense management.
As of the start of 2017, the bank expects loan growth to be primarily funded by growing customer-based deposits, resulting in an improving operating run rate to further strengthen core earnings.
Tom Ray, President & CEO of Encore Bank, said, “We ended 2016 well capitalized and continue to see the benefit of our larger loan portfolio, low funding costs and expense management. Our primary focus for 2017 is quality loan growth.”
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 Source :