Tom Ray, CEO of Encore Bank, is pleased to announce that Ovation Holdings, through its wholly owned subsidiary, Encore Bank, reported net income of $184,000 for the second quarter. Through the first six months of 2014, earnings improved to $493,000, up from $359,000 during the same period last year. As was the case for the bank’s first quarter 2014 earnings, the improvement in earnings was driven primarily by improved operating performance. Excluding security gains, net income improved from a $242,000 loss in the first six months of last year to a $462,000 profit this year.
Additional highlights include the origination of $46.8 million in new loans during the first six months that resulted in loan portfolio growth of $25.7 million to $199.6 million. Total assets increased from $327 million to $341 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 expense management. Our primary focus the rest of the year is quality loan growth.”
During the second quarter, Encore Bank expanded its staff, management team and board of directors. The addition of Tom M. Taylor, CEO of Hole Montes Inc. to the Board of Directors further strengthens an already impressive list of local leaders involved with Encore Bank. Also, Encore Bank employees helped raise over $16,500 in Charlotte, Lee & Collier counties for the March of Dimes of Southwest Florida in the second quarter.
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. Equal Housing Lender and Member FDIC.