TGR Financial, parent of Naples-based bank, reports 'outstanding' first quarter

The parent company for Naples-based First Florida Integrity Bank reported an "outstanding performance" in the first quarter.

The company earned almost $3.2 million, or 16 cents a share, in the quarter. That compared with net earnings of about $1.8 million, or 9 cents a share, a year ago. 

"The company's outstanding performance is the result of its continued emphasis on maximizing earnings without sacrificing a superior level of customer service," said Gary Tice, TGR Financial's chairman and CEO, in a news release. 

The company started in 2017 implementing a plan to improve its revenue and continued that effort into 2018. As as result, net income rose almost 80 percent over the year in the first quarter. 

"Net loan and deposit growth has been strong, as the company continues to efficiently deploy its capital," Tice said. 

Also, nonperforming assets now represent .05 percent of total assets.

Other highlights of the first quarter included: 

• The return on average assets increased to .92 percent, up from 0.57 percent last year.
• Net interest income increased 13 percent over the year to $10.3 million.
• Loans increased by $16.3 million during the quarter to $985 million.
• Deposits and customer repurchase agreements grew by $58.8 million to $1.3 billion in the quarter. 

As of March 31, the company had more than $1.4 billion in assets.

According to the Federal Deposit Insurance Corp., First Florida Integrity ranks fifth in deposit share in Collier County. It's the largest community bank that has headquarters in the county.