Revenue during the quarter surged 86.11 percent to $8.71 million from $4.68 million in the previous year period. Net interest income for the quarter rose 90.26 percent over the prior year period to $7.64 million. Non-interest income for the quarter rose 61.17 percent over the last year period to $1.08 million.

Net interest margin contracted 1 basis points to 3.63 percent in the quarter from 3.64 percent in the last year period.

Andrew Samuel, President and Chief executive officer, commented, “We are excited to announce strong first quarter results. We continue to focus on building a top tier Florida franchise focused on relationship banking. The Company sees continued tailwinds resulting from our strategic focus on organic growth with an emphasis on non-interest bearing deposits and expanding the commercial loan segment of our loan portfolio.”

Investments stood at $112.74 million as on Mar. 31, 2017. Shareholders equity was at $114.05 million as on Mar. 31, 2017.

Return on average assets moved up 70 basis points to 0.80 percent in the quarter from 0.10 percent in the last year period. At the same time, return on average equity increased 490 basis points to 5.80 percent in the quarter from 0.90 percent in the last year period.

Nonperforming assets moved down 37.16 percent or $0.37 million to $0.62 million on Mar. 31, 2017 from $0.98 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.06 percent in the quarter, down from 0.19 percent in the last year period.

Tier-1 leverage ratio stood at 10.10 percent for the quarter, down from 11.30 percent for the previous year quarter.