Broward Bank of Commerce Reports $1 Million Profit for FY 2013

FORT LAUDERDALE, Fla., Feb. 25, 2014 /PRNewswire/ -- On February 7, 2014 the Sun Sentinel reported that Fort Lauderdale-based, Broward Bank of Commerce is "the only local bank with no late loans." This industry victory comes as the bank's quarter and year ended December 31, 2013 financials reported net income of $1 million for the fourth quarter of 2013 - a substantial increase compared to $899 thousand over the previous year.

"We are pleased to see our business continue to grow, serving our customers and investors," said Keith Costello, President & CEO of Broward Bank of Commerce (BBOC). "With an 11% increase over last year's earnings we are poised to enter this year with one of the strongest balance sheets in our company's history."

Broward Bank of Commerce's Results for the year ending December 31, 2013, are as follows:
Profit: Profit of $1,000,587
Assets: Assets were $159 million as compared to $142 million in December 2012
Deposits: Deposits stood at $136 million as compared to $122 million in December 2012

"Everyone from the Board of Directors, Advisory Board, Executive Management and staff have contributed to the quarterly results. Our targeted business strategy has enabled us to build a high performing bank in a challenging environment. We are extremely proud of reporting a profit for 13 consecutive quarters during tough economic times," said Costello.

Broward Bank of Commerce prides itself on taking a conservative approach to business and a judicious approach to loans. However, helping the local economy grow is one of the cornerstones of Broward Bank of Commerce. For this reason the bank has been willing to help many South Florida businesses and nonprofits such as the Fort Lauderdale Women's Club – even though these organizations were unable to secure loans with other banks.

According to Karen Dorway, president of the Coral Gables-based research company, Bauer Financial (as quoted in the Sun Sentinel on February 7, 2014), "Broward Bank of Commerce is the only bank in South Florida that has no non-performing loans." As a result, Bauer Financial gave Broward Bank of Commerce five stars, its highest rating.

ABOUT BROWARD BANK OF COMMERCE
In just five short years Broward Bank of Commerce has earned bragging rights in the banking industry. Broward Bank of Commerce offers unparalleled customer service with an open door policy that links directly to CEO Keith Costello. In addition to Broward Bank of Commerce's suite of business banking services and online banking tools, the bank also specializes in residential lending and personal banking. Headquartered in downtown Fort Lauderdale, the Broward Bank of Commerce Coral Ridge Branch is located at 
2601 E. Oakland Park Boulevard, Fort Lauderdale FL 33306. For more information about Broward Bank of Commerce, call (954) 761-4900 or visit www.browardbankofcommerce.com.

MEDIA RELEASE CONTACT
Laurie Menekou, (954) 271-4666 (or)
[email protected]

SOURCE Broward Bank of Commerce