Dear Shareholder: On behalf of the Board of Directors and the management team of FineMark National Bank & Trust, I am pleased to report on the bank’s performance for the second quarter, ending June 30, 2015. Loans, assets under management and total assets once again showed double digit percentage increases compared to the second quarter 2014. Below is a summary of the results. Second Quarter Financial Highlights FineMark’s assets totaled $966 million as of June 30, 2015, compared to $767 million at June 30, 2014. PreStax income reached $2.8 million for the quarter, compared to $1.5 million for the quarter ending June 30, 2014. Both net interest income and noninterest income continue to drive earnings while operating leverage also continues to improve. Please refer to attached abbreviated financial statement. Net Interest Income Net interest income totaled $6.9 million for the quarter, 36 percent higher than the $5.1 million for the second quarter 2014. The bank continues to experience significant loan growth. Net loans increased 30 percent to $703 million up from $542 million at June 30, 2014, far exceeding the national loan growth average of 9.3 percent. Deposits grew to $788 million as of June 30, 2015 compared to $612 million as of June 30, 2014. This growth is the result of expanded relationships along with new relationships developed in each of FineMark’s offices. Deposit growth continues to be sufficient to fund the bank’s loan growth. Net interest margin improved to 3.02 percent from 2.85 percent a year ago. This improvement was primarily the result of the loan portfolio growing at a faster pace than the bank’s investment portfolio. Noninterest Income Noninterest income generated from asset management and trust fees increased 47 percent to $3.1 million in the second quarter 2015, compared to $2.1 million in the second quarter 2014. Notably estate settlement fees equaled $675,000 for the quarter compared to $202,000 for this same period last year. Investment and trust assets under administration grew to $1.8 billion as of June 30, 2015 up from $1.6 billion at the same time last year. Approximately 70 percent of this growth came from new relationships, while 30 percent was a result of expanding existing relationships.
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Q2 2015 fourth draft - FineMark BankTitle: Microsoft Word - Q2 2015 fourth draft.docx Created Date: 8/14/2015 7:03:57 PM
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