First Home Bank reports first quarter gains

SEMINOLE — First Home Bank announced a significantly improved financial picture so far this year. The banks says its first quarter net income was $123,257, compared with $1,247 for the first quarter of 2013. Earnings improved 446% over the fourth quarter 2013 results of $22,562.

The first quarter earnings represent 0.68% return on average assets and 11.5% return on average equity.

The bank reported Tier 1 capital to average assets were 8.21% for the quarter, up from 5.74% as of Dec. 31.

Much of the added financial steam came from $2.65 million in new investments in the bank from its holding company, First Home Bancorp Inc. since late in the fourth quarter.

Anthony Leo, CEO of the bank, attributed the improvements to its “intensive efforts to improve operating efficiency, reduce non-performing assets and associated expenses, and solidify our balance sheet.”

First Home Bank has $71 million in total assets with offices in Seminole and Pinellas Park.