Bank, on strength of PPP loans, doubles net income in second quarter

First Home Bank’s total assets also soared, going from $531 million to $1.470 billion.

By Business Observer Staff
| 10:22 a.m. August 7, 2020
| 2 Free Articles Remaining!

Courtesy. First Home Bank doubled its net income in the second quarter of 2020.

Tampa Bay-Lakeland

ST. PETERSBURG — As of June 30, First Home Bank had processed $831 million in Paycheck Protection Program loans, which boosted its net income for the second quarter to $2.345 million, a 106% increase from the same period last year, when its net income was $1.138 million.

The St. Petersburg-based bank, in a press release, says its PPP loans also increased its total assets, as of June 30, to $1.470 billion. At the end of 2019, the bank’s total assets were $531 million.

“As a leading SBA lender, First Home has been on the frontlines of the economic recovery,” CEO Anthony Leo states in the release. “We are proud to have originated more than $800 million [in] PPP loans, providing needed capital to businesses in Tampa Bay and around the nation at this critical time.”

As of Aug. 5, the bank had provided PPP loans to more than 8,000 businesses, the release states, saving more than 100,000 jobs.