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Bank of Florida Q1 net income down

Bank of Florida has reported net income of $233,000 for the first quarter of 2008, compared to $865,000 reported for the same period of 2007.

The company reported that earnings per diluted share were $0.02 for the first quarter of 2008, compared to earnings of $0.09 for the same period of 2007.

The net interest income was $1.6 million or 18% higher than the first quarter of 2007, primarily related to an increase in average earning assets (up $322 million or 37%) somewhat offset by a decrease in net interest margin.

Michael McMullan, president and CEO of Bank of Florida, said: Our first quarter results reflect a return to profitability from fourth quarter 2007, when we significantly raised our loan loss allowance in light of deteriorating real estate valuations in Florida, particularly in the southwest Florida market.

The company was successful in the first quarter, however, in moving approximately $3.1 million of the non-performing loans held as of December 31, 2007 off the books, including a sale of the $1.4 million other real estate owned property held at year end. Since the end of the quarter, delinquencies have dropped by $10.4 million to $10 million, or 0.85% of the loan portfolio.