Florida Capital Group, Inc reports 1ST Quarter operating results

Jacksonville, FL (PRWEB) May 12, 2007 -- Charles E. Hughes Jr., President and Chief Executive Officer of Florida Capital Group, Inc., announced that Florida Capital Bank's total assets increased to $585 million, or at an annualized rate of 42%, for the first quarter, ending on March 31, 2007. This announcement marked the Company's first positive quarterly cash earnings.

Mr. Hughes stated, "Our balance sheet growth remains strong and we continue to be pleased with asset quality. More importantly, our profitability levels improved significantly as we achieved a long-held target of positive cash earnings during the 1st quarter of 2007."

Mr. Hughes updated progress made during the first quarter:

•    As of March 31, 2007, total assets were $585 million, an increase of $326 million, or 126%, from same period prior year. Total assets increased $56 million, or 10%, during the first quarter of 2007.

•    The Company incurred a pre-tax operating loss of $933 thousand for the first quarter representing a 62% improvement over prior quarter and a 64% increase when compared to same period last year. First quarter cash earnings improved 113% versus last quarter to a positive $105 thousand.

•    The Bank opened two offices during the quarter (Ft. Lauderdale and Pinellas Park) bringing the total office count to fifteen and one loan production office.

•    Additional financial footings for the first quarter ending 3-31-07 and compared to same period prior year include:

o    Gross loans totaled $534 million increasing $302 million, or 130%;
o    Total deposits ended at $468 million increasing $290 million, or 163%;
o    Net revenue totaled $6.7 million increasing $3.7 million, or 123%

"It was a solid 1st quarter for us. We're confident that the Bank's growth profile remains within the top tier for all Florida banks, and the significant progress made in our operating results met previously provided guidance. The franchise we have built so quickly continues to deliver on the expectations of our shareholders despite a challenging banking environment," said Hughes.    

Expansion plans for 2007 are progressing. Two offices are scheduled to open during the 2nd quarter: a de novo office in Jacksonville on San Jose Boulevard and a conversion of the Jupiter LPO to a full service retail office. Additional offices opening in Daytona, St. Petersburg and Winter Park scheduled for the 2nd half of the year will bring the total office network to eighteen by the end of 2007.

For more information, please visit www.flcb.com.

About Florida Capital Bank, N.A.
Florida Capital Bank, N.A. is a nationally chartered bank wholly owned and operated by Florida Capital Group, Inc., Jacksonville, Florida. Its office network of fourteen full-service branch locations and one loan production offices are in these Florida markets: Boca Raton, Delray Beach, Ft. Lauderdale, Gainesville, Jacksonville, Jupiter, North Palm Beach, Orlando, Ormond Beach, Pinellas Park, St. Augustine, Tampa, and Tarpon Springs.

Media Contact:
Lindsay Shilling
Burdette Ketchum
904.645.6200

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