Stonegate Bank in Ft. Lauderdale, Fla., said Wednesday that third-quarter earnings rose 73% from a year earlier, to $1.6 million, due to increased lending.
The $847.9 million-asset bank's loan portfolio grew by $184 million from a year earlier. As a result, net interest income rose 24% from a year earlier, to $7.7 million. Still, the net interest margin compressed 29 basis points from a year earlier, to 3.91%.
In the past three years, Stonegate has acquired failed banks, including its June purchase of First Commercial Bank of Tampa Bay. It has also participated in traditional bank acquisitions, such as its March purchase of Southwest Capital Bank of Ft. Myers, Fla.