Professional Bank (merged into Seacoast National Bank)
Professional Bank reported total assets of $2.6 bn at Q4 2022, its last Call Report before it merged into Seacoast National Bank. The CET1 capital ratio at Professional Bank was 11.63%, and the uninsured share of Professional Bank was 55.55%. Source: FDIC Call Reports.
Key takeaways
- Since , Professional Bank has taken over one institution; the latest was Marquis Bank on (FDIC Call Reports).
What sets Professional Bank apart
How large is Professional Bank?
The balance sheet of Professional Bank at : assets $2.6 bn, deposits $2.2 bn, net loans $2.1 bn (loans equal to 96.62% of deposits). Securities make up 6.7% of total assets at Professional Bank. Since , when Professional Bank held $360.3 mn, its assets grew 617.7%. In the year to , deposits at Professional Bank fell 8.0% while its total assets fell 2.9%. At , Professional Bank employed 196 full-time equivalent staff across 8 offices, about $13.2 mn of assets per employee and $273.8 mn of deposits per office.
How much funding at Professional Bank is uninsured?
At Professional Bank, uninsured deposits (above the FDIC limit) made up 55.55% of domestic deposits at (-1.70 pp on a year earlier). In dollars, Professional Bank estimated $1.2 bn of uninsured deposits.
Key facts, Q4 2022
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.2 bn | $2.4 bn (Q4 2021) | |
| Net loans and leases | $2.1 bn | $1.8 bn (Q4 2021) | |
| Loan-to-deposit ratio | 96.62% | 74.10% (Q4 2021) | |
| Tier 1 leverage ratio | 10.00% | 7.75% (Q4 2021) | |
| Total risk-based capital ratio | 12.50% | 12.87% (Q4 2021) | |
| Net interest margin | 3.58% | 3.17% (Q4 2021) | |
| Return on assets (ROA) | 1.06% | 0.94% (Q4 2021) | |
| Efficiency ratio | 55.01% | 57.74% (Q4 2021) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $13,000 | Turned from a gain into a loss | |
| Unrealized gain/loss on available-for-sale securities | Loss of $22.6 mn | Widened by $21.6 mn | |
| Noncurrent loans to total loans | 0.07% | 0.12% (Q4 2021) | |
| Net charge-offs to average loans | 0.03% | 0.49% (Q4 2021) |
US rank of Professional Bank: 1 = highest unless marked 1 = lowest.
Balance sheet
Professional Bank: assets, deposits and loans
- Total assets $2.6bn
- Deposits $2.2bn
- Net loans $2.1bn
Capital and securities
The CET1 ratio of Professional Bank stood at 11.63% in , -0.45 pp year on year. Low and high at Professional Bank since : 10.41% () to 12.62% (). Equity capital of Professional Bank at : $257.6 mn, or 10.0% of total assets. Professional Bank also reported a total capital ratio of 12.50% for , and a tier 1 leverage ratio of 10.00%.
On held-to-maturity securities, Professional Bank carried an unrealized loss of $13,000 at , equal to 0.0% of equity capital. The loss turned from a gain into a loss over the year. Its deepest point: $16,000 in . The available-for-sale portfolio of Professional Bank showed an unrealized loss of $22.6 mn at ; the loss widened by $21.6 mn over the year.
Professional Bank: capital ratios
- Total capital 13%
- CET1 12%
- Tier 1 leverage 10%
Professional Bank: unrealized securities gains and losses
- Available for sale -$23mn
- Held to maturity -$13,000
Profitability and loan quality
For the year to , Professional Bank earned a return on equity of 11.44%; return on assets: 1.06%. Net interest margin at Professional Bank: 3.58%, +0.40 pp in a year. Professional Bank net income: $28.0 mn, up 22.6% year on year. The efficiency ratio of Professional Bank was 55.01%: about 55 cents cost per revenue dollar, against 62 cents at the median peer.
At , noncurrent loans were 0.07% of total loans at Professional Bank; net charge-offs: 0.03% of average loans. Gross loans and leases at Professional Bank: $2.1 bn at , against $1.8 bn at .
Professional Bank: profitability
- Return on equity 11%
- Net interest margin 3.6%
- Return on assets 1.1%
Peer group of Professional Bank
The peer group of Professional Bank is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Professional Bank (state member bank) and 0 have head offices in Florida. Against them, Professional Bank shows CET1 ratio 11.63% against a peer median of 12.19%, return on equity 11.44% against a peer median of 11.64% and uninsured deposit share 55.55% against a peer median of 20.29%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Texas Regional Bank | State member bank | TX | $2.6 bn | 12.19% | 14.31% | 49.27% | |
| Pinnacle Bank | State nonmember bank | TX | $2.6 bn | 13.14% | 11.28% | 34.34% | |
| Bank of Greene | Federal savings bank | NY | $2.6 bn | 14.65% | 16.39% | 14.41% | |
| Professional Bank | State member bank | FL | $2.6 bn | 11.63% | 11.44% | 55.55% | |
| North Shore Bank | State-chartered stock savings bank | WI | $2.6 bn | not reported | 5.63% | 10.23% | |
| Merchants Bank | National bank | MN | $2.6 bn | 12.04% | 12.00% | 26.17% | |
| Midwest BankCentre | State member bank | MO | $2.6 bn | 11.18% | 9.13% | 8.77% | |
. FDIC Call Reports.
Last eight quarters
Two years at Professional Bank, to : assets $2.2 bn to $2.6 bn, deposits $1.9 bn to $2.2 bn, equity $192.0 mn to $257.6 mn. Staff 190 to 196.
| Metric | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $2.2 bn | $2.6 bn | $2.6 bn | $2.7 bn | $2.9 bn | $2.7 bn | $2.5 bn | $2.6 bn |
| Total deposits | $1.9 bn | $2.3 bn | $2.4 bn | $2.4 bn | $2.6 bn | $2.4 bn | $2.2 bn | $2.2 bn |
| Bank equity capital | $192.0 mn | $213.6 mn | $220.3 mn | $234.0 mn | $239.8 mn | $243.5 mn | $248.3 mn | $257.6 mn |
| CET1 ratio | 10.88% | 12.09% | 12.15% | 12.08% | 12.01% | 11.32% | 11.68% | 11.63% |
| Return on equity (ROE) | 11.72% | 12.28% | 12.24% | 10.90% | 4.92% | 8.71% | 11.05% | 11.44% |
| Uninsured share of domestic deposits | 55.08% | 60.13% | 58.00% | 57.25% | 59.90% | 58.10% | 56.81% | 55.55% |
| Full-time equivalent employees | 190 | 194 | 202 | 208 | 208 | 213 | 207 | 196 |
| Number of offices | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Professional Bank, oldest first; figures before and after each event are not like for like.
- . Absorbed Marquis Bank (FDIC certificate 58345).
- . Merged into Seacoast National Bank (FDIC certificate 131).
Large one-quarter moves at Professional Bank
- Total assets at Professional Bank changed by +58.9% in the quarter to 2020-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Marquis Bank.
Questions and identifiers
What were the total assets of Professional Bank?
Professional Bank reported $2.6 bn at in its Call Report.
Is Professional Bank the same as its holding company?
No. This page covers Professional Bank, FDIC certificate 58862; PROFESSIONAL HOLDING CORP (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Professional Bank profitable?
Professional Bank reported net income of $28.0 mn for the year to ; annualized return on equity: 11.44%. So yes: Professional Bank made a profit over these months.
When is data for Professional Bank next updated?
Professional Bank no longer files Call Reports; its data ends at .
Where can I check the figures for Professional Bank?
In the FDIC BankFind Suite record for certificate 58862, and in the Call Reports of Professional Bank (RSSD ID 3816510) at the FFIEC Central Data Repository.