C1 Bank Announces $12.6mm Profit for 2012, a Record in the Bank's History

ST. PETERSBURG, Fla., Jan. 30, 2013 /PRNewswire/ -- C1 Bank announced today that it had net income for the year ended December 31, 2012 of $12.6mm.  Results benefited from increased lending activity as C1 Bank extended over $205mm in loans to our community up from over $150mm in loans in 2011 and over $80mm in loans in 2010.  Surging residential mortgage demand along with a record year for the C1 Bank's SBA program helped enhanced the bottom line.  The bank's success over the past three years, along with its prospects for the future, meant that its deferred tax asset was recaptured in December 2012.

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"What is most exciting about our 2012 results is the client focused momentum energizing all of our employees.  We helped hundreds of new clients borrow the money they need with loans for their business or their family.  We helped thousands of new clients save for their future, managing their business or family needs, through our simple yet sophisticated checking, savings and money market products," said CEO, Trevor Burgess.

C1 Bank has previously announced its entrance into the Miami-Dade market with a loan production office and a corporate partnership with the Miami HEAT.  Alan Randolph, Miami Market Manager for C1 Bank said, "We are off to a great start in Miami, our first loans have already been approved and we look forward to building our client base one client at a time, all the while focused on first-class service."

President and Vice Chairman, Katie Pemble, noted: "Our clients are energized by the economic recovery and we are laser focused on helping them meet their financial ambitions.  We are one of the only banks in the State that is able to make quick, local lending decisions on loans up to $23 million."

Highlights:

• Net Income for 2012 was $12.6 million up from $5.6 million in 2011
• Total assets at December 31, 2012 were $937 million up from $729 million at December 31, 2011
• Total employees at December 31, 2012 were 210 up from 153 at year-end 2011

Capital Ratios:

C1 Bank's capital ratios exceed all regulatory guidelines required to be considered well capitalized.

ABOUT C1 BANK:

C1 Bank is a local, independent bank that serves thousands of sophisticated savers and borrowers from 21 locations in Tampa Bay, a loan production office in Miami and online at www.C1Bank.com. C1 Bank is a leader in checking, savings and money markets, residential mortgages, business loans, SBA loan programs, and association and treasury services. C1 Bank is the Official Bank of the Tampa Bay Buccaneers, the Official Bank of the Outback Bowl and a Corporate Partner of the Miami HEAT.

C1 Bank services include:

• Full Service Checking, Savings and Money Market depository products for consumers and businesses
• Residential mortgages, includes 30 years fixed, jumbo, NRA and portfolio loan products, all approved with quick local decision making
• Business loans and commercial real estate loans, up to $23 million, to assist local businesses grow
• Small Business Administration loans, up to $5 million – C1 Bank is a Preferred Lender and is consistently ranked as one of the region's top SBA lenders
• Emerald Banking is dedicated a team of bankers who serve physicians, lawyers, accountants and other professionals
• Association and Treasury Services - providing lockbox services to condominium associations and other businesses in need of sophisticated treasury management solutions

SOURCE C1 Bank