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First Home Bank reports historic earnings due to PPP, new residential loans

St. Pete-based First Residence Financial institution, a group financial institution with six banking facilities within the Tampa Bay space, reported earnings of $13.02 million in Q2. Key drivers of this profitability have been the Financial institution’s recognition of $14.73 million in PPP origination charges, in addition to the origination of $522 million in new residential loans. “We have been very effectively positioned in SBA loans and we repurposed that line throughout the pandemic to facilitate PPP [Paycheck Protection Program] funds to struggling companies and constructed a mortgage and refinance enterprise line,” CEO Tony Leo advised the St. Pete Catalyst. The financial institution is reverting again to its regular SBA enterprise line.

 

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