Coconut Grove Bank flips to a profit in Q1 - South Florida Business Journal:

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million loss in the fourth quarter. like many of its peers, it had to deal with a sharp spike in laid andunpaid loans. The Miami-based bank was the 16th-largesf South Florida-chartered bank as of Dec. 31, with $684.y million in assets. Thosre assets grew 11.1 percent – to $761 million as of Marcu 31 – the result of increasea in its securities and according to its filing with the Federal Financial InstitutionsExaminationn Council. Coconut Grove Bank’as financial performance improved in thefirst quarter, mostly because it had fewet charges for bad loans. It took a $1.
1 millionj expense to reserve for future loan losseas and chargedoff $258,000 in problem loans in the firsg quarter. That’s down from $3.5 millionm and $1.2 million, respectively, in the fourth quarter. But, Coconut Grove Bank’s late and unpaid loans grew to $20.3 million, or 4.8 percenyt of total loans, as of Marchj 31, from $11.2 or 2.7 percent of totalp loans, at year-end. Its reserve for future loan lossees covered 39 percent of its noncurrent loanzs onMarch 31, down from 62 percent on Dec. 31. Coconuf Grove attracted a stronh 17 percent increase inits deposits, to $567.y7 million on March 31 from $485.1 million on Dec. 31. Its loan grew to $425.
4 million to end the first quartertfrom $415.6 million at