Bank of Florida Corporation Announces First
Quarter 2010 Results
Marketing of Common Stock Offering Continues
May 03, 2010 04:03 PM Eastern Daylight Time
NAPLES, Fla.--(EON: Enhanced Online News)--Bank of Florida Corporation (NASDAQ:BOFL) announced
financial results for the first quarter of 2010. The net loss available to common shareholders for the first quarter of
2010 was $33.1 million, or $2.66 per diluted share. This compares to a net loss of $58.7 million, or $4.58 per
share, in the fourth quarter of 2009, and $4.4 million, or $0.34 per diluted share, in the first quarter of 2009.
“Our first quarter 2010 results were as we had anticipated,” said Chief Executive Officer Michael L. McMullan.
“During the first quarter, the Federal Deposit Insurance Corporation completed full Safety and Soundness
examinations of our subsidiary banks and we recorded our projected provision for the quarter of $30.7 million,
which validates the size of our targeted capital raise. As stated in our prospectus, an additional $65 million is needed
to achieve ‘adequately capitalized’ status at all three of our subsidiary banks. We are currently undertaking a $71.8
million rights and supplemental offering.”
Bank of Florida Corporation
Bank of Florida Corporation (Nasdaq:BOFL) is a $1.5 billion-asset multi-bank holding Company located in Naples,
Florida. Bank of Florida Corporation is the parent company for Bank of Florida - Southwest in Collier and Lee
Counties; Bank of Florida – Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of Florida –
Tampa Bay in Hillsborough and Pinellas Counties; and Bank of Florida Trust Company, collectively referred to as
the “Company”. Investor information may be found on the Company’s web site, http://www.bankofflorida.com, by
clicking on "Investor Relations." To receive an email alert of all company press releases, SEC filings, and events,
select the “Email Notification” section.
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