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FineMark Holdings, Inc. reports developments tied to its role as the parent company of FineMark National Bank & Trust, a nationally chartered bank and trust company founded in 2007. News commonly covers quarterly and annual financial results, capital-structure disclosures, shareholder voting matters, governance updates and material agreements.
The company's updates also describe its banking and wealth-service model, including personal and business banking, lending, trust and investment services delivered through offices in Florida, Arizona and South Carolina. FineMark's common stock trades on the OTCQX under the symbol FNBT.
FineMark Holdings, Inc. (OTCQX: FNBT) announced a record net income of $7.1 million ($0.61 per diluted share) for Q3 2021, up 23% from $5.7 million in Q3 2020. Key highlights include a 12% year-over-year loan portfolio growth, 8.5% increase in net interest income, and a 24% rise in assets under management, totaling $5.7 billion. The bank's total assets reached $3.1 billion, bolstered by an $82.5 million capital raise. However, diluted earnings per share decreased by 3% due to additional shares from the capital raise.
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FineMark Holdings reported second quarter 2021 net income of $5.4 million ($0.58 per diluted share), an 11.3% increase year-over-year. The loan portfolio grew by 13%, but net interest income increased only 4% due to low interest rates. Assets under management rose by 30% to $5.7 billion. The Bank's total assets reached nearly $3 billion, boosted by $82.5 million in new equity capital. Despite a 5% rise in non-interest expenses, credit quality remained strong with 1.03% classified loans. No new COVID-related loan loss provisions were made.
FineMark Holdings announces the completion of a private placement of 1,681,818 shares at $33.00 each to qualified investors, generating $55.5 million. An additional 818,182 shares will be issued, bringing total gross proceeds to $82.5 million upon closing, expected on July 15, 2021. The funds will refinance debt and support growth for FineMark National Bank & Trust. This capital raise is anticipated to benefit shareholders and clients.
FineMark Holdings reported a first quarter 2021 net income of $5.6 million ($0.61 per diluted share), up 9.5% from $5.1 million in Q1 2020. Key highlights include a 22% increase in net interest income to $15.4 million, driven by growth in earning assets. Assets under management rose 35% year-over-year to $5.3 billion. However, pre-tax operating income decreased to $7.3 million due to rising non-interest expenses. The return on average assets (ROAA) fell to 0.78%, and deposits increased 26% year-over-year, even after moving $100 million off the balance sheet.
FineMark Holdings announced the completion of a $21.3 million private placement of subordinated notes due November 30, 2030. These fixed-to-floating rate notes qualify as Tier 2 capital and have a fixed interest rate of 4.25% until November 2025, after which the rate will reset quarterly based on the Three-Month SOFR. Proceeds will refinance existing debt and support growth for FineMark National Bank & Trust. The notes received a BBB- rating from Kroll. CFO Brian Eagleston thanked the placement agents involved in the transaction.