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

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million loss in the fourth quarter. However, like many of its it had to deal with a sharp spike in laid andunpaidr loans. The Miami-based bank was the 16th-largest Soutu Florida-chartered bank as of Dec. 31, with $684.7 millioj in assets. Those assets grew 11.1 percent to $761 million as of March 31 the result of increases in its securities and according to its filing with the Federal Financialo InstitutionsExamination Council. Coconutf Grove Bank’s financial performance improved in thefirst quarter, mostly becausee it had fewer charges for bad It took a $1.1 milliomn expense to reserve for futured loan losses and charger off $258,000 in problem loans in the first quarter.
That’x down from $3.5 million and $1.2 respectively, in the fourth quarter. But, Coconu t Grove Bank’s late and unpaid loansx grew to $20.3 million, or 4.8 percent of tota l loans, as of March 31, from $11.2 million, or 2.7 percent of total loans, at year-end. Its reserves for future loan losses covered 39 percent of its noncurrengt loans onMarch 31, down from 62 perceny on Dec. 31. Coconut Grovd attracted a strong 17 percenf increase in its to $567.7 million on March 31 from $485.21 million on Dec. 31. Its loans grew to $425.4 million to end the firstt quarterfrom $415.
6 million at