Great Florida Bank reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the bank reported net loss of $13.3 million or $1.02 per basic and diluted share compared to a net loss of $13.9 million or $1.06 per basic and diluted share for third quarter 2008. Third quarter results were similar to the previous two quarters' and again largely driven by credit costs, including additional provision for loan loss expense, loan charge offs and legal fees associated with loan workout activities. For the nine months, the bank reported a net loss of $30.9 million or $2.35 per basic and diluted share compared to a net loss of $13.8 million, or $1.05 per basic and diluted share for the first nine months of 2008. The company reported pretax loss of $28.4 million, total interest income of $59.8 million and net interest income before provision of $24.2 million compared to pretax loss of $21.7 million, total interest income of $73.7 million and net interest income before provision of $33.1 million for the same period a year ago. Negative return on average assets was 2.32% and negative return on average equity of $27.81% compared to negative return on average assets of 1.09% and negative return on average equity of $10.58% for the same period a year ago. The company reported book value as on September 30, 2009 was $9.33 per share compared to $12.15 per share as on September 30, 2008.

Great Florida Bank has hired Iliana Miguel as vice president, relationship manager. She previously worked as vice president and premier client manager with Bank of America.

Great Florida Bank reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported pre-tax net loss of $3.0 million and net loss of $6.1 million or $0.47 per basic and diluted share compared to a pre-tax loss of $13.3 million and net loss of $11.4 million or $0.87 per basic and diluted share for the first quarter of 2009. Second quarter results, similar to the first quarter's results, were driven largely by credit costs, including additional provision for loan loss expense and loan charge offs. The bank reported a net loss of $17.5 million or $1.34 per basic and diluted share compared to net income of $0.175 million or $0.01 per basic and diluted share for the first six months of 2008. The company reported pretax loss of $16.27 million and net interest income before provision of $15.34 million on total interest income of $40.35 million compared to pretax income of $0.55 million and net interest income before provision of $22.45 million on total interest income of $49.77 million for the same period a year ago. The company reported negative return on average assets of 1.97% and negative return on average equity of 22.92% compared to return on average assets of 0.02% and return on average equity of 0.20% reported a year ago. Book value per share as of June 30, 2009 was $10.52 compared to $13.19 as of June 30, 2008.