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FCB Financial Holdings CFO talks $10B asset threshold

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FCB Financial Holdings CFO talks $10B asset threshold

FCB FinancialHoldings Inc. President and CEO Kent Ellert said July 21 that thecompany is pleased by its second-quarter results, highlighted by surpassing $8billion in assets.

"[N]ew loans grew by over $400 million and depositsgrew over $550 million. This continued momentum across our fundamental corebusinesses is all a reflection of our mission to build Florida's leadingindependent banking franchise," Ellert said in an .

During the company's earnings call, an analyst asked aquestion related to the $10 billion asset threshold.

"As you know we've got some lead time before we reachthat $10 billion mark and have to report under DFAST... [W]e have undertaken aproject to prepare for that," CFO Jennifer Simons said, according to atranscript.

Simons said the company is somewhere in the early stages,but is in the process of doing system evaluation and process evaluations."[S]o expect to make some progress on that this year and we expect to beprepared to implement DFAST ahead of time."

On the M&A side, company executives said that the boardis open to considering acquisitions that make sense and are priced right.

The company reported net income of $23.5 million, or 55cents per share, for the second quarter, compared to $19.4 million, or 45 centsper share, for the year-ago period.