Florida-based Gibraltar Private Bank and Trust recorded a net income loss of $708,000 for the second quarter, following a net income profit of $167,000 for the first three months.

The second quarter fall into the red comes following unsuccessful merger talks with Miami-headquartered TotalBank, reports the South Florida Business Journal.

The firm's assets under management in its private wealth management division fell from $548 million in the first quarter to $540 million in the three months to June 30.

Total assets dropped 3.7 per cent from $1.62 billion in the first quarter to $1.56 billion at the end of June. Net interest income fell slightly from $12.1 million in the first quarter to $12 million. The bank had a Tier 1 leverage capital ratio of 8.16 percent and a total risk-based capital ratio of 14.15 percent.