Miami, FL (PRWEB) May 01, 2014
Sabadell United Bank today reported net income of $9.5 million for the quarter ended March 31, 2014. This represents an increase of 44% over the Bank’s earnings of $6.6 million from the same period last year.
The Bank reported $4 billion in assets as of March 31, 2014, having grown 11% compared to the same quarter a year ago, while maintaining a high liquidity level and strong core operational earnings. The bank’s total gross loan portfolio reached $2.8 billion, up 28% from the same period last year, and deposit balances reached $3.3 billion, up 5% from the same period last year.
The bank’s year-end Tier 1 risk-based capital ratio was 16.66 percent and its Tier 1 to average assets ratio was 10.94 percent, well above the FDIC standards for a well-capitalized bank of 6.00 and 5.00 percent, respectively.
“We began another solid year with steady loan and deposit growth while maintaining strong capital ratios,” said Mario Trueba, President and CEO. He added, “We always prioritize excellent client service and this has fueled our consistent organic growth. We expect regulatory approval in the second quarter for our previously announced acquisition of JGB Bank and we look forward to welcoming their clients and employees to Sabadell.”
Sabadell United Bank is a locally-managed, nationally-chartered banking institution with 23 locations throughout Florida, serving more than 35,000 clients. It is recognized as the trusted financial advisor for professionals and businesses as well as high-net-worth individuals. Sabadell consistently ranks as one of the most well capitalized banks in the state and is rated 5 stars by Bauer Financial for its financial stability. The bank’s devotion to its clients is matched by its commitment to the local community which is visible through its extensive charitable and civic involvement.
Sabadell also has a Branch of Banco de Sabadell S.A. (Spain) that operates in Miami as a full International Branch. The International Branch provides a wide range of banking services via its two lines of business, International Corporate and Private Banking. Sabadell’s International Branch currently manages $4.3 billion in client assets and $1.5 billion in loans. Together, Sabadell United Bank and Sabadell’s International Miami Branch manage $8.2 billion in client assets.