Miami, Florida (PRWEB) November 03, 2014
Sabadell United Bank today reported a net income of $4.4 million for the quarter ending on September 30, 2014. The bank has earned a total of $19.9 million year to date which is 18 percent higher when compared to same period last year, after excluding an extraordinary tax benefit booked in 2013.
The bank reported $4.6 billion in assets as of September 30, 2014, having grown 22 percent compared to one year ago, while maintaining a high liquidity level and strong core operational earnings. The bank’s total gross loan portfolio reached $3.1 billion and deposit balances reached $3.2 billion, up 36 percent and 18 percent from the same period last year, respectively.
The bank’s third quarter Tier 1 risk-based capital ratio was 13.78 percent and its Tier 1 to average assets ratio was 9.41 percent, well above the FDIC standards for a well-capitalized bank of 6.00 and 5.00 percent, respectively.
“In July, we completed the acquisition of JGB Bank and welcomed many new colleagues and clients to the Sabadell family. We now have four new banking centers to provide greater convenience to our clients,” said Mario Trueba, President and CEO. He added, “Our overall business volume was strong and the earnings met our expectations after factoring in one-time expenses due to the acquisition and integration of JGB. This acquisition, coupled with our organic growth in loans, deposits and wealth management clients, positions us well for further business expansion.”
Sabadell United Bank is a locally-managed, nationally-chartered banking institution with 27 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 $1.8 billion in loans. Together, Sabadell United Bank and Sabadell’s International Miami Branch manage $9 billion in client assets.