Miami, FL (PRWEB) November 04, 2015
Today Sabadell United Bank reported net income of $7.7 million for the quarter ended September 30, 2015, a 48% increase from the $5.2 million earned during the third quarter of 2014. For the nine month period ended September 30, 2015, the bank’s net income totaled $22.7 million, up 25% from the $18.2 million netted during the same period in 2014, after excluding nonrecurring gains and expenses primarily due to the acquisition of JGB Bank in 2014.
Sabadell reported $5 billion in assets as of September 30, 2015, having grown 9% 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 $3.6 billion, up 13% from the same period last year, and deposit balances reached $4 billion, up 12% from the same period last year.
“Our third quarter earnings show a stable income path for the year and our organic growth is in line with our strategy and projections. We have had a solid first nine months of the year with steady loan and deposit growth. Our goals of focusing on developing close relationships with our clients and excellent service continue to be vital to our ongoing success,” said Dwight Hill, President of Sabadell United Bank.
The bank’s quarter-end Common Equity Tier 1 capital ratio (“CET1”) and Tier 1 capital ratio were both 13.73%, Tier 1 leverage ratio was 9.74%, and total capital ratio was 14.99%, well above the FDIC standards for a well-capitalized bank of 6.50, 8.00, 5.00 and 10.00%, respectively. “We are pleased to have maintained our strong capital ratios while continuing to increase our deposit and loan portfolios,” said Mario Trueba, CEO of Sabadell United Bank.
Sabadell United Bank, N.A. is a locally managed, nationally chartered banking institution that serves over 40,000 clients through its branch network in Florida. Professionals, businesses, as well as high-net-worth individuals look to Sabadell as their trusted financial advisor. Sabadell United Bank consistently ranks as one of the well-capitalized banks in the state and is rated 5 stars by Bauer Financial for its financial stability. Sabadell’s Florida operations include Sabadell United Bank, its wealth management division, Sabadell Bank & Trust, and Banco Sabadell – Miami Branch, an international branch of its parent company, Banco Sabadell. Sabadell currently manages more than $16 billion of business volume in Florida. Since 2007, Sabadell has grown its presence in Florida over twelvefold in terms of business volume.