Sabadell United Bank Reports $30 Million in Net Income for the Year Ended December 31, 2012
MIAMI--(BUSINESS WIRE)-- Sabadell United Bank reported today net income of $5.8 million for the last quarter ended December 31, 2012. Year to date, the bank has reported net income of $30 million, 50% more than the $20 million in net income reported for the same period last year.
Sabadell United Bank reported $3.7 billion in assets as of December 31st. The bank's total loan portfolio was $2.2 billion at the end of 2012, up 14 percent from $1.9 billion a year earlier. Deposit balances were $3.2 billion, up 14 percent from $2.8 billion a year ago.
Sabadell United Bank's fourth-quarter Tier 1 risk-based capital ratio was 17.58 percent and its Tier 1 to average assets ratio was 10.39 percent, well above the FDIC standards for a well-capitalized bank of 6 and 5 percent, respectively.
"We achieved strong results in 2012 while improving our already solid balance sheet," said Mario Trueba, President and CEO. "Our performance this year is a testament to our bank's dedication to client service and our practice of maintaining ample capital reserves." He added that, "during 2012, we fully integrated our most recent acquisition, forming our wealth management division Sabadell Bank and Trust, while reinforcing our commercial structure and undertaking strategic steps to become more efficient. We expect to continue growing organically and through acquisitions next year."
Sabadell United Bank, headquartered in Miami, Florida, is a locally-managed, nationally-chartered banking institution. The bank has 23 locations throughout the state, serving over 35,000 clients, and is the sixth largest bank in Florida by deposits. Bauer Financial Reports recognized the financial strength of the bank by awarding it a five-star rating, the highest available. Sabadell United Bank is recognized as the trusted financial advisor for professionals and businesses as well as domestic and international high-net-worth individuals.
Wragg & Casas Public Relations
Jeanmarie Ferrara, 305-372-1234
KEYWORDS: United States North America Florida
The article Sabadell United Bank Reports $30 Million in Net Income for the Year Ended December 31, 2012 originally appeared on Fool.com.
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