Sunrise Bank Reports Second Outstanding Year
COCOA BEACH, Fla.--(BUSINESS WIRE)--After finishing 2012 with a record net income of $2.1 million in net earnings Sunrise Bank is reporting another record year with net income of $2.4 million for 2013. The Bank generated an annual return on average assets of 2.23% and a return on average equity of 23.35% for 2013. These income results placed the Bank among the highest performing banks in the nation for 2012 and will place the Bank solidly among the highest performing banks in the nation again this year.
“We look optimistically toward 2014 being another great year for Sunrise Bank. We plan to continue the operations that are now producing a strong monthly core profit, and expand our recently activated Small Business Lending (SBA) and residential lending programs”
Sunrise Bank finished the year with $106 million in total assets including $68 million in loans, $25 million in investment securities and $6.7 million in interest bearing bank balances. The Bank has $92 million in deposits and $10.9 million in capital. The Bank finished the year with a tier one leverage capital ratio of 9.62% and a total risk based capital ratio of 16.30%. These capital ratios far exceed the 5% and 10% minimum ratios respectively, to be considered well capitalized under regulatory statutes.
Ward Kellogg, Chairman of Sunrise Bank said “Our Board of Directors and staff worked diligently to bring Sunrise Bank to this strong and profitable position. We are very pleased to have the financial performance recognized as a result of all our hard work and dedication.”
“We look optimistically toward 2014 being another great year for Sunrise Bank. We plan to continue the operations that are now producing a strong monthly core profit, and expand our recently activated Small Business Lending (SBA) and residential lending programs,” said President Kevin Sacket.
Sunrise Bank is a Florida chartered, Federal Reserve member bank with its main office in Cocoa Beach, Florida and the first two fully mobile branches in the state of Florida.