Sunrise Bank Reports Strong Profits
COCOA BEACH, Fla.--(BUSINESS WIRE)--Sunrise Bank reported net income before taxes of $638 thousand for the six months ended June 30, 2014 which represents an increase of 18% above the first six months of 2013. Net interest income was $2.00 million during the first six months of 2014, up 7.8% from the comparable period of 2013. The Bank recorded tax expense of $240 thousand in 2014 versus a tax credit of $1.3 million in 2013. This equates to a return on average assets of 0.72% and 3.47%, and a return on average equity of 6.74% and 38.55% for the six month periods ended June 30, 2014 and 2013 respectively.
The Bank reported total assets of $111.1 million, total loans of $70.7 million, total deposits of $96.1 million and total capital of $11.8 million at June 30, 2014 up from total assets of $106.1 million, total loans of $67.6 million, total deposits of $92.1 million and total capital of $10.9 million at December 31, 2013. Total non-interest bearing deposits increased 32% to $16.9 million at June 30, 2014 from $12.8 million at December 31, 2013.
The bank continues to successfully resolve troubled assets. The Bank’s Texas ratio improved to 18% at June 30, 2014 from 34% at December 31, 2013 and total non-performing assets reduced to $2.4 million or 2.16% of total assets, at June 30, 2014 from $3.6 million or 3.39% of total assets, at December 31, 2013.
“We are very proud to have, for a second year running, earned a spot on the American Bankers Association nationwide list of highest performing, non-S-Corp banks between $100 million and $1 billion in assets. Sunrise Bank ranked #21 for return on average equity and #15 for return on average assets in 2013. Also, thanks to the efforts of Paul Johnson we continue to successfully resolve assets that became troubled during the economic downturn as is reflected in the continued improvement in our Texas ratio,” said President Kevin Sacket.
“As a community bank with a strong local board of directors, Sunrise Bank worked diligently through a historic economic downturn. We raised capital when needed to strengthen our bank and we worked closely with our customers to help stabilize and bring increased prosperity to our community. All our hard work is showing very positive results for our bank and our customers,” said Ward Kellogg, Chairman.