MIAMI--(BUSINESS WIRE)--Sabadell United Bank reported today net income of $5.7 million for the third quarter ended September 30, 2012. Year to date, the bank has reported net income of $24.2 million, more than double the $10.8 million in net income reported for the same period last year.
Sabadell United Bank’s 2012 third-quarter net income of $5.7 million compares with a 2011 third-quarter net income of $4.0 million, and a 2012 second-quarter net income of $8.9 million (which included some one-time items). Sabadell United Bank reported $3.7 billion in assets as of September 30th. The bank’s total loan portfolio was $2.2 billion at the end of the third quarter, compared to $1.9 billion a year earlier. Deposit balances were $2.9 billion, up from $2.7 billion a year ago.
Sabadell United Bank’s third-quarter Tier 1 risk-based capital ratio was 17.95 percent and its Tier 1 to average assets ratio was 10.43 percent, compared with the FDIC standards for a well-capitalized bank of 6 and 5 percent, respectively.
“We are pleased with our third-quarter results as well as the overall strength of our balance sheet,” said Mario Trueba, President and CEO. “We believe that our bank’s outstanding capital ratios and commitment to providing great service have resonated with our clients and in the market. We remain focused on achieving prudent loan growth and on providing first-rate service to our depository and wealth management clients. We are confident that we have the team and strategy in place to continue expanding.”
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.