Melisa ChantresU.S. Century Bank (USCB), one of the largest Hispanic-owned community banks in Florida, today announced net income of $2.2 million for the year-end as of December 31, 2016. The results are a significant improvement from the prior year’s loss of $5.8 million.
|
|
Year Ended December 31 |
|
| ($ in 000’s) | 2016 | 2015 |
| Net Income (loss) | $ 2,200 | $ (5,800) |
| Net Interest Income | 30,207 | 28,311 |
| Total Assets | 990,128 | 910,252 |
| Total Loans | 725,951 | 703,632 |
| Total Deposits | 782,987 | 785,319 |
| Non-performing Assets | 15,605 | 38,886 |
The Bank’s capital ratios remain stronger than required by regulators to be designated a well-capitalized bank.
“Results mark the first year of positive earnings for U.S. Century Bank since 2008,” stated Luis de la Aguilera, president and CEO, who assumed his role to lead the bank late December 2015. “It’s exciting news for our shareholders and employees whose commitment and hard work drove performance.”
By nearly every measure reported on December 31, 2016, performance improved or remained relatively stable compared to last year. Improvements in credit quality and a reduction in non-performing assets from $38.9 million to $15.6 contributed to an increase in interest income and moderate growth of the loan portfolio. At 2016 year-end, OREO properties were reduced to $5.0 million, the lowest level in the last seven years.
“We are confident that we have the right strategies in place for continued growth and profitability,” said Alex Acosta, chairman of the board. “Our new business model is repositioning the bank for continued growth and profitability.”
Locations have been consolidated to gain efficiencies and distribute resources to the markets that present the most opportunities. Branch sales and marketing plans are rooted in local market plans and activities geared to the needs of residents and businesses.
“Our local market approach is already paying off,” said de la Aguilera. “Deposit strategies in key markets, the launch of a new residential mortgage product line and a program designed specifically for law firms, their partners and staff contributed to loan growth and the attraction of new deposit relationships.”
In April, banking regulators demonstrated a renewed confidence in the Bank. The Federal Deposit Insurance Corporation (FDIC) and the Office of Financial Regulation (OFR) terminated the Consent Order issued in June 2011. The decision lifts restrictions that limited the Bank’s historical growth.
“Our plan is to continue the momentum we built this past year,” added de la Aguilera. “We have the employees, market and right business focus to make it happen. We are optimistic about what’s ahead.”
About U.S. Century Bank
Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest Hispanic-owned community banks in the state, with assets of almost $1 billion. Through its network of 15 branch locations and its online banking platform, it offers its customers a wide range of financial products and services. U.S. Century Bank has received awards and accolades from numerous organizations for its philanthropic support and leadership, including the Beacon Council, Greater Miami Chamber of Commerce, South Florida Hispanic Chamber of Commerce, Latin Builders Association, March of Dimes and others. For more information or to find a U.S. Century branch near you, please call (305) 715-5200 or visit www.uscentury.com.
