Profits reach $4.0 million for first six months of 2017
U.S. Century Bank (USCB) one of the largest Hispanic owned community banks in Florida, today announced net income of $2.1 million for the quarter ended June 30, 2017 compared to a loss of $0.8 million for the quarter ended June 30, 2016. For the six months ended June 30, 2017, the bank reported net income of $4.0 million, an improvement of $3.8 million from net income of approximately $0.3 million for the six months ended June 30, 2016.
For the second consecutive year, results for the first six months outperformed the same period of the prior year.
|Six Months Ended|
|(in 000's)||June 30, 2017||June 30, 2016|
|Total Loans, net||$708,066||$702,079|
USCB’s Tier 1 and total capital remain stronger than required by regulators to be a “well capitalized” bank.
“This quarter marked the fifth consecutive profitable quarter and is great evidence of the progress USCB has made. Our results are attributed to continued improvement in credit quality, operational efficiencies and the ongoing success of recently introduced business strategies targeting high potential market segments and attracting new business from our optimized branch footprint,” stated Luis de la Aguilera, President and CEO of U.S. Century Bank.
For the quarter, deposits increased $13.2 million, bringing total deposits to $809.4 million. Net loans decreased to $708.1 million.
“The bank generated strong loan production during the quarter while resolving our legacy problem loans. I am pleased to announce that the vast majority of these legacy loans are behind us as demonstrated by our ratio of non-performing assets to total assets dropping to 0.40% as of June 30, 2017. In addition, I am pleased to report that we no longer have any OREO properties. Our repositioning is complete and we are well poised for continued growth and increased profitability,” noted de la Aguilera.
In the past six months, the Board expanded to six members, and in May, appointed Dr. Aida Levitan, Ph.D., as chairman of the board, succeeding Alex Acosta who resigned to serve as U.S. Secretary of Labor. The board welcomed the addition of Ramón A. Abadin, an attorney and partner at Sedgwick LLP, an international litigation and business law firm in Miami; and Bernardo B. Fernandez, Jr., M.D., Chief Executive Officer of Baptist Health Medical Group.
“We are pleased with the growth of the bank and the results of the first two quarters. The addition Ray Abadin and Dr. Bernie Fernandez to the Board have been positive developments for USCB as they are both highly regarded in their professional fields,” stated Dr. Levitan, Chairman of the Board.
The Bank’s new programs, such as the Jurist Advantage focused on professionals and U.S. Century’s Community Association Banking Initiative geared toward assisting homeowners associations, are expanding USCB’s reach. The SBA lending program and the expansion of the residential product line to include a full range of products geared toward first-time home buyers, international purchasers and investors have also expanded the business model.
“We are looking forward to the many opportunities which lie ahead as we move into the second half of the year,” said de la Aguilera.
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 13 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.