Mercantil Bank Reports Net Profit Of $12.0M For The Q2 Of 2017

8/4/17

Mercantil Bank, the fourth largest commercial bank headquartered in Florida and among the top 2% of banks in the nation ranked by asset size, today announced a net profit of $12.0 million and total assets of $8.5 billion for the quarter ended June 30, 2017.

Net interest income for the quarter was $53.3 million, 5.1% higher than the same quarter last year. Operating profit for the quarter was $21.3 million, 29.1% higher than the same quarter last year.

The Bank experienced strong loan growth during the second quarter. Real estate loans grew by 6.2% during the quarter and 21.8% over the last twelve months. This growth is the result of the Bank’s continued focus on economic development in its key target markets, most notably the real estate sectors in South Florida, Houston, TX, and New York.

The Bank’s capital closed at $794.9 million, and its capital ratios continue to significantly exceed the regulatory benchmarks to be considered “well capitalized.” At June 30, the Bank’s Tier 1 Leverage Ratio was 9.4% and the Total Risk Weighted Capital Ratio was 12.1%.

The Bank maintains a significant portion of its assets, $2.0 billion or 23.9%, in highly liquid short-term placements and a securities portfolio primarily comprised of bonds issued or guaranteed by U.S. Government Agencies and Sponsored Enterprises and high-quality corporate bonds. This high level of liquidity positions the Bank to continue supporting its lending activities.

“A strong focus on commercial real estate within our key markets, has allowed us to grow this portfolio by almost 22% over the past twelve months,” said Millar Wilson, Vice-Chairman and CEO of Mercantil Bank. “We are increasingly recognized for our expertise in both real estate lending and commercial & industrial (C&I) loans, allowing individuals and businesses to meet their financial needs in these two key growth arenas.”

Period Ended:

Jun 30, 2017 Mar 31, 2017 Jun 30, 2016
TotalAssets $ 8,543.1 $ 8,382.0 $ 8,296.7
TotalLoans, net $ 5,994.7 $ 5,798.9 $ 5,442.8
AllowanceforLoanLosses $ 82.7 $ 79.4 $ 73.5
Non-accruingLoans $ 54.4 $ 61.7 $ 59.3
RepossessedAssets $ 0.4 $ 0.4 $ 0.2
Non-performingAssetsto
Total Assets 0.64% 0.74% 0.72%
Non-accruingLoanstoTotalLoans 0.90% 1.05% 1.08%
TotalDeposits $6,641.6 $6,597.5 $ 6,499.5
Capital $ 794.9 $ 780.0 $ 780.0
Quarter Results
NetInterestIncome $ 53.3 $ 50.2 $ 50.8
OperatingProfit $ 21.3 $ 15.9 $ 16.5 11.814
LoanProvisions $ 3.6 $ 4.1 $ 5.0 2.64.9.1
NetIncome $ 12.0 $ 8.1 $ 9.1
ReturnonAssets 0.48% 0.38% 0.34%
Year-to-DateResults
NetInterestIncome $ 103.5
.$ 199.0
$ 63.7
$ 20.3
$ 31.0
0.38%
$ 98.4
OperatingProfit $ 37.2 $ 30.1
LoanProvisions $ 7.7 $ 10.8
NetIncome $ 20.1 $ 13.9
ReturnonAssets 0.43% 0.35% % 5%%
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($’sinmillions)

MERCANTIL BANK:

Mercantil Bank, N.A. is one of the largest banks in South Florida serving its community for over 35 years. Mercantil Servicios Financieros (MSF), a Venezuelan holding company, beneficially owns the Bank through U.S. bank holding companies. MSF is the largest provider of financial services in Venezuela with more than 90 years of experience. Mercantil Bank has assets of $8.5 billion. The Bank is headquartered in Coral Gables, Florida and has 22 Banking Centers - 15 located in South Florida and 7 in Houston, Texas, as well as a loan production office in Manhattan, New York. The Bank offers a wide variety of domestic, international, personal and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Investment Services, Inc. and Mercantil Trust Company, N.A. For more information, please visit www.mercantilcb.com.

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