Mercantil Commercebank, one of the largest banks headquartered in Florida, today announced a net profit of $9.1million and total assets of $8.5 billion for the quarter ended September 30, 2016.
Real estate loans grew 7.1% from the previous quarter, and 34.3% over the last twelve months. This growth is the result of the Bank’s continued focus on economic development in key sectors where it does business, most notably the real estate sectors in South Florida; Houston, Texas; and New York.
Net loans closed at $5.7 billion. Deposits closed at $6.6 billion, 3.0% higher than the same quarter last year.
The Bank’s capital closed at $785.4 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 9.2% and the Total Risk Weighted Capital Ratio was 12.4%.
Net interest income for the quarter was $50.2 million, 8.9% higher than the same quarter last year. Operating profit for the quarter was $14.6 million, 67.8% higher than the same quarter last year.
The Bank maintains a significant portion of its assets, $2.3 billion or 27.8%, 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.
“We performed well during the third quarter of 2016, growing our assets with the addition of new loans supported by new deposits and other reliable funding sources,” said Millar Wilson, Vice-Chairman and CEO of Mercantil Commercebank. “One of the areas in which we continue to focus our resources and efforts is in increasing the customer service experience across all of our delivery channels. Last quarter our surveys showed high scores in fulfilling our customers’ banking needs and expectations. This quarter we proudly launched a new Personal Online Banking platform that offers customers easier navigation and provides access to new and enhanced features. We are grateful to our customers for their positive feedback and proud of our staff for their continued efforts to provide the type of customer service that is vital to our continued growth and success.”
ABOUT MERCANTIL COMMERCEBANK
Mercantil Commercebank N.A. is one of the largest banks in South Florida serving its community for over 35 years. Mercantil Servicios Financieros (MSF), a Venezuelan 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 Commercebank 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 1 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 Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit www.mercantilcb.com.
