Report 2018 first quarter profit of $2.0 million

U.S. Century Bank (USCB), one of the largest Hispanic-owned community banks in Florida, today announced net income of $2.0 million for the quarter ended March 31, 2018. Profits were up from $1.9 million reported in the first quarter of 2017. Performance enhancement resulted from loan and deposit growth, as well as improving asset quality and increasing interest rates.

Key Results for First Quarter 2018:

Tier 1 and total capital continued to be above regulatory minimums for the Bank to be considered “well capitalized” as of March 31, 2018.

Total assets reached $1.1 billion, the highest level since 2013. Continued improvement in credit quality and a $1.5 million decline in non-performing assets during the quarter drove the increase. During the quarter, total loans rose to $802.9 million, a 6.3 percent increase, and total deposits were up $76.5 million or 9.3 percent, to $899.0 million, as compared to December 31, 2017. Compared to first quarter performance in 2017, total loans rose by $75.2 million or 10.3 percent, and total deposits increased by $102.8 million or 12.9 percent.

“We are managing growth to achieve a responsible and sustainable pace,” stated Luis de la Aguilera, President and CEO. “We are very pleased that our business plans to execute on our strategic priorities are generating solid financial results.”

“Our focus is to deliver excellence and banking experiences that exceed our customers’ expectations and drive organic growth,” commented U.S. Century Chair, Aida Levitan, Ph.D. “Financial results demonstrate that we are achieving our goal.”

De la Aguilera added: “Streamlining operations and optimizing our brick-and-mortar distribution channels continue to contribute to profitability and add value to the service we provide to our loyal customers. I’m especially proud of our employees. Even as we grew our assets during the quarter, our focus on managing expenses allowed us to decrease our expenses by 4.4% from the first quarter of 2017.”

Banking centers are staffed to meet increasing loan demand from commercial, industrial and real estate business sectors. Commercial mortgage and working capital loan programs backed by the Small Business Administration provide customers with alternative financing options. Specialized divisions with dedicated bankers service the high concentration of homeowners associations and law firms within and beyond the Bank’s footprint.

Interest earned on loans increased $1.1 million or 14.8 percent, to $8.6 million compared to last year’s first quarter due to loan growth and higher interest rates. Total interest income was up $1.5 million or 17.5 percent, to $9.9 million for the same period.

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 more than $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.