BAC Florida Bank

Financial Reports

Financial Reports

ANNUAL REPORT 2015

Message from the President and CEO

BAC Florida Bank had excellent performance during 2015. Our Private Banking & Wealth Management, Residential Real Estate, and Corporate & Institutional banking businesses continued to grow, mainly with clients from Latin America, reaffirming the attractiveness of Florida for affluent clients from
the region. The Bank expanded the U.S. footprint with “My e-BAnC”, BAC Florida’s Virtual Branch which caters to customers that are U.S. citizens or residents. As of December 31, 2015 My e-BAnC was providing services to 675 customers from 45 states with deposits of over $ 118.5 million, up from $ 52 million at the end of 2014

Net profits reached $12.7 million, compared to $10.8 million in 2014, despite the continuous pressures on interest margins due to the Federal Reserve’s low interest rate policy. The “Uniform Bank Performance Report” from the Federal Financial Institution Examination Council shows that on December 31, 2015 our key
financial indicators generally beat averages for Florida banks with assets between $500 million and $2.0 billion.

Total assets grew by 10% to $1.773 billion and total loans grew by 9.5% to $ 1.387 billion, while total deposits increased by 11.5% to $ 1,422 million. The Bank’s liquidity remains strong: cash, cash equivalents, marketable securities and short term loans to invest- ment grade banks were $ 356 million as of December 31, 2015.
In addition, we had approximately $ 378 million in available lines from the Federal Home Loan Bank. This strong liquidity position is more than adequate to cover any contingent adverse flows in funding, particularly as the Bank has never issued any commer- cial paper, subordinated debt or bonds.

BAC Florida Bank’s capital position also continues to be strong. The Bank ended the year with a Tier I Capital ratio of 8.42% and a Total Capital ratio of 15.8%, for which the Bank is classified as a “Well Capitalized Bank” under standard guidelines from the
Federal Deposit Insurance Corporation that require a minimum of 5% for Tier I Capital ratio and 10% Total Capital ratio.

Our entire team: Shareholders, Board of Directors, Senior Management and Employees, is
committed to providing our clients with excellent service while continuing to manage and control risk prudently and ensure compliance
with applicable Federal and State laws and regulations.

Frank D. Robleto

President and CEO


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