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Financial Reports


“Key success factors
of our performance
are our values-based
culture and dedication
to client service.”

BAC_Julio-Rojas President and CEO
Julio Rojas / President & CEO
BAC Florida Bank Annual Report 2017 cover


Dear Shareholders, Clients and Colleagues:

During 2017, we successfully completed the CEO management transition and aligned our strategy on four pillars; delivering sustainable growth, a culture of risk management, continuously innovating and achieving diversification by leveraging on our expertise.

We made great progress in delivering in all four strategic pillars and as a result, we had strong financial performance during 2017. Our net operating revenue reached $69.9 million and was up 11.8%, thanks to the solid performance from all our client business lines. Our after-tax profits of $ 17.3 million, representing a growth of 18% from 2016, were supported by strong risk management as evidenced by our robust asset quality and controls. Our focus on innovation, through the digital transformation of the organization, improved our clients’ experience, resulted in a higher return on equity for our shareholders and good efficiency ratio.

The Bank’s liquidity and funding sources remain strong and diversified. Our total capital ratio to risk weighted assets at 14.96% and our Tier One Capital growth at 9.85% are better than the average of our peer group of Banks.

Our commitment to giving back to the community and helping those in need was strong, supported by many colleagues who graciously volunteered their time and our partnerships with many civic charitable organizations. During 2017, we started a hurricane relief program to help low income families impacted by Hurricane Irma, addressing specific needs in our local community.

As we enter 2018, we recognize many opportunities to continue to support our clients. We have a proven expertise and track record in the area of Real Estate financing, a sector which continues to attract foreign investment. Our Corporate and Institutional clients continue to benefit from our trade finance and cash management solutions in a growing global economy. By protecting and growing our Private Banking clients’ wealth, we continue to earn their trust and build cross-generational relationships.

Our investment in the Bank’s digital transformation and new technologies such as, artificial intelligence and blockchain, will continue to improve our clients’ experience and the productivity of our Banking franchise.

In closing, I want to thank all our clients and colleagues, our Board of Directors and shareholders for their continued support and trust they have shown to BAC Florida Bank.