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Financial Reports


“I am very proud of the talent of my colleagues and the culture of BAC Florida. Our conduct is guided by our values of Trust, Respect, Balance, Teamwork and Innovation.

BAC_Julio-Rojas President and CEO
Julio Rojas / President & CEO


Dear Shareholders, Clients and Colleagues:

In many ways, 2018 was a milestone year. Just ten years ago, the financial industry and the U.S. economy faced the worst economic decline since the great depression. A decade later, the Banking industry is stronger. We have an enhanced regulatory environment and the U.S. economy is having one of its longest periods of economic growth, reaching the lowest unemployment levels in nearly 50 years. The market and its different participants are more resilient in an environment that is very much driven by technology and innovation.

2018 has been both an exciting year and a very good year for BAC Florida Bank. We celebrated the 45th anniversary of our Bank’s incorporation and the 5th anniversary of the launch of our digital banking division, which surpassed $250 million in deposits from clients across the United States. During our history, we have grown organically, delivering tailored solutions to our clients with a strong emphasis on personalized attention.

Today, BAC Florida is the 5th largest local Bank headquartered in South Florida, and I am pleased to report our 2018 financial results show a robust performance with solid financial and risk management fundamentals. Net profits after tax increased by 69% compared to 2017 and reached an all-time high of $29.4 million. Our performance was the result of quality growth in our clients’ businesses, delivering a 13% growth in our net operating revenues supported by a positive impact of the raise in interest rates, good asset quality and the Government tax reduction reform.

Our total Balance sheet at year-end of $2.23 billion grew 7% showing sound performance indicators including our asset quality, liquidity ratios, capital adequacy and efficiency levels. Profitability of the Bank was strong with a Return on Assets of 1.4% and a Return on Equity of 15.3%.

I am very proud of the talent of my colleagues and the culture of BAC Florida. Our conduct is guided by our values of Trust, Respect, Balance, Teamwork and Innovation. Our team’s expertise is strengthened by its diversity and our focus on risk management and regulatory compliance. The BAC Florida team represents origins from over 24 countries, with 60% of our total officers being women and over 35% of our colleagues with service tenure over 10 years. Our Innovation Council, represented by strong performing colleagues across the bank’s businesses and support functions, has provided valuable recommendations through open ideas campaigns, gathering over 100 initiatives to enhance our clients’ experiences and streamline our processes.

A key component of our culture is the support we provide to our neighborhoods and communities. Over 76 bank directors, officers and associates volunteered and participated in 55 community events and initiatives during 2018 in addition to the Bank’s investments in community development. We support and encourage colleague volunteerism and during 2018, we changed our policy to provide for paid time dedicated to community work.

I want to extend my appreciation and recognition to all our shareholders, clients and colleagues for their support and trust in BAC Florida. We are pleased to report that during our 45 years of operation, we continue to excel thanks to our key stakeholders. My gratitude to my fellow Directors for their guidance, commitment and valuable feedback in delivering another year of solid performance.

As we move forward towards 2019, we see many opportunities to continue to serve our clients and deliver sustainably to all our stakeholders. BAC Florida has a team with a proven track record, expertise and values which will continue to support our strong business fundamentals. South Florida remains an attractive investor destination and the State’s economy will continue to grow and benefit from its strong connectivity with Latin America and the global economies.