Press Releases (Net Profit$6.2)

Press Releases

MERCANTIL COMMERCEBANK REPORTS NET PROFIT OF $6.2 MILLION FOR THE FIRST QUARTER 2015

Bank exceeds $8 Billion in total assets

Coral Gables, FL (April 30, 2015)

Mercantil Commercebank, one of the largest banks headquartered in Florida, today announced a net profit of $6.2 million for the quarter ended March 31, 2015, and total assets of $8.1 billion, the first time the bank has exceeded $8 billion in total assets.

Net loans closed at $5.3 billion, 2.0 %above the previous quarter, and 10.6% above the same quarter last year. Real estate loans grew 4.8%from the previous quarter, and 27.7%over the last twelve months. Commercial and Industrial (C&I) loans increased 1.4%during the quarter, and 4.3% over the last twelve months. This performance reflects a continuation of the momentum seen in 2014 attributed to positive trends in the markets served by the Bank, and its desire to support economic development in key sectors, most notably the real estate sectors in South Florida and New York, and the Commercial sector in Houston.

Deposits closed at $6.4 billion, a 1.2% increase over the previous quarter, and 13.7%over the same quarter last year.

The Bank’s capital closed at $757.9 million, and its capital ratios continued to significantly exceed the regulatory benchmarks to be considered “well capitalized”. At December 31, the Bank’s Tier 1 Leverage Ratio was 9.3% and the Total RiskWeighted Capital Ratio was 12.5%.

Net interest income for the quarter was $42.9 million, slightly lower than the previous quarter. Operating profit for the quarter was $11.8 million.

The Bank maintains a significant portion of its assets, $2.5 billion or 30.6%, in short-term placements and a securities portfolio primarily comprised of U.S. Government Sponsored Enterprise bonds and high-quality corporate bonds. This high level of liquidity positions the Bank to continue supporting its lending activities.

“In the first quarter, we continued to grow our loan and deposit portfolios, and successfully launched a third banking center in Doral, our 16th branch in South Florida,” said Millar Wilson, Vice-Chairman and CEO of Mercantil Commercebank. “We also surpassed $8 billion in total assets, an example of our customers’ ongoing confidence and trust in the institution. We continuously strive to deliver an exceptional customer service experience across all the communities we serve by expanding our network of banking centers, offering personal and business banking products and services designed to meet the diverse financial needs of our growing customer base.”

Period ended:

($’s in millions)

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Total Assets

$8,109.0

$7,903.0

$6,898.1

Total Loans, net

$5,337.0

$5,232.9

$4,823.8

Allowance for Loan Losses

$    68.2

$     65.4

$     62.1

Non-accruing Loans

$     37.9

$     40.9

$     36.2

Repossessed Assets

$       5.0

$       3.0

$     10.0

Non-performing
Assets to Total Assets

0.53%

0.56%

0.67%

Non-accruing
Loans to Total Loans

0.70%

0.77%

0.74%

Total Deposits

$ 6,396.8

$ 6,318.3

$5,623.8

Capital

$   757.9

$   746.0

$   729.5

Quarter Results

Net Interest Income

$    42.9

$     43.4

$     37.1

Operationg Profit

$     11.8

$    14.3

$     11.2

Loan Provisions

$       2.0

$       2.6

$       2.1

Net Income

$       6.2

$       8.0

$       5.9

Return on Assets

0.39%

0.37%

0.34%

Year-to-date Results

Net Interest Income

$   158.7

Operationg Profit

$     48.9

Loan Provisions

$      8.0

Net Income

$     27.7

Return on Assets

0.38%

 

ABOUT MERCANTIL COMMERCEBANK:

Mercantil Commercebank N.A. is one of the largest banks in South Florida serving its community for over 30 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 85 years of experience. Mercantil Commercebank has assets of $6.9 billion. The Bank is headquartered in Coral Gables, Florida and has 19 Banking Centers – 15 located in South Florida; three in Houston, Texas; and one 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.