Miami-based Sabadell Bank & Trust reported improved results for 2012, despite a weak fourth quarter.
For the quarter ended Dec. 31, profits fell to $5.8 million, from about $6.6 million for the same period of 2011. Still, for the year, net income climbed 50 percent, from $20 million in 2011 to $30 million in 2012, according to a release from the bank.
The bank’s loan portfolio stood at $2.2 billion at the end of 2012, up 14 percent from $1.9 billion a year earlier. Deposit balances also rose 14 percent, from $2.8 billion to $3.2 billion. Sabadell is the sixth-largest bank in Florida by deposits, the release states.
“During 2012, we fully integrated our most recent acquisition, forming our wealth management division Sabadell Bank & Trust, while reinforcing our commercial structure and undertaking strategic steps to become more efficient,” Mario Trueba, president and CEO, said in a statement.
He referred to the August 2011 acquisition of Lydian Private Bank, creating Sabadell Bank & Trust. The division has offices in Miami, Palm Beach, North Palm Beach, Sarasota and Naples.
Sabadell United Bank, whose parent is the international Banco Sabadell, reported assets of $3.7 billion as of Dec. 31. It has 23 locations throughout the state serving more than 35,000 clients.