BAC Florida Bank reports $20M in Q3 home loans

Miami /
Nov.November 01, 2013 03:00 PM

Riding the wave of market recovery, Coral Gables-based BAC Florida Bank, the namesake of the BAC Colonnade, produced $20 million in home loans in the third quarter, a sizable jump from $11 million one quarter prior.

The bank, located at 169 Miracle Mile, deals with loans for trade financing and foreign homebuyers. Asset quality was stronger, as apparent from the $25.9 million in noncurrent loans and $1.9 million in repossessed properties. Net interest income rose to $8.9 million from $8.6 million quarter-over-quarter. To reserve for future loan losses, the bank took a $250,000 expense, half of the $500,000 expense from the prior quarter.

As of late June, BAC Florida was the 11th largest bank headquartered in South Florida, its assets totaling $1.35 billion, the South Florida Business Journal reported.

In 2010, the bank weighed moving to Miami office building 1450 Brickell, but ultimately decided against it. The BAC Colonnade building sold for $81 million in July. [South Florida Business Journal]Mark Maurer


Related Articles

arrow_forward_ios
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
SecureSpace’s Nathan McElmurry with 2811 Coral Way
SecureSpace pays $23M for Coral Way self-storage facility
SecureSpace pays $23M for Coral Way self-storage facility
From left: Hines' Jef­frey Hines and Alfonso Munk; Nolan Reynolds International’s Charles Nolan Jr.; 54 Madison Partners’ CEO Henry Silverman; Nolan Reynolds International’s Brent Reynolds; and the Gables Station at 235 and 237 South Dixie Highway in Coral Gables (Hines, Getty Images, Nolan Reynolds International, Gables Station Miami)
Hines pays $430M for mixed-use Gables Station
Hines pays $430M for mixed-use Gables Station
A photo illustration of Asia Brickell Key (Getty Images, Google Maps/Ed Florez)
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Asia on Brickell Key tops Miami-Dade’s weekly condo sales
Nuveen Real Estate's Mike Sales with the Waterford Business District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
800 South Dixie Highway and Location Ventures ceo Rishi Kapoor (Location Ventures, Orduna Courts, Getty)
Location Ventures sells Coral Gables luxury student co-living building
Location Ventures sells Coral Gables luxury student co-living building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...