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
Bar Invest Group CEO Jacques Barbera and MV Group USA CEO Manny Varas with 440 Costanera Road (Bar Invest Group, MV Group USA)
Builder sells his Cocoplum home to Bar Invest CEO for $16M
Builder sells his Cocoplum home to Bar Invest CEO for $16M
John Ruiz with 530 Arvida Parkway (LPG for One Sotheby’s International Realty, John Ruiz)
Fresh off Lionheart SPAC merger, John Ruiz drops $25M on Gables Estates mansion
Fresh off Lionheart SPAC merger, John Ruiz drops $25M on Gables Estates mansion
 Shoma Group CEO Masoud Shojaee and his company's headquarters at 201 Sevilla Avenue in Coral Gables (Shoma, Google Maps)
Shoma Group HQ faces foreclosure over allegedly unauthorized construction: lawsuit
Shoma Group HQ faces foreclosure over allegedly unauthorized construction: lawsuit
Rendering of the Legacy Hotel & Residences and exam room (Legacy Hotel & Residences)
Lease roundup: Blue Zones to run Legacy Hotel & Residences health and wellness hub at Miami Worldcenter & more
Lease roundup: Blue Zones to run Legacy Hotel & Residences health and wellness hub at Miami Worldcenter & more
South Miami-Dade developer Wayne Rosen sells waterfront Coral Gables home for $7M
South Miami-Dade developer Wayne Rosen sells waterfront Coral Gables home for $7M
South Miami-Dade developer Wayne Rosen sells waterfront Coral Gables home for $7M
Allen Morris and Spencer Morris with renderings of Ponce Park Residences in Coral Gables (Oppenheim Architecture)
That’s a hard no: Coral Gables board rejects Allen Morris development near The Plaza megaproject amid public outcry
That’s a hard no: Coral Gables board rejects Allen Morris development near The Plaza megaproject amid public outcry
915 and 920 Palermo Avenue in Coral Gables
Shoma Group co-founder picks up Coral Gables apartment complex for $8M
Shoma Group co-founder picks up Coral Gables apartment complex for $8M
Medical Properties Trust CEO Edward K. Aldag, Jr. with North Shore Medical Center (WikiMedia via John Nuno)
Medical Properties Trust expands South Florida portfolio with $276M buy
Medical Properties Trust expands South Florida portfolio with $276M buy
arrow_forward_ios

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

Loading...