Miami’s TotalBank reports results


TotalBank reported net income of $12.8 million for 2013, down from $52.5 million in the prior year, due to the recognition of the bank’s deferred tax assets as of Dec. 31, 2012, which resulted in a one-time tax benefit of $41 million in the fourth quarter of 2012.

The Miami bank reported $19.3 million in pre-tax income 2013, up 71 percent from $11.3 million in 2012.

TotalBank has more than $2.5 billion in assets and 21 locations throughout Miami-Dade County. The bank is a member of Grupo Banco Popular Español, one of the largest banking groups in Spain.

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