TotalBank reports first quarter earnings drop

TotalBank on Wednesday reported a 22 percent decline in first quarter net income to $2.25 million, compared to $2.9 million in the same period of 2013.

During the first quarter, net loans increased $61 million for an annualized growth rate of 16 percent, led by a $36 million increase in residential loans. Total deposits increased by $17 million for the quarter and $60 million year-over-year, the Miami-based bank said.

TotalBank has $2.5 billion in assets and 21 branches in Miami-Dade County. The bank is part of GrupoBanco Popular Español, one of the largest banking groups in Spain.

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