U.S. Century Bank on Thursday reported a first quarter profit of $517,372, tripling its profit from $129,000 in the first quarter of 2013, which was its last profitable quarter.
The Doral-based bank said its latest results were driven by sales of real estate owned and non-performing loans, as management has aggressively focused on reducing delinquent loans, non-performing loans and REO properties since the last quarter of 2012.
Loans 30 – 89 days delinquent, a leading indicator for non-performing loans, was .11 percent at March 31, compared to 1.68 percent at March 31, 2013. U.S. Century said it generated $21 million in new loans during the first quarter, compared to $12 million in the first quarter of 2013. At March 31, 2014, it had in $706 million in total loans.
U.S. Century Bank has 22 branches and nearly $1 billion in assets.
The bank said it is currently pursuing options for an infusion of capital.