TotalBank reports profitable second quarter

TotalBank reported a strong first half of 2015, with net income growing by 46 percent year-over-year.

The Miami-based bank’s net income for the quarter that ended June 30 was $3.9 million, up from $3.7 million in the first quarter of 2015 and $3 million in the second quarter of 2014.

Loans grew to about $1.9 billion over the second quarter, up 11 percent year-over-year. Most of the growth came from residential lending, TotalBank said. Deposits also increased to about $1.9 billion over the same period, up 7 percent year-over-year.

“We are pleased with the strong momentum we sustained for the second quarter with growth in loans and deposits,” bank president and CEO Luis de la Aguilera said in a statement. “This positions us for continued growth, and we anticipate a solid performance for the second half of the year.”

The Federal Deposit Insurance Corporation recently gave TotalBank a “satisfactory” rating for its community lending performance. The bank, which reported assets of $2.7 billion for the quarter and has a five-star rating from Bauer Financial, has 19 locations in Miami-Dade County. It has been owned by Grupo Banco Popular Español since 2007.

This story was originally published July 30, 2015 at 3:27 PM with the headline "TotalBank reports profitable second quarter."