Miami-based TotalBank on Wednesday reported sharply higher third-quarter earnings with net income of $4.05 million, an 81 percent increase compared to the same period of 2014.
The bank generated $109 million in new loans during the quarter, meaning its loan portfolio increased by $31 million after accounting for loans that have been paid off, refinanced or otherwise taken off the books. Total deposits rose to $101 million, a 5 percent increase year over year.
“TotalBank continues to deliver consistent, steady results quarter after quarter while focusing on deposit generation and diversified loan growth,” said TotalBank president and CEO Luis de la Aguilera.
The bank has a 5-star rating from Bauer Financial.
Miami Herald staff writer Nicholas Nehamas contributed to this report.