Growth, Liquidity, New Offerings and New Corporate Sponsorship
MIAMI, FL (November 2, 2016) – Brickell Bank’s Chairman and CEO, G. Frederick Reinhardt announces that the bank has closed Q3 on a positive note and continues to move forward with growth in residential real estate lending and Trade Finance. We have ample liquidity, new retail offerings and new corporate sponsorships.”
“We ended the quarter with approximately $503.5 million in total assets and our capital ratio remains above the well-capitalized levels. Our net interest income is 4% higher than the same period in 2015 with earning assets, (loans and investments) increasing by 12% from September 30, 2015 and deposits remaining steady year over year,” says Reinhardt.
Brickell Bank has reported nonaccruals of 2.5% of the total loan portfolio at the end of the third quarter. According to Maggie Angulo-Levine, SVP/Chief Credit Officer, “all nonaccrual loans are well-secured and no losses are expected and due to our rigorous collection process, we expect to see a decline in nonaccrual loans by the end of 2016.”
Overall, the future is bright as the team estimates a measurable increase in Trade Finance assets in 2017. Further, by adding Ex-Im Bank transactions to the book in the coming year, Brickell Bank expects to enhance its risk profile.
“Operating costs have been significantly reduced by 17% from the same period of 2015 and year-to-date losses have been cut in half from a year ago as a result of these measures and higher earning assets,” says Reinhardt.
According to Miguel Angel Burelo, SVP/Head of Trade Finance at Brickell Bank, “all facilities have been renewed and some have even increased in terms of limits following the acquisition of a trade portfolio from INTL FCStone Inc. We have increased and continue to grow our business with clients from Mexico and have added insurance providers and syndication capabilities enabling us to increase our limits with clients.”
”We announced a new product in mid-September, the Brickell Bank Elite CD offering highly competitive Annual Percentage Yield (APY) on 1 and 2-year Certificates of Deposit that are FDIC insured up to applicable limits,” says Reinhardt. “We created a program that provides an enhanced client experience with ease of opening the CD accounts and in just a few short weeks we are attracting new clients to the bank,” continues Reinhardt. Brickell Elite CD launched with a dedicated website at www.brickellelitecd.com and a coordinated marketing campaign.
As Brickell Bank moves into the final quarter of 2016, the emphasis is on the retail and lending sides of the business. “We are continuously examining, updating and expanding our services from mortgages, checking and savings account services, debit card, online banking offerings, and foreign currency services to provide solutions for our clients and their growing financial services needs.
“Community support of the arts, culture and education sectors is a primary focus of Brickell Bank’s mission to honor and support the community that supports us,” says Reinhardt. In addition to the organizations that we have been supporting, we added the Perez Art Museum Miami, the Wolfsonian-FIU, the Actors’ Playhouse at the Miracle Theater, the Coral Gables Community Foundation, the Greater Miami Symphonic Band and the American Bankers Association programs: Get Smart About Credit and Teach Children to Save Day,” says Reinhardt. “We continue our sponsorship of the Coral Gables Art Cinema, the Miami Rescue Mission, the Mortgage Bankers Association of South Florida, WLRN Public Radio and TV, and Habitat for Humanity, among others,” continues Reinhardt. For more information about Brickell Bank’s support of the community visit www.brickellbankmiami.com/community.
Brickell Bank®, Florida chartered since 1973, is dedicated to its core strategy of providing wealth management, personal and corporate banking services, residential and commercial real estate lending and trade finance services to domestic and international individuals, institutions and corporations. Brickell Bank® offers a variety of financial solutions through its subsidiaries including: Wealth Management services to its Private Banking clients through its broker/dealer, Brickell Global Markets, Inc.® (Member of FINRA/SIPC), comprehensive insurance options through Brickell Global Insurance, Inc.® and investment advisory services through Brickell Global Advisory, Inc.®, a Florida registered investment advisor. For additional information, please visit www.brickellbankmiami.com.