Doral Bank is a Puerto Rico-based bank that is insured by the FDIC and operates several branches in the continental United States. It offers personal and business banking products and loans mainly through its physical branches, but also offers CDs through its online bank, Doral Direct. Its parent company, Doral Financial Corporation, is publicly traded on the New York Stock Exchange (Symbol: DRL).
On its personal banking side, Doral Bank offers checking, savings, and Money Market accounts, as well as Certificates of Deposit (CDs). A free checking and an interest checking account are offered and differ feature-wise only in that the interest checking account comes with a very competitive interest rate and a monthly service fee. Both checking accounts feature free check imaging, unlimited Doral Bank ATM transactions, and a debit card. The savings account also offers a very competitive interest rate and requires a monthly balance to be maintained in order to avoid a service charge. A money market account differs only from its savings counterpart in that it has a higher minimum balance requirement and allows customers to pay bills out of it. Doral Bank’s CDs are available in term lengths from 6 to 60 months, and interest rates differ slightly depending on where you look. The bank’s New York market offers slightly higher rates than the offerings found on Doral Direct. The bank’s business deposit accounts are similar to the personal accounts, but generally have higher minimum balance requirements.
Doral Bank online banking is a way for customers to sign up for and access all of their Doral accounts. Money transfers, transaction history viewing, and direct deposit can all be accomplished through the web-based service. No mobile banking apps have been released by the bank as of yet, and the online banking platform must be reached through the standard website.
Doral Bank was originally established as a mutual savings bank names Catano Federal Savings Bank. After transitioning to its current name in 1997, the bank changed its organization type to commercial bank with the FDIC. Doral Bank is currently headquartered in San Juan, Puerto Rico, and maintains branches not only across the territory, but also in the states of Florida and New York. Its product offerings may vary slightly from market to market, so check each of its individual sites for the most accurate rate information.
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The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Doral Bank had $764.9 million in non-current loans and owned real-estate with $772.48 million in equity and loan loss allowances on hand to cover it. This gives Doral Bank a Texas Ratio of 99.02% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Doral Bank held steady from 93.96% as of September 30, 2012 to 99.02% as of September 30, 2013, resulting in a negative change of 5.38%. This indicates that the balance sheet and financial strength for Doral Bank has held steady in recent periods.
In the past year, Doral Bank has increased its total deposits by $368.41 million, resulting in 7.92% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Doral Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Doral Bank has $7.97 billion in assets with $772.48 million in equity, resulting in a capitalization level of 9.70%, which is above average.
|FDIC Certificate #||32102|
|Assets and Liabilities|
|Equity Capital||$673.95 million|
|Loan Loss Allowance||$98.53 million|
|Unbacked Noncurrent Loans||$653.11 million|
|Real Estate Owned||$111.79 million|
|Historic Data - September 2012|
|Equity Capital||$652.45 million|
|Loan Loss Allowance||$134.38 million|
|Unbacked Noncurrent Loans||$653.11 million|
|Real Estate Owned||$115.21 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.18%|
|Return on Assets||-0.46%|
|Return on Equity||-5.36%|
|Interest Income||$252.41 million|
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|0.94%||$5k||-||Money Market Special|
|0.50%||-||-||Business Money Market Account|
|0.85%||-||-||Gold Interest Checking Special|
|1.90%||$500||-||60 Month Certificate|
|1.90%||$500||-||Business 60 Month Certificate|
|1.65%||$500||-||48 Month Certificate|
|1.65%||$500||-||Business 48 Month Certificate|
|1.60%||$500||-||36 Month Certificate|
|1.60%||$500||-||Business 36 Month Certificate|
|1.45%||$500||-||24 Month Certificate|
|1.45%||$500||-||Business 24 Month Certificate|
|1.25%||$500||-||18 Month Certificate|
|1.25%||$500||-||Business 18 Month Certificate|
|1.20%||$500||-||12 Month Certificate|
|1.20%||$500||-||Business 12 Month Certificate|
|1.00%||$500||-||6 Month Certificate|
|1.00%||$500||-||Business 6 Month Certificate|
|1.90%||$500||-||60 Month IRA|
|1.65%||$500||-||48 Month IRA|
|1.60%||$500||-||36 Month IRA|
|1.45%||$500||-||24 Month IRA|
|1.25%||$500||-||18 Month IRA|
|1.20%||$500||-||12 Month IRA|
|1.00%||$500||-||6 Month IRA|