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IDB Bank Annual Report 2014 It’S Understanding the Goals of Our Private and Business Clients and Helping to Achieve Them

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IDB Bank Annual Report 2014 It’S Understanding the Goals of Our Private and Business Clients and Helping to Achieve Them IDB Bank Annual Report 2014 It’s understanding the goals of our private and business clients and helping to achieve them. It’s banking done the right way for the last 60 years. It’s being more than a bank; it’s being a financial partner who is a close confidant to our clients. IDB, it’s personal. Leadership 04 INTRODUCTION 08 REPORT OF THE BOARD OF DIRECTORS 10 FINANCIALS Services 14 U.S. PRIVATE BANKING 30 SOUTHERN CALIFORNIA Investment Management 32 SOUTH FLORIDA & Trust 34 TREASURY 18 INTERNATIONAL Foreign Exchange & PRIVATE BANKING Interest Rate Derivatives 20 LENDING DIVISION 38 CASH MANAGEMENT Corporate Lending Factoring 40 IDB CAPITAL Commercial Real Estate Asset Based Lending 1 LEADERSHIP IDB Bank Annual Report 2014 Leadership 04 INTRODUCTION 08 REPORT OF THE BOARD OF DIRECTORS 10 FINANCIALS 2 3 LEADERSHIP Introduction IDB Bank Annual Report 2014 Introduction Ehud Arnon Jacob Berman President & Chairman of the Board Chief Executive Officer From customized investment strategies in our markets; we have a loyal client base, from which we derive a considerable portion of our new business and new customer referrals. We treasure and private banking to individualized business cultivate these long-standing relationships as we continue to attract new clients loans, IDB Bank looks beyond the numbers who desire a more personal approach to banking. to cultivate close personal relationships with We are especially proud that our Not-for-Profit and Healthcare group, which was established in 2012, has already been recognized as one of the leaders in that our clients. 2014 was no exception, with sector. It is a significant achievement for a recent venture to reach these heights contributions from the dedicated teams in a highly competitive marketplace, during a period of low interest rates. throughout the Bank. Our Lending Division, which includes the Corporate, Factoring and Asset Based Lending groups, also had a superb year. New clients are always welcome, and some have introduced us to new industries that diversify our mix of loans. We We brought in new clients, strengthened our relationships with long-time stayed the course with these clients, some of whom were weathering operational customers, added new products to serve our business and private banking and financial challenges and disruptions in their markets. Now that the New clients, invested in technology, improved our customer-facing online services York and national economies have regained their footing, the tide has turned for and strengthened our balance sheet. these companies, and they are geared up for recovery and even expansion. We serve our clients best by providing them with access to funds and products The Real Estate group is performing well. We have provided our clients that will fuel their business success and preserve and increase their wealth for with creative financial solutions for even the most complex real estate deals. the next generation. We will not venture into unfamiliar products and services, We anticipate growth in the New York, New Jersey, Los Angeles and Florida no matter how alluring the prospect of additional yield that comes with higher real estate markets, and our goal is to accommodate clients that are active in risk. At IDB, we actively pursue solutions that meet our clients’ needs, amid an these markets. economic environment characterized by uncertainty. In the international trade markets, we are one of the top 50 banks in the United 2014 represents a year of significant growth, a strong loan book and increased States in issuing Letters of Credit. This will continue to be an important part of income. Ours is an enterprise that is unique compared to other banks. We know our activity. 4 5 LEADERSHIP Introduction IDB Bank Annual Report 2014 Whether you are a client of long standing or are considering how our full-service bank may help you address your financing and investment needs, we thank you for your interest in IDB Bank. By continuing to invest in online applications, we aim to provide our clients We are optimistic about the U.S. economy, particularly in the markets with superior services, such as traditional and electronic platforms to monitor where we operate: New York, New Jersey, Florida and California. We have their loan and depositary activity, cash management and other means to review an aggressive and achievable five-year plan for growth and expansion. We will trading activities and portfolios. do more of what we do every day, and what we do best: serve our clients with an excellent platform, maintain a strong capital base and retain our outstanding Recent strategic decisions and continuing realignment have resulted in an even professional staff. stronger balance sheet, which has a substantial core capital base. With the high credit quality of our loan book, we have one of the lowest non-performing loan We invite you to become better acquainted with IDB and our business units that, ratios among our peers. together, have contributed to a highly productive year. Whether you are a client of long standing or are considering how our full-service bank may help you address your financing and investment needs, we thank you for your interest in IDB Bank. We will do more of what we do every day, and As a final comment, our Chairman of the Board, Mr. Michael Goldstein, stepped what we do best: serve our clients with an excellent down from his position. We wish to thank him for his contributions to the growth of the Bank and his years of outstanding service. platform, maintain a strong capital base and retain our outstanding professional staff. As was noted last year, we have focused on our core activities and decided to Jacob Berman sell Discount Bank of Latin America, our retail-oriented subsidiary in Uruguay, as it no longer aligns with our strategic vision. The sale agreement was signed at the end of 2014 and is expected to be consummated in 2015. Another decision of bottom-line consequence was the sale of our entire Trust Preferred Securities (TRUPS) portfolio. Excluding these two transactions, which were both at a loss, Ehud Arnon 2014 would have been a record year for the Bank, with an adjusted net income of $58.6 million. 6 7 LEADERSHIP Report of the Board of Directors IDB Bank Annual Report 2014 Report of the Board of Directors This year we continued to pursue market customer base is very loyal; many of our borrowers opportunities as a stronger U.S. economy helped are family-run businesses where, over time, we many of our customers regain momentum and develop close personal relationships with the founders grow their businesses. We supported their growth and the next generation, and, in some cases, even by offering them a host of financing and a third generation. investment solutions. In 2014, we added new products that have had IDB performed exceedingly well in 2014. Loans a positive impact on our growth and retention of List of the reached a record level, and new products were made clients, including insurance and special investment Board of Directors available to our customers. The balance sheet had vehicles for private banking clients as well as some almost $10 billion of assets and a strong capital additional cash management services for corporate base, consisting mostly of core Tier One capital. customers. We continue to enhance our customer- Jacob Berman Theresa Bischoff facing tools and improve our technology systems to We are confident The Bank reduced legacy issues and improved Chairman of the Board Director support our growth. This year we also revamped our Nov 2014 to Present Sept 2011 to Present credit quality (which is the highest among our the professionals website, which for the first time includes customer peers). We pursued efficiencies in our workflows, Ehud Arnon Samuel Gortler testimonials and mobile optimization. of IDB will promote moved to a team structure in all business areas President & CEO, Director Israel Discount Bank of New York Sept 2014 to Present and improved customer-facing tools. We showed We continue to emphasize a strong compliance continued success Director, Jan 2011 to Present stability of income, despite the low interest rate culture, which is well-rooted in our organization, for their clients in Orit Alster environment and continued to increase earning and we remain committed to high levels of cyber Lilach Asher-Topilsky Director power, while maintaining high liquidity and strong security. These measures help protect our clients the years ahead. President & CEO, Feb 2013 to Present Discount Bank Ltd. capital ratios. against identity theft and also permit our professionals Director, Mar 2014 to Present Trevor S. Harris to scrutinize attempts at unauthorized activity. Director IDB Bank’s 2014 net income totaled $22.4 million. Following the lead of our parent company, we Michael Goldstein Mar 2014 to Present Excluding onetime events that include losses from exceed the domestic regulatory requirements for Chairman of the Board the sale of our subsidiary in Uruguay, DBLA, and Apr 2006 to Nov 2014 Gil Kurtz capital stress testing, loan provisions and other Director, Nov 2014 to Mar 2015 Director the sale of our entire Trust Preferred portfolio, our financial safeguards. Sept 2008 to Sept 2014 net income would have been a record $58.6 million. Maurice H. Hartigan II These onetime expenses will serve us in the coming Based on the strength of the Bank’s balance Director Darcy E. Bradbury years as we strive to become more profitable and sheet, the high quality of the assets and the array Jun 2009 to Present Director Sept 2012 to Nov 2014 capital efficient. of new products and services, we are confident the professionals of IDB will promote continued IDB is focused on two niche markets: private success for their clients in the years ahead.
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