Miami, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Ocean Bank announced today net income of $37.7 million for the year ended December 31, 2018, compared to $13.0 million in 2017, which had included a $19.5 million charge related to the Tax Cuts and Jobs Act.
For the fourth quarter, the Bank reported net income of $5.8 million.
The results brought Ocean Bank’s shareholders equity to $451.3 million at December 31, up from $426.5 million at year-end 2017.
“In 2018 we continued to show strong net interest income, reaching $147.4 million, up $9.7 million, or 7 percent from 2017,” said A. Alfonso Macedo, president and CEO of Ocean Bank.
At December 31, 2018, Ocean Bank had total assets of $3.9 billion. The Bank reported Tier 1 Leverage Ratio of 11.13 percent and a Total Capital Ratio of 14.21 percent, both substantially above the requirements to be a “well capitalized” bank.