MIAMI, May 02, 2018 (GLOBE NEWSWIRE) -- Ocean Bank today announced net income of $13.3 million for the three months ended March 31, 2018, representing a 79 percent increase over the first quarter of 2017 ($7.4 million).
The results brought Ocean Bank’s equity capital to $437.5 million, from $426.5 million at Dec. 31, 2017.
A. Alfonso Macedo, president and CEO of Ocean Bank, said: “We are pleased to present this positive earnings report, which I will credit once again to the strong performance of our loan portfolio, with net interest income of $35.3 million.” Non-interest income was $11.6 million.
Ocean Bank reported total assets at $3.8 billion, up from $3.7 billion at December 31 and from $3.6 billion at March 31, 2017. The Bank’s Tier 1 Leverage Ratio rose to 11.02 percent, with a Total Capital Ratio of 13.67 percent.