MIAMI, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Ocean Bank announced today a $9.4 million net income for the fourth quarter ended December 31, 2019, compared with $5.8 million for the fourth quarter of 2018 and $7.3 million for the quarter ended September 30, 2019.
“We are proud to report another strong quarter in earnings and a solid year of growth in total assets and shareholders’ equity,” said Agostinho Alfonso Macedo, Ocean Bank President and CEO.
The Bank reported a $34.8 million net income for the year, compared with $37.7 million in 2018.
At December 31, 2019, total assets were $4.3 billion, representing an 11.3 percent annual increase, while stockholders’ equity increased 5.7 percent to $477 million.
The Bank’s Total Capital and Tier 1 Leverage ratios, 14.35 percent and 10.75 percent, respectively, were both more than double the threshold to be a “well-capitalized” bank.
About Ocean Bank
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $4.3 billion in assets. Chartered in 1982, Ocean Bank operates its branch network throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on to www.oceanbank.com.