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Miami, May 03, 2019 (GLOBE NEWSWIRE) -- Ocean Bank today announced total assets grew by 7 percent during the first quarter of 2019, topping $4.1 billion. Shareholder’s equity rose by $11.9 million to $463.3 million in the quarter.
The Bank’s total capital ratio also rose to 14.47 percent from 14.21 percent at December 31, 2018, well above the 10 percent required to be a well-capitalized bank. Its Tier 1 Leverage Ratio was 11.09 percent, more than double the regulatory requirements.
“We continue to have strong net interest income, up 5 percent from the first quarter of 2018, due to the strength of our solid loan portfolio,” said Agostinho Alfonso Macedo, president and CEO of Ocean Bank.
The Bank reported net income for the first quarter of $10.0 million, up from $5.8 million in the fourth quarter of 2018.
About Ocean Bank
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $4.1 billion in assets. Chartered in 1982, Ocean Bank operates its branch network of 23 locations 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.
Cheryl Rees Ocean Bank (305) 569-5029 Crees@oceanbank.com Ray Casas Wragg & Casas (305) 372-1234 firstname.lastname@example.org