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Ocean Bank Net Income Grows 17 Percent

·1 min read

MIAMI, August 01, 2022--(BUSINESS WIRE)--Ocean Bank announced today $13.5 million net income for the quarter ended June 30, 2022, representing a 17% increase from the quarter ended March 31, 2022. Ocean Bank reported June 2022 year-to-date net income of $25.1 million, virtually flat to June 2021 year to date.

Agostinho Alfonso Macedo, CEO, chairman and president of Ocean Bank, attributed the results to continued strong net interest income driven by strong lending, coupled with higher noninterest income.

"We had net interest income of $46.1 million during the quarter, representing a 14% increase from the prior quarter," Macedo said.

The Bank’s 10.30% Tier 1 Leverage ratio is more than double the 5.00% threshold required to be a "well-capitalized" bank.

About Ocean Bank

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $5.4 billion in assets. Chartered in 1982, Ocean Bank operates its network of 22 branches 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005775/en/

Contacts

For Ocean Bank
Wragg & Casas
Ray Casas / Tonia Florez (305) 372-1234