Miami, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Ocean Bank announced today net income of $31.8 million for the nine months ended Sept. 30, 2018, representing an increase of $7.6 million or 31 percent from net income of $24.3 million for the same period in 2017.

The results brought the Bank’s equity capital to $454.3 million, from $426.5 million at December 31, 2017.  The Bank’s Tier 1 Leverage Ratio rose to 11.42 percent, from 10.40 percent at year-end 2017.

“The increase in net income tracks the increase in net interest income of $7.6 million during the period,” said A. Alfonso Macedo, president and CEO of Ocean Bank.  “And it reflects the impact of a number of large, very solid loans in the past several months to long-term clients."

At Sept. 30, the Bank had total assets of $3.8 billion, up from $3.7 billion at December 31, 2017.

Cheryl Rees
Ocean Bank
(305) 569 - 5029
Crees@oceanbank.com

Ray Casas
Wragg & Casas
3053721234
rcasas@wraggcasas.com

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