Miami, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Ocean Bank announced today net income of $37.7 million for the year ended December 31, 2018, compared to $13.0 million in 2017, which had included a $19.5 million charge related to the Tax Cuts and Jobs Act. 

For the fourth quarter, the Bank reported net income of $5.8 million.

The results brought Ocean Bank’s shareholders equity to $451.3 million at December 31, up from $426.5 million at year-end 2017.

“In 2018 we continued to show strong net interest income, reaching $147.4 million, up $9.7 million, or 7 percent from 2017,” said A. Alfonso Macedo, president and CEO of Ocean Bank.

At December 31, 2018, Ocean Bank had total assets of $3.9 billion.  The Bank reported Tier 1 Leverage Ratio of 11.13 percent and a Total Capital Ratio of 14.21 percent, both substantially above the requirements to be a “well capitalized” bank.

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

Ray Casas
Wragg & Casas
(305) 372-1234
rcasas@wraggcasas.com

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