Ocean Bank Net Income Grows 17 Percent

MIAMI--(BUSINESS WIRE)-- Ocean Bank announced today $17.0 million net income for the quarter ended September 30, 2023, representing a 17% increase from the quarter ended June 30, 2023. Ocean Bank reported year-to-date September 2023 net income of $49.6 million, representing a 17% increase from year-to-date September 2022.

Agostinho Alfonso Macedo, CEO, chairman and president of Ocean Bank, attributed the results to continued robust net interest income driven by strong growth.

“We had year-to-date net interest income of $164.9 million, representing a 16% increase from 2022 year-to-date,” Macedo said.

The Bank’s 10.14% 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 $6.1 billion in assets. Chartered in 1982, Ocean Bank operates its network of 23 branches throughout Miami-Dade, Broward, and Orange 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/20231031605812/en/

For Ocean Bank
Wragg & Casas
Ray Casas, (305) 372-1234

Source: Ocean Bank

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