Ocean Bank announced today $17.2 million net income for the quarter ended September 30, 2022, representing a 61% increase from the quarter ended September 30, 2021 and a 28% increase from the quarter ended June 30, 2022.
Ocean Bank reported year-to-date September 2022 net income of $42.3 million, representing a 17% increase from year-to-date September 2021.
Agostinho Alfonso Macedo, CEO, chairman and president of Ocean Bank, attributed the results to continued strong net interest income driven by strong lending.
“We had net interest income of $55.1 million during the quarter, representing a 19% increase from the prior quarter,” Macedo said.
The Bank’s 10.29% 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 $5.6 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.
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Contacts
For Ocean Bank
Wragg & Casas
Ray Casas (305) 372-1234
