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OCEAN BANK REPORTS RISE IN ASSETS AND NET INCOME

Feb 1, 2022
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Ocean Bank Reports Rise in Assets and Net Income

MIAMI – Feb. 1, 2022 – Ocean Bank announced today net income of $46.4 million for the year ended Dec. 31, an increase of 46% over 2020, and total assets of $5.3 billion, an increase of $800 million or 17.8% during the year.

"We had very strong lending in 2021,” said President, CEO and Chairman Agostinho Alfonso Macedo. “We generated $1.23 billion in new loans and finished the year with $3.94 billion in total loans.

Ocean Bank reported net interest income of $163 million for the year, an increase of 10.4% over 2020.

Stockholders’ equity stood at $540.5 million at December 31, 2021, compared with $516.1 in 2020. The bank finished the year with a Tier 1 leverage ratio of 10.51.  

 

 

 

Dec. 16, 2021 – Ocean Bank announced that it has provided financing of $26.7 million to HGreg Nissan Kendall, LLC, a subsidiary of HGreg USA Holdings, Inc. Dec. 13, 2021 – Veteran banker Ruth Jimenez has been appointed manager of Ocean Bank’s Brickell Avenue branch. Dec. 1, 2021 – Ocean Bank announced today that Vice President Anamarys Armas-Perez was appointed manager of the West Kendall branch in addition to her ongoing duties at the West Miami branch. Nov. 5, 2021 – Ocean Bank announced today it loaned $49 million to refinance two commercial condominium units at the Ritz-Carlton Hotel on Miami Beach’s Collins Avenue. Nov. 2, 2021 – Ocean Bank announced today total assets topped the $5 billion mark at Sept. 30, an increase of $200 million during the third quarter ended Sept. 30. Nov. 1, 2021 – Ocean Bank announced its Factoring Division has closed and funded a $2.0 million factoring facility to Globalwing USA Corp., a Miami-based leading exporter of frozen meats and poultry. Sept. 27, 2021 -- Ocean Bank announced its Factoring Division has closed and funded a $2.5 million Factoring & Purchase Order (PO) Financing Facility to a leading growing toy manufacturer headquartered in the Southeast. Sept. 8, 2021 -- Ocean Bank announced today a series of loans totaling $31 million to companies led by investor Eric Bouskila for the purchase of two apartment complexes and two commercial centers in Hialeah. Sept. 2, 2021 -- Ocean Bank’s Factoring Division has provided a $2 million factoring facility to a leading midwest wine distributor. Aug. 2, 2021 – Ocean Bank announced today net income of $13.9 million for the quarter ended June 30, compared with $11.6 million for the first quarter of 2021 and $3.3 million for the second quarter of 2020. Net income for the first half of 2021 was $25.5 million, compared with $9.2 million for the same period in 2020. June 7, 2021 -- Ocean Bank announced that it has provided financing to a subsidiary of H Greg USA Holdings, Inc. to purchase the property and buildings housing one of the company’s dealerships. May 7, 2021 – Ocean Bank has provided a construction loan of $37.9 million to AHS at Harbor Grove, LLC for a 10-building apartment development just east of Federal Highway in Stuart. May 3, 2021 – Ocean Bank announced today first quarter 2021 net income of $11.6 million compared with $6.0 million for the first quarter of 2020, an increase of 91%. Net interest income rose during the quarter by 8.4% from the first quarter of 2020 to $39.1 million. April 29, 2021 – Ocean Bank announced today Daniel Krasna has joined the bank as Vice President, Factoring Business Development Officer. April 12, 2021 – Ocean Bank has provided a construction loan of $32.4 million to Douglas Enclave, LLC for a 12-story building with 199 affordable housing rental apartments and an attached 170-space parking garage. February 8, 2021 – Ocean Bank announced today fourth quarter 2020 net income of $11.8 million compared with $9.4 million for the fourth quarter of 2019. Ocean Bank reported full-year net income of $31.8 million versus $34.8 million in 2019. January 19, 2021 – Ocean Bank announced today the promotion of Rogelio Villarreal to Executive Vice President. January 4, 2021 – Ocean Bank announced today that Pedro Max has been promoted to Executive Vice President.