1. Latest News
  2. Submit Press Release
Wragg & Casas  Public Relations Logo

Ocean Bank Of Miami Reports $9.4-million Profit; Capital Up, Non-performing Assets Down

Ocean Bank of Miami reported its fifth consecutive quarter of positive income for the third nine months, with year-to-date income of $30.9 million, compared with a loss of $22 million a year before.

Oct. 30, 2012 - PRLog -- Ocean Bank announced today net income of $9.4 million in the third quarter of 2012, up significantly from the $2.2 million net income in the third quarter of 2011.  It was the fifth consecutive quarter of positive income for the bank.
   The results brought the bank’s net income to $30.9 million for the first nine months of 2012, compared with a loss of $22 million in the same period of 2011.  
   The positive results raised Ocean Bank’s capital by $9.4 million, resulting in a Tier 1 capital ratio of 6.31 percent and total risk-based ratio of 10.45 percent.
   “We have been successful in carrying out a focused lending program and are replacing the impaired loans made prior to the real estate crash with new loans based on strict credit and underwriting standards,” said A. Alfonso Macedo, president and CEO of Ocean Bank.
   Ocean Bank also reported another significant drop in non-performing assets, down 11 percent to $209.2 million, from $234.5 million at June 30.  It was the 15th straight quarterly drop in non-performing assets, which reached $771.6 million at year-end 2008.
   Macedo said Ocean Bank continued its strategic sale of foreclosed properties, which helped to reduce the amount of non-performing assets.
   At Sept. 30, total assets were $3.255 billion, up slightly from $3.25 billion at December 31, 2011, and net loans were up by $145 million during the year, up 7 percent, from $2.006 billion to $2.151 billion.

Sent by:
Wragg & Casas Public Relations
Ray Casas/Mark Sell

--- End ---

Click to Share

Contact Email:
***@wraggcasas.com Email Verified
Source:Wragg & Casas Public Relations
Location:Miami - Florida - United States
Industry:Banking, Finance
Tags:Ocean Bank, Miami, Third-quarter 2012, Results, Profits
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “


Trending News...

Like PRLog?
Click to Share