The results compare to net income of $10.8 million for the fourth quarter of 2011 and, a loss of $11.2 million for the year. The positive results raised Ocean Bank’s capital ratios, resulting in Tier 1 capital rising from 5.20 percent to 6.72 percent and total risk-based ratio from 9.72 percent to 10.93 percent.
“We have been quietly optimistic that the positive results from our strategic plan would yield sustainable profitability,”
Ocean Bank has now reported a profit in six consecutive quarters and seven of the past eight. This follows the results from operations, prior to credit costs stemming from write-downs in real estate valuations, which have seen 11 straight quarters of positive results.
The bank once again reported a drop in non-performing assets, down to $179.7 million, or 5.6 percent of assets, at December 31, 2012, compared to $277.2 million at December 31, 2011 and $209.2 million at September 30, 2012. Total non-performing assets have dropped in every quarter for last 16 quarters.
“Our employees deserve tremendous credit for generating solid loans and maintaining our client relationships,”