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OCEAN BANK REPORTS 47% INCREASE IN NET INCOME

Miami, Aug. 01, 2018 — Ocean Bank announced today net income of $ 23.4 million for the first half of 2018, an increase of 47 percent from net income of $ 15.9 million for the same period in 2017.

The results brought the Bank’s equity capital to $ 446.7 million, from $ 426.5 million at December 31, 2017. The Bank’s Tier 1 Leverage Ratio rose to 11.32 percent, from 11.02 percent at March 31, 2018 and 10.40 percent at December 31, 2017. 

A. Alfonso Macedo, president and CEO of Ocean Bank, credited the performance to an increase of $ 6.3 million in net interest income.

For the second quarter, the Bank reported net income of $ 10.1 million, an increase of 19 percent from net income of $ 8.5 million for the same period in 2017.

At June 30, the Bank had total assets of $ 3.8 billion, up from $ 3.7 billion at December 31, 2017.

CONTACT: Cheryl Rees Ocean Bank (305) 569 - 5029 Crees@oceanbank.com  Ray Casas Wragg & Casas (305) 372-1234 rcasas@wraggcasas.com 

This article has been provided by Nasdaq Globe Newswire.

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