MIAMI--(BUSINESS WIRE)--Ocean Bank of Miami announced today net income of $44 million for 2012, and $13.1 million in the fourth quarter, the bank’s sixth straight profitable quarter.
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,” President and CEO A. Alfonso Macedo said. “New loans generated in the past four years are performing very well, and the stabilization of the real estate market has allowed us to keep credit costs at minimum levels.
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, with $3.22 billion in assets, 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,” Macedo said. “And I want to thank our long-term, loyal clients who made Ocean Bank the bank of choice for real estate development and small business in South Florida.”