Ocean Bank Assets Surpass $6 Billion

MIAMI--(BUSINESS WIRE)--Ocean Bank announced today total assets of $6.1 billion as of June 30, 2023, a record for the Miami-based bank.

“Ocean Bank has shown steady, continued growth year after year, with total assets increasing by 60 percent since June 30, 2018,” said Agostinho Alfonso Macedo, president, chairman and CEO of Ocean Bank.

Ocean Bank also announced $32.7 million net income for the six months ended June 30, 2023, representing a 36% increase from the six months ended June 30, 2022.

“We had net interest income of $111.0 million during 2023, representing a 28% increase from the prior year,” Macedo said.

The Bank’s 10.04% Tier 1 Leverage ratio is double the 5.00% threshold required to be a “well-capitalized” bank.

“Our success is a testament to the dedication of Ocean Bank’s 675 employees, our loyal customers and the commitment of our board of directors and shareholders.”

Ocean Bank, founded in 1982, operates 23 branches in Miami-Dade, Broward and Orange counties and has announced plans to open two additional branches, including one in Palm Beach County.

About Ocean Bank

Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $6.1 billion in assets. Chartered in 1982, Ocean Bank operates its network of 23 branches throughout Miami-Dade, Broward, and Orange counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education, among others, for its support of our South Florida communities. For more information, log on to www.oceanbank.com.