Ocean Bank announced today record assets, loans, deposits and stockholder’s equity for the year ended Dec. 31, 2024.
Total assets grew $276 million, or 4 percent, during the year, rising to $6.72 billion on total loans of $5.53 billion, a 10 percent increase during the year.
The bank reported net income of $59.9 million –– $14.5 million in the fourth quarter –– bringing stockholder’s equity to $634.1 million
“We had another very successful year as we dealt with fluctuating interest rates and expanded our branch network to 24 locations, including our first branch in Palm Beach County,” said Agostinho Alfonso Macedo, President Chairman and CEO of Ocean Bank.
The bank reported total deposits of $5.61 billion at Dec. 31, up 4 percent during the year. It reported Tier 1 Leverage Ratio of 9.83% remaining at nearly double the amount required to be a “well-capitalized” bank.
About Ocean Bank
Ocean Bank is the largest independent, state-chartered commercial bank headquartered in Florida, with $6.72 billion in assets. Chartered in 1982, Ocean Bank operates its network of 24 branches throughout Miami-Dade, Broward, Palm Beach 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.
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Contacts
For Ocean Bank
Wragg & Casas
Ray Casas (305) 372-1234
