OCEAN BANK ANNOUNCES
ITS HIGHEST NET INCOME
FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 2005
for the nine months ended September 30, 2005
Miami, Florida – November 2, 2005 - Ocean Bank, a subsidiary of Ocean Bankshares, Inc., announces continued record growth during the nine months ended September 30, 2005. The Bank, and its subsidiaries reported unaudited consolidated net income of $66.6 million for the nine months ended September 30, 2005 compared to $53.7 million for the nine months ended September 30, 2004. Unaudited net income for the quarter ended September 30, 2005 was $24.0 million compared to $17.5 million for the quarter ended September 30, 2004.
As of September 30, 2005, Ocean Bank reached $5 billion in total assets, an increase of 12.2% over the previous year, while once again posting increases in deposits, loans, net income and capital. These accomplishments are made even more notable by the bank's growth in stockholder's equity, resulting in a continued strong capital position. Stockholder’s equity grew by $88.2 million during the last twelve months, reaching $511.7 million as of September 30, 2005.
“Ocean Bank’s strong performance during the first nine months of 2005 proves that the local institution is a leader in South Florida’s banking industry,” said José A. Concepción, President and C.E.O. “As a true community Bank, we continue to support local businesses, entrepreneurs and sensible commercial real estate projects that will enhance South Florida’s economy well into the future.”
Ocean Bank is the largest independent commercial bank headquartered in Florida, with more than $5 billion in assets and $4.3 billion in deposits. Chartered in 1982, Ocean Bank operates a network of 21 branches throughout Miami-Dade and Broward 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 South Florida’s communities. For more information logon to www.oceanbank.com.
