OCEAN BANK ANNOUNCES ITS HIGHEST NET INCOME EVER
FOR THE YEAR ENDED DECEMBER 31,2005
for the year ended December 31, 2005
Miami, Florida – January 31, 2006 - Ocean Bank, the largest commercial bank headquartered in Florida, and a subsidiary of Ocean Bankshares, Inc., announces continued growth during the year ended December 31, 2005. The Bank, and its subsidiaries reported consolidated net income of $91.9 million for the year ended December 31, 2005 compared to $79.2 million for the year ended December 31, 2004. Net income for the quarter ended December 31, 2005 was $25.3 million compared to $25.6 million for the quarter ended December 31, 2004. Revenues were $337.9 million in 2005 compared to $275.6 million in 2004.
As of December 31, 2005, Ocean Bank reached $5.6 billion in total assets, an increase of 21.6% 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 $88.9 million during 2005, reaching $537.3 million as of December 31, 2005.
“As a local bank that invests funds in this community, we continue to focus on strengthening our balance sheet, solidifying our leadership position in the South Florida banking industry, and continue to fuel our economy’s growth,” said José A. Concepción, President and C.E.O. “The local economy continues to perform well and the real estate market remains strong. Unemployment in Miami-Dade, Broward and indeed in Florida is at record lows. Ocean Bank will focus on supporting businesses, entrepreneurs and sensible commercial real estate projects that will make a positive impact in South Florida’s economic future.”
Ocean Bank is the largest independent commercial bank headquartered in Florida, with more than $5.6 billion in assets and $4.8 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.
