OCEAN BANK ANNOUNCES EXCELLENT RESULTS
FOR THE SIX MONTHS ENDED JUNE 30, 2006
for the six months ended June 30, 2006
Miami, Florida – July 24, 2006 - Ocean Bank, the largest independent commercial bank chartered and headquartered in Florida, and a subsidiary of Ocean Bankshares, Inc., announces continued growth during the six months ended June 30, 2006. Ocean Bank reported unaudited net income of $46.7 million for the six months ended June 30, 2006, compared to unaudited net income of $42.4 million for the six months ended June 30, 2005, an increase of 10 % over 2005. Revenues were $217.8 million for the six months ended June 30, 2006; $111.8 million for the quarter ended June 30, 2006 compared to $153.9 million in the six months ended June 30, 2005 and $ 81.6 million for the second quarter of 2005. Net interest income was $126.4 million for the six months ended June 30, 2006; $ 64.8 million for the second quarter of 2006, compared to $100.5 million for the six months ended June 30, 2005 and $ 51.9 million for the second quarter of 2005.
As of June 30, 2006, Ocean Bank reached $5.8 billion in total assets, an increase of 20 % over the end of the second quarter of 2005, while once again posting increases in deposits, loans, net income and capital. Stockholder’s equity grew by $90.8 million during the twelve months ended June 30, 2006, reaching $582.7 million as of June 30, 2006.
Ocean Bank is the largest independent commercial bank chartered and headquartered in Florida, with more than $5.8 billion in assets and $4.9 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.
