OCEAN BANK ANNOUNCES EXCELLENT RESULTS
FOR THE YEAR ENDED DECEMBER 31, 2006
for the year ended December 31, 2006
Miami, Florida – February 12, 2007 - Ocean Bank, the largest commercial bank chartered and headquartered in Florida, and a subsidiary of Ocean Bankshares, Inc., announces continued growth during the year ended December 31, 2006. The Bank and its subsidiaries reported consolidated net income of $97.3 million for the year ended December 31, 2006, compared to consolidated net income of $91.9 million for the year ended December 31, 2005, an increase of 5.8 % over 2005. Revenues were $457.7 million for the year ended December 31, 2006; $121.4 million for the quarter ended December 31, 2006; compared to $346.5 million for the year ended December 31, 2005 and $ 104.4 million for the fourth quarter of 2005. Net interest income was $268.2 million for the year ended December 31, 2006; $ 69.8 million for the fourth quarter of 2006, compared to $216.8 million for the year ended December 31, 2005 and $ 62.4 million for the fourth quarter of 2005.
As of December 31, 2006, Ocean Bank reached $5.9 billion in total assets, an increase of 4% from December 31, 2005, while once again posting increases in deposits, loans, net income and capital. Stockholder’s equity grew by $90.7 million during the twelve months ended December 31, 2006, reaching $627.9 million as of December 31, 2006.
Ocean Bank is the largest independent commercial bank chartered and headquartered in Florida, with $5.9 billion in assets and $5.0 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.
