MIAMI--()--Ocean Bank announced today net income of $9.4 million in the third quarter of 2012, up significantly from the $2.2 million in the third quarter of 2011. It was the fifth consecutive quarter of positive income for the bank.
“We have been successful in carrying out a focused lending program and are replacing the impaired loans made prior to the real estate crash with new loans based on strict credit and underwriting standards”
The results brought the bank’s net income to $30.9 million for the first nine months of 2012, compared with a loss of $22 million in the same period of 2011.
The positive results raised Ocean Bank’s capital by $9.4 million, resulting in a Tier 1 capital ratio of 6.31 percent and total risk-based ratio of 10.45 percent.
“We have been successful in carrying out a focused lending program and are replacing the impaired loans made prior to the real estate crash with new loans based on strict credit and underwriting standards,” said A. Alfonso Macedo, president and CEO of Ocean Bank.
Ocean Bank also reported another significant drop in non-performing assets, down 11 percent to $209.2 million, from $234.5 million at June 30. It was the 15th straight quarterly drop in non-performing assets, which reached $771.6 million at year-end 2008.
Macedo said Ocean Bank continued its strategic sale of foreclosed properties, which helped to reduce the amount of non-performing assets.
At Sept. 30, total assets were $3.255 billion, up slightly from $3.25 billion at December 31, 2011, and net loans were up by $145 million during the year, up 7 percent, from $2.006 billion to $2.151 billion.