Ocean Bank announced today earnings before income taxes of $52.1 million for the year ended December 31, 2017, a 25 percent increase over the same period last year. The Bank reported net income of $13.0 million for the year ended December 31, 2017, which included a $19.5 million charge related to the Tax Cuts and Jobs Act (the "Tax Act"). Excluding the impact of the Tax Act, net income of $32.5 million for the year ended December 31, 2017 increased 28 percent from the prior year.

The results brought Ocean Bank’s equity capital to $426.5 million at December 31, 2017. Excluding the impact of the Tax Act, equity capital of $446.0 increased 5 percent from $425.6 million at December 31, 2016.

“We continue to have strong interest income and net interest income, which showed increases of 14 percent and 12 percent over 2016, respectively,” said A. Alfonso Macedo, president and CEO of Ocean Bank.

At December 31, 2017, Ocean Bank had total assets of $3.7 billion, up 9 percent from the prior year, driven by 7 percent and 10 percent increases in loans and deposits, respectively. The Bank reported Tier 1 Leverage Ratio of 10.40 percent and a Total Capital Ratio of 13.40 percent.