OCEAN BANK | FINANCIAL REPORT 2021
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Corporate Profile 2021 Financial Highlights TOTAL ASSESTS
$5.3 BILLION
NET INCOME
TOTAL DEPOSITS
$4.7 BILLION
$46.4
TOTAL LOANS
MILLION
$3.9
NET INTEREST INCOME
TIER 1 CAPITAL
MILLION
MILLION
$163.4
BILLION
$532.9
Incorporated in 1982 and now in our 40th year, Ocean Bank remains the largest commercial bank chartered and headquartered in Florida. The Bank meets the needs of South Florida’s privately owned businesses, real estate developers, and construction companies, as well as individuals through a network of 22 branches in Miami-Dade and Broward counties and three private banking and wealth management offices. Ocean Bank is strongly committed to serving the needs of its customers, employees and the local community through exceptional customer service, quality financial products and community initiatives. Adhering to our basic corporate principles has contributed to creating great wealth and prosperity in South Florida and made the growth of Ocean Bank synonymous with the growth of South Florida.
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A message to shareholders, customers, and friends I could not be prouder of the Ocean Bank family
My congratulations to all lending divisions of the
than I am as we report on our 39th year in business
Bank – corporate, commercial, branches, and
and embark on our 40 anniversary celebrations.
the revamped Small Business Administration
th
department. Recognizing that every customer Another year of solid performance, continued
interaction is a sales opportunity, we have given
growth, technological innovation, and employee
branch managers the ability to spend more time
dedication
with customers and less on administrative tasks.
has
positioned
Ocean
Bank
for
continuing strong success. The changes we launched over the past year will transform
CUSTOMER-FACING DIGITAL
how we interact with customers, broaden the
TRANSFORMATION
Bank’s reach and catapult Ocean Bank well into the future.
This year, customers will benefit from the full implementation of our
FINANCIAL HIGHLIGHTS AND LENDING
digital
transformation
in all customer-facing areas of the Bank. Coming in 2022 are the full conversion from ATMs to
We generated $1.2 billion in new loans granted
Interactive Teller Machines - that allow customers
during the year. Our loan portfolio grew to
to speak with a Bank representative and open
$3.9
federal
accounts - and the ability to transfer money via
Payment Protection Plan loans closed in 2020
Zelle® for businesses. As we began to open
and paid off in 2021. With the strong loan
accounts online during the COVID pandemic, we
production, Ocean Bank had net income of $46.4
gained customers from all over the United States.
billion,
despite
$133.0
million
million, an increase of 46 percent over 2020. This resulted in stockholder’s equity of $540.5
In 2022, we will have a new website and
million, after paying the $16.0 million dividend in the
an
fourth quarter.
Our customers will be able to access and manage
enhanced
experience
for
customers.
all of their accounts on a single platform - deposits, Looking forward, construction remains strong. We
loans, credit cards, investment accounts - making
are monitoring closely the effects of inflation and
digital access simple, personalized, and reliable.
its impact on the cost of construction materials and labor and ensuring that our loans allow for
The evolution to digital banking continues full speed
these changes.
since we fully understand the varied preferences of our customers. We are making
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changes to
OCEAN BANK | FINANCIAL REPORT 2021
our facilities to better serve the large number of
Today,
nearly
60
percent
of
the
Bank’s
customers who prefer the human interaction. We
workforce is enjoying remote work. We have learned
are equipped to provide exceptional personalized
the advantages of remote work and are benefiting
service
and competitive lending and deposit
from increased productivity, improved efficiencies,
products to cover all our customers’ financial needs.
and employees’ work life balance satisfaction. Today, this model is an integral part of the Bank’s
IMPROVED AND EXPANDED FACILITIES
talent acquisition and retention strategies.
A major initiative for 2022 is the expansion
Ocean Bank benefits from having a low rate of
and
network.
employee turnover. While the banking industry
We will open both a loan production office and a
averages 25 percent of employees voluntarily
full branch in Orlando this year and have plans to
leaving each year, Ocean Bank has enjoyed
increase our geographic reach with future presence
high retention rates and employee satisfaction.
in Boca Raton and other areas in Florida. Closer
Our employee consistency helps cement ongoing
to home, we are relocating the downtown Fort
customer service and client loyalty.
improvement
of
our
branch
Lauderdale branch to a location with much higher traffic just blocks away from our current location.
As we commence the celebration of our 40th year in business, which will culminate on
Continuing the enhancement of our current
December 8, I want to once again thank our
facilities, we have completed the renovation of the
shareholders, our
executive offices on the 6th floor and the Main Office
for their dedication, loyalty and commitment to
branch in the headquarters building. We also are
our Bank.
customers and employees
upgrading and modernizing several other branches and building an employee experience floor. A LOYAL, DEDICATED WORKFORCE The resiliency and dedication of our employees became unmistakably clear in their response to the COVID pandemic. The changes brought forth from the initial remote and hybrid work arrangements have allowed us to revamp how we look at job functions. Traditionally, almost all employees were on site. At the height of the pandemic, when 80 percent of headquarters employees worked
Agostinho Alfonso Macedo President, Chief Executive Officer and Chairman of the Board
remotely, they still accomplished all the goals in our three-year strategic plan more than a year ahead of schedule.
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Business Strategy The vision created by Ocean Bank’s founders remains vibrant into our 40th year: financial profitability through close relationships with our clients, providing an exceptional place to work and contributing to the financial and social needs of the South Florida community.
MISSION STATEMENT To be the recognized Banking Leader in strength, efficiency and profitability serving businesses and individuals in the South Florida and international markets.
VISION Our Customers To continue a longstanding history of superior service through the genuine exchange of mutual trust and respect in order to help our customers achieve their financial goals. This vision will be accomplished by offering our customers a choice of products, delivery alternatives and financial insight to meet their lifestyles and banking preferences. Our commitment to service excellence will be reflected in our passion to create a completely satisfying experience for our customers. Our Employees To create a meaningful and rewarding employment experience for individuals who choose to play a role moving Ocean Bank along the journey to reach the Mission. This vision will be accomplished by nurturing an environment that fosters the collaboration of the valuable contributions from each individual and provides an opportunity for employees to achieve their career aspirations. Our Community To demonstrate an unwavering commitment to enhance the quality of life and prosperity for individuals who work and live in the communities we serve, as well as those who visit our markets. This vision will be accomplished through the continual giving of time, talent and monetary resources to the organizations whose causes are meaningful and impactful. Our Shareholders To provide shareholders with a favorable return on their investment through continuous and long-term profitability and growth. This vision will be accomplished by the costefficient delivery of banking services to customers, implementation of prudent credit practices, execution of well-defined business strategies and the responsible management of capital.
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OCEAN BANK | FINANCIAL REPORT 2021
Celebrating our 40th Year
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22 Branches in South Florida Broward
Miami - Dade
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OCEAN BANK | FINANCIAL REPORT 2021
Financial Highlights Consolidated summaries of income statement, balance sheet, and capital
INCOME STATEMENT (in thousands)
2021
2020
2019
$170,126
$163,320
$185,432
$6,749
$15,726
$38,498
$163,377
$147,594
$146,934
zz Provision for (reversal of) credit losses
$-1,000
$17,000
0
zz Noninterest Income
$26,427
$35,297
$27,824
$129,702
$123,612
$127,361
zz Income before income taxes
$61,102
$42,279
$47,397
zz Income Taxes
$14,686
$10,464
$12,592
zz Interest Income zz Interest Expense zz Net Interest Income
zz Noninterest Expenses
NET INCOME BALANCE SHEET (in thousands) zz Total assets
$46,416 2021 $5,325,418
$31,815 2020 $4,532,394
$34,805 2019 $4,314,163
zz Earning assets Cash and due from financial institutions
$661,841
$149,986
$326,473
$3,911,724
$3,705,995
$3,267,700
$522,522
$412,697
$485,343
$4,724,045
$3,918,296
$3,668,729
$540,507
$516,116
$476,929
2021
2020
2019
zz Tier 1 capital
$532,918
$498,102
$460,339
zz Total capital
$584,990
$545,881
$504,303
10.51%
10.89%
10.80%
Loans, net Investment securities zz Deposits zz Stockholder’s equity
REGULATORY CAPITAL (in thousands)
zz Tier 1 leverage ratio
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TOTAL ASSETS (millions) $4,314.2 $3,710.2
2017
TIER 1 CAPITAL $532.9
2020
2021
$428.2 $391.2
2019
2020
2021
2017
2018
TOTAL LOANS (millions) $3,267.7 $2,970.9
$498.1
$460.3
$4,532.4
$3,875.4
2018
(millions)
$5,325.4
2019
LOAN MIX $3,911.7
$3,706.0 4%
$3,121.9
11%
Commercial real estate
$3.4 billion
Commercial and industrial
$435 million
Residential and other consumer $150 million 85%
2017
2018
2019
2020
2021
DEPOSIT MIX
TOTAL DEPOSITS (millions) $4,724.0 $3,668.7 $3,174.7
$3,918.3
$3,315.0
18% 44%
Demand
$2.1 billion
Savings and NOW
$780 million
Money Market
$991 million
Time deposits
$848 million
21% 17%
2017
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2018
2019
2020
2021
OCEAN BANK | FINANCIAL REPORT 2021
EBIT
NET INCOME
(EARNINGS BEFORE INCOME TAX)
(millions)
(millions) $52.1
$37.7
$61.1 $50.0
$47.4
$34.8
$46.4
$31.8
$42.3
$13.0
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
INTEREST INCOME
NET INTEREST INCOME
(millions)
(millions)
$152.7
$166.9
$185.4
$163.3
$170.1
$147.3
$163.4
$147.6
$146.9
$138.0
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
INTEREST EXPENSE
Pre-tax
(millions)
1.10
0.93
1.15
$4,314.2
$38.5
1.29
$3,875.4
1.40
$4,532.4
RETURN ON ASSETS
$14.6 2017
2018
2019
2020
2021
$3,710.2
$19.6
$15.7
$6.7
2017
OCEAN BANK | FINANCIAL REPORT 2021
2018
2019
2021
2020
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Board of Directors Agostinho Alfonso Macedo Ernesto de Abreu Javier Macedo Rodríguez Alcides I. Avila
Terry Curry Juan del Busto Antonio A. González Ricardo Gonzalez *
Senior Management Agostinho Alfonso Macedo President, Chief Executive Officer & Chairman Manuel M. del Cañal Executive Vice President & Head of Wealth Management Eddie Diaz Executive Vice President & Head of Corporate Lending Pedro Max Executive Vice President & Head of Business Banking & Branches Sam Monti Executive Vice President & Chief Credit Officer Yuni Navarro Executive Vice President & Chief Administrative Officer Stan Rubin Executive Vice President, Chief Financial Officer & Chief Risk Officer Rogelio Villarreal Executive Vice President & Head of Commercial Lending Barbara Brick Senior Vice President & Director of BSA & Compliance Rodolfo Bucaro Senior Vice President & Chief Information Officer * Consultant to the Board of Directors
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OCEAN BANK | FINANCIAL REPORT 2021
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Branches Miami-Dade Branch Locations Main Office
780 NW 42nd Ave. Miami, FL 33126 305-446-9330 Branch Manager: Luis Miguel
Airport West
7650 NW 25th St. Miami, FL 33122 305-593-5744 Branch Manager: Magaly Garcia
Aventura
20900 NE 30th Ave. Aventura, FL 33180 305-933-3223 Branch Manager: Lev Gershoyg
Bird Road
7951 SW 40th St. Miami, FL 33155 305-266-9500 Branch Manager: Marcia Fernandez
Brickell
1000 Brickell Ave. Miami, FL 33131 305-381-8555 Branch Manager: Ruth Jimenez
Coral Gables
2655 LeJeune Rd. Coral Gables, FL 33134 305-446-1919 Branch Manager: Guillermo Diaz
Coral Way
12005 SW 26th St. Miami, FL 33175 305-559-4466 Branch Manager: Sergio Pinto
Doral
2500 NW 97th Ave. Suite 100 Doral, FL 33172 305-470-0102 Branch Manager: Sandro Gonzalez
Downtown Miami
165 SE First St. Miami, FL 33131 305-373-3379 Branch Manager: Douglas Halliday
Kendall 10950 Kendall Dr. Miami, FL 33176 305-630-5100
West Miami
Miami Beach
Broward Branch Locations
Branch Manager: Sergio Pinto 501 Arthur Godfrey Rd. Miami Beach, FL 33140 305-674-7443 Branch Manager: Maxine Hanchard-Foote
Miami Lakes
7455 Miami Lakes Dr. Miami Lakes, FL 33014 305-512-0500 Branch Manager: Adolfo Hernandez
Miller Drive
14651 SW 56th St. Miami, FL 33175 305-382-1032 Branch Manager: Eduardo Saborit
Palm Springs/Hialeah
6590 SW 8th St. West Miami, FL 33144 305-265-1025 Branch Manager: Anamarys Armas-Perez
Downtown Ft. Lauderdale 200 NE 3rd Ave. Fort Lauderdale, FL 33301 954-519-0460 Branch Manager: Javier Perez
Weston
2300 Weston Rd. Weston, FL 33326 954-384-2944
Wealth Management Locations Brickell
790 West 49th St. Hialeah, FL 33012 305-825-5500 Branch Manager: Ariana Reyes
1000 Brickell Ave. Suite 1200 Miami, FL 33131 786-866-3600 Manager: Amado Peñate
Pinecrest
Main Office
13593 S. Dixie Hwy. Pinecrest, FL 33156 305-595-6232 Branch Manager: Jessika Jaar-Arango
South Miami
6939 Red Rd. Coral Gables, FL 33143 305-665-8041 Branch Manager: Jessika Jaar-Arango
West Flagler
8700 West Flagler St. Miami, FL 33174 305-225-2522 Branch Manager: Otany Martinez
West Hialeah
1801 West 4th Ave. Hialeah, FL 33010 305-884-7400 Branch Manager: Barbara Rios
780 NW 42nd Ave. Suite 603 Miami, FL 33126 305-569-5771 Manager: Diana Mantellini
International Banking Center
780 NW 42nd Ave. Suite 625 Miami, FL 33126 305-569-8000 Manager: Lisette Izquierdo Figueroa
Private Client Services
780 NW 42nd Ave. Suite 605 Miami, FL 33126 Manager: Gladys Reed
West Kendall
15680 SW 88th St. Miami, FL 33196 305-382-0424 Branch Manager: Anamarys Armas-Perez
Customer Service 305-569-5000 844-OCEAN4U (844-623-2648)
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OCEAN BANK | FINANCIAL REPORT 2021