Ocean Bank Mortgage Rates, Fees & Info

Miami, FL

LEI: 549300D4L76B477GHY32

Tax ID: 59-2237280

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Mortgage Data

Bank Data

Review & Overview

Ocean Bank is a smaller bank specializing in Home Purchase loans. Ocean Bank has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Port St. Lucie, Naples, Dallas, and Jacksonville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ocean Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

54

Origination Dollar Volume (All Markets)

$242,240,000

Employee count

651

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 48 $159,750,000 $3,328,125 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $38,710,000 $19,355,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $33,405,000 $33,405,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $9,220,000 $4,610,000 $0 0.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $1,155,000 $1,155,000 $0 0.00%
Ocean Bank's top markets include Miami, Port St. Lucie, Naples, Dallas, and Jacksonville among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 54 $242,240,000 $4,485,926 $0 0.00%

    For 2021, Ocean Bank's most frequently originated type of loan was Conventional, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $225,280,000 $5,632,000 $0 0.00%
    Refi 10 $13,420,000 $1,342,000 $0 0.00%
    Other 3 $3,435,000 $1,145,000 $0 0.00%
    Home Improvement 1 $105,000 $105,000 $0 0.00%

    For 2021, Ocean Bank's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 54 $242,240,000 $4,485,926 $0 0.00%

    For 2021, Ocean Bank's most frequently cited loan duration was Other, with 54 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 32 $228,920,000 $7,153,750 $0 0.00%
    $600k-1MM 11 $9,075,000 $825,000 $0 0.00%
    $400k-600k 6 $2,990,000 $498,333 $0 0.00%
    $200k-400k 4 $1,150,000 $287,500 $0 0.00%
    $100k-200k 1 $105,000 $105,000 $0 0.00%

    2021 saw Ocean Bank place emphasis on $1MM+ loans with 32 originations, totaling $228,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $14,930,000 $1,866,250 $0 0.00%

    Ocean Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 54 $242,240,000 $4,485,926 $0 0.00%

    Ocean Bank lent most frequently to those with DTI ratios of Exempt%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 45 $227,105,000 $5,046,778 $0 0.00%
    White 8 $14,140,000 $1,767,500 $0 0.00%
    Black 1 $995,000 $995,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.79%

    Ocean Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    25.93%

    Ocean Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 54 $242,240,000 $4,485,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    54 $242,240,000 $4,485,926

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    OCMBC, Inc FHA mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ocean Bank 1000 Brickell Ave Miami, FL 33131 Full Service B&M $82,510
    Ocean Bank 10950 North Kendall Drive Miami, FL 33176 Full Service B&M $71,413
    Ocean Bank 12005 26th Street, S.W. Miami, FL 33175 Full Service B&M $69,314
    Ocean Bank 13593 South Dixie Highway Pinecrest, FL 33156 Full Service B&M $25,031
    Ocean Bank 14651 Sw 56th Street Miami, FL 33175 Full Service B&M $37,743
    Ocean Bank 15680 S. W. 88th Street Miami, FL 33196 Full Service B&M $13,163
    Ocean Bank 165 Southeast 1st Street Miami, FL 33131 Full Service B&M $60,165
    Ocean Bank 1801 West Fourth Avenue Hialeah, FL 33010 Full Service B&M $93,329
    Ocean Bank 200 Northeast 3rd Avenue Fort Lauderdale, FL 33301 Full Service B&M $14,288
    Ocean Bank 20900 Ne 30th Ave, Ste 103 Aventura, FL 33180 Full Service B&M $20,904
    Ocean Bank 2300 Weston Road Weston, FL 33326 Full Service B&M $29,040
    Ocean Bank 2500 N.W. 97th Avenue, Suite 100 Doral, FL 33172 Full Service B&M $70,648
    Ocean Bank 2655 Le Jeune Road Coral Gables, FL 33134 Full Service B&M $69,893
    Ocean Bank 501 41st Street Miami Beach, FL 33140 Full Service B&M $77,122
    Ocean Bank 6600 S.W. 8th Street West Miami, FL 33144 Full Service B&M $69,699
    Ocean Bank 6775 Taft Street Hollywood, FL 33024 Full Service B&M $4,726
    Ocean Bank 6939 Red Rd. Coral Gables, FL 33143 Full Service B&M $19,246
    Ocean Bank 7455 Miami Lakes Drive Miami Lakes, FL 33014 Full Service B&M $113,561
    Ocean Bank 7650 N.W. 25th Street Miami, FL 33122 Full Service B&M $82,294
    Ocean Bank 780 N.W. 42nd Avenue Miami, FL 33126 Full Service B&M $2,862,921
    Ocean Bank 790 West 49th Street Hialeah, FL 33012 Full Service B&M $112,052
    Ocean Bank 7951 Sw 40th St Miami, FL 33155 Full Service B&M $160,319
    Ocean Bank 8700 W Flagler St Miami, FL 33174 Full Service B&M $76,323

    For 2021, Ocean Bank had 23 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $169,746
    Net interest income $162,997
    Total noninterest income $23,816
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $4,859
    Trading account gains and fees $0
    Additional Noninterest Income $18,957
    Pre-tax net operating income $60,741
    Securities gains (or losses, -) $361
    Income before extraordinary items $46,416
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $46,416
    Minority interest net income $0
    Net income $46,416
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $46,130

    Ocean Bank's gross interest income from loans was $169,746,000.
    Ocean Bank's net interest income from loans was $162,997,000.
    Ocean Bank's fee based income from loans was $4,859,000.
    Ocean Bank's net income from loans was $46,416,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,749
    Provision for credit losses $-1,000
    Total noninterest expense $127,072
    Salaries and employee benefits $81,563
    Premises and equipment expense $13,071
    Additional noninterest expense $32,438
    Applicable income taxes $14,686
    Net charge-offs $-2,423
    Cash dividends $16,000

    Ocean Bank's interest expense for loans was $6,749,000.
    Ocean Bank's payroll and benefits expense were $81,563,000.
    Ocean Bank's property, plant and equipment expenses $13,071,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $4,736,143
    Deposits held in domestic offices $4,736,143
    Deposits by Individuals, partnerships, and corporations $4,718,872
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $0
    Deposits by Commercial banks and other depository institutions in U.S. $5,700
    Deposits by Banks in foreign countries $11,571
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $2,310,551
    Demand deposits $2,116,707
    Nontransaction accounts $2,425,592
    Money market deposit accounts (MMDAs) $990,871
    Other savings deposits (excluding MMDAs) $586,340
    Total time deposits $848,382
    Total time and savings deposits $2,619,436
    Noninterest-bearing deposits $2,116,707
    Interest-bearing deposits $2,619,436
    Retail deposits $4,307,194
    IRAs and Keogh plan accounts $50,152
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $5,325,419
    Cash & Balances due from depository institutions $661,841
    Interest-bearing balances $634,228
    Total securities $522,522
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,911,724
    Loan and leases loss allowance $64,011
    Trading account assets $0
    Bank premises and fixed assets $69,095
    Other real estate owned $701
    Goodwill and other intangibles $1,322
    All other assets $158,214

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $5,325,419
    Total Liabilities $4,784,909
    Total deposits $4,736,143
    Interest-bearing deposits $2,619,436
    Deposits held in domestic offices $4,736,143
    % insured (estimated) $56
    Federal funds purchased and repurchase agreements $749
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $48,017

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,911,724
    Loan and leases loss allowance $64,011
    Total loans and leases (domestic) $3,975,735
    All real estate loans $3,517,608
    Real estate loans in domestic offices $3,517,608
    Construction and development loans $220,362
    Residential 1-4 family construction $12,247
    Other construction, all land development and other land $208,115
    Loans secured by nonfarm nonresidential properties $2,599,617
    Nonfarm nonresidential secured by owner-occupied properties $456,162
    Commercial real estate & other non-farm, non-residential $2,143,455
    Multifamily residential real estate $414,163
    1-4 family residential loans $281,963
    Farmland loans $1,503
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $296,113
    To non-U.S. addressees $16,736
    Loans to individuals $27,985
    Credit card loans $6,759
    Related Plans $20,946
    Consumer Auto Loans $0
    Other loans to individuals $280
    All other loans & leases $135,843
    Loans to foreign governments and official institutions $0
    Other loans $135,843
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $23
    Loans secured by real estate to non-U.S. addressees $13,398
    Restructured Loans & leases $12,335
    Non 1-4 family restructured loans & leases $10,652
    Total loans and leases (foreign) $0

    Ocean Bank had $3,911,724,000 of loans outstanding in 2021. $3,517,608,000 of loans were in real estate loans. $220,362,000 of loans were in development loans. $414,163,000 of loans were in multifamily mortgage loans. $281,963,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $6,759,000 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 445 $158,640 $356,494
    Nonfarm, nonresidential loans - <$100k 41 $2,114 $51,561
    Nonfarm, nonresidential loans - $100-250k 129 $18,958 $146,961
    Nonfarm, nonresidential loans - $250k-1MM 275 $137,568 $500,247
    Commercial & Industrial, US addressed loans - <$1MM 885 $87,663 $99,054
    Commercial & Industrial, US addressed loans - <$100k 556 $18,870 $33,939
    Commercial & Industrial, US addressed loans - $100-250k 182 $22,611 $124,236
    Commercial & Industrial, US addressed loans - $250k-1MM 147 $46,182 $314,163
    Farmland loans - <$1MM 3 $424 $141,333
    Farmland loans - <$100k 2 $142 $71,000
    Farmland loans - $250k-1MM 1 $282 $282,000