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 and Refi loans. Ocean Bank has a high proportion of conventional loans. Their top two markets are Miami and Port St. Lucie .

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

32

Origination Dollar Volume (All Markets)

$44,170,000

Employee count

707

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) 31 $24,065,000 $776,290 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $20,105,000 $20,105,000 $0 0.00%
Ocean Bank's top markets include Miami and Port St. Lucie among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 32 $44,170,000 $1,380,313 $0 0.00%

    For 2018, Ocean Bank's most frequently originated type of loan was Conventional, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $31,230,000 $1,419,545 $0 0.00%
    Refi 10 $12,940,000 $1,294,000 $0 0.00%

    For 2018, Ocean Bank's most frequently cited loan purpose was Home Purchase, with 22 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 32 $44,170,000 $1,380,313 $0 0.00%

    For 2018, Ocean Bank's most frequently cited loan duration was Other, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 9 $36,145,000 $4,016,111 $0 0.00%
    $400k-600k 8 $3,810,000 $476,250 $0 0.00%
    $100k-200k 6 $920,000 $153,333 $0 0.00%
    $200k-400k 6 $1,730,000 $288,333 $0 0.00%
    $600k-1MM 2 $1,490,000 $745,000 $0 0.00%
    $100,000 or less 1 $75,000 $75,000 $0 0.00%

    2018 saw Ocean Bank place emphasis on $1MM+ loans with 9 originations, totaling $36,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 6 $5,550,000 $925,000 $0 0.00%
    $150k-250k 1 $485,000 $485,000 $0 0.00%
    $50k or less 1 $155,000 $155,000 $0 0.00%

    Ocean Bank lent most frequently to those with incomes in the $250k+ range, with 6 originations. The second most popular income band? $150k-250k, with 1 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 32 $44,170,000 $1,380,313 $0 0.00%

    Ocean Bank lent most frequently to those with DTI ratios of Exempt%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 24 $37,980,000 $1,582,500 $0 0.00%
    White 8 $6,190,000 $773,750 $0 0.00%

    Approval Rates

    Total approvals of all applications
    79.01%

    Ocean Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    25.00%

    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 32 $44,170,000 $1,380,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $33,390,000 $2,782,500
    Single Family (1-4 Units):Site-Built 20 $10,780,000 $539,000

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    OCMBC, Inc Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    OCMBC, Inc VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Ocean Bank 1000 Brickell Avenue Miami, FL 33126 Full Service B&M $462,997
    Ocean Bank 10950 North Kendall Drive Miami, FL 33176 Full Service B&M $52,828
    Ocean Bank 12005 26th Street, S.W. Miami, FL 33175 Full Service B&M $75,582
    Ocean Bank 13593 South Dixie Highway Pinecrest, FL 33156 Full Service B&M $27,503
    Ocean Bank 14702 Southwest 56th Street Miami, FL 33175 Full Service B&M $37,599
    Ocean Bank 165 Southeast 1st Street Miami, FL 33131 Full Service B&M $62,520
    Ocean Bank 1801 West Fourth Avenue Hialeah, FL 33010 Full Service B&M $76,164
    Ocean Bank 200 Northeast 3rd Avenue Fort Lauderdale, FL 33301 Full Service B&M $22,021
    Ocean Bank 2300 Weston Road Weston, FL 33326 Full Service B&M $24,232
    Ocean Bank 2500 N.W. 97th Avenue, Suite 100 Doral, FL 33172 Full Service B&M $62,552
    Ocean Bank 2655 Le Jeune Road Coral Gables, FL 33134 Full Service B&M $75,536
    Ocean Bank 501 41st Street Miami Beach, FL 33140 Full Service B&M $43,659
    Ocean Bank 6600 S.W. 8th Street West Miami, FL 33144 Full Service B&M $45,893
    Ocean Bank 6775 Taft Street Hollywood, FL 33024 Full Service B&M $8,768
    Ocean Bank 7455 Miami Lakes Drive Miami Lakes, FL 33014 Full Service B&M $83,430
    Ocean Bank 7650 N.W. 25th Street Miami, FL 33122 Full Service B&M $70,986
    Ocean Bank 780 N.W. 42nd Avenue Miami, FL 33126 Full Service B&M $1,715,144
    Ocean Bank 790 West 49th Street Hialeah, FL 33012 Full Service B&M $115,230
    Ocean Bank 7951 S.W. 40th Street Miami, FL 33140 Full Service B&M $106,720
    Ocean Bank 8700 West Flagler Street Miami, FL 33144 Full Service B&M $73,656

    For 2018, Ocean Bank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $166,939
    Net interest income $147,359
    Total noninterest income $25,183
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $8,311
    Trading account gains and fees $0
    Additional Noninterest Income $16,872
    Pre-tax net operating income $51,427
    Securities gains (or losses, -) $-1,426
    Income before extraordinary items $37,677
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $37,677
    Minority interest net income $0
    Net income $37,677
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $38,803

    Ocean Bank's gross interest income from loans was $166,939,000.
    Ocean Bank's net interest income from loans was $147,359,000.
    Ocean Bank's fee based income from loans was $8,311,000.
    Ocean Bank's net income from loans was $37,677,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $19,580
    Provision for credit losses $2,500
    Total noninterest expense $118,615
    Salaries and employee benefits $74,853
    Premises and equipment expense $12,339
    Additional noninterest expense $31,423
    Applicable income taxes $12,324
    Net charge-offs $-714
    Cash dividends $11,000

    Ocean Bank's interest expense for loans was $19,580,000.
    Ocean Bank's payroll and benefits expense were $74,853,000.
    Ocean Bank's property, plant and equipment expenses $12,339,000.

    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 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $3,326,841
    Deposits held in domestic offices $3,326,841
    Deposits by Individuals, partnerships, and corporations $3,309,519
    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. $11,809
    Deposits by Banks in foreign countries $5,513
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $110,357
    Demand deposits $105,743
    Nontransaction accounts $3,216,484
    Money market deposit accounts (MMDAs) $555,275
    Other savings deposits (excluding MMDAs) $1,368,345
    Total time deposits $1,292,864
    Total time and savings deposits $3,221,098
    Noninterest-bearing deposits $105,743
    Interest-bearing deposits $3,221,098
    Retail deposits $2,710,156
    IRAs and Keogh plan accounts $58,560
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,875,427
    Cash & Balances due from depository institutions $103,540
    Interest-bearing balances $70,711
    Total securities $416,026
    Federal funds sold & reverse repurchase $0
    Net loans and leases $3,121,935
    Loan and leases loss allowance $45,082
    Trading account assets $0
    Bank premises and fixed assets $53,724
    Other real estate owned $6,218
    Goodwill and other intangibles $2,194
    All other assets $171,790

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,875,427
    Total Liabilities $3,424,080
    Total deposits $3,326,841
    Interest-bearing deposits $3,221,098
    Deposits held in domestic offices $3,326,841
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $55,018
    Subordinated debt $0
    All other liabilities $42,221

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $3,121,935
    Loan and leases loss allowance $45,082
    Total loans and leases (domestic) $3,167,017
    All real estate loans $2,737,860
    Real estate loans in domestic offices $2,737,860
    Construction and development loans $252,827
    Residential 1-4 family construction $15,612
    Other construction, all land development and other land $237,215
    Loans secured by nonfarm nonresidential properties $1,927,433
    Nonfarm nonresidential secured by owner-occupied properties $396,985
    Commercial real estate & other non-farm, non-residential $1,530,448
    Multifamily residential real estate $310,989
    1-4 family residential loans $242,446
    Farmland loans $4,165
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $292,531
    To non-U.S. addressees $20,016
    Loans to individuals $22,813
    Credit card loans $1,758
    Related Plans $20,069
    Consumer Auto Loans $37
    Other loans to individuals $949
    All other loans & leases $114,422
    Loans to foreign governments and official institutions $0
    Other loans $111,422
    Loans to depository institutions and acceptances of other banks $3,000
    Loans not secured by real estate $360
    Loans secured by real estate to non-U.S. addressees $32,691
    Restructured Loans & leases $27,513
    Non 1-4 family restructured loans & leases $21,325
    Total loans and leases (foreign) $0

    Ocean Bank had $3,121,935,000 of loans outstanding in 2018. $2,737,860,000 of loans were in real estate loans. $252,827,000 of loans were in development loans. $310,989,000 of loans were in multifamily mortgage loans. $242,446,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $1,758,000 of loans were in credit card loans. $37,000 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 430 $139,700 $324,884
    Nonfarm, nonresidential loans - <$100k 52 $2,576 $49,538
    Nonfarm, nonresidential loans - $100-250k 125 $16,492 $131,936
    Nonfarm, nonresidential loans - $250k-1MM 253 $120,632 $476,806
    Commercial & Industrial, US addressed loans - <$1MM 593 $64,480 $108,735
    Commercial & Industrial, US addressed loans - <$100k 340 $12,211 $35,915
    Commercial & Industrial, US addressed loans - $100-250k 133 $16,663 $125,286
    Commercial & Industrial, US addressed loans - $250k-1MM 120 $35,606 $296,717
    Farmland loans - <$1MM 3 $418 $139,333
    Farmland loans - <$100k 2 $158 $79,000
    Farmland loans - $250k-1MM 1 $260 $260,000