Oceanfirst Finl Corp Stock Price, News & Analysis

OceanFirst Financial Corp (NASDAQ:OCFC) has announced its Q1 2025 earnings release schedule. The company will release its financial results for the quarter ended March 31, 2025, on Thursday, April 24, 2025, after market close. A conference call discussing the quarterly performance will be held on Friday, April 25, 2025, at 11:00 a.m. Eastern Time.

OceanFirst Bank, founded in 1902, operates as a $13.4 billion regional bank providing financial services throughout New Jersey and major metropolitan areas from Massachusetts to Virginia. The bank offers commercial and residential financing, treasury management, trust and asset management, and deposit services.

OceanFirst Financial Corp. (NASDAQ: OCFC) has announced the complete redemption of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. The redemption will occur on May 15, 2025, involving all 57,370 outstanding shares at a redemption price of $1,000 per share.

The redemption includes 2,294,800 depositary shares, each representing a 1/40th interest in a preferred stock share, which will be redeemed at $25 per share. The previously declared dividend payment will be paid to holders of record prior to the redemption.

According to Patrick Barrett, Senior Executive Vice President and CFO, the company's strong capital and liquidity positions enable them to pay off higher-cost liabilities, aligning with their balance sheet optimization strategy.

OceanFirst Financial Corp. (NASDAQ:OCFC) reported Q4 2024 net income of $20.9 million ($0.36 per diluted share), down from $26.7 million ($0.46 per share) in Q4 2023. For the full year 2024, net income was $96.0 million ($1.65 per share), compared to $100.0 million ($1.70 per share) in 2023.

Key Q4 2024 highlights include: net interest margin increased to 2.69% from 2.67%, loan growth of $95.9 million (4% annualized), and total deposits remained stable at $10.1 billion. The company declared its 112th consecutive quarterly cash dividend of $0.20 per share.

The company's capital position remains strong with an estimated common equity tier one capital ratio of 11.2%. Total assets decreased to $13.42 billion from $13.54 billion year-over-year, while total loans decreased to $10.12 billion from $10.19 billion.

OceanFirst Financial Corp (NASDAQ: OCFC) has announced a quarterly cash dividend for its Series A Preferred Stock. The company will pay $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. The dividend is scheduled for payment on February 17, 2025, to stockholders of record as of January 31, 2025.

OceanFirst Bank N.A., the company's subsidiary founded in 1902, operates as a regional bank providing financial services throughout New Jersey and major metropolitan areas between Massachusetts and Virginia. The bank offers commercial and residential financing, treasury management, trust and asset management, and deposit services.

OceanFirst Financial Corp. (NASDAQ:OCFC) has scheduled its Q4 2024 earnings release for January 23, 2025, after market close. The company will host a conference call on January 24, 2025, at 11:00 a.m. Eastern Time to discuss quarterly performance highlights.

A replay of the call will be available until February 21, 2025, and can be accessed via phone or through the company's website. OceanFirst Bank, the company's subsidiary founded in 1902, operates as a $13.5 billion regional bank providing financial services throughout New Jersey and major metropolitan markets including Philadelphia, New York, Baltimore, and Boston. The bank offers commercial and residential financing, treasury management, trust and asset management, and deposit services.

OceanFirst Financial Corp and its subsidiary OceanFirst Bank N.A. have received first-time investment grade ratings from Moody's Ratings. The Bank received deposit ratings of A3/Prime-2, while the holding company received an issuer rating of Baa3. OceanFirst Bank, founded in 1902, is a $13.5 billion regional bank operating throughout New Jersey and major metropolitan areas between Massachusetts and Virginia. The company has maintained investment grade ratings from Kroll Bond Rating Agency since 2016, with only 1% of U.S. banks receiving Moody's Investment Grade rating.

OceanFirst Financial Corp. (NASDAQ:OCFC) announced its Q3 2024 financial results. The company reported a net income of $24.1 million, or $0.42 per diluted share, up from $19.7 million, or $0.33 per diluted share, in Q3 2023. For the nine months ended September 30, 2024, net income was $75.1 million, or $1.29 per diluted share, compared to $73.3 million, or $1.24 per diluted share, in the same period last year.

Key metrics include a return on average assets of 0.71%, a return on average equity of 5.68%, and a net interest margin of 2.67%. Total deposits increased by $122.2 million to $10.1 billion. The company also incurred $3.3 million in expenses related to strategic investments, including acquisitions of Garden State Home Loans and Spring Garden Capital Group.

Despite a decrease in net interest income to $82.2 million from $91.0 million in Q3 2023, the company maintained strong asset quality with non-performing loans at 0.28% of total loans. The Board declared a quarterly cash dividend of $0.20 per common share and $0.4375 per preferred share, payable in November 2024.

OceanFirst Bank, a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has secured $50,000 in Small Business Recovery Grants from the Federal Home Loan Bank of New York (FHLBNY) for ten local nonprofit organizations. The grants aim to assist organizations facing economic challenges due to various factors, including inflation and rising energy costs. This year's grants focus on addressing hunger and food insecurity in New Jersey, where nearly one million people are food insecure, a 22% increase from the previous year.

Each of the ten selected organizations received a $5,000 grant. These include Cathedral Soup Kitchen, Community Services Inc of Ocean County, Freehold Area Open Door, Friendly Fridge, Meals on Wheels Mercer, Meals on Wheels of Greater New Brunswick, Mercy Center, Move for Hunger, Love Ministries Outreach, and Lunch Break. The grants will support various initiatives, from providing meals to maintaining efficient kitchen operations for food-insecure families and individuals.

OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), held its third annual CommUNITYFirst Day on September 24th, 2024. Over 700 employees volunteered 3,000 hours at more than 75 nonprofit organizations across New Jersey, Pennsylvania, New York, and Massachusetts. The event involved closing all branch locations and loan offices for the afternoon to enable employee participation.

Volunteers, known as WaveMakers, assisted organizations focusing on housing, food insecurity, environment, future generations, inclusive communities, economic empowerment, health and wellness, and arts and culture. Since its inception in 2021, OceanFirst employees have contributed nearly 9,000 volunteer hours through CommUNITYFirst Day. The event is coordinated in collaboration with OceanFirst Foundation, which aims to empower nonprofits in the bank's service areas.