OceanFirst Financial Corp. reports recurring developments as the bank holding company for OceanFirst Bank N.A., a regional bank founded in 1902. Company news centers on quarterly operating performance, earnings conference calls, common stock dividends, and board actions affecting capital returns.
OceanFirst Bank provides financial services throughout New Jersey and major metropolitan areas from Massachusetts through Virginia. Its updates reflect commercial and residential financing, treasury management, trust and asset management, deposit services, governance matters, and other capital-structure disclosures tied to a regional banking business.
OceanFirst Financial Corp. (NASDAQ: OCFC) announced a quarterly cash dividend of $0.4764 per share for its Series A Preferred Stock. The dividend is set to be paid on August 17, 2020, to stockholders on record as of July 31, 2020. OceanFirst Bank, a subsidiary founded in 1902, operates as a significant regional bank with assets totaling $11.3 billion across New Jersey and metropolitan areas in Philadelphia and New York City. The bank provides commercial and residential financing solutions, with a strong presence in asset management and deposit services.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported a net income of $18.6 million ($0.31 per diluted share) for Q2 2020, down from $19.0 million ($0.37) in Q2 2019. For H1 2020, net income was $35.2 million ($0.58), compared to $40.2 million ($0.79) in H1 2019. Merger-related costs and COVID-19 impacts led to a decrease in profits. Loan and deposit growth was strong, with $975 million in quarterly originations, including $504 million in PPP loans. Operating expenses rose to $55.9 million due to mergers and COVID-19 costs. A quarterly dividend of $0.17 per share is declared for August 14, 2020.
OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q2 2020 on July 23, 2020, after market close. A conference call to discuss the results is scheduled for July 24 at 11:00 a.m. ET. The direct dial for the call is 1-888-338-7143, with a replay available until October 30, 2020. Operating since 1902, OceanFirst Bank is a $10.5 billion regional bank serving New Jersey and surrounding areas, offering various financial solutions and services.
OceanFirst Financial Corp. (NASDAQ:OCFC) announced that its 2020 Annual Meeting of Stockholders will occur virtually on May 20, 2020, due to COVID-19 concerns. Eligible stockholders as of April 3, 2020, can participate via a live audio webcast starting at 8:45 a.m. Eastern Time. Voting can be done online during the meeting or beforehand. The company, a regional bank with $10.5 billion in assets, provides commercial and residential financing, trust services, and deposit services. Shareholders are encouraged to vote using their proxy materials.
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