Welcome to our dedicated page for Oceanfirst Finl news (Ticker: OCFC), a resource for investors and traders seeking the latest updates and insights on Oceanfirst Finl stock.
OceanFirst Financial Corp (NASDAQ: OCFC) is the holding company for OceanFirst Bank N.A., a regional bank serving business and retail customers throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. As a savings institution focused on loans and deposits, the company regularly issues detailed updates on its financial performance, capital actions, and strategic initiatives, making OCFC news relevant for investors who follow regional banks and community-based financial institutions.
On this page, readers can review news items such as quarterly and annual earnings releases, where OceanFirst reports net income, net interest income, net interest margin, credit loss provisions, and non-interest income and expense. These releases often include commentary on loan and deposit growth, commercial and industrial lending activity, residential mortgage strategies, and changes in funding costs. The company also discusses non-GAAP measures like core earnings and pre-tax, pre-provision results in its financial communications.
OceanFirst news also covers corporate actions and capital management, including stock repurchase programs, preferred stock redemptions, and subordinated debt offerings intended to qualify as Tier 2 capital. In addition, the company publishes announcements about strategic transactions, such as the definitive merger agreement with Flushing Financial Corporation and the related equity investment agreement with affiliates of funds managed by Warburg Pincus LLC.
Investors and analysts can use this news feed to track OceanFirst’s operating trends, credit quality commentary, and updates on the proposed merger and capital initiatives. Regularly reviewing OCFC news can help users understand how the company describes its performance, balance sheet changes, and regional growth plans over time.
OceanFirst Financial Corp. (NASDAQ:OCFC) announced that its subsidiary, OceanFirst Bank, has voluntarily entered into settlement agreements with the U.S. Department of Justice and Department of Housing and Urban Development. The agreements resolve claims of violations of the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, New Jersey lending area.
Key points of the settlement include:
- A $14 million commitment to a mortgage loan subsidy fund for eligible residents in Middlesex and Monmouth counties over five years
- $400,000 investment in community partnerships
- $140,000 annual spending on targeted marketing and outreach
- Provision of financial education workshops
OceanFirst Bank has a history of community lending and investment programs, including the NeighborFirst program, community development loans, and small business lending to minority- and women-owned businesses.
OceanFirst Financial Corp. (NASDAQ:OCFC) reported net income of $23.4 million, or $0.40 per diluted share, for Q2 2024, down from $26.8 million, or $0.45 per share, in Q2 2023. For the first half of 2024, net income was $51.0 million, or $0.87 per share, compared to $53.7 million, or $0.91 per share, in H1 2023.
Key financial metrics include:
- Return on average assets: 0.70%
- Return on average tangible common equity: 8.51%
- Net interest margin: 2.71%
- Common equity tier 1 capital ratio: 11.2%
The bank's asset quality remains strong, with non-performing loans at 0.33% of total loans. The company repurchased 338,087 shares for $5.0 million during the quarter and declared its 110th consecutive quarterly cash dividend of $0.20 per share.
OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, announced it will release its Q2 2024 earnings on July 18, 2024, after market close. A conference call to discuss the quarterly performance will be held at 11:00 a.m. ET on July 19, 2024. Participants can dial 1-833-470-1428 using access code 619002. A replay will be available until August 16, 2024, by dialing 1-866-813-9403, access code 217614. The call will also be accessible via the company's website for 30 days. Founded in 1902, OceanFirst Bank has a $13.4 billion asset base and offers a range of financial services across major metropolitan markets including New Jersey, Philadelphia, New York, Baltimore, and Boston.
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