Oceanfirst Finl Corp Stock Price, News & Analysis

OceanFirst Financial Corp. (NASDAQ:OCFC) reported a net income of $26.9 million or $0.46 per diluted share for Q1 2023, up from $24.8 million or $0.42 per diluted share year-over-year but down from $52.3 million or $0.89 per diluted share in the prior quarter. Key performance ratios showed a return on average assets at 0.82%, down sharply from 1.62% a year earlier. Net interest margin decreased to 3.34% from 3.64% sequentially, with net interest income at $98.8 million. The company maintained a robust liquidity position, with total available liquidity of $3.6 billion. Stockholders' equity rose to $1.61 billion, equating to a tangible common equity ratio of 7.95%.

OceanFirst Financial Corp. (NASDAQ: OCFC) has declared a quarterly cash dividend of $0.4375 per share, payable on May 15, 2023, to stockholders of record on April 28, 2023. This announcement reflects the company's commitment to returning value to its shareholders. OceanFirst Bank, a subsidiary of OceanFirst Financial, provides extensive financial services across New Jersey and major metropolitan areas including Philadelphia, New York, Baltimore, and Boston. Founded in 1902, it is recognized as one of the largest community-based financial institutions in New Jersey.

OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q1 2023 on April 20, 2023, after market close. A conference call to discuss the earnings will occur on April 21, 2023, at 11:00 a.m. ET, accessible via phone or online at www.oceanfirst.com. OceanFirst Bank, a regional financial institution with assets of $13.1 billion, provides a variety of services across New Jersey and surrounding metropolitan areas including Philadelphia, New York, Baltimore, and Boston.

OceanFirst Bank has appointed Stephen Adamo as President of Residential and Consumer Lending. Adamo brings nearly three decades of experience in mortgage banking, previously serving as President of National Retail Production at Embrace Home Loans and holding leadership roles at Santander Bank and Citizens Financial Group. His focus will be on expanding residential and consumer lending products and services. OceanFirst, a regional bank with over 120 years in operation, manages assets of $13.1 billion, providing a range of financial services across New Jersey and metropolitan areas like Philadelphia and New York.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported a robust net income of $52.3 million or $0.89 per diluted share for Q4 2022, up from $37.6 million or $0.64 in Q3 2022 and $21.7 million or $0.37 in Q4 2021. For the full year 2022, net income reached $142.6 million or $2.42 per diluted share, compared to $106.1 million or $1.78 in 2021. Key drivers included an increase in net interest income to $106.5 million and a net interest margin expansion to 3.64%. Loan growth totaled $1.30 billion for the year. The Company declared its 104th consecutive quarterly dividend of $0.20 per share.