Oceanfirst Finl Corp Stock Price, News & Analysis

OceanFirst Financial Corp. (NASDAQ:OCFC) announced the retirement of CFO Michael J. Fitzpatrick, effective June 1, 2022. Patrick S. Barrett, who has extensive experience in financial services, will succeed him starting June 2, 2022. Fitzpatrick has been a crucial part of the company for nearly 30 years, contributing to significant achievements like the company’s IPO and multiple acquisitions. Barrett joins the firm after serving as CFO at First Midwest Bancorp, Inc., bringing a wealth of experience. Fitzpatrick will assist in the transition and will continue as a consultant.

OceanFirst Financial Corp. (NASDAQ: OCFC) has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC, with plans to fully acquire the company later. The transaction, which is valued as a significant milestone, is expected to close on March 1, 2022. Following the acquisition, Trident will function as an independent subsidiary. This move reflects OceanFirst's strategy to enhance its service offerings in the title industry, leveraging Turk and Company's expertise in title agency transactions.

OceanFirst Financial Corp. (NASDAQ: OCFC) announced its agreement to acquire a majority interest in Trident Abstract Title Agency, LLC, with the deal expected to close on March 1, 2022. Trident, a family-owned business established in 1975, will operate as an independent subsidiary. The acquisition aims to enhance the borrowing experience for OceanFirst's clients by providing faster loan closings through Trident's established title services. It also seeks to create new revenue streams and bolster non-interest income for shareholders.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported net income of $21.7 million ($0.37 per diluted share) for Q4 2021, a decline from $32.1 million ($0.54) in Q4 2020. For the full year, net income reached $106.1 million ($1.78), up from $61.2 million ($1.02) in 2020. Total loans increased by $441 million this quarter, with a strong pipeline of $671 million. However, non-core operations negatively impacted net income by $6.8 million in Q4. The company declared its 100th consecutive quarterly cash dividend of $0.17 per share, payable on February 18, 2022.

OceanFirst Financial Corp. (NASDAQ:OCFC) announced a quarterly cash dividend of $0.4375 per share, set for payment on February 15, 2022. The dividend is applicable to stockholders of record as of January 31, 2022, representing a 1/40th interest in the Series A Preferred Stock. This decision reflects the company’s ongoing commitment to return value to shareholders while maintaining a robust financial standing.

OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for the quarter ended December 31, 2021, on January 27, 2022, post-market. A conference call is scheduled for January 28, 2022, at 11:00 a.m. ET to discuss the fourth quarter results. OceanFirst Bank, the company's subsidiary, operates as a regional bank with $11.8 billion in assets, providing various financial services across multiple metropolitan areas, including New Jersey and Philadelphia.

First Bank has successfully acquired two New Jersey branches from OceanFirst Bank, completing the transaction on December 3, 2021. This acquisition includes approximately $101 million in deposits and $11 million in performing loans. The branches, located in Flemington and Monroe, enhance First Bank's footprint in Central New Jersey and aim to boost long-term value creation through added scale and low-cost funding. Despite a $23 million reduction in deposit balances prior to closing, First Bank is optimistic about growth opportunities following the integration.

OceanFirst Financial Corp. has announced a merger with Partners Bancorp valued at approximately $186 million, translating to $10.38 per Partners share. This merger will significantly expand OceanFirst's footprint into the Washington D.C. metro area, Delaware, Maryland, and Virginia. Upon completion, the combined entity will have assets of around $13.5 billion and is expected to enhance earnings per share by 10% in 2023. The transaction is set to close in the first half of 2022, pending regulatory and shareholder approvals.

OceanFirst Financial Corp. (NASDAQ: OCFC) reported a net income of $23.2 million, or $0.39 per diluted share, for Q3 2021, a significant recovery from a net loss of $6.0 million in Q3 2020. Year-to-date, net income for the first nine months reached $84.4 million, or $1.41 per diluted share, compared to $29.2 million in the previous year. Key highlights include a $361 million increase in loans, total deposits rising by $358.8 million, and net interest income of $77.1 million. The company announced a cash dividend of $0.17 per share, marking its 99th consecutive dividend payment.