This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

OceanFirst Financial Corp. Announces Growth In Deposits, Loans, Revenue And Earnings Per Share

TOMS RIVER, N.J., July 22, 2010 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC) , the holding company for OceanFirst Bank, today announced that diluted earnings per share increased to $.27 for the quarter ended June 30, 2010 as compared to $.24 in the prior linked quarter and $.26 for the corresponding prior year period. Other growth highlights for the quarter ended June 30, 2010 include:

  • Deposits increased $158.9 million during the quarter of which $156.6 million was growth in core deposits, defined as all deposits excluding time deposits.
  • Loans receivable, net increased $27.3 million during the quarter of which $26.2 million was growth in commercial loans.
  • Total revenue (net interest income and total other income) increased to $23.3 million for the quarter ended June 30, 2010 as compared to $21.9 million for the prior linked quarter and $20.3 million for the corresponding prior year quarter.

The Company also announced that its Board of Directors declared the quarterly cash dividend on common stock of $.12 per share - covering the three month period ended June 30, 2010 - to be paid on August 13, 2010, to common shareholders of record on August 2, 2010. 

CEO John R. Garbarino reflected on the growth: "We are gratified with the across the board growth over both the linked and prior year periods. Our Company continues to maintain its strengthened capital position with Tangible Common Equity Capital of 8.78%. We are also pleased to declare our fifty-fourth consecutive quarterly common stock cash dividend, representing a current attractive yield for our shareholders."

Results of Operations

Net interest income for the three and six months ended June 30, 2010 increased to $19.7 million and $38.7 million, respectively, as compared to $16.2 million and $31.8 million, respectively, in the same prior year periods, reflecting a higher net interest margin and higher levels of interest-earning assets. The net interest margin increased to 3.78% and 3.77%, respectively, for the three and six months ended June 30, 2010 from 3.56% and 3.52%, respectively, in the same prior year periods.  The yield on interest-earning assets decreased to 4.96%, for both the three and six months ended June 30, 2010, as compared to 5.33% and 5.37%, respectively, in the same prior year periods. The cost of interest-bearing liabilities decreased to 1.31% and 1.33%, respectively, for the three and six months ended June 30, 2010, as compared to 2.00% and 2.08%, respectively, in the same prior year periods. Average interest-earning assets increased by $266.9 million and $242.0, respectively, for the three and six months ended June 30, 2010 as compared to the same prior year periods. The increase was in average mortgage-backed securities which increased $266.8 million and $249.0, respectively, for the three and six months ended June 30, 2010.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs