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OceanFirst Financial Corp. Announces Net Income, Earnings Per Share Growth

TOMS RIVER, N.J., Oct. 21, 2010 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced that net income available to common stockholders increased to $5.2 million for the quarter ended September 30, 2010 as compared to $5.0 million for the quarter ended June 30, 2010, and $4.0 million for the corresponding prior year period. Diluted earnings per share for the quarter ended September 30, 2010 was $0.29, an increase of $0.02 from the prior linked quarter. Additional highlights for the quarter ended September 30, 2010 include:

  • Diluted earnings per share have grown in each of the last three quarters. Return on average stockholders equity was 10.7% for the quarter ended September 30, 2010.
  • Total revenue (i.e. net interest income and total other income) increased to $23.8 million for the quarter ended September 30, 2010 as compared to $23.3 million for the quarter ended June 30, 2010 and $21.2 million for the quarter ended September 30, 2009.
  • Deposits grew $83.5 million during the quarter to $1,623.5 million, including an increase of $102.4 million in core deposits (i.e. all deposits excluding time deposits).
  • Tangible common equity capital increased to 8.96% of assets.

The Company also announced that the Board of Directors declared its fifty-fifth consecutive quarterly cash dividend on common stock of $0.12 per share - covering the three month period ended September 30, 2010, to be paid on November 12, 2010 to shareholders of record on November 1, 2010. 

Chairman and CEO John R. Garbarino reflected on the quarter. "We are pleased with our record of growing our bottom line and increasing earnings per share, and the consequential value we are building for our shareholders. Core deposit growth also continues, with average core deposits now comprising 81.6% of total deposits. Complementing this growth, the Company again fortified its capital position with an increase in tangible common equity to 8.96% of assets." 

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