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OceanFirst Financial Corp. Announces Record Net Income, 14.3% Annual Earnings Per Share Growth

TOMS RIVER, N.J., Jan. 20, 2011 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced a record $20.4 million of net income for the year 2010. Income available to common stockholders increased to $5.8 million for the quarter ended December 31, 2010, as compared to $5.2 million for the prior linked quarter, and $1.9 million for the corresponding prior year period. Diluted earnings per share for the quarter ended December 31, 2010 was $0.32, an increase of $0.03 from the prior linked quarter. For the year, diluted earnings per share increased 14.3%, to $1.12, from $0.98 in 2009. Additional highlights for the quarter and year just concluded:
  • Earnings per share has grown in each of the last four quarters. Return on average stockholders' equity was 11.54% for the quarter ended December 31, 2010.
  • Driven by 10.9% year over year balance sheet growth, total revenue for 2010 (i.e., net interest income and total other income) also was a record $92.4 million.
  • Year-end deposits grew 22.0% to $1,664.0 million with core deposits (i.e., all deposits except time deposits) comprising yet another record 82.9% of total deposits.

The Company also announced that the Board of Directors declared its fifty-sixth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended December 31, 2010 was declared in the amount of $0.12 per share to be paid on February 11, 2011 to shareholders of record on January 31, 2011. 

Chairman and CEO John R. Garbarino observed, "Our record setting bottom line was driven by strong core deposit growth and healthy margins throughout the year. Diligently managing our capital in recent periods with these record earnings, prudent dividend payouts and strong, double digit returns on equity has significantly enhanced the value proposition for our shareholders."

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