TOMS RIVER, N.J., Oct. 18, 2012 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share amounted to $0.28 for the quarter ended September 30, 2012, unchanged from the prior year quarter. For the nine months ended September 30, 2012, diluted earnings per share increased to $0.89, as compared to $0.84 for the prior year period. Diluted earnings per share for the three and nine months ended September 30, 2012 was adversely impacted by $0.03 per diluted share due to the previously announced non-recurring severance payment to the Bank's former President and Chief Operating Officer. Excluding this non-recurring item, earnings per share increased 10.7% and 9.5%, respectively, for the three and nine months ended September 30, 2012 as compared to the same prior year periods. Additional highlights for the quarter included:
- Stockholders' equity per common share at September 30, 2012 increased to $12.19 and the return on average stockholders' equity remained strong at 9.08%.
- Credit quality improved as non-performing loans decreased by $2.8 million at September 30, 2012 as compared to December 31, 2011 and by $7.2 million as compared to September 30, 2011.
- The Company remains well-capitalized with a tangible common equity ratio of 9.53% at September 30, 2012.