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OceanFirst Financial Corp. Announces Quarterly And Annual Financial Results

TOMS RIVER, N.J., Jan. 23, 2013 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share amounted to $1.12 for the year ended December 31, 2012, as compared to $1.14 for the prior year. For the quarter ended December 31, 2012, diluted earnings per share amounted to $0.23, as compared to $0.30 for the corresponding prior year period. Diluted earnings per share for the quarter and the year ended December 31, 2012 were adversely impacted by an additional provision for loan losses of $1.8 million relating to the impact of superstorm Sandy. Additionally, diluted earnings per share for the year ended December 31, 2012 was adversely impacted by $687,000 in net severance expense as previously reported in the third quarter of 2012. These items adversely impacted diluted earnings per share by $.06 and $.09, respectively, for the quarter and the year ended December 31, 2012.

Additional highlights for the quarter and year included:
  • Stockholders' equity per common share at December 31, 2012 increased to $12.28 and the return on average stockholders' equity remained strong at 9.15% for the year.
  • The Company remains well-capitalized with a tangible common equity ratio of 9.69% at December 31, 2012.

The Company also announced that the Board of Directors declared its sixty-fourth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended December 31, 2012 of $0.12 per share will be paid on February 15, 2013, to shareholders of record on February 4, 2013. 

Chairman and CEO John R. Garbarino observed, "We are pleased to continue to report solid earnings despite a sizeable provision related to the devastation experienced in our area from superstorm Sandy.  During the quarter, we also announced a 5% share repurchase plan, renewing the plan previously adopted in the fourth quarter of 2011 which remains an effective means of returning value to our shareholders."

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