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OceanFirst Financial Corp. Announces Quarterly Financial Results, Opening Of Red Bank Financial Solutions Center

TOMS RIVER, N.J., April 18, 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 $0.26 for the quarter ended March 31, 2013, as compared to $0.31 for the corresponding prior year period.

During the quarter:
  • Stockholders' equity per common share at March 31, 2013 increased to $12.43.  
  • The Company remains well-capitalized with a tangible common equity ratio of 9.53% at March 31, 2013.  
  • The Company set May 11, 2013 for the grand opening of the new Financial Solutions Center in Red Bank, New Jersey, an important growth market for the Bank.

The Company also announced that the Board of Directors declared its sixty-fifth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended March 31, 2013 of $0.12 per share will be paid on May 10, 2013, to shareholders of record on April 29, 2013.

Chairman and CEO John R. Garbarino observed, "While earnings for the quarter were impacted by a significant addition to the reserve for repurchased loans, we were pleased to successfully reach a comprehensive settlement with an important investor as to current and all future repurchase requests. Additionally, we are excited to be expanding into a new market, bringing our extraordinary brand of community banking to our Financial Solutions Center at a premier downtown location in Red Bank."

Results of Operations

Net income for the three months ended March 31, 2013 decreased to $4.4 million, or $0.26 per diluted share, as compared to net income of $5.6 million, or $0.31 per diluted share for the corresponding prior year period due to reductions in the (loss) gain on the sales of loans available for sale and net interest income, partly offset by reductions in the provision for loan losses and operating expenses.

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