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OceanFirst Financial Corp. Announces Quarterly And Year-to-Date Financial Results

Stocks in this article: OCFC

TOMS RIVER, N.J., July 18, 2013 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC) , (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share amounted to $0.29 for the quarter ended June 30, 2013, as compared to $0.30 for the corresponding prior year period. For the six months ended June 30, 2013, diluted earnings per share amounted to $0.55, as compared to $0.61 for the corresponding prior year period. Highlights for the quarter included:

  • The net interest margin stabilized, growing to 3.21%, as compared to 3.16% in the linked prior quarter, as the Company invested excess liquidity and managed funding costs lower.
  • As of June 30, 2013, commercial loans outstanding increased modestly and the commercial loan pipeline totaled $48.8 million, an increase of $19.9 million during the quarter.
  • Improved credit metrics supported a decrease in the quarterly loan loss provision. Non-performing loans decreased $1.5 million and net charge-offs decreased $642,000 from the linked prior quarter.
  • The Company remains well-capitalized with a tangible common equity ratio of 9.38% at June 30, 2013.

The Company also announced that the Board of Directors declared its sixty-sixth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended June 30, 2013 of $0.12 per share will be paid on August 9, 2013, to shareholders of record on July 29, 2013.

Chairman and CEO John R. Garbarino observed, "The second quarter produced several positive trends including stabilization in the net interest margin, improved credit metrics, new commercial loan growth and an expanding loan pipeline. Coupled with our success in building a team of experienced revenue producers in our commercial area, we remain encouraged by our prospects for future earnings growth."

Results of Operations

Net income for the three months ended June 30, 2013 decreased to $5.0 million, or $0.29 per diluted share, as compared to net income of $5.4 million, or $0.30 per diluted share for the corresponding prior year period, due to higher operating expenses and lower net interest income, partly offset by reductions in the provision for loan losses and higher other income. Net income for the six months ended June 30, 2013 decreased to $9.4 million, or $0.55 per diluted share, as compared to net income of $11.0 million, or $0.61 per diluted share for the corresponding prior year period due to lower net interest income, lower other income and higher operating expenses, partly offset by a reduction in the provision for loan losses.

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