TOMS RIVER, N.J., Jan. 23, 2014 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced that, as a result of the planned series of strategic initiatives disclosed in the third quarter earnings release, diluted earnings per share amounted to $0.11 for the quarter ended December 31, 2013, as compared to $0.23 for the corresponding prior year period. For the year ended December 31, 2013, diluted earnings per share amounted to $0.95, as compared to $1.12 for the prior year.
Diluted earnings per share for the quarter and the year ended December 31, 2013 were adversely impacted by $0.19 per diluted share due to the previously announced strategic initiatives relating to the prepayment of $159.0 million of Federal Home Loan Bank ("FHLB") advances, at a cost of $4.3 million, and the consolidation of two branches into newer, in-market facilities, at a cost of $579,000.
Highlights for the quarter included:
- Commercial loans outstanding increased $26.4 million, an annualized growth rate of 18.8%, the second consecutive quarter of double digit growth.
- The net interest margin increased to 3.38%, as compared to 3.20% in the linked quarter, largely the result of the prepayment of higher-cost FHLB borrowings and growth in higher-yielding commercial loans which replaced maturing securities.
- Tangible common equity remains strong at a ratio of 9.53%.