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OceanFirst Financial Corp. Announces Quarterly Financial Results And Advancement Of CEO Succession Plan

Stocks in this article: OCFC

TOMS RIVER, N.J., April 24, 2014 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced diluted earnings per share of $0.28 for the quarter ended March 31, 2014, as compared to $0.26 for the corresponding prior year quarter.

Highlights for the quarter included:

  • Commercial loans outstanding increased $27.5 million, an annualized growth rate of 18.7%, the third consecutive quarter of double digit growth.
  • The net interest margin remains strong at 3.36%.
  • Tangible common equity also remains strong at 9.47%.

The Company announced that the Board of Directors declared its sixty-ninth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended March 31, 2014 of $0.12 per share will be paid on May 16, 2014 to shareholders of record on May 5, 2014.

The next step in the Company Executive Management Succession Plan was also disclosed. Upon the expiration of CEO John R. Garbarino's current employment agreement on December 31, 2014, President and COO Christopher D. Maher will succeed him as CEO. Mr. Maher's amended employment agreement will continue through June 30, 2017. Mr. Garbarino will remain on the Board of Directors where he currently serves as Chairman. "I am pleased we are able to plan an orderly transition of my CEO responsibilities to such a highly qualified executive as Chris Maher," said Garbarino. Maher also commented, "During John's 43 year career with the Bank and 18 year tenure as CEO of the Company, OceanFirst has demonstrated an enviable record of developing value for shareholders. Together we are now working closely on a strategic plan delivering more robust growth."

Results of Operations

Net income for the three months ended March 31, 2014 was $4.7 million, or $0.28 per diluted share, as compared to net income of $4.4 million, or $0.26 per diluted share for the corresponding prior year period.

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