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.