TOMS RIVER, N.J., Oct. 17, 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 September 30, 2013, as compared to $0.28 for the corresponding prior year period. For the nine months ended September 30, 2013, diluted earnings per share amounted to $0.84, as compared to $0.89 for the corresponding prior year period. Highlights for the quarter included:
- Commercial loans outstanding increased $18.5 million, an annualized growth rate of 13.6%.
- The net interest margin stabilized at 3.20%, as compared to 3.21% in the linked quarter, largely the result of higher yielding commercial loans replacing investment securities.
- Improved credit metrics supported a decrease in the loan loss provision, as non-performing loans decreased $4.3 million.
- Tangible common equity remains strong at a ratio of 9.35%.