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OceanFirst Financial Corp. Announces First Quarter Financial Results
RED BANK, N.J., April 18, 2024 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the
About this update from Oceanfirst Financial Corp.
[{"type":"text","content":"RED BANK, N.J., April 18, 2024 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $27.7 million, or $0.47 per diluted share, for the quarter ended March 31, 2024, an increase from $26.9 million, or $0.46 per diluted share, for the corresponding prior year period, and $26.7 million, or $0.46 per diluted share, for the prior linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information): For the Three Months Ended,Performance Ratios (Annualized):March 31, December 31, March 31,2024 2023 2023 Return on average assets0.82% 0.78% 0.82%Return on average stockholders’ equity6.65 6.41 6.77 Return on average tangible stockholders’ equity (a)9.61 9.33 10.00 Return on average tangible common equity (a)10.09 9.81 10.53 Efficiency ratio59.56 60.38 60.78 Net interest margin2.81 2.82 3.34 (a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures. Core earnings1 for the quarter ended March 31, 2024 was $25.6 million, or $0.44 per diluted share, a decrease from $32.7 million, or $0.55 per diluted share, for the corresponding prior year period, and a decrease from $26.3 million, or $0.45 per diluted share, for the prior linked quarter. Core earnings PTPP1 for the quarter ended March 31, 2024 was $36.2 million, or $0.62 per diluted share, as compared to $46.1 million, or $0.78 per diluted share, for the corresponding prior year period, and $37.9 million, or $0.65 per diluted share, for the prior linked quarter. Selected performance metrics are as follows: For the Three Months Ended, March 31, December 31, March 31,Core Ratios1 (Annualized): 2024 2023 2023 Return on average assets 0.76% 0.77% 1.00%Return on average tangible stockholders’ equity 8.91 9.20 12.15 Return on average tangible common equi...