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OceanFirst Financial Corp. Announces First Quarter Financial Results
RED BANK, N.J., April 24, 2025 (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 24, 2025 (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 $20.5 million, or $0.35 per diluted share, for the quarter ended March 31, 2025, a decrease from $27.7 million, or $0.47 per diluted share, for the corresponding prior year period, and a decrease from $20.9 million, or $0.36 per diluted share, for the linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information): For the Three Months Ended, March 31, December 31, March 31,Performance Ratios (Annualized): 2025 2024 2024Return on average assets 0.62% 0.61% 0.82%Return on average stockholders’ equity 4.85 4.88 6.65 Return on average tangible stockholders’ equity (a) 7.05 7.12 9.61 Return on average tangible common equity (a) 7.40 7.47 10.09 Efficiency ratio 65.67 67.86 59.56 Net interest margin 2.90 2.69 2.81 (a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures. Core earnings1 for the quarter ended March 31, 2025 were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, for the corresponding prior year period, and a decrease from $22.1 million, or $0.38 per diluted share, for the linked quarter. Core earnings PTPP1 for the quarter ended March 31, 2025 was $32.4 million, or $0.56 per diluted share, as compared to $36.2 million, or $0.62 per diluted share, for the corresponding prior year period, and $29.6 million, or $0.51 per diluted share, for the linked quarter. Selected performance metrics are as follows: For the Three Months Ended, March 31, December 31, March 31,Core Ratios1 (Annualized): 2025 2024 2024 Return on average assets 0.62% 0.65% 0.76%Return on average tangible stockholders’ equity 7.00 7.51 8.91 Return on average tangible common equity 7.34 7.89 9.36 Efficiency ratio 65.81 67.74 61.05 Core diluted earnings per share $0.35 $0.38 $0.44 Core ...