Business
OceanFirst Financial Corp. Announces Quarterly and Annual Earnings and Financial Results
RED BANK, N.J., Jan. 18, 2024 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A.
About this update from Oceanfirst Financial Corp.
[{"type":"text","content":"RED BANK, N.J., Jan. 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 $26.7 million, or $0.46 per diluted share, for the quarter ended December 31, 2023, as compared to $52.3 million, or $0.89 per diluted share, for the corresponding prior year period, and $19.7 million, or $0.33 per diluted share, for the prior linked quarter. For the year ended December 31, 2023, the Company reported net income available to common stockholders of $100.0 million, or $1.70 per diluted share, as compared to $142.6 million, or $2.42 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information): For the Three Months Ended, For the Year Ended,Performance Ratios (Quarterly Ratios Annualized):December 31, September 30, December 31, December 31, December 31,2023 2023 2022 2023 2022Return on average assets0.78% 0.57% 1.62% 0.74% 1.15%Return on average stockholders’ equity6.41 4.75 13.25 6.13 9.24 Return on average tangible stockholders’ equity (a)9.33 6.93 19.85 8.97 13.96 Return on average tangible common equity (a)9.81 7.29 20.97 9.44 14.76 Efficiency ratio60.38 63.37 44.56 61.71 53.80 Net interest margin2.82 2.91 3.64 3.02 3.37 (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 and year ended December 31, 2023 were $26.3 million and $104.7 million, respectively, or $0.45 and $1.78 per diluted share, a decrease from $39.5 million and $138.0 million, or $0.67 and $2.34 per diluted share, for the corresponding prior year periods, and an increase from $18.6 million, or $0.32 per diluted share, for the prior linked quarter. Core earnings PTPP1 for the quarter and year ended December 31, 2023 were $37.9 million and $156.6 million, ...