Business
OceanFirst Financial Corp. Announces Quarterly and Annual Financial Results
RED BANK, N.J., Jan. 27, 2020 (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. 27, 2020 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:”OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income was $23.5 million, or $0.47 per diluted share, for the quarter ended December 31, 2019, as compared to $26.7 million, or $0.55 per diluted share, for the corresponding prior year quarter. For the year ended December 31, 2019, net income was $88.6 million, or $1.75 per diluted share, as compared to $71.9 million, or $1.51 per diluted share, for the corresponding prior year period.\n The results of operations for the quarter ended December 31, 2019 included merger related expenses, branch consolidation expenses, non-recurring professional fees, and reduction in income tax expense from the revaluation of state deferred tax assets as a result of a change in the New Jersey tax code, which decreased net income, net of tax benefit, by $2.3 million. The results of operations for the year ended December 31, 2019 included merger related expenses, branch consolidation expenses, non-recurring professional fees, compensation expense due to the retirement of an executive officer, and reduction in income tax expense from the revaluation of state deferred tax assets as a result of a change in the New Jersey tax code, which decreased net income, net of tax benefit, by $16.3 million. Excluding these items, core earnings for the quarter and year ended December 31, 2019 were $25.7 million, or $0.51 per diluted share, and $104.8 million, or $2.07 per diluted share, respectively. (Please refer to the Non-GAAP Reconciliation table at the end of this document for further details). Highlights for the quarter are described below: Loan and deposit growth were both strong. Record loan originations of $504.4 million provided total loan growth of $124.5 million while deposits increased $107.9 million. The Company has a solid loan pipeline of $327.7 million at December 31, 2019, with strong contributions from the New York and Philadelphia markets.On January 1, 2020, the Company completed its acquisitions of Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”). Two River added $1.1 billion to assets, $938 million to loans, and $942 million to deposits. Country Bank added $798 million to assets, $616 million to loans, and $654 m...