Business
OceanFirst Financial Corp. Announces Record Quarterly and Annual Earnings and Financial Results
RED BANK, N.J., Jan. 19, 2023 (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. 19, 2023 (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 $52.3 million, or $0.89 per diluted share, for the quarter ended December 31, 2022, as compared to $37.6 million, or $0.64 per diluted share, for the prior linked quarter, and $21.7 million, or $0.37 per diluted share, for the corresponding prior year period. For the year ended December 31, 2022, the Company reported net income available to common stockholders of $142.6 million, or $2.42 per diluted share, as compared to $106.1 million, or $1.78 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 31,2022 2022 2021 2022 2021Return on average assets1.62% 1.19% 0.72% 1.15% 0.91%Return on average stockholders’ equity13.25 9.68 5.65 9.24 7.02 Return on average tangible stockholders’ equity (a)19.85 14.62 8.59 13.96 10.73 Return on average tangible common equity (a)20.97 15.47 9.09 14.76 11.37 Efficiency ratio44.56 53.10 72.04 53.80 63.50 Net interest margin3.64 3.36 2.99 3.37 2.93 (a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, 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, 2022 amounted to $39.5 million and $138.0 million, respectively, or $0.67 and $2.34 per diluted share, an increase from core earnings of $28.5 million and $111.2 million, or $0.48 and $1.86 per diluted share, for the corresponding prior year periods. Non-core operations, net of tax, had a favorable impact of $12.7 million and $4.6 million for the quarter and year ended December 31, 2022, respectively. Non-core operat...