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Oceanfirst Financial Corp. Announces Second Quarter Financial Results
RED BANK, N.J., July 20, 2023 (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., July 20, 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 $26.8 million, or $0.45 per diluted share, for the three months ended June 30, 2023, as compared to $28.0 million, or $0.47 per diluted share, for the corresponding prior year period, and $26.9 million, or $0.46 per diluted share, for the prior linked quarter. For the six months ended June 30, 2023, the Company reported net income available to common stockholders of $53.7 million, or $0.91 per diluted share, as compared to $52.7 million, or $0.89 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information): For the Three Months Ended, For the Six Months Ended,Performance Ratios (Annualized):June 30, March 31, June 30, June 30, June 30,2023 2023 2022 2023 2022 Return on average assets0.80% 0.82% 0.92% 0.81% 0.88%Return on average stockholders’ equity6.61 6.77 7.31 6.69 6.94 Return on average tangible stockholders’ equity (a)9.70 10.00 11.08 9.84 10.52 Return on average tangible common equity (a)10.21 10.53 11.72 10.37 11.13 Efficiency ratio62.28 60.78 59.65 61.53 60.68 Net interest margin3.02 3.34 3.29 3.17 3.24 (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 three and six months ended June 30, 2023 were $27.2 million and $59.9 million, respectively, or $0.46 and $1.01 per diluted share, representing a decrease from $34.6 million and $63.4 million, or $0.59 and $1.08 per diluted share, for the corresponding prior year periods, and a decrease from $32.7 million, or $0.55 per diluted share, for the prior linked quarter. Core earnings PTPP1 for the three and six months ended June 30, 2023 were $37.6 million and $83.7 mil...