Business
OceanFirst Financial Corp. Announces Second Quarter Financial Results
RED BANK, N.J., July 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., July 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 $16.2 million, or $0.28 per diluted share, for the three months ended June 30, 2025, a decrease from $23.4 million, or $0.40 per diluted share, for the corresponding prior year period, and a decrease from $20.5 million, or $0.35 per diluted share, for the linked quarter. For the six months ended June 30, 2025, the Company reported net income available to common stockholders of $36.7 million, or $0.63 per diluted share, a decrease from $51.0 million, or $0.87 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 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 Return on average assets0.49% 0.62% 0.70% 0.56% 0.76% Return on average stockholders’ equity3.86 4.85 5.61 4.36 6.13 Return on average tangible stockholders’ equity (a)5.66 7.05 8.10 6.36 8.86 Return on average tangible common equity (a)5.66 7.40 8.51 6.36 9.30 Efficiency ratio71.93 65.67 62.86 68.82 61.17 Net interest margin2.91 2.90 2.71 2.91 2.76 (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 three and six months ended June 30, 2025 were $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, a decrease from $22.7 million and $48.3 million, respectively, or $0.39 and $0.83 per diluted share, for the corresponding prior year periods, and a decrease from $20.3 million, or $0.35 per diluted share, for the linked quarter. Core earnings PTPP1 for the three and six months ended June 30, 2025 was $26.4 million and $58.8 million, or $0.46 and $1.02 per diluted share, as compared to $32.7 million and $68.9 million, respectively, or $0.56 and...