OceanFirst Financial Corp. (OCFC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you to all who've been able to join our second quarter 2026 earnings conference call. This morning I'm joined by our President, Joe Lebel, and our Chief Financial Officer, Pat Barrett. We appreciate your interest in our performance and this opportunity to discuss our results with you. This morning we will provide brief remarks about the financial and operating performance for the quarter and some color regarding the outlook for our business. We may refer to the slides filed in connection with the earnings release throughout the call. After our discussion, we look forward to taking your questions. We reported second quarter results that reflect the closing of our transformational acquisition of Flushing Financial Corporation on June 1. On a gap basis, we reported a net loss of $0.04 per fully diluted share, which was driven by $0.47 per share, or $33.6 million, of non-recurring merger-related expenses net of taxes. On a core basis, which excludes non-recurring items, Earnings per share was 43 cents, or $30.5 million, unchanged from the prior quarter and up 39% from the prior year. Pre-tax, pre-provisioned core earnings grew by 29% from the prior quarter to $44.5 million. We've seen quarterly improvement in the company's performance in the second quarter of 2025 in net interest income, net interest margin, and return on average assets. This highlights our multi-quarter journey from our revenue generating investments as we continue to improve towards peer profitability levels. This week, our board also approved the quarterly cash dividend of 20 cents per common share, marking the company's 118th consecutive quarterly cash dividend. As mentioned previously, we complete our acquisition of Flushing Financial Corporation on June 1st, concurrent with t...