OceanFirst Financial Corp · Q2 2022 earnings

Briefing

Announced second quarter financial results, with net income available to common stockholders decreasing slightly compared to the prior year, but core earnings increasing due to factors like net interest income and margin expansion and expense management discipline.

OceanFirst Financial Corp. reported net income available to common stockholders of $28.0 million, or $0.47 per diluted share, for the three months ended June 30, 2022. This compares to $29.6 million, or $0.49 per diluted share, for the corresponding prior year period. Core earnings for the quarter amounted to $34.6 million, or $0.59 per diluted share. The company experienced strengthening net interest income and margin, balance sheet growth, and improving asset quality.

• Net income available to common stockholders was $28.0 million, or $0.47 per diluted share.
• Net interest income increased by $6.6 million to $90.8 million from the prior linked quarter.
• Loan growth for the quarter was $315.9 million, reflecting originations of $835.5 million.
• The Board of Directors approved an increase to the quarterly cash dividend by $0.03, or 18%, to $0.20 per share.

Headline financials

Revenue & EPS history

The company has filed its regulatory applications for the merger agreement with Partners Bancorp. However, the company has not received a timeline for when the review process will be completed and, therefore, cannot provide any details for when the merger might close.