NASDAQ$OCFC
OceanFirst Financial Corp · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
OceanFirst Financial Corp. reported net income of $19.7 million for the third quarter of 2023.
OceanFirst Financial Corp. announced net income available to common stockholders of $19.7 million, or $0.33 per diluted share, for the three months ended September 30, 2023. Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter. Asset quality metrics remains strong, despite the impact of a charge-off related to a single credit relationship announced on September 14, 2023.
- Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter.
- Reduction in brokered time deposits of $425.7 million and a loan-to-deposit ratio of 96.10%.
- Criticized and classified loans, and non-performing loans both as a percent of total loans were 1.30% and 0.20%, respectively, at September 30, 2023.
- Common equity tier 1 capital ratio remained above “well-capitalized” levels, at 10.36% at September 30, 2023.
Headline financials
Revenue & EPS history
OceanFirst · Revenue · Quarterly
$102M
Revenue by segment
OceanFirst · $81.4M total across 1 segment · Q4 2021
- Loans$81.4M—100.0%
Forward guidance
We are pleased to report continued growth in deposits, a reduction on brokered deposits, and strengthened capital position. While our margin compressed, we remain focused on high quality growth and prudent management of the balance sheet for long-term market conditions.
Tailwinds
- Continued growth in deposits
- Reduction on brokered deposits
- Strengthened capital position
- Focus on high quality growth
- Prudent management of the balance sheet for long-term market conditions
Headwinds
- Changes in interest rates
- Inflation
- General economic conditions, potential recessionary conditions
- Real estate market values in the Bank’s lending area
- Potential goodwill impairment
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.0%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+0.6%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+6.7%
Q4 2022
Best reaction
-8.3%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.3% | -0.9% | -1.9% | |
| Q4 2025 | -3.6% | -5.0% | +0.8% | |
| Q3 2025 | -5.8% | -3.1% | -5.8% | |
| Q2 2025 | -2.3% | -1.1% | +3.4% | |
| Q1 2025 | +0.3% | +0.4% | +0.7% | |
| Q3 2024 | -0.3% | -5.3% | +6.9% | |
| Q2 2024 | -6.8% | -2.7% | -11.6% | |
| Q1 2024 | +4.9% | +6.7% | +11.1% | |
| Q4 2023 | +6.5% | +9.0% | -4.7% | |
| Q3 2023 | -4.2% | -10.4% | +1.9% | |
| Q2 2023 | -2.7% | -0.4% | -2.8% | |
| Q1 2023 | -8.3% | -13.0% | -19.7% | |
| Q4 2022 | +6.7% | +8.3% | +17.1% | |
| Q3 2022 | +2.9% | +6.5% | +10.4% | |
| Q2 2022 | -1.0% | -1.3% | -4.0% | |
| Q1 2022 | +1.3% | +2.4% | +7.5% | |
| Q4 2021 | -0.2% | +0.4% | -1.0% | |
| Q3 2021 | +1.4% | +5.5% | -4.0% | |
| Q2 2021 | -0.3% | +0.1% | +11.8% | |
| Q1 2021 | -1.5% | -1.9% | -4.7% | |
| Q4 2020 | -0.6% | +2.6% | +18.9% | |
| Q3 2020 | -4.8% | -2.7% | +3.9% | |
| Q2 2020 | +1.1% | -0.7% | -4.1% | |
| Q1 2020 | +6.6% | +7.6% | +5.4% | |
| Q4 2019 | -2.2% | -5.7% | -11.8% | |
| Q3 2019 | -0.3% | +0.5% | -0.8% | |
| Q2 2019 | -0.3% | -5.2% | -19.8% | |
| Q1 2019 | +0.8% | +1.9% | -1.5% | |
| Q4 2018 | +0.8% | +1.5% | +8.2% | |
| Q3 2018 | +3.1% | +4.9% | +1.9% | |
| Q2 2018 | -0.3% | -2.7% | -1.4% | |
| Q1 2018 | +2.3% | -0.4% | +9.3% | |
| Q4 2017 | -2.0% | -2.6% | -4.3% | |
| Q3 2017 | +3.9% | -1.0% | -4.2% | |
| Q2 2017 | -1.9% | +0.3% | -7.9% | |
| Q1 2017 | -3.0% | -1.7% | -7.6% | |
| Q4 2016 | -0.5% | -5.0% | -1.7% | |
| Q3 2016 | +3.7% | +6.9% | +24.0% | |
| Q2 2016 | +0.5% | -0.5% | +4.4% | |
| Q1 2016 | +0.1% | — | — | |
| Q4 2015 | -0.2% | — | — | |
| Q3 2015 | +2.3% | — | — | |
| Q2 2015 | -2.8% | — | — | |
| Q1 2015 | +2.3% | — | — | |
| Q4 2014 | -1.0% | — | — | |
| Q3 2014 | -1.8% | — | — | |
| Q2 2014 | +1.4% | — | — | |
| Q1 2014 | -2.7% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | +3.6% | — | — | |
| Q2 2013 | +3.1% | — | — | |
| Q1 2013 | +2.0% | — | — | |
| Q4 2012 | +3.2% | — | — | |
| Q3 2012 | +0.8% | — | — | |
| Q2 2012 | +1.8% | — | — | |
| Q1 2011 | +1.2% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q4 2010 | +1.2% | — | — | |
| Q4 2011 | +1.2% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q3 2011 | -4.1% | — | — | |
| Q3 2010 | -4.1% | — | — | |
| Q2 2011 | -2.4% | — | — | |
| Q2 2010 | -2.4% | — | — | |
| Q1 2010 | +2.0% | — | — |
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