OceanFirst Financial Corp - OCFC STOCK NEWS

OceanFirst Financial Corp. (NASDAQ:OCFC) announced its Q3 2024 financial results. The company reported a net income of $24.1 million, or $0.42 per diluted share, up from $19.7 million, or $0.33 per diluted share, in Q3 2023. For the nine months ended September 30, 2024, net income was $75.1 million, or $1.29 per diluted share, compared to $73.3 million, or $1.24 per diluted share, in the same period last year.

Key metrics include a return on average assets of 0.71%, a return on average equity of 5.68%, and a net interest margin of 2.67%. Total deposits increased by $122.2 million to $10.1 billion. The company also incurred $3.3 million in expenses related to strategic investments, including acquisitions of Garden State Home Loans and Spring Garden Capital Group.

Despite a decrease in net interest income to $82.2 million from $91.0 million in Q3 2023, the company maintained strong asset quality with non-performing loans at 0.28% of total loans. The Board declared a quarterly cash dividend of $0.20 per common share and $0.4375 per preferred share, payable in November 2024.

OceanFirst Bank, a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), has secured $50,000 in Small Business Recovery Grants from the Federal Home Loan Bank of New York (FHLBNY) for ten local nonprofit organizations. The grants aim to assist organizations facing economic challenges due to various factors, including inflation and rising energy costs. This year's grants focus on addressing hunger and food insecurity in New Jersey, where nearly one million people are food insecure, a 22% increase from the previous year.

Each of the ten selected organizations received a $5,000 grant. These include Cathedral Soup Kitchen, Community Services Inc of Ocean County, Freehold Area Open Door, Friendly Fridge, Meals on Wheels Mercer, Meals on Wheels of Greater New Brunswick, Mercy Center, Move for Hunger, Love Ministries Outreach, and Lunch Break. The grants will support various initiatives, from providing meals to maintaining efficient kitchen operations for food-insecure families and individuals.

OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), held its third annual CommUNITYFirst Day on September 24th, 2024. Over 700 employees volunteered 3,000 hours at more than 75 nonprofit organizations across New Jersey, Pennsylvania, New York, and Massachusetts. The event involved closing all branch locations and loan offices for the afternoon to enable employee participation.

Volunteers, known as WaveMakers, assisted organizations focusing on housing, food insecurity, environment, future generations, inclusive communities, economic empowerment, health and wellness, and arts and culture. Since its inception in 2021, OceanFirst employees have contributed nearly 9,000 volunteer hours through CommUNITYFirst Day. The event is coordinated in collaboration with OceanFirst Foundation, which aims to empower nonprofits in the bank's service areas.

OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, has announced its upcoming earnings release and conference call schedule. The company will release its Q3 2024 earnings on Thursday, October 17, 2024 after market close. A conference call to discuss the quarterly performance will be held on Friday, October 18, 2024 at 11:00 a.m. Eastern Time.

Investors can access the call via phone or webcast. For those unable to attend, a replay will be available until November 15, 2024. OceanFirst Bank, founded in 1902, is a $13.3 billion regional bank operating in New Jersey, Philadelphia, New York, Baltimore, and Boston. It offers commercial and residential financing, treasury management, trust and asset management, and deposit services.

OceanFirst Financial Corp. (NASDAQ:OCFC) announced that its subsidiary, OceanFirst Bank, has voluntarily entered into settlement agreements with the U.S. Department of Justice and Department of Housing and Urban Development. The agreements resolve claims of violations of the Equal Credit Opportunity Act and Fair Housing Act in the New Brunswick-Lakewood, New Jersey lending area.

Key points of the settlement include:

• A $14 million commitment to a mortgage loan subsidy fund for eligible residents in Middlesex and Monmouth counties over five years
• $400,000 investment in community partnerships
• $140,000 annual spending on targeted marketing and outreach
• Provision of financial education workshops

OceanFirst Bank has a history of community lending and investment programs, including the NeighborFirst program, community development loans, and small business lending to minority- and women-owned businesses.

OceanFirst Financial Corp. (NASDAQ:OCFC) reported net income of $23.4 million, or $0.40 per diluted share, for Q2 2024, down from $26.8 million, or $0.45 per share, in Q2 2023. For the first half of 2024, net income was $51.0 million, or $0.87 per share, compared to $53.7 million, or $0.91 per share, in H1 2023.

Key financial metrics include:

• Return on average assets: 0.70%
• Return on average tangible common equity: 8.51%
• Net interest margin: 2.71%
• Common equity tier 1 capital ratio: 11.2%

The bank's asset quality remains strong, with non-performing loans at 0.33% of total loans. The company repurchased 338,087 shares for $5.0 million during the quarter and declared its 110th consecutive quarterly cash dividend of $0.20 per share.

OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, announced it will release its Q2 2024 earnings on July 18, 2024, after market close. A conference call to discuss the quarterly performance will be held at 11:00 a.m. ET on July 19, 2024. Participants can dial 1-833-470-1428 using access code 619002. A replay will be available until August 16, 2024, by dialing 1-866-813-9403, access code 217614. The call will also be accessible via the company's website for 30 days. Founded in 1902, OceanFirst Bank has a $13.4 billion asset base and offers a range of financial services across major metropolitan markets including New Jersey, Philadelphia, New York, Baltimore, and Boston.

OceanFirst Financial Corp. reported net income of $27.7 million for the first quarter of 2024, with core earnings decreasing to $25.6 million. The company focused on stabilizing net interest margin, capital accretion, expense management, and maintaining strong asset quality. The Board declared quarterly cash dividends for common and preferred stockholders. Key financial metrics improved from the prior year, but core earnings and core diluted earnings per share declined.

OceanFirst Financial Corp. (OCFC) will release its earnings report for the quarter ended March 31, 2024, on April 18, 2024. A conference call will follow on April 19, 2024, to discuss the Company's quarterly performance highlights.