Welcome to our dedicated page for OceanFirst Financial news (Ticker: OCFC), a resource for investors and traders seeking the latest updates and insights on OceanFirst Financial stock.
OceanFirst Financial Corp (Symbol: OCFC) is a prominent player in the U.S. banking sector, primarily serving the communities of central and southern New Jersey. Established in 1902, OceanFirst Financial Corp has been committed to facilitating the financial aspirations of its local residents through a variety of banking services.
OceanFirst conducts its core business by attracting retail and business deposits and investing these funds into loan products, including single-family, owner-occupied residential mortgages, and commercial real estate loans. The bank also offers a range of financial services designed for different life stages. For younger customers, the OceanFirst KidSaveSmart accounts teach the importance of saving. Newlyweds and young families can benefit from OceanFirst mortgages to purchase their first homes, while home equity lines of credit provide financial solutions for education and other significant expenses. Furthermore, OceanFirst offers retirement accounts to help individuals secure their financial future.
The bank's revenue model is primarily based on the interest earned from its loans. Additionally, it generates income through interest on investment and mortgage-backed securities, bank card services, and wealth management services. OceanFirst Financial Corp operates through a single segment that focuses on delivering a comprehensive suite of loan and deposit products.
Recent achievements and ongoing projects highlight OceanFirst's continuous commitment to innovation and customer satisfaction. The bank's branches are strategically located throughout central and southern New Jersey, ensuring that customers have access to personalized banking solutions whenever needed. OceanFirst's dedication to its customers has cemented its status as a reliable financial institution within its operating regions.
OceanFirst Financial Corp. (NASDAQ:OCFC) reported Q4 2024 net income of $20.9 million ($0.36 per diluted share), down from $26.7 million ($0.46 per share) in Q4 2023. For the full year 2024, net income was $96.0 million ($1.65 per share), compared to $100.0 million ($1.70 per share) in 2023.
Key Q4 2024 highlights include: net interest margin increased to 2.69% from 2.67%, loan growth of $95.9 million (4% annualized), and total deposits remained stable at $10.1 billion. The company declared its 112th consecutive quarterly cash dividend of $0.20 per share.
The company's capital position remains strong with an estimated common equity tier one capital ratio of 11.2%. Total assets decreased to $13.42 billion from $13.54 billion year-over-year, while total loans decreased to $10.12 billion from $10.19 billion.
OceanFirst Financial Corp (NASDAQ: OCFC) has announced a quarterly cash dividend for its Series A Preferred Stock. The company will pay $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. The dividend is scheduled for payment on February 17, 2025, to stockholders of record as of January 31, 2025.
OceanFirst Bank N.A., the company's subsidiary founded in 1902, operates as a regional bank providing financial services throughout New Jersey and major metropolitan areas between Massachusetts and Virginia. The bank offers commercial and residential financing, treasury management, trust and asset management, and deposit services.
OceanFirst Financial Corp. (NASDAQ:OCFC) has scheduled its Q4 2024 earnings release for January 23, 2025, after market close. The company will host a conference call on January 24, 2025, at 11:00 a.m. Eastern Time to discuss quarterly performance highlights.
A replay of the call will be available until February 21, 2025, and can be accessed via phone or through the company's website. OceanFirst Bank, the company's subsidiary founded in 1902, operates as a $13.5 billion regional bank providing financial services throughout New Jersey and major metropolitan markets including Philadelphia, New York, Baltimore, and Boston. The bank offers commercial and residential financing, treasury management, trust and asset management, and deposit services.
OceanFirst Financial Corp and its subsidiary OceanFirst Bank N.A. have received first-time investment grade ratings from Moody's Ratings. The Bank received deposit ratings of A3/Prime-2, while the holding company received an issuer rating of Baa3. OceanFirst Bank, founded in 1902, is a $13.5 billion regional bank operating throughout New Jersey and major metropolitan areas between Massachusetts and Virginia. The company has maintained investment grade ratings from Kroll Bond Rating Agency since 2016, with only 1% of U.S. banks receiving Moody's Investment Grade rating.
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.
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