OceanFirst Financial Corp. Announces 2021 Stock Repurchase Program

Rhea-AI Summary

OceanFirst Financial Corp. (NASDAQ: OCFC) announced the initiation of a 2021 Stock Repurchase Program, allowing the buyback of approximately 3,000,000 shares, in addition to 1,519,145 shares remaining from the 2019 program. The company views this buyback as a favorable long-term investment, influenced by current market prices and economic conditions affecting both the bank and the broader industry.

Positive

• Authorization of a 3,000,000 share repurchase program, enhancing shareholder value.
• Confidence in stock buyback as a long-term investment opportunity.

Negative

• None.

RED BANK, N.J., June 25, 2021 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced the authorization of the Board of Directors of the 2021 Stock Repurchase Program to repurchase approximately 5% of the Company’s outstanding common stock up to an additional 3,000,000 shares. This amount is in addition to the remaining 1,519,145 shares available as of March 31, 2021 under the existing 2019 Stock Repurchase Program.

The Company believes the repurchase of shares remains a good long-term investment opportunity due to the current market prices of the common stock; general market and economic conditions affecting the Company, the Bank and the banking industry in general; and the other alternatives available for investment by the Company.

OceanFirst Financial Corp.’s press releases are available by visiting us at www.oceanfirst.com.

Forward-Looking Statements
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: the impact of the COVID-19 pandemic on our operations and financial results and those of our customers, changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Company Contact:
  
Michael J. Fitzpatrick
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 7506
Email: Mfitzpatrick@oceanfirst.com

FAQ

What is the purpose of OceanFirst Financial's stock repurchase program?

The stock repurchase program is aimed at enhancing shareholder value and is viewed as a favorable long-term investment based on current market conditions.

How many shares is OceanFirst authorized to repurchase in 2021?

OceanFirst is authorized to repurchase approximately 3,000,000 shares in 2021, in addition to the remaining 1,519,145 shares from the 2019 program.

What is the stock symbol for OceanFirst Financial Corp.?

The stock symbol for OceanFirst Financial Corp. is OCFC.

What factors influenced OceanFirst's decision to initiate the stock buyback?

Factors include the current market prices of the common stock and general economic conditions affecting the company and the banking industry.