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) has declared a quarterly cash dividend of $0.4375 per share for its Series A Preferred Stock. This dividend will be payable on August 15, 2022, to stockholders of record by July 29, 2022. OceanFirst Bank N.A., established in 1902, offers a range of financial services across New Jersey and major metropolitan areas, including Philadelphia and New York.
OceanFirst Financial Corp. (NASDAQ:OCFC) is set to release its earnings for the quarter ending June 30, 2022, on July 28, 2022, after market close. A conference call to discuss the results will take place on July 29, 2022, at 11:00 a.m. ET. Interested parties can join via telephone or listen online. OceanFirst Bank, its subsidiary, serves major metropolitan areas including New Jersey and Philadelphia, holding assets of $12.2 billion.
Forward-looking statements within the release highlight potential challenges due to economic and regulatory factors.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported Q1 2022 net income of $24.8 million, or $0.42 per diluted share, down from $31.7 million, or $0.53 per diluted share, in Q1 2021. Core earnings increased to $28.8 million ($0.49 per diluted share) from $26.5 million ($0.44) year-over-year. The company experienced significant loan growth of $486.1 million and a net interest margin rise to 3.18%. Total operating expenses decreased to $57.5 million. The Board declared its 101st consecutive quarterly cash dividend of $0.17 per share. Total assets climbed to $12.16 billion.
OceanFirst Financial Corp. (NASDAQ: OCFC) has declared a quarterly cash dividend of $0.4375 per share for its Series A Preferred Stock depositary shares. This dividend is payable on May 16, 2022 to stockholders of record as of April 29, 2022. OceanFirst Bank N.A., the company's subsidiary, provides a range of financial services across New Jersey and major metropolitan areas, including Philadelphia and New York.
OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q1 2022 on April 28, 2022, post-market close. A conference call to discuss the results is scheduled for April 29, 2022, at 11:00 a.m. ET. Interested stakeholders can join the call by dialing 1-844-200-6205, using access code 956037. A replay will be available until July 29, 2022. OceanFirst Bank, a regional financial institution, has total assets of $11.7 billion and provides a range of services across New Jersey and metropolitan areas.
OceanFirst Financial Corp. (NASDAQ:OCFC) announced the retirement of CFO Michael J. Fitzpatrick, effective June 1, 2022. Patrick S. Barrett, who has extensive experience in financial services, will succeed him starting June 2, 2022. Fitzpatrick has been a crucial part of the company for nearly 30 years, contributing to significant achievements like the company’s IPO and multiple acquisitions. Barrett joins the firm after serving as CFO at First Midwest Bancorp, Inc., bringing a wealth of experience. Fitzpatrick will assist in the transition and will continue as a consultant.
OceanFirst Financial Corp. (NASDAQ: OCFC) has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC, with plans to fully acquire the company later. The transaction, which is valued as a significant milestone, is expected to close on March 1, 2022. Following the acquisition, Trident will function as an independent subsidiary. This move reflects OceanFirst's strategy to enhance its service offerings in the title industry, leveraging Turk and Company's expertise in title agency transactions.
OceanFirst Financial Corp. (NASDAQ: OCFC) announced its agreement to acquire a majority interest in Trident Abstract Title Agency, LLC, with the deal expected to close on March 1, 2022. Trident, a family-owned business established in 1975, will operate as an independent subsidiary. The acquisition aims to enhance the borrowing experience for OceanFirst's clients by providing faster loan closings through Trident's established title services. It also seeks to create new revenue streams and bolster non-interest income for shareholders.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported net income of $21.7 million ($0.37 per diluted share) for Q4 2021, a decline from $32.1 million ($0.54) in Q4 2020. For the full year, net income reached $106.1 million ($1.78), up from $61.2 million ($1.02) in 2020. Total loans increased by $441 million this quarter, with a strong pipeline of $671 million. However, non-core operations negatively impacted net income by $6.8 million in Q4. The company declared its 100th consecutive quarterly cash dividend of $0.17 per share, payable on February 18, 2022.
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