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. (OCFC) has entered into an agreement for First Bank to acquire two New Jersey branches, including approximately $124 million in deposits and $14 million in loans as of June 30, 2021. The acquisition involves the owned premises at appraised value and deposits at a premium of $2.5 million. This strategic move aims to enhance First Bank's footprint along the New York City to Philadelphia corridor and is expected to boost long-term value creation. The transaction awaits regulatory clearance and is projected for completion in Q4 2021.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported net income of $29.6 million, or $0.49 per diluted share, for Q2 2021, up from $18.6 million or $0.31 per share in Q2 2020. For H1 2021, net income reached $61.2 million, or $1.02 per share, compared to $35.2 million or $0.58 per share in the previous year. The loan pipeline hit a record $628.6 million, while net interest income was $74 million, slightly increasing from the previous quarter. A quarterly dividend of $0.17 per share was declared. Key strategic focuses include commercial banking expansion and a successful core system upgrade.
OceanFirst Financial Corp. (NASDAQ: OCFC) has expanded its commercial banking team with the appointments of Daniel Griggs and Tom Crawford as Presidents for the Boston and Baltimore markets, respectively. Griggs aims to build a team to serve businesses in Massachusetts, while Crawford leads efforts in Maryland. Both executives bring over 30 years of banking experience. The strategic move is part of OceanFirst's plans to enhance its commercial banking presence in key Northeast markets, reflecting its commitment to providing tailored financial solutions.
OceanFirst Financial Corp. (NASDAQ: OCFC) announced a quarterly cash dividend of $0.4375 per share for each depositary share representing a 1/40th interest in its Series A Preferred Stock. This dividend is payable on August 16, 2021, to stockholders on record as of July 30, 2021.
Founded in 1902, OceanFirst Bank N.A., a subsidiary of OceanFirst Financial, operates in New Jersey and major metropolitan markets, offering various financial services, including residential and commercial financing.
OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for the quarter ended June 30, 2021, on July 29, 2021, after market close. A conference call will follow on July 30, 2021, at 11:00 a.m. ET to discuss the second quarter's performance. OceanFirst Bank, a $11.6 billion regional bank, operates in New Jersey and metropolitan areas of Philadelphia and New York City, offering commercial and residential financing, trust management, and deposit services.
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.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported a significant increase in net income for Q1 2021, reaching $31.7 million or $0.53 per diluted share, up from $16.5 million or $0.27 per diluted share a year prior. The results were bolstered by a release of credit loss expenses and improved operational efficiency, reflected in a 54.73% efficiency ratio. Total loans grew by $116.4 million, with record originations of $747.8 million. Additionally, the company declared a cash dividend of $0.17 per share, marking its 97th consecutive quarterly dividend.
OceanFirst Financial Corp. (NASDAQ: OCFC) announced a quarterly cash dividend of $0.4375 per share for its Series A Preferred Stock. This dividend is payable on May 17, 2021, to stockholders of record on April 30, 2021. Founded in 1902, OceanFirst Bank N.A., a subsidiary of OceanFirst Financial, operates in New Jersey, metropolitan Philadelphia, and New York City, providing a variety of financial services including commercial and residential financing, trust services, and asset management.
OceanFirst Financial Corp. (NASDAQ:OCFC) will release its earnings for Q1 2021 on April 29, 2021, post-market closure. A conference call is scheduled for April 30, 2021, at 11:00 a.m. ET to discuss the results. With $11.45 billion in assets, OceanFirst Bank operates in New Jersey and metropolitan areas of Philadelphia and New York, providing various financial solutions.
Investors can access the conference call via phone or online, and a replay will be available for 90 days. The company cautions that forward-looking statements may be affected by various risks.
OceanFirst Financial Corp. (NASDAQ: OCFC) reported Q4 2020 net income of $32.1 million ($0.54 per diluted share), up from $23.5 million in Q4 2019. For the full year, net income was $61.2 million ($1.02 per diluted share), down from $88.6 million in 2019. Impacts included increased credit losses and net interest margin compression due to COVID-19. However, total assets rose to $11.45 billion, boosted by strategic acquisitions, and deposits increased by $3.10 billion. The company declared its 96th consecutive quarterly cash dividend of $0.17 per share, payable February 19, 2021.
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