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Mar 31, 2020
OceanFirst Q1 2020 Earnings Report
Net income decreased due to merger related expenses, branch consolidation expenses, and credit loss expenses, which were partially offset by the acquisitions of Two River and Country Bank.
Key Takeaways
OceanFirst Financial Corp. reported a net income of $16.5 million, or $0.27 per diluted share, for the quarter ended March 31, 2020. The results were impacted by merger-related expenses, branch consolidation expenses, and the Two River and Country Bank opening credit loss expense, as well as the COVID-19 outbreak.
Strong organic loan originations of $426.2 million provided total loan growth of $158.4 million, excluding acquired loans.
Completed acquisitions of Two River and Country Bank on January 1, 2020, adding $1.2 billion and $832.8 million to assets, respectively.
Anticipates full integration of operations and the elimination of eight duplicate branches in Two River’s market area in May 2020.
First quarter results were adversely impacted by the COVID-19 outbreak.
OceanFirst
OceanFirst
Forward Guidance
The company focused on employee safety, payment relief programs and SBA's Paycheck Protection Program