Loading...
•
Mar 31, 2021
OceanFirst Q1 2021 Earnings Report
OceanFirst's financial performance improved with increased net income and EPS compared to the prior year, driven by lower credit loss expenses and improved operating efficiency.
Key Takeaways
OceanFirst Financial Corp. reported a strong first quarter with net income available to common stockholders of $31.7 million, or $0.53 per diluted share, compared to $16.5 million, or $0.27 per diluted share, for the corresponding prior year period. The results benefited from a modest release of credit loss expense and improved levels of core operating expenses.
Total loan growth for the quarter was $116.4 million, reflecting record loan originations of $747.8 million.
Deposits increased $75.2 million, as compared to the prior linked quarter.
Net interest margin for the quarter was 2.93%.
The benefit for credit loss expense was $620,000 for the quarter.
OceanFirst
OceanFirst
Forward Guidance
The Company continues to expand its commercial banking activities with the hiring of nine commercial bankers. The additional lenders are expected to help fuel organic loan growth throughout the remainder of the year. Additionally, the Company consolidated four branches in April 2021 bringing the total number of branches consolidated to 57 over the past five years.