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Mar 31, 2022
OceanFirst Q1 2022 Earnings Report
Announced first quarter financial results.
Key Takeaways
OceanFirst Financial Corp. reported a net income available to common stockholders of $24.8 million, or $0.42 per diluted share, for the quarter ended March 31, 2022. The company experienced strong loan growth of $486.1 million and deposit growth of $323.4 million. Net interest income increased by $3.6 million to $84.2 million, and the net interest margin increased to 3.18%.
Loan growth for the quarter was $486.1 million, reflecting record loan originations of $1.02 billion and the purchase of residential loan pools of $161.7 million.
Deposits increased $323.4 million during the first quarter, while cost of deposits decreased four basis points to 0.16%.
Net interest income increased by $3.6 million to $84.2 million, from $80.6 million in the prior linked quarter.
Total operating expenses decreased to $57.5 million, from $64.8 million in the prior linked quarter.
Forward Guidance
Management expressed optimism about continued earnings growth, citing the company's discipline regarding rate positions and protection of shareholders' tangible book value.
Positive Outlook
- Strong first quarter results
- Record loan originations of over $1 billion
- Material expansion in net interest margin
- Decreased operating expenses
- Increased loan to deposit ratio of 90.60%
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Changes in interest rates could have a material adverse effect.
- General economic conditions could impact operations.
- Legislative/regulatory changes could affect results.
- The quality or composition of the loan or investment portfolios could impact performance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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