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Mar 31, 2023
OceanFirst Q1 2023 Earnings Report
OceanFirst reported first quarter financial results.
Key Takeaways
OceanFirst Financial Corp. reported a net income available to common stockholders of $26.9 million, or $0.46 per diluted share, for the quarter ended March 31, 2023. The company enhanced on-balance sheet liquidity and maintained a strong balance sheet quality. Net interest margin was 3.34%.
Enhanced on-balance sheet liquidity by increasing cash and due from banks by $328.2 million with a corresponding increase in deposits of $317.9 million.
Stockholders’ equity increased to $1.61 billion at March 31, 2023, or 11.88% of total assets.
Net interest margin was 3.34%, an increase from 3.18% in the prior year.
Deposits remain at stable levels and asset quality continues to be a source of strength.
OceanFirst
OceanFirst
Forward Guidance
OceanFirst is well positioned to navigate an uncertain, evolving environment and is confident in the Company’s ability to prudently manage risk and ability to service our customers’ needs.