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Mar 31, 2024
OceanFirst Q1 2024 Earnings Report
OceanFirst's financial performance remained stable with a slight decrease in net interest margin and continued capital building, while also resuming share repurchases.
Key Takeaways
OceanFirst Financial Corp. reported a net income available to common stockholders of $27.7 million, or $0.47 per diluted share, for the quarter ended March 31, 2024. The company's net interest margin slightly decreased, but capital accretion continued, and share repurchases were resumed. Asset quality metrics remained strong, and expense management was disciplined.
Net interest margin stabilized, decreasing slightly to 2.81% from the prior linked quarter of 2.82%.
Capital accretion continued, with the common equity tier 1 capital ratio increasing by approximately 15 basis points from the prior linked quarter; share repurchases resumed with 957,827 shares repurchased for $15.1 million.
Expense management remained disciplined; excluding the FDIC special assessment, non-interest expense decreased slightly to $58.3 million from $58.5 million.
Asset quality metrics remained strong, with low percentages of criticized and classified assets, non-performing loans, and loans 30 to 89 days past due as a percentage of total loans receivable.
OceanFirst
OceanFirst
OceanFirst Revenue by Segment
Revenue by Segment
Loans Revenue
CapyFin.comDebt Securities, Equity Investments & Other Revenue
CapyFin.com Forward Guidance
The Company is well positioned to bolster shareholder value through a variety of different economic and industry outlooks.
Positive Outlook
- Stable net interest margin
- Prudent balance sheet management
- Expense discipline
- Continued building of capital
- Resumption of share repurchases