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Jun 30, 2020
OceanFirst Q2 2020 Earnings Report
Net income and financial results were announced.
Key Takeaways
OceanFirst Financial Corp. reported a net income of $18.6 million, or $0.31 per diluted share, for the second quarter of 2020. The results were impacted by merger-related and branch consolidation expenses, as well as the COVID-19 outbreak.
Record loan and deposit growth driven by $975 million in originations, including $504 million in PPP loans.
Deposits increased by $1.076 billion, including $504 million from PPP borrowers.
Capital bolstered by $181 million in subordinated notes and preferred stock.
Operating leverage improved with the consolidation of thirteen branch locations.
OceanFirst
OceanFirst
OceanFirst Revenue by Segment
Revenue by Segment
Loans Revenue
CapyFin.comDebt Securities, Equity Investments & Other Revenue
CapyFin.com Forward Guidance
The continuing national health crisis may weigh on results in future quarters.