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Sep 30, 2022
OceanFirst Q3 2022 Earnings Report
Announced third quarter financial results
Key Takeaways
OceanFirst Financial Corp. reported a strong third quarter, driven by expansion of net interest income and margin, continued organic loan and deposit growth, and disciplined expense management. Net income available to common stockholders was $37.6 million, or $0.64 per diluted share.
Net interest income increased by $5.2 million to $96.0 million from the prior linked quarter.
Net interest margin increased to 3.36%, compared to 3.29% in the prior linked quarter, driven by the rising rate environment and loan balances.
Loan growth for the quarter was $293.9 million, reflecting originations of $543.8 million.
Deposits grew by $128.0 million for the quarter and $226.7 million year-to-date.
OceanFirst
OceanFirst
Forward Guidance
The Company continues to work towards regulatory approval for the Partners Bancorp acquisition.