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Sep 30, 2023
OceanFirst Q3 2023 Earnings Report
OceanFirst Financial Corp. reported net income of $19.7 million for the third quarter of 2023.
Key Takeaways
OceanFirst Financial Corp. announced net income available to common stockholders of $19.7 million, or $0.33 per diluted share, for the three months ended September 30, 2023. Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter. Asset quality metrics remains strong, despite the impact of a charge-off related to a single credit relationship announced on September 14, 2023.
Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter.
Reduction in brokered time deposits of $425.7 million and a loan-to-deposit ratio of 96.10%.
Criticized and classified loans, and non-performing loans both as a percent of total loans were 1.30% and 0.20%, respectively, at September 30, 2023.
Common equity tier 1 capital ratio remained above “well-capitalized” levels, at 10.36% at September 30, 2023.
Forward Guidance
We are pleased to report continued growth in deposits, a reduction on brokered deposits, and strengthened capital position. While our margin compressed, we remain focused on high quality growth and prudent management of the balance sheet for long-term market conditions.
Positive Outlook
- Continued growth in deposits
- Reduction on brokered deposits
- Strengthened capital position
- Focus on high quality growth
- Prudent management of the balance sheet for long-term market conditions
Challenges Ahead
- Changes in interest rates
- Inflation
- General economic conditions, potential recessionary conditions
- Real estate market values in the Bank’s lending area
- Potential goodwill impairment
Historical Earnings Impact
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Avg. Return Before/After Earnings
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