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Dec 31, 2020
OceanFirst Q4 2020 Earnings Report
Announced record quarterly GAAP earnings and strengthened balance sheet.
Key Takeaways
OceanFirst Financial Corp. reported record quarterly GAAP earnings of $32.1 million, or $0.54 per diluted share, for the quarter ended December 31, 2020, compared to $23.5 million, or $0.47 per diluted share, for the corresponding prior year quarter. The company's balance sheet was strengthened through strategic decisions, including the creation of a yield-focused debt and equity portfolio and the sale of PPP loans.
Achieved record quarterly GAAP earnings of $32.1 million, with diluted earnings per share increasing by 15%, to $0.54, as compared to the corresponding prior year quarter.
Tangible book value per share increased to $14.98 from $14.58 in the prior linked quarter.
Tangible stockholders’ equity to tangible assets ratio improved to 8.79% from 8.41% in the prior linked quarter.
COVID-19 related loans under full forbearance have been substantially resolved.
OceanFirst
OceanFirst
Forward Guidance
The Company expects to consolidate four branches in the second quarter, with an expected $1.1 million in annual savings.