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Dec 31, 2023
OceanFirst Q4 2023 Earnings Report
Net income decreased compared to the previous year, but expenses were well-managed.
Key Takeaways
OceanFirst Financial Corp. reported a decrease in net income available to common stockholders for the quarter ended December 31, 2023, compared to the corresponding prior year period, but showed stability in deposits and an increase in the common equity tier 1 capital ratio.
Net income available to common stockholders was $26.7 million, or $0.46 per diluted share.
Total deposits remained stable, decreasing less than 1% for the quarter to $10.4 billion.
The company's estimated common equity tier 1 capital ratio increased to 10.88%.
Non-interest expense decreased by 7% to $60.2 million from the prior linked quarter.
OceanFirst
OceanFirst
Forward Guidance
OceanFirst Financial Corp. is focusing on high quality growth, expense discipline, and prudent balance sheet management to create shareholder value in 2024.
Positive Outlook
- Well positioned to create shareholder value
- Focus on high quality growth
- Expense discipline
- Prudent balance sheet management
- Strategies to improve operating expenses
Challenges Ahead
- Changes in interest rates
- Inflation
- General economic conditions
- Potential recessionary conditions
- Levels of unemployment in the Bank’s lending area