{"id":520449,"date":"2021-07-29T16:33:17","date_gmt":"2021-07-29T20:33:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/oceanfirst-financial-corp-announces-second-quarter-financial-results\/"},"modified":"2021-07-29T16:33:17","modified_gmt":"2021-07-29T20:33:17","slug":"oceanfirst-financial-corp-announces-second-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oceanfirst-financial-corp-announces-second-quarter-financial-results\/","title":{"rendered":"OceanFirst Financial Corp.\u00a0Announces Second Quarter\u00a0Financial Results"},"content":{"rendered":"
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RED BANK, New Jersey, July 29, 2021 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:\u201cOCFC\u201d),<\/strong> (the \u201cCompany\u201d), the holding company for OceanFirst Bank N.A. (the \u201cBank\u201d), today announced net income available to common stockholders of $29.6 million, or $0.49 per diluted share, for the three months ended June 30, 2021 as compared to $18.6 million, or $0.31 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2021, the Company reported net income available to common stockholders of $61.2 million, or $1.02 per diluted share, as compared to $35.2 million, or $0.58 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to \u201cSelected Quarterly Financial Data\u201d for additional information regarding the metrics):<\/p>\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n For the Three Months Ended,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n For the Six Months Ended,<\/strong>\n <\/td>\n<\/tr>\n
\n Performance Ratios (Annualized):<\/strong>\n <\/td>\n\u00a0<\/td>\n\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n March 31,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n<\/tr>\n
Return on average assets<\/td>\n\u00a0<\/td>\n1.03<\/td>\n%<\/td>\n\u00a0<\/td>\n1.12<\/td>\n%<\/td>\n\u00a0<\/td>\n0.67<\/td>\n%<\/td>\n\u00a0<\/td>\n1.07<\/td>\n%<\/td>\n\u00a0<\/td>\n0.66<\/td>\n%<\/td>\n<\/tr>\n
Return on average stockholders\u2019 equity<\/td>\n\u00a0<\/td>\n7.88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.59<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.93<\/td>\n\u00a0<\/td>\n<\/tr>\n
Return on average tangible stockholders\u2019 equity<\/td>\n(a)<\/td>\n12.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13.22<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12.64<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.81<\/td>\n\u00a0<\/td>\n<\/tr>\n
Efficiency ratio<\/td>\n\u00a0<\/td>\n60.21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54.73<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n62.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n57.34<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64.72<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest margin<\/td>\n\u00a0<\/td>\n2.89<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.93<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.37<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (a) Return on average tangible stockholders\u2019 equity, a non-GAAP (\u201cgenerally accepted accounting principles\u201d) measure, excludes the impact of intangible assets and goodwill from both assets and stockholders\u2019 equity. Refer to \u201cExplanation of Non-GAAP Financial Measures\u201d and the \u201cNon-GAAP Reconciliation\u201d tables for additional information regarding our non-GAAP measures and impact per period.<\/sup>\n <\/td>\n<\/tr>\n<\/table>\n

Core earnings1<\/sup> for the three and six months ended June 30, 2021 amounted to $29.5 million and $55.9 million, respectively, or $0.49 and $0.93 per diluted share, respectively. Non-core operations had a favorable impact, net of tax, of $78,000 and $5.3 million for the three and six months ended June 30, 2021, respectively.<\/p>\n\n\n\n\n\n\n
\u00a0<\/td>\n\n For the Three Months Ended,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n For the Six Months Ended,<\/strong>\n <\/td>\n<\/tr>\n
\n Core Ratios (Annualized)<\/strong>
\n
\n 1<\/strong>
\n <\/sup>
\n :<\/strong>\n <\/td>\n		\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n March 31,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2021<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n June 30,
2020<\/strong>\n <\/td>\n<\/tr>\n
Return on average assets<\/td>\n1.02<\/td>\n%<\/td>\n\u00a0<\/td>\n0.94<\/td>\n%<\/td>\n\u00a0<\/td>\n0.81<\/td>\n%<\/td>\n\u00a0<\/td>\n0.98<\/td>\n%<\/td>\n\u00a0<\/td>\n0.92<\/td>\n%<\/td>\n<\/tr>\n
Return on average tangible stockholders\u2019 equity<\/td>\n12.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.69<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11.55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10.94<\/td>\n\u00a0<\/td>\n<\/tr>\n
Efficiency ratio<\/td>\n60.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n58.37<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56.69<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59.21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n56.01<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Key developments for the recent quarter are described below:<\/p>\n