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Oceanfirst Financial Corp   (OCFC)
Other Ticker:  
 
    Sector  Financial    Industry Commercial Banks
   Industry Commercial Banks
   Sector  Financial
 
Price: $14.8700 $-0.33 -2.171%
Day's High: $15.07 Week Perf: -1.39 %
Day's Low: $ 14.68 30 Day Perf: -13.7 %
Volume (M): 275 52 Wk High: $ 23.72
Volume (M$): $ 4,092 52 Wk Avg: $16.16
Open: $15.07 52 Wk Low: $12.01



 Market Capitalization (Millions $) 875
 Shares Outstanding (Millions) 59
 Employees 336
 Revenues (TTM) (Millions $) 386
 Net Income (TTM) (Millions $) 104
 Cash Flow (TTM) (Millions $) -14
 Capital Exp. (TTM) (Millions $) 8

Oceanfirst Financial Corp

The Company has been the holding company for the Bank since it acquired the stock of the Bank upon the Bank’s conversion from a Federally-chartered mutual savings bank to a Federally-chartered capital stock savings bank in 1996 (the “Conversion”). The Bank’s principal business has been and continues to be attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of commercial real estate and other commercial loans which have become a key focus of the Bank and single-family, owner-occupied residential mortgage loans. The Bank also invests in other types of loans, including residential construction and consumer loans. In addition, the Bank invests in mortgage-backed securities (“MBS”), securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. The Bank’s revenues are derived principally from interest on its loans, and to a lesser extent, interest on its investment and mortgage-backed securities. The Bank also receives income from fees and service charges on loan and deposit products, wealth management services, Bankcard services and the sale of alternative investment products, e.g., mutual funds, annuities and life insurance. The Bank’s primary sources of funds are deposits, principal and interest payments on loans, investments and mortgage-backed securities, investment maturities, proceeds from the sale of loans, Federal Home Loan Bank (“FHLB”) advances and other borrowings.

The Bank proudly promotes a higher quality of life in the communities it serves through employee volunteer efforts and the OceanFirst Foundation (the “Foundation”). Employees are continually encouraged to become leaders in their communities and use the Bank’s support to help others. Through the Foundation, established in 1996, OceanFirst Bank has donated $27.2 million to enrich the lives of local citizens by supporting initiatives in health and human services, education, affordable housing, youth development and the arts.

The investment policy of the Bank as established by the Board attempts to provide and maintain liquidity, generate a favorable return on investments without incurring undue interest rate and credit risk, and complement the Bank’s lending activities. Specifically, the Bank’s policies generally limit investments to government and Federal agency-backed securities, municipal securities and corporate debt obligations. The Bank’s policies provide that all investment purchases must be evaluated internally for creditworthiness and be approved by two officers (any two of the Senior Vice President/Treasurer, the Executive Vice President/Chief Financial Officer, and the President/Chief Executive Officer) and must be ratified by the Board. The Company’s investment policy mirrors that of the Bank except that it allows for the purchase of equity securities in limited amounts.


Management determines the appropriate classification of securities at the time of purchase. If the Bank has the intent and the ability at the time of purchase to hold securities until maturity, they may be classified as held-to-maturity. Investment and mortgage-backed securities identified as held-to-maturity are carried at cost, adjusted for amortization of premium and accretion of discount, which are recognized as adjustments to interest income. Securities to be held for indefinite periods of time, but not necessarily to maturity are classified as available-for-sale.

Deposits, repayments and prepayments of loans and mortgage-backed securities, proceeds from sales of loans, investment maturities, cash flows generated from operations and FHLB advances and other borrowings are the primary sources of the Bank’s funds for use in lending, investing and for other general purposes.

The Bank offers a variety of deposit accounts with a range of interest rates and terms to retail, government and business customers. The Bank’s deposits consist of money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts and time deposits. The flow of deposits is influenced significantly by general economic conditions, changes in money market rates, prevailing interest rates and competition. The Bank’s deposits are obtained predominantly from the areas in which its branch offices are located. The Bank relies on its community-banking focus, stressing customer service and long-standing relationships with its retail and business customers to attract and retain these deposits; however, market interest rates and rates offered by competing financial institutions could significantly affect the Bank’s ability to attract and retain deposits.



   Company Address: 110 West Front Street Red Bank 7701 NJ
   Company Phone Number: 240-4500   Stock Exchange / Ticker: NASDAQ OCFC
   


Customers Net Income fell by OCFC's Customers Net Profit Margin fell to

-4.35 %

11.18 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
KRNY   -3.46%    
LBAI   -0.6%    
MGYR   -1.29%    
PFS   -1.85%    
• View Complete Report
   



Oceanfirst Financial Corp

OceanFirst Financial Corp's EPS Plummets in Q4 2023

OceanFirst Financial Corp (NASDAQ:OCFC) recently announced its financial results for the quarter ending December 31, 2023, showing a significant decline in net income available to common stockholders compared to the prior year period. The company reported net income of $26.7 million, or $0.46 per diluted share, for the quarter, down from $52.3 million, or $0.89 per diluted share, in the same period the year before. This represents a decrease of 49.26% in earnings per share year-over-year.
Additionally, OceanFirst Financial Corp reported a decrease in revenue, with a 25.968% drop to $96.53 million from $130.39 million in the same period last year. However, revenue did show a sequential increase of 5.528% from the previous quarter. The company's bottom line also fell by 47.94% to $27.752 million from $53.311 million in the corresponding period a year before.

Oceanfirst Financial Corp

OceanFirst Financial Corp Faces Major Setback: EPS Plunges Amid Weak Sales in Fiscal Year 2023



OceanFirst Financial Corp (NASDAQ: OCFC) recently announced its fiscal year results for the period ending September 30, 2023, with disappointing figures across the board. The company witnessed a significant decline in both top-line and bottom-line performance, reporting a -16.916% decrease in revenues and a -48.44% drop in income per share compared to the previous year. This article aims to examine these financial results in the context of the company's performance and market trends.
Dismal Financial Results:
In the third quarter of 2023, OceanFirst Financial Corp recorded a decline in revenue from $110.10 million to $91.48 million, a decrease of 16.916%. Additionally, the income per share plummeted by -48.44% year on year, dropping from $0.64 to $0.33. These figures indicate a challenging period for the company, adversely affecting its profitability and financial stability.

Oceanfirst Financial Corp

OceanFirst Financial Corp Defies Market Woes with Stellar Revenue Surge Amidst Declining Income in Q2 2023

OceanFirst Financial Corp Reports Impressive Revenue Growth, Despite Income Decline
In the second quarter of 2023, OceanFirst Financial Corp showcased a remarkable revenue growth of 2.806%. This substantial increase, however, could not prevent a slight decline in income of -4.26% compared to the same quarter last year. With revenues reaching $99.81 million and earnings per share (EPS) at $0.45, the company demonstrated its resilience amidst challenging market conditions.
Although OceanFirst Financial Corp experienced a decline in net income, it is important to note that the company's revenue surge exceeded that of its contemporaries in the Commercial Banks industry. The impressive 9.06% relative revenue growth in comparison to the second quarter of 2022 indicates the company's ability to outperform market expectations.

Oceanfirst Financial Corp

Profits surged by 9.52 % at the Oceanfirst Financial Corp in the financial period closing March 31 2023

position.
Oceanfirst Financial Corp is a financial institution headquartered in Toms River, New Jersey, that provides a wide range of banking and financial services, including residential and commercial lending, deposit services, and wealth management. Despite achieving a return on average invested assets (ROI) of 1.43% in its first quarter of 2023, which is below its average return on investment, Oceanfirst Financial Corp remains a key player in the financial industry.






 

Oceanfirst Financial's Segments
 
 
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  Company Estimates  
  Revenue Outlook
Oceanfirst Financial does not provide revenue guidance.

Earnings Outlook
Oceanfirst Financial Corp does not provide earnings estimates.

 
Geographic Revenue Dispersion




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