The upcoming report from OceanFirst Financial (OCFC) is expected to reveal quarterly earnings of $0.36 per share, indicating a decline of 20% compared to the year-ago period. Analysts forecast revenues of $95.7 million, representing a decrease of 4% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Before a company announc ...

OceanFirst Financial Corp. (NASDAQ: OCFC ) is a smaller New Jersey-based regional bank that we highlighted in January of this year as tempting for income with its over 5% dividend yield, but we have been cautious Pay yourself dividends with outsized returns Get more with our playbook to significantly grow your wealth by embracing a blended trading and investing approach at our one-stop shop. Our prices go up November 1st, but right now we have a big sale on the current price. Join NOW and you can lock in 75 ...

Core Insights - OceanFirst Financial (OCFC) reported $96.9 million in revenue for Q3 2024, a year-over-year decline of 4.8%, with an EPS of $0.39 compared to $0.32 a year ago, exceeding the Zacks Consensus Estimate of $92.79 million by 4.43% and delivering an EPS surprise of 2.63% [1] Financial Performance Metrics - Efficiency Ratio stood at 65.8%, higher than the average estimate of 63.7% from three analysts [2] - Net Interest Margin was reported at 2.7%, matching the average estimate of 2.7% from three analysts [2] - Average Balance of Total Interest-Earning Assets was $12.23 billion, slightly above the estimated $12.19 billion from two analysts [2] - Total Non-Interest Income reached $14.68 million, significantly exceeding the average estimate of $9.94 million from three analysts [2] - Net Interest Income was $82.22 million, slightly below the average estimate of $82.89 million from three analysts [2] - Bankcard Services Revenue was $1.62 million, below the average estimate of $1.80 million from two analysts [2] - Fees and Service Charges amounted to $6.10 million, surpassing the average estimate of $5.01 million from two analysts [2] - Income from Bank Owned Life Insurance was $1.78 million, slightly below the average estimate of $1.88 million from two analysts [2] Stock Performance - OceanFirst shares have returned +5.7% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3]

Financial Performance - Net income available to common stockholders for Q3 2024 was $24.1 million, or $0.42 per diluted share, up from $19.7 million, or $0.33 per diluted share in Q3 2023[1]. - Core earnings for the three months ended September 30, 2024 were $23.2 million, or $0.39 per diluted share, compared to $18.6 million, or $0.32 per diluted share in the prior year[3]. - The Company declared a quarterly cash dividend of $0.20 per share, marking its 111th consecutive quarterly dividend[8]. - Net income for the three months ended September 30, 2024, was $25,186 million, compared to $24,432 million in the previous quarter[38]. - Basic earnings per share increased to $0.42 from $0.40 in the prior quarter[38]. - Net income attributable to OceanFirst Financial Corp. was $25,116 thousand, up from $24,373 thousand in the previous quarter, representing a growth of 3.05%[52]. - Return on average assets for the nine months ended September 30, 2024, is 0.74%[55]. - Return on average assets for Q3 2024 was 0.69%, slightly up from 0.54% in Q3 2023[59]. Asset and Liability Management - Total assets decreased by $49.8 million to $13.49 billion, primarily due to a $172.4 million decrease in total loans[23]. - Total assets increased to $13,488,483 thousand as of September 30, 2024, up from $13,321,755 thousand at June 30, 2024, representing a growth of 1.25%[36]. - Total liabilities rose to $11,793,975 thousand, compared to $11,645,086 thousand at June 30, 2024, reflecting an increase of 1.28%[36]. - Total stockholders' equity increased to $1.69 billion, reflecting net income and offset by capital returns[26]. - Total stockholders' equity as of September 30, 2024, was $1,694,508,000, an increase from $1,637,604,000 as of September 30, 2023[63]. Loan and Deposit Activity - Total deposits increased by $122.2 million to $10.1 billion, with a loan-to-deposit ratio of 99% as of September 30, 2024[4]. - Total loans decreased to $10.02 billion, with a $188.4 million decline in the commercial portfolio driven by loan payoffs[24]. - Deposits decreased by $318.8 million to $10.12 billion, with high-yield savings accounts down by $326.9 million[25]. - The loan-to-deposit ratio increased to 99.1%, compared to 97.7% in the previous period[25]. - Total deposits rose to $10,116,167 thousand as of September 30, 2024, compared to $9,994,017 thousand at June 30, 2024, marking an increase of 1.22%[41]. Credit Quality and Provisioning - Non-performing loans decreased by $5.3 million to $28.1 million, with net loan recoveries of $88,000 for the quarter[7]. - The Company recorded a provision for credit losses of $517,000 for Q3 2024, significantly lower than $10.3 million in Q3 2023[14]. - Provision for credit losses decreased to $517,000 in Q3 2024 from $10,283,000 in Q3 2023, showing a significant reduction in credit loss provisions[59]. - Non-performing loans as a percentage of total loans receivable improved to 0.28% from 0.33% in the previous quarter[43]. - The allowance for loan credit losses increased to $69,066 million, maintaining a ratio of 0.69% of total loans receivable[43]. Income and Expense Analysis - Net interest income for Q3 2024 was $82.2 million, a decrease from $91.0 million in Q3 2023, reflecting the impact of the higher interest rate environment[11]. - Operating expenses for the three months ended September 30, 2024, decreased to $63.7 million from $64.5 million, impacted by $1.7 million in merger-related expenses[19]. - Total interest income for the three months ended September 30, 2024, was $161,525 million, an increase from $159,426 million in the previous quarter[38]. - Total interest expense increased to $79,306 million from $77,163 million in the prior quarter[38]. - The efficiency ratio for Q3 2024 was 65.77%, compared to 63.37% in Q3 2023[2]. Market and Investment Performance - Other income for Q3 2024 increased to $14.7 million from $10.8 million in Q3 2023, driven by net gains on equity investments and a gain on sale of a portion of the trust business[16]. - Debt securities available-for-sale at estimated fair value increased to $911,753 thousand from $721,484 thousand, a significant increase of 26.4%[36]. - The average yield on total loans was 7.45% for the quarter ended September 30, 2024, compared to 7.44% in the previous quarter[40]. - Commercial loan originations amounted to $245,886 thousand, significantly higher than $56,053 thousand in the previous quarter, showing a substantial increase[40].

Wall Street analysts expect OceanFirst Financial (OCFC) to post quarterly earnings of $0.38 per share in its upcoming report, which indicates a year-over-year increase of 18.8%. Revenues are expected to be $92.79 million, down 8.8% from the year-ago quarter. The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Prior to a compan ...

OceanFirst Financial (OCFC) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 17, 2024, might help the stock move higher if these key numbers are ...

Neosiam/iStock via Getty Images Introduction As it has been six months since my last article on OceanFirst Financial (NASDAQ:OCFC) was published, I figured this was a good moment to have another look at the preferred shares which are trading with (NASDAQ:OCFCP) as ticker symbol as another two quarters have passed. The smaller balance sheet and substantially higher CET1 ratio makes the bank (and its preferred shares) safer and although the earnings are relatively weak, I expect the net interest margin to imp ...

The reported revenue compares to the Zacks Consensus Estimate of $94.93 million, representing a surprise of -1.78%. The company delivered an EPS surprise of -7.14%, with the consensus EPS estimate being $0.42. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Efficiency Ratio: 62.9% versus 62% estimated by three analysts on average. Net Interest Margin: 2.7% vers ...

This quarterly report represents an earnings surprise of -7.14%. A quarter ago, it was expected that this holding company for OceanFirst Bank would post earnings of $0.42 per share when it actually produced earnings of $0.44, delivering a surprise of 4.76%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While OceanFirst has underperformed the market so far t ...

Press Release RED BANK, NEW JERSEY, July 18, 2024 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the "Company"), the holding company for OceanFirst Bank N.A. (the "Bank"), announced net income available to common stockholders of $23.4 million, or $0.40 per diluted share, for the three months ended June 30, 2024, a decrease from $26.8 million, or $0.45 per diluted share, for the corresponding prior year period, and $27.7 million, or $0.47 per diluted share, for the prior linked quarter. For the six months ended ...