Financial Performance - Net income available to common stockholders for Q4 2024 was $20.9 million, or $0.36 per diluted share, down from $26.7 million, or $0.46 per diluted share in Q4 2023[2]. - Core earnings for Q4 2024 were $22.1 million, or $0.38 per diluted share, compared to $26.3 million, or $0.45 per diluted share in Q4 2023[3]. - Net income attributable to OceanFirst Financial Corp. was $21,909 thousand for the three months ended December 31, 2024, a decrease from $25,116 thousand in the previous quarter and $27,682 thousand in the same quarter last year[47]. - Basic earnings per share decreased to $0.36 for the three months ended December 31, 2024, down from $0.42 in the previous quarter and $0.46 in the same quarter last year[47]. - Core diluted earnings per share for Q4 2024 were $0.38, down from $0.45 in Q4 2023[70]. - The company reported a net income available to common stockholders of $96,049 million in 2024, down from $100,013 million in 2023, a decrease of about 4.0%[71]. Income and Expenses - Net interest income decreased to $83.3 million in Q4 2024 from $87.8 million in Q4 2023, with net interest margin declining to 2.69% from 2.82%[8]. - Operating expenses for Q4 2024 rose to $64.8 million from $60.2 million in Q4 2023, impacted by merger-related expenses[24]. - Total operating expenses for the year ended December 31, 2024, were $245,877 thousand, slightly down from $248,912 thousand for the year ended December 31, 2023[47]. - Interest expense increased to $76,291 thousand in Q4 2024 from $72,610 thousand in Q4 2023, marking a rise of 5.8%[64]. - The provision for credit losses was $3,467 thousand for the three months ended December 31, 2024, compared to $517 thousand in the previous quarter and $3,153 thousand in the same quarter last year[47]. Assets and Liabilities - Total assets decreased by $117.0 million to $13.42 billion, primarily due to decreases in loans and securities[31]. - Total liabilities decreased to $11,718,490 thousand as of December 31, 2024, from $11,793,975 thousand at September 30, 2024, and $11,876,308 thousand at December 31, 2023[45]. - Total deposits decreased to $10,066,342 thousand as of December 31, 2024, from $10,116,167 thousand at September 30, 2024, and $10,434,949 thousand at December 31, 2023[45]. - Total assets as of December 31, 2024, were $13,545,052,000, compared to $13,593,107,000 at the end of 2023[67]. - Total borrowings as of December 31, 2024, were $1,328,016,000, compared to $1,016,722,000 in 2023[67]. Loans and Credit Quality - Loan growth for Q4 2024 was $95.9 million, or 4% annualized, with originations increasing by 20% to $515.2 million[6]. - Non-performing loans increased to $35.5 million from $29.5 million, representing 0.35% of total loans[36]. - The allowance for loan credit losses was $73,607, which is 0.73% of total loans receivable as of December 31, 2024[53]. - Commercial loan originations for the quarter were $268,613, up from $245,886 in the previous quarter, reflecting an increase of 9.3%[49]. - The provision for credit losses was $2,041 thousand in Q4 2024, compared to $3,153 thousand in Q4 2023, indicating a reduction of 35.4%[64]. Shareholder Returns - The company declared a quarterly cash dividend of $0.20 per share, marking the 112th consecutive quarterly dividend[5]. - The Company repurchased 1,383,238 shares totaling $21.5 million at a weighted average cost of $15.38 during the year[34]. Efficiency and Ratios - Efficiency ratio for Q4 2024 was 67.86%, an increase from 60.38% in Q4 2023[66]. - Return on average assets for the year ended December 31, 2024, was 0.71%, slightly down from 0.74% in 2023[66]. - Return on average tangible common equity for Q4 2024 was 7.47%, down from 9.81% in Q4 2023[66]. - The net interest margin decreased to 2.72% from 3.02% year-over-year, indicating a decline in profitability from interest-earning assets[62]. - Efficiency ratio increased to 64.57% in 2024 from 60.61% in 2023, suggesting a decline in operational efficiency[71].
OCEANFIRST FINL(OCFCP) - 2024 Q4 - Annual Results