OceanFirst Financial (US:OCFC)2025-04-24 21:30Financial Performance - Net income available to common stockholders for Q1 2025 was $20.5 million, or $0.35 per diluted share, down from $27.7 million, or $0.47 per diluted share, in Q1 2024[2] - Core earnings for Q1 2025 were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, in the prior year[3] - Net income for Q1 2025 was $21.463 million, a decrease of 3.2% from $22.162 million in Q4 2024[45] - Basic earnings per share for Q1 2025 was $0.35, unchanged from Q4 2024[45] - For the three months ended March 31, 2025, net income available to common stockholders was $20,505,000, a decrease from $27,663,000 in the same period last year[67] - The return on average assets for the quarter was 0.62%, compared to 0.82% in the same quarter last year[67] Income and Expenses - Total interest income for Q1 2025 was $153.703 million, a decrease of 3.7% from $159.620 million in Q4 2024[45] - Net interest income after provision for credit losses was $81.312 million, compared to $79.862 million in Q4 2024, reflecting a 1.8% increase[45] - Total other income of $11.253 million for Q1 2025, down from $12.232 million in Q4 2024[45] - Operating expenses (excluding FDIC special assessment and merger-related expenses) were $64,294, slightly down from $64,739 in the previous quarter[62] Assets and Liabilities - Total assets decreased by $112.0 million to $13.31 billion, primarily due to decreases in total debt securities[25] - Total liabilities decreased by $118.3 million to $11.60 billion, with deposits increasing by $110.7 million to $10.18 billion[27] - Total assets as of March 31, 2025, were $13,311,893, a decrease from $13,545,052 as of December 31, 2024[62] - Total assets decreased to $13,309,278 million from $13,418,978 million a year ago, indicating a decline of approximately 0.8%[69] Loans and Credit Quality - Provision for credit losses was $5.3 million, reflecting a net loan reserve build of $5.2 million due to macroeconomic uncertainty[6] - Non-performing loans increased to $37.0 million, representing 0.37% of total loans, with an allowance for loan credit losses at 213.14% of non-performing loans[31] - The level of 30 to 89 days delinquent loans rose to $46.2 million from $36.6 million, primarily related to commercial loans[31] - Provision for credit losses increased to $5.340 million in Q1 2025, compared to $3.467 million in Q4 2024[45] - Total non-performing loans increased to $36,970 million as of March 31, 2025, compared to $35,527 million in the previous quarter, reflecting a 4.1% increase[51] - The allowance for loan credit losses rose to $78,798 million, representing 0.78% of total loans receivable, up from 0.73% in the previous quarter[51] Capital and Equity - Capital levels remained strong, with the common equity tier one capital ratio at 11.2%[28] - Total stockholders' equity increased to $1.71 billion from $1.70 billion, reflecting net income and offset by capital returns of dividends and share repurchases[29] - Tangible common equity rose by $7.3 million to $1.12 billion, with a stockholders' equity to assets ratio of 12.84%[30] - Tangible book value per common share at the end of the period was $19.16, up from $18.63 a year ago[65] - Total stockholders' equity increased to $1,709,117 million as of March 31, 2025, up from $1,665,837 million a year earlier, reflecting a growth of approximately 2.6%[69] Shareholder Actions - The Company repurchased 398,395 shares totaling $6.9 million at a weighted average cost of $17.20, with 1,228,863 shares available for repurchase[29] - Cash dividends per common share remained stable at $0.20 for the last five quarters[65] Future Outlook - The Company will host an earnings conference call on April 25, 2025, at 11:00 a.m. Eastern Time[37]