Financial 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 attributable to OceanFirst Financial Corp. for the three months ended March 31, 2025, was $21.509 million, a decrease from $21.909 million in the previous quarter[45] - Basic earnings per share for the quarter was $0.35, consistent with the previous quarter's earnings per share of $0.36[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] - Core earnings (Non-GAAP) for the quarter were $20,349,000, compared to $25,638,000 in the same quarter last year[67] Interest Income and Margin - Total interest income for the three months ended March 31, 2025, was $153.703 million, a decrease of 3.7% from $159.620 million in the previous quarter[45] - Net interest income increased by $3.3 million to $86.7 million, with net interest margin rising 21 basis points to 2.90%[6] - Net interest income after provision for credit losses was $81.312 million, compared to $79.862 million in the previous quarter, reflecting a 1.8% increase[45] - The average yield on total loans was 7.18% for the three months ended March 31, 2025, compared to 7.21% in the previous quarter[47] - Total interest-earning assets amounted to $12,112,028, with a net interest margin of 2.90% for the first quarter of 2025[60] - The average yield on interest-earning assets was 5.13% for the first quarter of 2025, down from 5.15% in the previous quarter[60] 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 liabilities were $11,596,759 as of March 31, 2025, compared to $11,841,726 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 0.8%[69] - Tangible assets amounted to $12,774,230 million, down from $12,904,163 million, showing a decrease of 1.0% year-over-year[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, while the allowance for loan credit losses was 213.14% of total non-performing loans[31] - The allowance for loan credit losses increased to $78.798 million as of March 31, 2025, compared to $73.607 million at the end of the previous quarter[47] - Total non-performing loans increased to $36,970 million as of March 31, 2025, up from $35,527 million in the previous quarter, representing a 4.1% increase[51] - Delinquent loans (30 to 89 days) increased to $46,246 million, up from $36,550 million in the previous quarter, indicating a 26.5% rise[51] - The level of 30 to 89 days delinquent loans rose to $46.2 million, primarily related to commercial loans[31] 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% as of March 31, 2025[30] - Book value per common share increased to $29.27 from $29.08, and tangible book value per common share increased to $19.16 from $18.98[30] - Total stockholders' equity increased to $1,709,117 million as of March 31, 2025, up from $1,665,837 million a year earlier, representing a growth of 2.6%[69] - Tangible common equity reached $1,118,542 million, reflecting an increase from $1,095,495 million year-over-year, which is a rise of 2.1%[69] Future Outlook and Events - The Company plans to host an earnings conference call on April 25, 2025, to discuss financial results and future outlook[37] - The Annual Meeting of Stockholders is scheduled for May 19, 2025, with a record date of March 25, 2025[36]
OCEANFIRST FINL(OCFCP) - 2025 Q1 - Quarterly Results