OceanFirst (OCFC) Reports Q2 Earnings: What Key Metrics Have to Say

Core Insights - OceanFirst Financial (OCFC) reported revenue of $93.25 million for the quarter ended June 2024, reflecting a year-over-year decline of 7.7% and an EPS of $0.39 compared to $0.46 a year ago [5] - The reported revenue was below the Zacks Consensus Estimate of $94.93 million, resulting in a revenue surprise of -1.78% and an EPS surprise of -7.14% against a consensus estimate of $0.42 [1] - The company's stock has returned +26% over the past month, significantly outperforming the Zacks S&P 500 composite's +2.1% change, although it currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [4] Financial Metrics - Efficiency Ratio was reported at 62.9%, slightly higher than the estimated 62% by analysts [3] - Net Interest Margin was 2.7%, below the estimated 2.8% [3] - Average Balance of Total Interest-Earning Assets was $12.20 billion, compared to the average estimate of $12.32 billion [3] - Total Non-Interest Income was $10.99 million, exceeding the estimated $9.39 million [3] - Net Interest Income was $82.26 million, lower than the average estimate of $85.22 million [3] - Bankcard services revenue was $1.57 million, above the estimated $1.22 million [3] - Fees and service charges reached $5.02 million, surpassing the estimated $4.74 million [3] - Trust and asset management revenue was $0.42 million, below the estimated $0.75 million [3] - Income from bank-owned life insurance was $1.73 million, slightly below the average estimate of $1.77 million [3]