Quarterly ResultApr 23, 2026, 04:22 PM
OceanFirst Financial Q1 2026 Net Income $20.5M, EPS $0.36
AI Summary
OceanFirst Financial Corp. reported net income of $20.5 million, or $0.36 per diluted share, for Q1 2026, matching the prior year's net income but with higher EPS. Core earnings increased to $24.3 million, or $0.43 per diluted share. The company achieved net interest margin expansion, sustained loan growth, and controlled expenses, with the CEO highlighting continued focus on profitability and business growth. The merger agreement with Flushing Financial Corporation has received several approvals and is expected to close in Q2 2026.
Key Highlights
- Net income available to common stockholders was $20.5 million, or $0.36 per diluted share.
- Core earnings increased to $24.3 million, or $0.43 per diluted share.
- Net interest margin increased six basis points to 2.93% from 2.87% linked quarter.
- Total loans grew by $91.9 million, a 3% annualized rate.
- Non-interest expense decreased by 13%, or $10.7 million, to $73.4 million.