Quarterly ResultMay 1, 2026, 04:23 PM
OceanFirst Q1 Core EPS $0.43; Net Interest Income $96M
AI Summary
OceanFirst Financial Corp. reported strong financial results for Q1 2026, with core diluted EPS of $0.43 and net interest income of $96 million, an 11% increase year-over-year. The company saw a 3% annualized growth in total loans, driven by commercial and industrial loans, and a 1.7% increase in deposits. Non-interest expenses decreased by 13%, contributing to a core efficiency ratio of 66.76%. The pending merger with Flushing Financial Corporation has received most approvals and is awaiting Federal Reserve System approval.
Key Highlights
- Core Diluted EPS for Q1 2026 was $0.43.
- Net Interest Income for Q1 2026 was $96 million, up 11% from Q1 2025.
- Total loans grew by $92 million (3% annualized) in Q1 2026, with C&I loans up $105 million (19% annualized).
- Deposits increased by $192 million (1.7%) in Q1 2026, driven by non-maturity deposits.
- Core non-interest expenses decreased by $2.1 million (3%) to $69.1 million in Q1 2026.
- The CET1 Ratio remained strong at 10.7% in Q1 2026.
- Management projects Q2 2026 sequential loan growth of 1-2% and net interest income growth of 1-2%.
- The merger with Flushing Financial Corporation is pending Federal Reserve System approval.
Price Impact
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