Quarterly ResultMay 1, 2026, 04:52 PM
OceanFirst Q1 Net Income $20.5M; EPS $0.36; Net Interest Margin 2.93%
AI Summary
OceanFirst Financial Corp. reported net income available to common stockholders of $20.5 million, or $0.36 per diluted share, for the first quarter of 2026. This represents a flat net income year-over-year but an increase in diluted EPS from $0.35, and a significant improvement from $13.1 million, or $0.23 per diluted share, in the prior linked quarter. The company saw an increase in net interest income to $96.4 million and an improved net interest margin of 2.93%. Total loans grew by $91.9 million, and non-interest expenses decreased by 13% quarter-over-quarter, though non-performing loans increased. The Board declared a quarterly cash dividend of $0.20 per share.
Key Highlights
- Net income available to common stockholders was $20.5 million for Q1 2026, flat YoY, but up from $13.1 million QoQ.
- Diluted earnings per share was $0.36 for Q1 2026, up from $0.35 YoY and $0.23 QoQ.
- Net interest income increased to $96.4 million, up $1.2 million QoQ and $9.8 million YoY.
- Net interest margin improved to 2.93%, up 6 basis points QoQ and 3 basis points YoY.
- Total loans grew by $91.9 million (3% annualized) to $11.12 billion, driven by commercial and industrial loans.
- Non-interest expense decreased by 13% ($10.7 million) to $73.4 million QoQ.
- Non-performing loans increased to $34.6 million (0.31% of total loans) from $27.8 million QoQ.
- The Board declared a quarterly cash dividend of $0.20 per share.
Price Impact
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