Quarterly ResultJul 30, 2026, 06:16 PM
OceanFirst Reports Q2 Net Loss of $3.0M; Completes Flushing Acquisition
AI Summary
OceanFirst Financial Corp. reported a net loss of $3.0 million, or $0.04 per diluted share, for the second quarter of 2026, primarily due to $42.8 million in merger-related expenses. The company completed its acquisition of Flushing Financial Corporation on June 1, 2026, significantly increasing total assets to $23.27 billion and deposits to $17.76 billion. Strategic balance sheet repositioning included selling $1.31 billion in multifamily loans and reinvesting proceeds into liquid securities, improving liquidity and reducing commercial real estate concentration. The company also saw organic growth in commercial loans and non-interest bearing deposits, and an increase in net interest margin to 3.05%.
Key Highlights
- Reported a Q2 2026 net loss of $3.0 million, or $0.04 per diluted share.
- Completed the acquisition of Flushing Financial Corporation on June 1, 2026.
- Flushing acquisition added $8.69 billion to total assets and $7.44 billion to deposits.
- Sold $1.31 billion of multifamily loans from Flushing, investing $1.20 billion proceeds.
- Net interest margin increased 12 basis points to 3.05% from the linked quarter.
- Total assets increased by $8.71 billion to $23.27 billion since December 31, 2025.
- Non-performing loans increased to $108.2 million, including $53.8 million from Flushing.
- Declared a quarterly cash dividend of $0.20 per share, payable August 21, 2026.
Price Impact
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