Quarterly ResultJul 31, 2026, 06:07 AM
OceanFirst Reports Q2 Net Loss of $3.0M, EPS ($0.04)
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, a significant decrease from net income of $16.2 million ($0.28 per diluted share) in the prior year period. The company also declared a quarterly cash dividend of $0.20 per share. Key developments include the completion of the Flushing Financial Corporation acquisition on June 1, 2026, and the subsequent sale of $1.31 billion of multifamily loans to reduce commercial real estate concentration.
Key Highlights
- Reported a net loss of $3.0 million, or ($0.04) per diluted share for Q2 2026.
- Net income available for common stockholders was $16.2 million ($0.28 per diluted share) in Q2 2025.
- Declared a quarterly cash dividend of $0.20 per share, payable August 21, 2026.
- Completed acquisition of Flushing Financial Corp. on June 1, 2026.
- Sold $1.31 billion of multifamily loans from Flushing acquisition at 92.25%.
- Net interest income increased to $120.7 million, up 25% from prior quarter.
- Net interest margin expanded 12 basis points to 3.05% from prior quarter.
- Total assets increased by $8.71 billion to $23.27 billion due to acquisition.
Price Impact
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