From GlobeNewswire:

OceanFirst Financial Corp. reported a net income available to common stockholders of $26.7 million, or $0.46 per diluted share, for the quarter ended December 31, 2023, compared to $52.3 million, or $0.89 per diluted share, for the prior year period. Total deposits remained stable decreasing less than 1% for the quarter to $10.4 billion. Operating expenses included a special assessment charge of $1.7 million.

The company’s estimated Common Equity Tier 1 Capital Ratio increased to 10.88% from 9.93% in the prior year. Non-interest expense decreased by 7% to $60.2 million from the prior linked quarter and remained relatively flat compared to the prior year period. Core earnings for the quarter ended December 31, 2023 were $26.3 million, or $0.45 per diluted share, a decrease from $39.5 million, or $0.67 per diluted share, for the corresponding prior year period.

Net interest income and margin were adversely impacted by a continued mix-shift to and repricing of higher cost deposits that outpaced the increase in yields on interest-earning assets. Net interest income decreased to $87.8 million from $106.5 million, primarily reflecting the net impact of the higher interest rate environment. Net interest margin decreased to 2.82%, from 3.64%. Excluding the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.10% for the respective quarters, net interest margin decreased to 2.77%, from 3.54%.



Read more: OceanFirst Financial Corp. Announces Quarterly and Annual