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OceanFirst Financial reports Q1 EPS 44c, consensus 41c
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OceanFirst Financial reports Q1 EPS 44c, consensus 41c

Reports Q1 net interest income decreased to $86.2M, from $98.8M, primarily reflecting the net impact of the higher interest rate environment. Net interest margin decreased to 2.81%, from 3.34%. Excluding the impact of purchase accounting accretion and prepayment fees of 0.04% for both quarters, net interest margin decreased to 2.77%, from 3.30%. Net interest margin decreased primarily due to the increase in cost of funds outpacing the increase in yield on average interest-earning assets. Average interest-earning assets increased by $340.3M primarily driven by growth of $163.9 million in total loans and $143M in securities. The average yield for interest-earning assets increased to 5.26%, from 4.68%. The cost of average interest-bearing liabilities increased to 3.03%, from 1.74%, primarily due to higher cost of deposits. The total cost of deposits increased to 2.31%, from 0.88%. Average interest-bearing liabilities increased by $636.4 million, primarily due to an increase in total deposits, partly offset by a decrease in Federal Home Loan Bank advances, which reflect a .Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report on our first quarter results, which reflected a stable net interest margin, prudent balance sheet management, and expense discipline. Additionally, we continued to build capital while also resuming share repurchases during the quarter.” Mr. Maher added, “The Company is well positioned to bolster shareholder value through a variety of different economic and industry outlooks.”

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