OceanFirst Financial reports Q3 EPS 33c, consensus 35c

Total assets increased by $394.3 M to $13.50B, from $13.10B, primarily due to higher cash balances and loan growth. Cash and due from banks increased $240.9 million to $408.9M, from $167.9M as the Company maintained elevated levels of on-balance sheet cash from net deposit inflows. Total loans increased by $205.5 million to $10.12B, from $9.92B, due to loan originations…Total stockholders’ equity increased to $1.64 billion, as compared to $1.59 billion, primarily reflecting net income net of dividends for the nine months ended September 30, 2023. Additionally, accumulated other comprehensive loss decreased by $7.2M primarily due to increases in fair market value of available-for-sale debt securities, net of tax.Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report continued growth in deposits, a reduction on brokered deposits, and strengthened capital position. While our margin compressed, we remain focused on high quality growth and prudent management of the balance sheet for long-term market conditions.” Mr. Maher added.