OceanFirst Financial Corp. (OCFC) has reported an 185.80 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $12.02 million, or $0.36 a share in the quarter, compared with $4.20 million, or $0.25 a share for the same period last year.
Revenue during the quarter surged 100.15 percent to $46.78 million from $23.37 million in the previous year period. Net interest income for the quarter rose 101.78 percent over the prior year period to $41.48 million. Non-interest income for the quarter rose 77.58 percent over the last year period to $6 million.
OceanFirst Financial Corp. has made provision of $0.70 million for loan losses during the quarter, up 24.33 percent from $0.56 million in the same period last year.
Net interest margin improved 22 basis points to 3.56 percent in the quarter from 3.34 percent in the last year period. Efficiency ratio for the quarter improved to 65.21 percent from 69.84 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, "We are pleased with our earnings progress in the first quarter of 2017, which represents the first full quarter since the acquisition of Ocean Shore was completed on November 30, 2016. In May, Ocean City Home Bank customers will be fully integrated into the OceanFirst platforms and the consolidation of overlapping branches will occur, providing those customers with access to the entire OceanFirst network and delivering additional operating efficiency." Mr. Maher added, “An important component of the Company’s capital management strategy is the ability to repurchase shares. With a limited number of shares still available in the 2014 Repurchase Program, the Board of Directors has authorized up to an additional 1.6 million shares under the 2017 Repurchase Program, providing the option to continue buybacks if and when opportunities present themselves."
Assets outpace liabilities growth
Total assets stood at $5,196.34 million as on Mar. 31, 2017, up 100.75 percent compared with $2,588.45 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,613.66 million as on Mar. 31, 2017, up 96.55 percent from $2,347.37 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $3,825.60 million as on Mar. 31, 2017, up 91.57 percent compared with $1,996.99 million on Mar. 31, 2016. Deposits stood at $4,198.66 million as on Mar. 31, 2017, up 112.98 percent compared with $1,971.36 million on Mar. 31, 2016. Loans to deposits ratio was 91.11 percent for the quarter, down from 101.30 percent for the previous year quarter.
Investments stood at $743.02 million as on Mar. 31, 2017, up 83.15 percent or $337.32 million from year-ago. Shareholders equity stood at $582.68 million as on Mar. 31, 2017, up 141.70 percent or $341.60 million from year-ago.
Return on average assets moved up 29 basis points to 0.94 percent in the quarter from 0.65 percent in the last year period. At the same time, return on average equity increased 137 basis points to 8.42 percent in the quarter from 7.05 percent in the last year period.
Nonperforming assets moved up 20.74 percent or $5.23 million to $30.45 million on Mar. 31, 2017 from $25.22 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.59 percent in the quarter, down from 0.97 percent in the last year period.
Equity to assets ratio was 11.21 percent for the quarter, up from 9.31 percent for the previous year quarter.
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