OceanFirst Financial Corp. (OCFC) has reported a 15.72 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $6.05 million, or $0.22 a share in the quarter, compared with $5.23 million, or $0.31 a share for the same period last year.
Revenue during the quarter surged 69.35 percent to $41.50 million from $24.51 million in the previous year period. Net interest income for the quarter rose 72.82 percent over the prior year period to $35.75 million. Non-interest income for the quarter rose 51.94 percent over the last year period to $6.26 million.
OceanFirst Financial Corp. has made provision of $0.51 million for loan losses during the quarter, up 70 percent from $0.30 million in the same period last year.
Net interest margin improved 6 basis points to 3.40 percent in the quarter from 3.34 percent in the last year period. Efficiency ratio for the quarter deteriorated to 77.28 percent from 66.51 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Chairman and chief executive officer Christopher D. Maher reflected on the Company's results, "With the Ocean Shore closing on November 30th and the full systems conversion and rebranding of Cape completed, we are pleased to include the stockholders, employees and customers of both organizations in the OceanFirst family." Mr. Maher added, "Throughout 2017 we will be focused on effectively deploying excess liquidity and reducing operating expenses following the two acquisitions completed in 2016."
Assets outpace liabilities growth
Total assets stood at $5,167.05 million as on Dec. 31, 2016, up 99.26 percent compared with $2,593.07 million on Dec. 31, 2015. On the other hand, total liabilities stood at $4,595.01 million as on Dec. 31, 2016, up 95.15 percent from $2,354.62 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,803.44 million as on Dec. 31, 2016, up 93 percent compared with $1,970.70 million on Dec. 31, 2015. Deposits stood at $4,187.75 million as on Dec. 31, 2016, up 118.49 percent compared with $1,916.68 million on Dec. 31, 2015.
Investments stood at $610.92 million as on Dec. 31, 2016, up 43.84 percent or $186.20 million from year-ago. Shareholders equity stood at $572.04 million as on Dec. 31, 2016, up 139.90 percent or $333.59 million from year-ago.
Return on average assets moved down 27 basis points to 0.53 percent in the quarter from 0.80 percent in the last year period. At the same time, return on average equity decreased 367 basis points to 5.10 percent in the quarter from 8.77 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 1.05 percent in the last year period.
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