OceanFirst Financial Corp. Announces Increased Quarterly Earnings and Continuation of Cash Dividend
- Press Release
- Source: OceanFirst Financial Corp.
- On 4:45 pm EDT, Thursday October 22, 2009
TOMS RIVER, N.J., Oct. 22, 2009 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC - News), the holding company for OceanFirst Bank, today announced that diluted earnings per share amounted to $.34 for the quarter ended September 30, 2009 as compared to $.32 for the corresponding prior year period. For the nine months ended September 30, 2009 diluted earnings per share amounted to $.90 as compared to $.96 for the corresponding prior year period. The Company also announced that its Board of Directors declared a regular quarterly cash dividend on common stock of $.20 per share -- covering the three month period ended September 30, 2009 -- to be paid on November 13, 2009, to common shareholders of record on November 2, 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| OCFC | 10.20 | -0.15 |
Commenting on the quarter, CEO John R. Garbarino said: "We are pleased that earnings for the quarter ended September 30, 2009, increased over the respective prior year period and our credit quality has held up well in the troubled economic environment. Our net interest margin continues to expand and the Company remains well capitalized with Tangible Equity Capital of 8.87% and Total Risk Based Capital at the Bank of 14.4%. Given the strong earnings performance, the Board was also pleased to continue our attractive cash dividend for our shareholders. Although we continue to embrace a strong cash dividend policy, future dividend considerations will necessarily be evaluated by the Board based upon our operating performance and capital needs."
Results of Operations
Net interest income for the three and nine months ended September 30, 2009 increased to $16.7 million and $48.5 million, respectively, as compared to $14.6 million and $43.1 million, respectively, in the same prior year periods, reflecting a higher net interest margin and higher levels of interest-earning assets. The net interest margin increased to 3.73% and 3.59%, respectively, for the three and nine months ended September 30, 2009 from 3.30% and 3.20%, respectively, in the same prior year periods. The yield on interest-earning assets decreased to 5.32% and 5.35%, for the three and nine months ended September 30, 2009, respectively, as compared to 5.69% and 5.82%, respectively, in the same prior year periods. The cost of interest-bearing liabilities decreased to 1.79% and 1.98%, respectively, for the three and nine months ended September 30, 2009, as compared to 2.63% and 2.87%, respectively, in the same prior year periods. Average interest-earning assets increased by $18.5 million and $7.5 million for the three and nine months ended September 30, 2009 as compared to the same prior year periods. The increase was in mortgage-backed securities which rose $40.3 million and $36.4 million for the three and nine months ended September 30, 2009, respectively, due to investment of the preferred stock proceeds from the Treasury's Capital Purchase Program.
The provision for loan losses increased to $1.5 million and $3.5 million, respectively, for the three and nine months ended September 30, 2009 as compared to $400,000 and $1.2 million, respectively, for the corresponding prior year periods. The increased provision is due to higher levels of non-performing loans and charge-offs.
Other income increased to $4.5 million and $11.9 million, respectively, for the three and nine months ended September 30, 2009 as compared to $3.6 million and $10.0 million, respectively, in the same prior year periods. Loan servicing income (loss) decreased to a loss of $102,000 for the nine months ended September 30, 2009 from income of $293,000 for the corresponding prior year period due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. The net gain on sales of loans and securities was $1.1 million and $3.1 million, respectively, for the three and nine months ended September 30, 2009 as compared to $466,000 and $344,000, respectively, for the corresponding prior year periods. The net gain for the three and nine months ended September 30, 2008 includes a net gain of $117,000 and a net loss of $902,000, respectively, on investment securities transactions. For the three and nine months ended September 30, 2009 the net gain on the sale of loans includes a reversal of the provision for repurchased loans of $0 and $245,000, respectively, as compared to reversals of $50,000 and $211,000, respectively, for the corresponding prior year periods. The reserve for repurchased loans, which is included in other liabilities in the Company's consolidated statements of financial condition, was $819,000 at September 30, 2009 and there are currently no outstanding loan repurchase requests. There were two charge-offs totaling $79,000 through the reserve for repurchased loans for the nine months ended September 30, 2009. One charge-off for $63,000 relates to a repurchase request which was received and reserved for in 2008 and settled in the second quarter of 2009. The second charge-off, for $16,000, relates to an additional loss on a settlement entered into in 2007. Fees and service charges increased to $2.7 million for the three months ended September 30, 2009 as compared to $2.6 million for the corresponding prior year period. For the nine months ended September 30, 2009 fees and services charges decreased to $7.8 million as compared to $8.3 million for the corresponding prior year period due to a decrease in trust and investment service revenue. Income from Bank Owned Life Insurance decreased by $112,000 and $323,000, respectively, for the three and nine months ended September 30, 2009 as compared to the same prior year periods due to a decline in the crediting rate in the lower interest rate environment. Other income for the three and nine months ended September 30, 2009 increased over the same prior year periods due to the recovery of $367,000 in borrower escrow funds for Columbia Home Loans, LLC ("Columbia"), the Company's mortgage banking subsidiary which has since been shuttered.
Operating expenses increased to $12.4 million and $37.4 million, respectively, for the three and nine months ended September 30, 2009, as compared to $12.3 million and $35.3 million respectively, for the corresponding prior year periods. Federal deposit insurance increased to $605,000 and $2.5 million, respectively, for the three and nine months ended September 30, 2009, as compared to $301,000 and $952,000, respectively, in the same prior year periods due to an increase in the assessment rate for FDIC deposit insurance effective January 1, 2009 and a special assessment of $869,000 for the nine months ended September 30, 2009. Occupancy expense for the nine months ended September 30, 2009 was adversely affected by a second quarter charge of $556,000 relating to all remaining lease obligations of Columbia. In light of the economic downturn and weak real estate market, the Company no longer expects to be able to sublet the vacant office space. General and administrative expense for the three and nine months ended September 30, 2009 includes $413,000 and $582,000, respectively, of costs related to the Company's previously announced merger with Central Jersey Bancorp. Operating expenses for the three and nine months ended September 30, 2009 also include costs relating to the opening of two new branches in the latter part of 2008.
Financial Condition
Mortgage-backed securities available for sale increased to $83.0 million at September 30, 2009 as compared to $40.8 million at December 31, 2008 primarily due to the $38.3 million investment of preferred stock proceeds from the Treasury's Capital Purchase Plan. Loans receivable, net decreased by $25.8 million at September 30, 2009 as compared to December 31, 2008 due to a decline in one-to-four family mortgage loans from increased prepayments relating to refinancings and the Bank's ongoing strategy to sell most newly originated longer-term fixed-rate loans. This decline was partly offset by growth in commercial real estate lending. At September 30, 2009, the Company was holding subprime loans with a gross principal balance of $2.6 million and a carrying value, net of reserves and lower of cost or market adjustment of $2.1 million. Deposits increased to $1,357.9 million at September 30, 2009 from $1,274.1 million at December 31, 2008. The growth was concentrated in core deposits, defined as all deposits excluding time deposits, which increased $128.4 million. Time deposits decreased $44.7 million as the Bank continued to moderate its pricing for this product. Federal Home Loan Bank advances decreased to $230.5 million at September 30, 2009 from $359.9 million at December 31, 2008, primarily due to the increase in deposits as a funding source. Stockholders' equity increased to $166.2 million at September 30, 2009 as compared to $119.8 million at December 31, 2008 due to the issuance of $38.3 million of preferred stock under the Treasury's Capital Purchase Plan.
Asset Quality
The Company's non-performing loans totaled $23.5 million at September 30, 2009, an increase from $16.0 million at December 31, 2008. The increase was concentrated in one-to-four family and consumer loans and is reflective of the unsettled economic environment. Much of the $7.1 million increase in non-performing one-to-four family mortgage loans can be attributed to one large loan for $3.5 million which is well secured. Non-performing commercial real estate loans actually decreased by $605,000 at September 30, 2009 as compared to December 31, 2008. Non-performing loans at September 30, 2009 include $921,000 of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $2.3 million of loans previously held for sale that were also written down to market value as of March 31, 2007, the date when these loans were transferred from held for sale to held for investment. For the nine months ended September 30, 2009, the Company realized net loan charge-offs of $1.5 million. Of this amount, $888,000 are charge-offs relating to loans originated by Columbia.
Conference Call
As previously announced, the Company will host an earnings conference call on Friday, October 23, 2009 at 11:00 a.m. Eastern time. The direct dial number for the call is (800) 860-2442. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 434329, from one hour after the end of the call until November 5, 2009. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.
OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.9 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.
OceanFirst Financial Corp.'s press releases are available by visiting us at www.oceanfirst.com.
Forward-Looking Statements
This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake -- and specifically disclaims any obligation -- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)
Sept. 30, Dec. 31, Sept. 30,
2009 2008 2008
---------- ---------- ----------
(Unaudited) (Unaudited)
ASSETS
------
Cash and due from banks $ 21,767 $ 18,475 $ 26,730
Investment securities available
for sale 34,547 34,364 45,309
Federal Home Loan Bank of New York
stock, at cost 14,878 20,910 19,130
Mortgage-backed securities
available for sale 83,001 40,801 43,487
Loans receivable, net 1,622,531 1,648,378 1,647,317
Mortgage loans held for sale 4,960 3,903 4,161
Interest and dividends receivable 6,412 6,298 6,896
Real estate owned, net 1,204 1,141 654
Premises and equipment, net 21,226 21,336 20,988
Servicing asset 6,750 7,229 7,658
Bank Owned Life Insurance 39,768 39,135 39,387
Other assets 15,959 15,976 14,541
---------- ---------- ----------
Total assets $1,873,003 $1,857,946 $1,876,258
========== ========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
-----------------------------
Deposits $1,357,909 $1,274,132 $1,315,748
Securities sold under agreements
to repurchase with retail
customers 72,996 62,422 67,682
Federal Home Loan Bank advances 230,500 359,900 323,500
Other borrowings 27,500 27,500 27,500
Advances by borrowers for taxes
and insurance 7,823 7,581 8,088
Other liabilities 10,103 6,628 9,695
---------- ---------- ----------
Total liabilities 1,706,831 1,738,163 1,752,213
---------- ---------- ----------
Stockholders' equity:
Preferred stock, $.01 par value,
$1,000 liquidation preference,
5,000,000 shares authorized,
38,263 shares issued at
September 30, 2009 37,345 -- --
Common stock, $.01 par value,
55,000,000 shares authorized,
27,177,372 shares issued and
12,432,556, 12,364,573 and
12,364,573 shares outstanding at
September 30, 2009, December 31,
2008, and September 30, 2008,
respectively 272 272 272
Additional paid-in capital 205,565 204,298 204,040
Retained earnings 163,487 160,267 159,107
Accumulated other
comprehensive loss (11,184) (14,462) (8,710)
Less: Unallocated common stock
held by Employee Stock
Ownership Plan (4,849) (5,069) (5,141)
Treasury stock, 14,744,816,
14,812,799 and 14,812,799
shares at September 30,
2009, December 31, 2008 and
September 30, 2008,
respectively (224,464) (225,523) (225,523)
Common stock acquired by Deferred
Compensation Plan 981 981 982
Deferred Compensation
Plan Liability (981) (981) (982)
---------- ---------- ----------
Total stockholders' equity 166,172 119,783 124,045
---------- ---------- ----------
Total liabilities and
stockholders' equity $1,873,003 $1,857,946 $1,876,258
========== ========== ==========
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the three For the nine
months ended months ended
September 30, September 30,
---------------- ----------------
2009 2008 2009 2008
---------------- ----------------
(Unaudited) (Unaudited)
Interest income:
Loans $22,618 $23,821 $68,581 $72,926
Mortgage-backed securities 817 525 2,458 1,710
Investment securities and other 406 888 1,408 3,787
------- ------- ------- -------
Total interest income 23,841 25,234 72,447 78,423
------- ------- ------- -------
Interest expense:
Deposits 4,263 6,256 14,136 20,827
Borrowed funds 2,876 4,348 9,794 14,469
------- ------- ------- -------
Total interest expense 7,139 10,604 23,930 35,296
------- ------- ------- -------
Net interest income 16,702 14,630 48,517 43,127
Provision for loan losses 1,500 400 3,500 1,175
------- ------- ------- -------
Net interest income after
provision for loan losses 15,202 14,230 45,017 41,952
------- ------- ------- -------
Other income:
Loan servicing income (loss) 119 121 (102) 293
Fees and service charges 2,700 2,625 7,804 8,292
Net gain on sales of loans and
securities available for sale 1,094 466 3,119 344
Net gain from other real estate
operations 67 79 71 97
Income from Bank Owned
Life Insurance 202 314 634 957
Other 363 2 368 13
------- ------- ------- -------
Total other income 4,545 3,607 11,894 9,996
------- ------- ------- -------
Operating expenses:
Compensation and employee benefits 6,216 6,166 17,781 17,907
Occupancy 1,398 1,548 4,687 3,943
Equipment 478 468 1,428 1,433
Marketing 467 452 1,171 1,298
Federal deposit insurance 605 301 2,512 952
Data processing 812 779 2,506 2,375
Legal 236 683 1,086 1,754
Check card processing 287 276 792 775
Accounting and audit 135 193 466 742
General and administrative 1,719 1,397 4,948 4,086
------- ------- ------- -------
Total operating expenses 12,353 12,263 37,377 35,265
------- ------- ------- -------
Income before provision for
income taxes 7,394 5,574 19,534 16,683
Provision for income taxes 2,860 1,852 7,448 5,420
------- ------- ------- -------
Net income 4,534 3,722 12,086 11,263
Dividends on preferred stock
and warrant accretion 537 -- 1,539 --
------- ------- ------- -------
Net income available to common
stockholders $ 3,997 $ 3,722 $10,547 $11,263
======= ======= ======= =======
Basic earnings per share $ 0.34 $ 0.32 $ 0.90 $ 0.97
======= ======= ======= =======
Diluted earnings per share $ 0.34 $ 0.32 $ 0.90 $ 0.96
======= ======= ======= =======
Average basic shares outstanding 11,724 11,678 11,710 11,661
======= ======= ======= =======
Average diluted shares outstanding 11,772 11,751 11,758 11,722
======= ======= ======= =======
OceanFirst Financial Corp.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
At At At
Sept. 30, Dec. 31, Sept. 30,
2009 2008 2008
------- ------- --------
STOCKHOLDERS' EQUITY
--------------------
Stockholders' equity to
total assets 8.87% 6.45% 6.61%
Common shares outstanding
(in thousands) 12,433 12,365 12,365
Stockholders' equity per
common share $10.36 $9.69 $10.03
Tangible stockholders' equity per
common share 10.36 9.69 10.03
ASSET QUALITY
-------------
Non-performing loans:
Real estate - one-to-four family $15,814 $ 8,696 $ 8,332
Commercial real estate 4,922 5,527 3,179
Construction 67 -- --
Consumer 2,416 1,435 844
Commercial 295 385 129
------- ------- --------
Total non-performing loans 23,514 16,043 12,484
REO, net 1,204 1,141 654
------- ------- --------
Total non-performing assets $24,718 $17,184 $13,138
======= ======= =======
Allowance for loan losses $13,680 $11,665 $11,218
======= ======= =======
Allowance for loan losses as a
percent of total loans receivable 0.83% 0.70% 0.68%
Allowance for loan losses as a percent of
non-performing loans 58.18 72.71 89.86
Non-performing loans as a percent of
total loans receivable 1.44 0.97 0.75
Non-performing assets as a percent of total
assets 1.32 0.92 0.70
For the three For the nine
months ended months ended
September 30, September 30,
---------------- ----------------
2009 2008 2009 2008
------- ------- ------- -------
PERFORMANCE RATIOS (ANNUALIZED)
-------------------------------
Return on average assets 0.96% 0.80% 0.85% 0.79%
Return on average stockholders'
equity 11.22 12.04 10.28 12.18
Interest rate spread 3.53 3.06 3.37 2.95
Interest rate margin 3.73 3.30 3.59 3.20
Operating expenses to
average assets 2.62 2.63 2.63 2.49
Efficiency ratio 58.14 67.24 61.87 66.38
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
LOANS RECEIVABLE
----------------
At Sept. 30, At Dec. 31,
2009 2008
---------- ----------
Real estate:
One-to-four family $ 974,117 $1,039,375
Commercial real estate, multi-family and land 368,063 329,844
Construction 10,696 10,561
Consumer 217,050 222,797
Commercial 68,617 59,760
---------- ----------
Total loans 1,638,543 1,662,337
Loans in process (2,278) (3,586)
Deferred origination costs, net 4,906 5,195
Allowance for loan losses (13,680) (11,665)
---------- ----------
Total loans, net 1,627,491 1,652,281
Less: mortgage loans held for sale 4,960 3,903
---------- ----------
Loans receivable, net $1,622,531 $1,648,378
========== ==========
Mortgage loans serviced for others $ 961,923 $ 977,410
Loan pipeline 73,320 69,751
For the three For the nine
months ended months ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Loan originations $122,405 $102,080 $448,091 $292,096
Loans sold 61,448 19,395 192,556 78,493
Net charge-offs 578 101 1,485 425
DEPOSITS
--------
At Sept. 30, At Dec. 31,
2009 2008
---------- ----------
Type of Account
---------------
Non-interest-bearing $ 111,257 $ 97,278
Interest-bearing checking 599,379 517,334
Money market deposit 96,262 84,928
Savings 228,301 207,224
Time deposits 322,710 367,368
---------- ----------
$1,357,909 $1,274,132
========== ==========
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------------------------------
2009 2008
--------------------------- ---------------------------
AVERAGE AVERAGE
AVERAGE YIELD/ AVERAGE YIELD/
BALANCE INTEREST COST BALANCE INTEREST COST
--------------------------------------------------------
(Dollars in thousands)
Assets
Interest
-earning
assets:
Interest
-earning
deposits
and short
-term
invest
-ments $ -- $ -- --% $ 13,123 $ 43 1.31%
Investment
securities
(1) 55,763 167 1.20 60,379 524 3.47
FHLB stock 15,168 239 6.30 19,019 321 6.75
Mortgage
-backed
securities
(1) 85,279 817 3.83 44,984 525 4.67
Loans
receivable,
net (2) 1,636,541 22,618 5.53 1,636,707 23,821 5.82
---------- ------- ------ ---------- ------- ------
Total
interest
-earning
assets 1,792,751 23,841 5.32 1,774,212 25,234 5.69
------- ------ ------- ------
Non-interest
-earning
assets 93,544 91,203
---------- ----------
Total
assets $1,886,295 $1,865,415
========== ==========
Liabilities
and
Stockholders'
Equity
Interest
-bearing
liabilities:
Transaction
deposits $ 924,360 2,356 1.02 $ 799,671 3,299 1.65
Time deposits 335,073 1,907 2.28 392,893 2,957 3.01
---------- ------- ------ ---------- ------- ------
Total 1,259,433 4,263 1.35 1,192,564 6,256 2.10
Borrowed
funds 335,242 2,876 3.43 417,873 4,348 4.16
---------- ------- ------ ---------- ------- ------
Total
interest
-bearing
liabilities 1,594,675 7,139 1.79 1,610,437 10,604 2.63
------- ------ ------- ------
Non-interest
-bearing
deposits 113,879 113,303
Non-interest
-bearing
liabilities 16,150 18,050
---------- ----------
Total
liabilities 1,724,704 1,741,790
Stockholders'
equity 161,591 123,625
---------- ----------
Total
liabilities
and stock
-holders'
equity $1,886,295 $1,865,415
========== ==========
Net interest
income $16,702 $14,630
======= =======
Net interest
rate spread
(3) 3.53% 3.06%
====== ======
Net interest
margin (4) 3.73% 3.30%
====== ======
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
--------------------------------------------------------
2009 2008
--------------------------- ---------------------------
AVERAGE AVERAGE
AVERAGE YIELD/ AVERAGE YIELD/
BALANCE INTEREST COST BALANCE INTEREST COST
--------------------------------------------------------
(Dollars in thousands)
Assets
Interest
-earning
assets:
Interest
-earning
deposits and
short-term
invest
-ments $ -- $ -- --% $ 11,949 $ 185 2.06%
Investment
securities
(1) 55,906 756 1.80 62,074 2,374 5.10
FHLB stock 17,115 652 5.08 20,280 1,228 8.07
Mortgage
-backed
securities
(1) 85,027 2,458 3.85 48,650 1,710 4.69
Loans
receivable,
net (2) 1,646,232 68,581 5.55 1,653,794 72,926 5.88
---------- ------- ------ ---------- ------- ------
Total
interest
-earning
assets 1,804,280 72,447 5.35 1,796,747 78,423 5.82
------- ------ ------- ------
Non-interest
-earning
assets 88,477 93,887
---------- ----------
Total
assets $1,892,757 $1,890,634
========== ==========
Liabilities
and
Stockholders'
Equity
Interest
-bearing
liabilities:
Transaction
deposits $ 885,408 7,513 1.13 $ 772,577 9,643 1.66
Time
deposits 349,514 6,623 2.53 419,712 11,184 3.55
---------- ------- ------ ---------- ------- ------
Total 1,234,922 14,136 1.53 1,192,289 20,827 2.33
Borrowed
funds 373,833 9,794 3.49 447,750 14,469 4.31
---------- ------- ------ ---------- ------- ------
Total
interest
-bearing
liabilities 1,608,755 23,930 1.98 1,640,039 35,296 2.87
------- ------ ------- ------
Non-interest
-bearing
deposits 110,379 110,157
Non-interest
-bearing
liabilities 16,917 17,121
---------- ----------
Total
liabilities 1,736,051 1,767,317
Stockholders'
equity 156,706 123,317
---------- ----------
Total
liabilities
and stock
-holders'
equity $1,892,757 $1,890,634
========== ==========
Net interest
income $48,517 $43,127
======= =======
Net interest
rate spread
(3) 3.37% 2.95%
====== ======
Net interest
margin (4) 3.59% 3.20%
====== ======
(1) Amounts are recorded at average amortized cost.
(2) Amount is net of deferred loan fees, undisbursed loan funds,
discounts and premiums and estimated loss allowances and
includes loans held for sale and non-performing loans.
(3) Net interest rate spread represents the difference between
the yield on interest-earning assets and the cost of
interest-bearing liabilities.
(4) Net interest margin represents net interest income divided
by average interest-earning assets.
Contact:
OceanFirst Financial Corp.
Michael J. Fitzpatrick, Chief Financial Officer
(732) 240-4500, ext. 7506
Fax: (732) 349-5070
Mfitzpatrick@oceanfirst.com
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