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OceanFirst: 3Q Earnings Snapshot

RED BANK, N.J. (AP) _ OceanFirst Financial Corp. (OCFC) on Thursday reported third-quarter net income of $25 million.

On a per-share basis, the Red Bank, New Jersey-based company said it had profit of 49 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 54 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The holding company for OceanFirst Bank posted revenue of $88.4 million in the period. Its adjusted revenue was $74.9 million, which missed Street forecasts. Four analysts surveyed by Zacks expected $75.3 million.

OceanFirst shares have climbed 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $23.91, a decrease of 1% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OCFC at https://www.zacks.com/ap/OCFC