RED BANK, N.J. (AP) _ OceanFirst Financial Corp. (OCFC) on Monday reported fourth-quarter profit of $23.5 million.
The Red Bank, New Jersey-based company said it had net income of 47 cents per share. Earnings, adjusted for non-recurring costs, came to 51 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The holding company for OceanFirst Bank posted revenue of $88.3 million in the period. Its adjusted revenue was $74.6 million, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $75.2 million.
For the year, the company reported profit of $88.6 million, or $1.75 per share. Revenue was reported as $298.1 million.
OceanFirst shares have dropped roughly 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.60, a rise of slightly more than 3% in the last 12 months.