OceanFirst (OCFC) Reports Q2 Earnings: What Key Metrics Have to Say
OceanFirst Financial (OCFC) reported $101.04 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 2.7%. EPS of $0.46 for the same period compares to $0.59 a year ago.
The reported revenue represents a surprise of -0.16% over the Zacks Consensus Estimate of $101.2 million. With the consensus EPS estimate being $0.49, the EPS surprise was -6.12%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how OceanFirst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 62.28% versus 60.45% estimated by three analysts on average.
Net Interest Margin: 3.02% versus the three-analyst average estimate of 3.01%.
Total interest-earning assets - Average Balance: $12.25 billion compared to the $12.36 billion average estimate based on two analysts.
Total Non-Interest Income: $8.93 million versus $9.50 million estimated by three analysts on average.
Net Interest Income: $92.11 million versus $91.71 million estimated by three analysts on average.
Bankcard services revenue: $1.54 million compared to the $1.17 million average estimate based on two analysts.
Fees and service charges: $5.60 million versus $5.13 million estimated by two analysts on average.
Trust and asset management revenue: $0.65 million compared to the $0.81 million average estimate based on two analysts.
Income from bank owned life insurance: $1.18 million compared to the $1.15 million average estimate based on two analysts.
View all Key Company Metrics for OceanFirst here>>>
Shares of OceanFirst have returned +11.2% over the past month versus the Zacks S&P 500 composite's +3.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
OceanFirst Financial Corp. (OCFC) : Free Stock Analysis Report
