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Oceanfirst Financial (OCFC)
:OCFC
Holding OCFC?
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
0.36Last Year’s EPS
0.45Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 25, 2018
|% Change Since: -2.55%
|Next Earnings Date:Jul 26, 2018
Earnings Call Sentiment|Neutral
The earnings call reflects a balanced outlook. Highlights include stable net interest income, strong asset quality, and increased tangible book value, supported by effective capital management strategies like share repurchase and dividends. However, challenges include increased operating expenses, potential margin pressure, modest loan growth, and rising criticized assets, pointing to cautious optimism with areas of concern.Company Guidance
During OceanFirst Financial Corp's Q3 2024 earnings call, a comprehensive update on the company's financial performance and future guidance was provided. The company reported GAAP diluted earnings per share of $0.42 and stable net interest income at $82 million, while operating expenses increased by $5 million to $64 million due to nonrecurring expenses related to recent acquisitions. Asset quality remained strong, with nonperforming loans at 0.28% and loans 30 to 89 days past due at 0.15% of total loans. The common equity Tier 1 capital ratio rose to 11.3%, and tangible book value per share increased to $19.28, marking an 8% growth year-over-year. The company repurchased 87,000 shares in Q3 and announced a quarterly cash dividend of $0.20 per share, representing 50% of GAAP earnings. Additionally, OceanFirst's loan originations totaled $431 million, including $161 million in commercial and industrial (C&I) loans, with a pipeline increase attributed to the acquisition of Garden State Home Loans. Looking ahead, OceanFirst is focused on driving organic growth, with expectations for continued growth in C&I and residential lending, alongside strategic capital management and disciplined expense control.Stable Net Interest Income
Net interest income remained stable at $82 million, indicating stabilization despite economic challenges.
Strong Asset Quality
Nonperforming loans and loans past due were 0.28% and 0.15%, with net loan recoveries of $88,000, reflecting strong asset quality metrics.
Increased Tangible Book Value
Tangible book value per share increased by 8% compared to the same period last year, now at $19.28.
Loan Origination Growth
Loan originations totaled $431 million, with a significant increase in residential loans due to an acquisition.
Share Repurchase and Dividend
Repurchased 87,000 shares and approved a quarterly cash dividend of $0.20 per share, representing the 111th consecutive dividend.
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OCFC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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OCFC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 17, 2024 | $19.25 | $18.89 | -1.87% |
| Jul 18, 2024 | $17.86 | $17.01 | -4.76% |
| Apr 18, 2024 | $14.07 | $14.64 | +4.05% |
| Jan 18, 2024 | $15.78 | $16.76 | +6.21% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Oceanfirst Financial (OCFC) report earnings?
Oceanfirst Financial (OCFC) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is Oceanfirst Financial (OCFC) earnings time?
Oceanfirst Financial (OCFC) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OCFC EPS forecast?
OCFC EPS forecast for the fiscal quarter 2024 (Q4) is 0.36.
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