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Oceanfirst Financial (OCFC)
NASDAQ:OCFC
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.36Last Year’s EPS
0.44Same Quarter Last Year
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 25, 2018
|% Change Since: -4.65%
|Next Earnings Date:Jul 26, 2018
Earnings Call Sentiment|Positive
The earnings call reflected a generally positive outlook with strong net income growth, expansion in net interest income, and robust asset quality. However, the increase in operating expenses and decrease in noninterest income are areas of concern. Overall, the company's performance appears stable with strategic plans for growth.Company Guidance
During the OceanFirst Financial Corp's Q4 2024 earnings call, the company provided several key metrics and insights into their performance and future outlook. The company reported a net income of $0.36 per share on a fully diluted GAAP basis and $0.38 per share on a core basis. They experienced growth in net interest income and margin, with net interest income totaling $83 million and a margin of 2.69%. Loan originations for the quarter amounted to $515 million, contributing to an annualized net loan growth of 4%, while deposit balances, excluding brokered CDs, increased by approximately 1%. The reserve build was attributed to the day 1 CECL provision from the Spring Garden acquisition and macroeconomic factors, with loans classified as special mention and substandard decreasing by 16% to represent just 1.56% of total loans. The common equity Tier 1 capital ratio was reported at 11.2%, and the tangible book value per share stood at $18.98. Furthermore, they announced a quarterly cash dividend of $0.20 per common share, marking the company's 112th consecutive quarterly dividend. Looking ahead, they highlighted ongoing strategic efforts, including the addition of new C&I bankers and a focus on expanding their premier banking team to enhance deposit growth.Net Income and Earnings Per Share Growth
Net income of $0.36 per share on a fully diluted GAAP basis and $0.38 per share on a core basis.
Expansion of Net Interest Income and Margin
Net interest income and margin grew to $83 million and 2.69%, respectively.
Reduction in Brokered Deposits
Year-to-date runoff of brokered CDs is $557 million, nearly eliminating the brokered deposits.
Strong Asset Quality and Capital Levels
Nonperforming loans at 0.35% and loans 30 to 89 days past due at 0.36%. Common equity Tier 1 capital ratio of 11.2%.
Dividend Continuation
Board approved a quarterly cash dividend of $0.20 per common share, marking the 112th consecutive quarterly 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 |
|---|---|---|---|
| Jan 23, 2025 | $19.15 | $18.81 | -1.78% |
| 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% |
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 2025 (Q1) is 0.36.
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