OceanFirst Financial Corp. reported net income available to common stockholders of $24.1 million, or $0.42 per diluted share, for the three months ended September 30, 2024. This marks an increase from $19.7 million, or $0.33 per diluted share, in the corresponding prior year period. The results also showed sequential growth from $23.4 million, or $0.40 per diluted share, in the prior linked quarter.
Net interest income for the quarter decreased to $82.2 million from $91.0 million in the prior year, primarily reflecting the net impact of the higher interest rate environment. The net interest margin also decreased to 2.67% from 2.91% year-over-year. However, the provision for credit losses significantly decreased to $517,000, compared to $10.3 million in the corresponding prior year period.
The company announced the talent acquisition of Garden State Home Loans, Inc., effective August 3, 2024, and the acquisition of Spring Garden Capital Group, LLC, effective October 1, 2024. These acquisitions are expected to expand the company's digital channels, fee revenue, and product offerings. Additionally, the Board of Directors declared its 111th consecutive quarterly cash dividend of $0.20 per share on common stock, payable on November 15, 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.