OceanFirst Financial Corp. Announces 16.7% Quarterly Earnings Per Share Growth (OCFC)
OceanFirst Financial Corp. Announces 16.7% Quarterly Earnings Per Share Growth
OceanFirst Financial Corp. (Nasdaq: OCFC), the holding company for OceanFirst Bank, today announced that diluted earnings per share increased 16.7%, to $0.28, for the quarter ended March 31, 2011 from $0.24, for the corresponding prior year quarter. Additional highlights for the quarter included:
* The net interest margin expanded on a linked quarter basis to 3.60% for the quarter ended March 31, 2011, as compared to 3.52% for the quarter ended December 31, 2010. * Non-performing loans decreased by $1.8 million, or 4.9%, at March 31, 2011 as compared to December 31, 2010 and represent 2.15% of total loans receivable. * Total revenue for the quarter ended March 31, 2011 (i.e., net interest income and total other income) increased 3.9% compared to the same prior year quarter as the balance sheet grew by 2.9% year over year. * Return on average stockholders' equity was 10.12% for the quarter ended March 31, 2011. The Company remains well-capitalized with the tangible common equity ratio increasing to 9.10% at March 31, 2011.
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