OceanFirst Financial Corp. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 04:45 pm
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OceanFirst Financial Corp. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $39,904,000 compared to $23,149,000 a year ago. Net interest income was $35,754,000 compared to $20,688,000 a year ago. Income before provision for income taxes was $9,036,000 compared to $8,007,000 a year ago. Net income was $6,052,000 or $0.22 per basic and diluted share compared to $5,230,000 or $0.31 per basic and diluted share a year ago. Return on average assets was 0.53% compared to 0.80% a year ago. Return on average stockholders' equity was 5.10% compared to 8.77% a year ago. Return on average tangible stockholders' equity was 6.48% compared to 8.86% a year ago. Core earnings were $10,576,000 or $0.38 per diluted share compared to $5,671,000 or $0.33 per diluted share a year ago. Core return on average assets was 0.92% compared to 0.87% a year ago. Core return on average stockholders' equity was 11.33% compared to 9.60% a year ago. The results of operations for the quarter and the year ended December 31, 2016 include merger related expenses, which decreased net income, net of tax benefit, by $4.5 million and $11.9 million, respectively.
For the year, the company reported total interest income of $133,425,000 compared to $85,863,000 a year ago. Net interest income was $120,262,000 compared to $76,829,000 a year ago. Income before provision for income taxes was $35,199,000 compared to $31,205,000 a year ago. Net income was $23,046,000 or $0.98 per diluted share compared to $20,322,000 or $1.21 per diluted share a year ago. Return on average assets was 0.62% compared to 0.82% a year ago. Return on average stockholders' equity was 6.08% compared to 8.92% a year ago. Return on average tangible stockholders' equity was 7.13% compared to 8.96% a year ago.
Net charge-offs were $944,000 for the quarter ended December 31, 2016, as compared to $217,000 a year ago. The increase in net charge-offs for the quarter was primarily due to fourth quarter charge-offs of $535,000, on loans sold, and to a lesser extent, first quarter charge-offs of $886,000 on two non-performing commercial loans. Excluding charge-offs attributable to the loan sale, net charge-offs for the quarter totaled $409,000.
OceanFirst Financial Corp. is a holding company for OceanFirst Bank N.A. (the Bank). The Bank is a full-service regional bank delivering financial products and services, which include commercial and consumer financing, deposit services, and wealth management products and services, throughout New Jersey and the metropolitan markets of Philadelphia, New York, Baltimore, and others. The Bank's commercial loans include multi-family and commercial real estate loans, commercial construction loans, and commercial and industrial loans. The Bankâs primary sources of funds are deposits, principal and interest payments on loans and investments, and other borrowings. It also generates non-interest income such as income from bankcard services, trust and asset management products and services, deposit account services, and others. It operates approximately 37 branch offices, and deposit production facilities located throughout New Jersey and metropolitan area of New York City and Philadelphia.
OceanFirst Financial Corp. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016