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.