Oceanfirst Financial Corporation (OCFC) has reported 94.30 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $9.13 million, or $0.35 a share in the quarter, compared with $4.70 million, or $0.28 a share for the same period last year. Revenue during the quarter surged 66.23 percent to $38.94 million from $23.43 million in the previous year period. Net interest income for the quarter rose 73.36 percent over the prior year period to $33.94 million. Non-interest income for the quarter rose 42 percent over the last year period to $5.90 million.
Oceanfirst Financial Corp has made provision of $0.89 million for loan losses during the quarter, up 196 percent from $0.30 million in the same period last year.
Net interest margin improved 32 basis points to 3.56 percent in the quarter from 3.24 percent in the last year period. Efficiency ratio for the quarter improved to 62.83 percent from 68.05 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Chief executive officer and president Christopher D. Maher commented, "Our year over year growth in core earnings per share of 25%, augmented by the ongoing benefits of the Cape acquisition, was a key driver for the Board of Directors to increase the per share cash dividend by 15%. We achieved this earnings growth while also reducing our risk profile through the sale of high risk loans." Mr. Maher added, "Our strong core deposit growth, low average deposit cost and conservative loan to deposit ratio support the exceptional value of our deposit franchise and provides a platform to fund future loan growth."
Assets outpace liabilities growthTotal assets stood at $4,151.02 million as on Sep. 30, 2016, up 62.28 percent compared with $2,557.90 million on Sep. 30, 2015. On the other hand, total liabilities stood at $3,733.77 million as on Sep. 30, 2016, up 60.72 percent from $2,323.21 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $3,028.70 million as on Sep. 30, 2016, up 56.20 percent compared with $1,938.97 million on Sep. 30, 2015. Deposits stood at $3,324.68 million as on Sep. 30, 2016, up 68.96 percent compared with $1,967.77 million on Sep. 30, 2015. Investments stood at $473.14 million as on Sep. 30, 2016, up 11.84 percent or $50.10 million from year-ago. Shareholders equity stood at $417.24 million as on Sep. 30, 2016, up 77.79 percent or $182.56 million from year-ago.
Return on average assets moved up 14 basis points to 0.88 percent in the quarter from 0.74 percent in the last year period. At the same time, return on average equity increased 81 basis points to 8.77 percent in the quarter from 7.96 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.62 percent in the quarter, down from 1.08 percent in the last year period.
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