OceanFirst Financial Corp. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. The company operates as the bank holding company for OceanFirst Bank N.A., offering community banking services to retail and commercial customers in the United States. As of June 30, 2025, the company reported total assets of $13.33 billion, with loans receivable, net of allowance for loan credit losses, standing at $10.12 billion. Deposits totaled $10.23 billion, and the total stockholders' equity was reported at $1.64 billion.
In the second quarter of 2025, OceanFirst Financial Corp. reported net interest income of $87.64 million, with a provision for credit losses of $3.04 million. The company's net income attributable to OceanFirst Financial Corp. was $19.05 million, and the net income available to common stockholders was $16.20 million, resulting in diluted earnings per share of $0.28. The company also declared a quarterly cash dividend on common stock of $0.20 per share.
In terms of asset quality, non-performing loans stood at $33.51 million, while non-performing assets totaled $41.19 million. The allowance for loan credit losses as a percent of total loans receivable was reported at 0.78%, and the non-performing loans as a percent of total loans receivable stood at 0.33%.
During the second quarter of 2025, the company witnessed significant developments in its financial results and corporate activities. Total loans increased by $59.8 million, representing a 2% annualized growth rate, including $131.7 million of commercial and industrial loan growth. Additionally, the company launched "Premier Banking," which showed strong progress with approximately 200 new relationships and $115.0 million in new deposits in the first few weeks of operation. Moreover, the company repurchased 1,003,550 shares during the quarter and redeemed all of its preferred stock.
The analysis of net interest income revealed that for the three and six months ended June 30, 2025, interest income included net loan fees of $1.2 million and $2.6 million, respectively. The net interest rate spread was reported at 2.37%, and the net interest margin stood at 2.91%.
In terms of financial condition, total assets decreased by $93.4 million to $13.33 billion, primarily due to decreases in total debt securities. Total loans increased by $67.0 million to $10.19 billion, while deposits increased by $166.1 million to $10.23 billion. The loan-to-deposit ratio was reported at 99.5%. Additionally, capital levels remained strong and in excess of “well-capitalized” regulatory levels, with the common equity tier one capital ratio at 10.99%.
The market has reacted to these announcements by moving the company's shares 0.87% to a price of $16.30. If you want to know more, read the company's complete 10-Q report here.
