OceanFirst Financial Corp. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2015
January 22, 2016 at 03:40 am IST
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OceanFirst Financial Corp. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $23,149,000, net interest income of $20,688,000, income before provision for income taxes of $8,007,000, net income of $5,230,000 or $0.31 per diluted share, return on average assets of 0.81%, return on average stockholders' equity of 8.85% compared to the total interest income of $20,067,000, net interest income of $18,024,000, income before provision for income taxes of $7,423,000, net income of $4,932,000 or $0.3 per diluted share, return on average assets of 0.84%, return on average stockholders' equity of 9.06% for the same quarter a year ago. Non-GAAP core diluted earnings were $0.33 per share. Net interest income rose to $20.4 million from $17.2 million year-over-year.
For the year, the company reported total interest income of $85,863,000, net interest income of $76,829,000, income before provision for income taxes of $31,205,000, net income of $20,322,000 or $1.21 per diluted share, return on average assets of 0.82%, return on average stockholders' equity of 8.92% compared to the total interest income of $79,853,000, net interest income of $72,348,000, income before provision for income taxes of $30,531,000, net income of $19,920,000 or $1.19 per diluted share, return on average assets of 0.86%, return on average stockholders' equity of 9.18% for the previous year.
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.