OceanFirst Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 24, 2014 at 03:15 am IST
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OceanFirst Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest income was $19,960,000 compared to $21,189,000 a year ago. Net interest income was $18,251,000 compared to $18,017,000 a year ago. Net interest income after provision for loan losses was $18,051,000 compared to $14,917,000 a year ago. Income before provision for income taxes was $2,723,000 compared to $6,165,000 a year ago. Net income was $1,939,000 or $0.11 per diluted share compared to $4,041,000 or $0.23 per diluted share a year ago. Net income for the quarter and year ended December 31, 2013 was adversely impacted by the non-recurring expenses relating to the prepayment of FHLB advances and the consolidation of two branches. Return on average assets was 0.34% compared to 0.70% a year ago. Return on average stockholders' equity was 3.64% compared to 7.36% a year ago.
For the year, the company's total interest income was $80,157,000 compared to $87,615,000 a year ago. Net interest income was $70,529,000 compared to $73,512,000 a year ago. Net interest income after provision for loan losses was $67,729,000 compared to $65,612,000 a year ago. Income before provision for income taxes was $24,943,000 compared to $30,947,000 a year ago. Net income was $16,330,000 or $0.95 per diluted share compared to $20,020,000 or $0.12 per diluted share a year ago. Diluted earnings per share for the quarter and the year ended December 31, 2013 were adversely impacted by $0.19 per diluted share due to the previously announced strategic initiatives relating to the prepayment of $159.0 million of Federal Home Loan Bank advances, at a cost of $4.3 million, and the consolidation of two branches into newer, in-market facilities, at a cost of $579,000. Return on average assets was 0.71% compared to 0.87% a year ago. Return on average stockholders' equity was 7.51% compared to 9.15% a year ago.
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.