Q2 2024 OceanFirst Financial Corp Earnings Call Transcript
Key Points
- OceanFirst Financial Corp (OCFC) reported GAAP diluted earnings per share of $0.40 for Q2 2024.
- Net interest income was $82 million, with operating expenses remaining stable at $59 million.
- Asset quality metrics remain strong, with criticized and classified assets decreasing by 15% to $143 million.
- The company repurchased 338,000 shares under its repurchase program, contributing to capital growth.
- The Board approved a quarterly cash dividend of $0.20 per common share, marking the 110th consecutive quarterly cash dividend.
- Net interest income decreased from $86 million in the prior quarter due to an inverted yield curve and elevated paydowns in higher-yielding loans.
- Deposits declined by approximately 2%, with non-maturity deposits decreasing by 4% compared to the prior quarter.
- The company experienced a net ACL build of $1.6 million and net charge-offs of $1.5 million, including a significant charge-off on a single commercial real estate relationship.
- Loan growth was modest in Q2, with commercial loan closings amounting to only $56 million.
- The net interest margin was 2.7%, reflecting higher funding costs and modestly lower average earning assets.
Good morning all, and thank you for attending the OceanFirst Financial Corp. Q2 '24 earnings release conference call. My name is Brika, and I will be your moderator for today. (Operator Instructions)
I would now like to pass the conference over to your host, Alfred Goon, Investor Relations at OceanFirst Financial Corp. to begin.
Thank you. You may proceed, Alfred.
Thank you, Brika. Good morning, and welcome to the OceanFirst second-quarter 2024 earnings call. I am Alfred Goon, SVP of Corporate Development and Investor Relations.
Before we kick off the call, we'd like to remind everyone that our quarterly earnings release and related earnings supplement can be found on the company website, oceanfirst.com. Our remarks today may contain forward-looking statements and may refer to non-GAAP financial measures.
All participants should refer to our SEC filings, including those found on Forms 8-K, 10-Q, and 10-K, for a complete
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