OceanFirst: Q1 Earnings Snapshot
By AP News
Published - Apr 20, 2023, 04:42 PM ET
Last Updated - Jun 22, 2023, 05:14 AM EDT
RED BANK, N.J. (AP) — RED BANK, N.J. (AP) — OceanFirst Financial Corp. (OCFC) on Thursday reported first-quarter profit of $27.9 million.
On a per-share basis, the Red Bank, New Jersey-based company said it had net income of 46 cents. Earnings, adjusted for non-recurring costs, were 55 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.
The holding company for OceanFirst Bank posted revenue of $141.1 million in the period. Its adjusted revenue was $100.9 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $116.9 million.
