TOMS RIVER, N.J.--(BUSINESS WIRE)--Jan. 19, 2006--OceanFirst
Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst
Bank, today announced that diluted earnings per share for the year
ended December 31, 2005 increased 12.7% to $1.60 from $1.42 for the
corresponding prior year period. For the quarter ended December 31,
2005 diluted earnings per share was $.40, unchanged from the
corresponding prior year period. The Company also announced that its
Board of Directors declared a regular quarterly cash dividend of $.20
per share--covering the three month period ended December 31, 2005--to
be paid on February 10, 2006, to shareholders of record on January 27,
2006.
In making today's announcement, John R. Garbarino, Chairman,
President and Chief Executive Officer said, "In the face of strong
pressures on our margin, the increased annual earnings for 2005 is
reflective of our successful efforts to grow core deposits and respond
to the challenges of the market. Core deposits increased $72.5 million
during the year, a 9.1% rate. I am also pleased to announce our
thirty-sixth consecutive quarterly cash dividend reflecting an
attractive 3.4% yield on our common stock."
Results of Operations
Net interest income for the quarter and year ended December 31,
2005 increased to $15.4 million and $60.9 million, respectively, as
compared to $14.5 million and $56.0 million, respectively, in the same
prior year periods, reflecting a slightly higher net interest margin
and higher levels of interest-earning assets. The net interest margin
increased to 3.24% and 3.30%, respectively, for the quarter and year
ended December 31, 2005 from 3.23% in the same prior year periods. The
yield on interest-earning assets increased to 5.74% and 5.56%,
respectively, for the quarter and year ended December 31, 2005, as
compared to 5.26% and 5.25%, respectively, for the same prior year
periods. The cost of interest-bearing liabilities increased to 2.74%
and 2.49%, respectively, for the quarter and year ended December 31,
2005, as compared to 2.23% and 2.22%, respectively, in the same prior
year periods. Balance sheet growth was also sustained as average
interest-earning assets increased by $107.6 million and $115.4
million, respectively, for the quarter and year ended December 31,
2005, as compared to the same prior year periods. The growth was
concentrated in average loans receivable which grew $162.3 million, or
10.6% for the quarter ended December 31, 2005, as compared to the same
prior year period. For the year ended December 31, 2005 average loans
receivable increased $145.3 million or 9.8%, as compared to the same
prior year period. The loan growth was funded by average
interest-bearing deposits which grew $103.7 million, or 9.0% for the
quarter ended December 31, 2005, as compared to the same prior year
period. For the year ended December 31, 2005 average interest-bearing
deposits increased $136.3 million, or 12.5%, as compared to the same
prior year period.
Revenue growth also continued for the year as other income
increased to $24.1 million for the year ended December 31, 2005, from
$20.7 million in the same prior year period. For the quarter ended
December 31, 2005 other income decreased to $6.0 million, as compared
to $6.6 million for the same prior year period. For the quarter and
year ended December 31, 2005, the Company recorded gains of $3.1
million and $13.2 million, respectively, on the sale of loans and
securities, as compared to gains of $4.1 million and $10.8 million,
respectively, in the same prior year periods. For the quarter and year
ended December 31, 2004, the gain on sale of loans and securities
includes a gain of $186,000 on the sale of equity securities. Loans
sold for the quarter and year ended December 31, 2005 amounted to
$173.3 million and $712.0 million, respectively, from $183.8 million
and $499.2 million, respectively, in the same prior year periods. In
the third quarter of 2004, the Company expanded its loan production
platform through the acquisition of a consumer direct lending
operation by Columbia Home Loans, LLC, the Company's mortgage banking
subsidiary. Fees and service charges increased $341,000, or 16.1% and
$1.1 million, or 13.8%, for the quarter and year ended December 31,
2005, respectively, as compared to the same prior year periods
primarily related to increases in investment services and trust fees.
Operating expenses amounted to $14.1 million and $54.8 million,
respectively, for the quarter and year ended December 31, 2005, as
compared to $13.4 million and $48.8 million, respectively, for the
corresponding prior year periods. The increases were partly due to the
costs related to the acquisition of the consumer direct lending
operation, as well as increased incentive plan costs.
Financial Condition
Loans receivable net, increased by $181.6 million, or 12.3%, at
December 31, 2005 as compared to December 31, 2004. Deposits increased
to $1,356.6 million at December 31, 2005 from $1,270.5 million at
December 31, 2004, a 6.8% rate of growth. Core deposits (all deposits
except time deposits) grew $72.5 million, or 9.1%.
Stockholders' equity increased by $828,000 to $138.8 million at
December 31, 2005, as compared to $138.0 million at December 31, 2004.
For the year ended December 31, 2005, 690,407 common shares were
repurchased at a total cost of $16.0 million. Under the 10% repurchase
program authorized by the Board of Directors in October 2003, 59,648
shares remain to be purchased as of December 31, 2005. A new
repurchase program, the Company's twelfth, was announced on October
19, 2005. Under this 5% repurchase program, an additional 636,036
shares are available for repurchase. The reduction in stockholders'
equity due to common stock repurchases was offset by current net
income, proceeds from stock option exercises and related tax benefit,
and Employee Stock Ownership Plan amortization.
Asset Quality
The Company's non-performing assets totaled $1.9 million at
December 31, 2005 as compared to $3.8 million at December 31, 2004.
For the year ended December 31, 2005 the Company realized net loan
charge-offs of $578,000, a charge-off ratio of 4 basis points of
average loans.
Election of Director
The Board of Directors elected Angelo Catania to serve as director
for the unexpired term of former director James G. Kiley who resigned
from the Board in July 2005. Mr. Catania holds a M.B.A. degree from
St. John's University and a B.S. degree for St. Francis College. He
has over 30 years experience in the home heating and oil services
industry, most recently serving as President and Chief Operating
Officer of Petro, Inc. in Stamford, Connecticut. He is currently
President and CEO of HomeStar Services LLC, a consolidator of heating,
cooling and plumbing services companies in New Jersey and New York.
Mr. Catania and his wife Donna reside in Brielle, New Jersey.
John R. Garbarino, Chairman, President and Chief Executive
Officer, commenting on today's announcement said, "We are pleased to
have Angelo Catania on our Board of Directors and look forward to his
advice and counsel. His financial expertise, acquired over his thirty
plus year career, coupled with his knowledge of the Central Jersey
Shore Market will be a valuable asset to our community-focused
financial services organization."
Annual Meeting Date
The Company also announced today that its Annual Meeting of
Stockholders will be held on April 20, 2006, at 10:00 a.m. Eastern
Time, at Crystal Point Yacht Club located at 3900 River Road at the
intersection of State Highway 70, Point Pleasant, New Jersey. The
record date for shareholders entitled to vote at the Annual Meeting
was set for March 6, 2006.
Conference Call
As previously announced, the Company will host an earnings
conference call on Friday, January 20, 2006 at 11:00 a.m. Eastern
time. The direct dial number for the call is (877) 407-8035. For those
unable to participate in the conference call, a replay will be
available. To access the replay, dial (877) 660-6853, Account #286,
Conference ID #186836, from one hour after the end of the call until
midnight on Friday, January 27, 2006.
OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded
in 1902, is a federally-chartered stock savings bank with $2.0 billion
in assets and eighteen branches located in Ocean, Monmouth and
Middlesex counties, New Jersey. The Bank is the largest and oldest
community-based financial institution headquartered in Ocean County,
New Jersey.
OceanFirst Financial Corp.'s press releases are available at no
charge by visiting us on the worldwide web at
http://www.oceanfirst.com.
Forward-Looking Statements
This news release contains certain forward-looking statements
which are based on certain assumptions and describe future plans,
strategies and expectations of the Company. These forward-looking
statements are generally identified by use of the words "believe,"
"expect," "intend," "anticipate," "estimate," "project," or similar
expressions. The Company's ability to predict results or the actual
effect of future plans or strategies is inherently uncertain. Factors
which could have a material adverse effect on the operations of the
Company and the subsidiaries include, but are not limited to, changes
in interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve Board,
the quality or composition of the loan or investment portfolios,
demand for loan products, deposit flows, competition, demand for
financial services in the Company's market area and accounting
principles and guidelines. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue reliance
should not be placed on such statements. The Company does not
undertake -- and specifically disclaims any obligation -- to publicly
release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)
December 31, December 31,
2005 2004
------------- ------------
ASSETS
Cash and due from banks $ 31,108 $ 74,021
Investment securities available for sale 83,861 83,960
Federal Home Loan Bank of New York
stock, at cost 21,792 21,250
Mortgage-backed securities available for
sale 85,025 124,478
Loans receivable, net 1,654,544 1,472,907
Mortgage loans held for sale 32,044 63,961
Interest and dividends receivable 7,089 6,033
Real estate owned, net 278 288
Premises and equipment, net 16,118 16,037
Servicing asset 9,730 8,790
Bank Owned Life Insurance 36,002 34,990
Intangible Assets 1,272 1,376
Other assets 6,494 6,184
------------ ------------
Total assets $1,985,357 $1,914,275
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $1,356,568 $1,270,535
Securities sold under agreements to
repurchase with retail customers 54,289 45,072
Securities sold under agreements to
repurchase with the Federal Home
Loan Bank 59,000 106,000
Federal Home Loan Bank advances 354,900 312,000
Subordinated debenture 5,000 -
Advances by borrowers for taxes and
insurance 7,699 6,289
Other liabilities 9,117 36,423
------------ ------------
Total liabilities 1,846,573 1,776,319
------------ ------------
Stockholders' equity:
Preferred stock, $.01 par value,
5,000,000 shares authorized, no
shares issued - -
Common stock, $.01 par value,
55,000,000 shares authorized,
27,177,372 shares issued and
12,698,505, and 13,024,204
shares outstanding at December 31,
2005 and 2004, respectively 272 272
Additional paid-in capital 197,621 193,723
Retained earnings 164,613 157,575
Accumulated other comprehensive loss (1,223) (667)
Less: Unallocated common stock held by
Employee Stock Ownership Plan (7,472) (8,652)
Treasury stock, 14,478,867 and
14,153,168 shares at December 31,
2005 and 2004, respectively (215,027) (204,295)
Common stock acquired by Deferred
Compensation Plan 1,383 986
Deferred Compensation Plan Liability (1,383) (986)
------------ ------------
Total stockholders' equity 138,784 137,956
------------ ------------
Total liabilities and
stockholders' equity $1,985,357 $1,914,275
============ ============
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the three months For the years
ended December 31, ended December 31,
2005 2004 2005 2004
-------------------- -------------------
(Unaudited)
Interest income:
Loans $ 25,112 $ 21,645 $ 93,864 $ 83,594
Mortgage-backed securities 854 1,143 3,813 4,363
Investment securities and
other 1,323 801 5,122 2,995
-------- -------- -------- --------
Total interest income 27,289 23,589 102,799 90,952
-------- -------- -------- --------
Interest expense:
Deposits 6,733 4,270 22,807 15,194
Borrowed funds 5,146 4,837 19,066 19,737
-------- -------- -------- --------
Total interest expense 11,879 9,107 41,873 34,931
-------- -------- -------- --------
Net interest income 15,410 14,482 60,926 56,021
Provision for loan losses - 150 350 300
-------- -------- -------- --------
Net interest income
after provision for
loan losses 15,410 14,332 60,576 55,721
-------- -------- -------- --------
Other income:
Loan servicing income 131 57 280 328
Fees and service charges 2,459 2,118 9,434 8,289
Net gain on sales of loans
and securities available
for sale 3,104 4,060 13,183 10,832
Income from Bank Owned
Life Insurance 267 351 1,122 1,256
Other 23 21 71 35
-------- -------- -------- --------
Total other income 5,984 6,607 24,090 20,740
-------- -------- -------- --------
Operating expenses:
Compensation and employee
benefits 7,965 7,446 31,184 27,242
Occupancy 1,254 1,083 4,539 3,840
Equipment 597 598 2,531 2,341
Marketing 702 772 2,914 2,020
Federal deposit insurance 128 120 507 478
Data processing 830 736 3,243 2,959
General and administrative 2,640 2,619 9,916 9,879
-------- -------- -------- --------
Total operating
expenses 14,116 13,374 54,834 48,759
-------- -------- -------- --------
Income before provision
for income taxes 7,278 7,565 29,832 27,702
Provision for income taxes 2,432 2,572 10,335 9,757
-------- -------- -------- --------
Net income $ 4,846 $ 4,993 $ 19,497 $ 17,945
======== ======== ======== ========
Basic earnings per share $ 0.41 $ 0.42 $ 1.65 $ 1.48
======== ======== ======== ========
Diluted earnings per share $ 0.40 $ 0.40 $ 1.60 $ 1.42
======== ======== ======== ========
Average basic shares
outstanding 11,737 12,016 11,786 12,108
======== ======== ======== ========
Average diluted shares
outstanding 12,148 12,610 12,219 12,666
======== ======== ======== ========
Cash earnings (1) $ 5,598 $ 5,957 $ 22,479 $ 21,294
======== ======== ======== ========
Diluted cash earnings per
share $ 0.46 $ 0.47 $ 1.84 $ 1.68
======== ======== ======== ========
(1) Cash earnings are determined by adding (net of taxes) to reported
earnings the non-cash expenses stemming from the amortization
and appreciation of allocated shares in the company's
stock-related benefit plans and the amortization of intangible
assets.
OceanFirst Financial Corp.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
At At
December 31, December 31,
2005 2004
------------ -------------
STOCKHOLDERS' EQUITY
--------------------
Stockholders' equity to total assets 6.99% 7.21%
Common shares outstanding (in thousands) 12,699 13,024
Stockholders' equity per common share $10.93 $10.59
Tangible stockholders' equity per common
share 10.83 10.49
ASSET QUALITY
-------------
Allowance for loan losses $10,460 $10,688
Nonperforming loans 1,595 3,488
Nonperforming assets 1,873 3,776
Allowance for loan losses as a percent of
total loans receivable 0.62% 0.69%
Allowance for loan losses as a percent of
nonperforming loans 655.80 306.42
Nonperforming loans as a percent of
total loans receivable 0.09 0.23
Nonperforming assets as a percent of total
assets 0.09 0.20
For the three For the years
months ended ended
December 31 December 31
------------------- ------------------
2005 2004 2005 2004
--------- --------- --------- --------
PERFORMANCE RATIOS
(ANNUALIZED)
------------
Return on average assets 0.97% 1.05% 1.00% 0.98%
Return on average
stockholders' equity 14.30 14.73 14.43 13.34
Interest rate spread 3.00 3.03 3.07 3.03
Interest rate margin 3.24 3.23 3.30 3.23
Operating expenses to average
assets 2.82 2.82 2.81 2.67
Efficiency ratio 65.98 63.42 64.50 63.52
CASH EARNINGS
-------------
Although reported earnings and return on stockholders' equity are
traditional measures of performance, the Company believes that the
change in stockholders' equity or "cash earnings," and related return
measures are also a significant measure of a company's performance.
Cash earnings exclude the effects of various non-cash expenses, such
as the employee stock plans amortization expense and related tax
benefit, as well as the amortization of intangible assets. The
following table reconciles the Company's net income with cash
earnings. The table is a pro forma calculation which is not in
accordance with GAAP.
For the three For the years
months ended ended
December 31 December 31
---------------------------------------
2005 2004 2005 2004
--------- --------- --------- ----------
Net income $ 4,846 $ 4,993 $19,497 $17,945
Add: Employee stock plans
amortization expense 847 1,128 3,374 3,792
Amortization of
intangible assets 26 26 103 105
Less: Tax benefit (1) (121) (190) (495) (548)
--------- --------- --------- ----------
Cash earnings $ 5,598 $ 5,957 $22,479 $21,294
========= ========= ========= ==========
Basic cash earnings per share $ 0.48 $ 0.50 $ 1.91 $ 1.76
========= ========= ========= ==========
Diluted cash earnings per
share $ 0.46 $ 0.47 $ 1.84 $ 1.68
========= ========= ========= ==========
(1) The Company does not receive any tax benefit for that portion of
employee stock plan amortization expense relating to the ESOP
fair market value adjustment.
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
LOANS RECEIVABLE
----------------
At At
December 31, December 31,
2005 2004
------------ ------------
Real estate:
One- to four-family $1,187,226 $1,126,585
Commercial real estate, multi-
family and land 278,922 243,299
Construction 22,739 19,189
Consumer 146,911 99,279
Commercial 64,300 61,290
------------ ------------
Total loans 1,700,098 1,549,642
Loans in process (7,646) (5,970)
Deferred origination costs, net 4,596 3,888
Unearned discount - (4)
Allowance for loan losses (10,460) (10,688)
------------ ------------
Total loans, net 1,686,588 1,536,868
Less: mortgage loans held for sale 32,044 63,961
------------ ------------
Loans receivable, net $1,654,544 $1,472,907
============ ============
Mortgage loans serviced for others $ 910,272 $ 805,375
Loan pipeline 293,934 250,657
For the three For the years
months ended ended
December 31, December 31,
------------------- ----------------------
2005 2004 2005 2004
--------- -------- ---------- -----------
Loan originations $288,148 $305,996 $1,303,754 $1,022,735
Loans sold 173,251 183,773 711,952 499,232
Net charge-offs (recovery) (50) 337 578 414
DEPOSITS
--------
At December 31, At December 31,
2005 2004
--------------- ---------------
Type of Account
---------------
Non-interest bearing $ 120,188 $ 106,492
Interest-bearing checking 381,787 297,919
Money market deposit 125,169 142,893
Savings 242,689 250,032
Time deposits 486,735 473,199
------------ ------------
$1,356,568 $1,270,535
============ ============
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
FOR THE QUARTERS ENDED DECEMBER 31,
-----------------------------------
2005
-----------------------------------
AVERAGE INTEREST AVERAGE
BALANCE YIELD/
COST
-----------------------------------
(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits
and short-term investments $8,122 $80 3.94%
Investment securities (1) 84,962 984 4.63
FHLB stock 20,650 259 5.02
Mortgage-backed securities (1) 90,896 854 3.76
Loans receivable, net (2) 1,696,560 25,112 5.92
------------- ---------- ----------
Total interest-earning assets 1,901,190 27,289 5.74
---------- ----------
Non-interest-earning assets 100,693
-------------
Total assets $2,001,883
=============
Liabilities and Stockholders'
Equity
Interest-bearing liabilities:
Transaction deposits $774,248 2,610 1.35
Time deposits 487,421 4,123 3.38
------------- ---------- ----------
Total 1,261,669 6,733 2.13
Borrowed funds 472,667 5,146 4.35
------------- ---------- ----------
Total interest-bearing
liabilities 1,734,336 11,879 2.74
---------- ----------
Non-interest-bearing deposits 119,374
Non-interest-bearing liabilities 12,661
-------------
Total liabilities 1,866,371
Stockholders' equity 135,512
-------------
Total liabilities and
stockholders' equity $2,001,883
=============
Net interest income $15,410
===========
Net interest rate spread (3) 3.00%
===========
Net interest margin (4) 3.24%
===========
FOR THE QUARTERS ENDED DECEMBER 31,
------------------------------------
2004
------------------------------------
AVERAGE INTEREST AVERAGE
BALANCE YIELD/
COST
------------------------------------
(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits
and short-term investments $20,934 $102 1.95%
Investment securities (1) 84,809 570 2.69
FHLB stock 21,859 129 2.36
Mortgage-backed securities (1) 131,774 1,143 3.47
Loans receivable, net (2) 1,534,254 21,645 5.64
------------ ---------- -----------
Total interest-earning assets 1,793,630 23,589 5.26
---------- -----------
Non-interest-earning assets 100,292
------------
Total assets $1,893,922
============
Liabilities and Stockholders'
Equity
Interest-bearing liabilities:
Transaction deposits $703,353 1,250 0.71
Time deposits 454,599 3,020 2.66
------------ ---------- -----------
Total 1,157,952 4,270 1.48
Borrowed funds 475,158 4,837 4.07
------------ ---------- -----------
Total interest-bearing
liabilities 1,633,110 9,107 2.23
---------- -----------
Non-interest-bearing deposits 111,988
Non-interest-bearing liabilities 13,262
------------
Total liabilities 1,758,360
Stockholders' equity 135,562
------------
Total liabilities and
stockholders' equity $1,893,922
============
Net interest income $14,482
==========
Net interest rate spread (3) 3.03%
===========
Net interest margin (4) 3.23%
===========
FOR THE YEARS ENDED DECEMBER 31,
-----------------------------------
2005
-----------------------------------
AVERAGE INTEREST AVERAGE
BALANCE YIELD/
COST
-----------------------------------
(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits
and short-term investments $10,796 $344 3.19%
Investment securities (1) 85,942 3,871 4.50
FHLB stock 20,105 907 4.51
Mortgage-backed securities (1) 106,148 3,813 3.59
Loans receivable, net (2) 1,624,761 93,864 5.78
------------- ---------- ----------
Total interest-earning assets 1,847,752 102,799 5.56
---------- ----------
Non-interest-earning assets 101,357
-------------
Total assets $1,949,109
=============
Liabilities and Stockholders'
Equity
Interest-bearing liabilities:
Transaction deposits $747,401 8,136 1.09
Time deposits 481,585 14,671 3.05
------------- ---------- ----------
Total 1,228,986 22,807 1.86
Borrowed funds 454,806 19,066 4.19
------------- ---------- ----------
Total interest-bearing
liabilities 1,683,792 41,873 2.49
----------- ----------
Non-interest-bearing deposits 115,681
Non-interest-bearing liabilities 14,499
-------------
Total liabilities 1,813,972
Stockholders' equity 135,137
-------------
Total liabilities and
stockholders' equity $1,949,109
=============
Net interest income $60,926
===========
Net interest rate spread (3) 3.07%
===========
Net interest margin (4) 3.30%
===========
FOR THE YEARS ENDED DECEMBER 31,
------------------------------------
2004
-----------------------------------
AVERAGE INTEREST AVERAGE
BALANCE YIELD/
COST
------------------------------------
(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits
and short-term investments $14,527 $190 1.31%
Investment securities (1) 85,258 2,400 2.81
FHLB stock 22,357 405 1.81
Mortgage-backed securities (1) 130,749 4,363 3.34
Loans receivable, net (2) 1,479,504 83,594 5.65
------------- ---------- ----------
Total interest-earning assets 1,732,395 90,952 5.25
---------- ----------
Non-interest-earning assets 97,072
-------------
Total assets $1,829,467
=============
Liabilities and Stockholders'
Equity
Interest-bearing liabilities:
Transaction deposits $678,273 4,216 0.62
Time deposits 414,393 10,978 2.65
------------- ---------- ----------
Total 1,092,666 15,194 1.39
Borrowed funds 478,740 19,737 4.12
------------- ---------- ----------
Total interest-bearing
liabilities 1,571,406 34,931 2.22
----------- ----------
Non-interest-bearing deposits 111,135
Non-interest-bearing liabilities 12,378
-------------
Total liabilities 1,694,919
Stockholders' equity 134,548
-------------
Total liabilities and
stockholders' equity $1,829,467
=============
Net interest income $56,021
===========
Net interest rate spread (3) 3.03%
==========
Net interest margin (4) 3.23%
==========
(1) Amounts are recorded at average amortized cost.
(2) Amount is net of deferred loan fees, undisbursed loan funds,
discounts and premiums and estimated loss allowances and
includes loans held for sale and non-performing loans.
(3) Net interest rate spread represents the difference between the
yield on interest-earning assets and the cost of
interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by
average interest-earning assets.
CONTACT: OceanFirst Financial Corp.Michael J. Fitzpatrick, 732-240-4500, ext. 7506
Fax: 732-349-5070
[email protected]
SOURCE: OceanFirst Financial Corp.