OceanFirst: 2Q Earnings Snapshot
RED BANK, N.J. (AP) _ OceanFirst Financial Corp. (OCFC) on Thursday reported second-quarter profit of $19 million.
On a per-share basis, the Red Bank, New Jersey-based company said it had net income of 37 cents. Earnings, adjusted for one-time gains and costs, came to 51 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The holding company for OceanFirst Bank posted revenue of $88.3 million in the period. Its adjusted revenue was $74.7 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $77.4 million.
OceanFirst shares have increased 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $25.62, a decline of 15% in the last 12 months.