OceanFirst Financial Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Dividend for the Fourth Quarter Ended December 31, 2012, Payable on February 15, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 23, 2013 at 04:15 pm EST
Share
OceanFirst Financial Corp. announced consolidated earnings results for the fourth quarter and year ended December 31, 2012. Net income for the three months ended December 31, 2012 decreased to $4.0 million, or $0.23 per diluted share, as compared to net income of $5.5 million, or $0.30 per diluted share for the corresponding prior year period. For the quarter, net interest income was $18,017,000 and income before provision for income taxes was $6,165,000 against net interest income of $19,273,000 and income before provision for income taxes of $8,466,000 a year ago. Return on average assets was 0.70% against 0.95% a year ago. Return on average stockholders' equity was 7.36% against 10.07% a year ago.
For the year ended December 31, 2012, net income totaled $20.0 million, or $1.12 per diluted share, as compared to net income of $20.7 million, or $1.14 per diluted share, for the prior year. For the year, net interest income was $73,512,000 and income before provision for income taxes was $30,947,000 against net interest income of $77,327,000 and income before provision for income taxes of $32,214,000 a year ago. Net income for the quarter and the year ended December 31, 2012 was adversely impacted by the additional loan loss provision relating to superstorm Sandy of $1.8 million, or $1.1 million, net of tax benefit. Return on average assets was 0.87% against 9.15% a year ago. Return on average stockholders' equity was 0.91% against 9.88% a year ago. Diluted earnings per share for the quarter and the year ended December 31, 2012 were adversely impacted by an additional provision for loan losses of $1.8 million relating to the impact of superstorm Sandy. Additionally, diluted earnings per share for the year ended December 31, 2012 was adversely impacted by $687,000 in net severance expense as previously reported in the third quarter of 2012. These items adversely impacted diluted earnings per share by $0.06 and $0.09, respectively, for the quarter and the year ended December 31, 2012.
Net charge-offs were $881,000 for the fourth quarter of 2012 against $6,675,000 for the same period a year ago.
The company announced that the Board of Directors declared its sixty-fourth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended December 31, 2012 of $0.12 per share will be paid on February 15, 2013, to shareholders of record on February 4, 2013.
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.
OceanFirst Financial Corp. Announces Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Dividend for the Fourth Quarter Ended December 31, 2012, Payable on February 15, 2013; Reports Net Charge-Offs for the Fourth Quarter of 2012