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.