Earnings Releases·Oct 27, 2026, 5:02 PM ET

OceanFirst Financial Corp. — Third Quarter 2026 Earnings Summary

Net income available to common stockholders was $16.5 million ($0.17/share) for Q3 2026, a decline from $17.3 million ($0.30/share) in the prior year period, driven by $37.1 million in non-recurring merger-related expenses; however, core earnings rose to $46.9 million ($0.48/share) from $20.3 million ($0.36/share) year-over-year.
Total assets grew to $23.37 billion following the June 1, 2026 acquisition of Flushing Financial Corporation, which added $8.69 billion in assets and $7.11 billion in deposits, though non-performing loans increased to $140.7 million primarily due to acquired assets.
Net interest income increased 90% year-over-year to $172.1 million, and the net interest margin expanded to 3.18% from 2.91% in the prior year period, while the company completed core system conversion to enable future cost savings.
Management expects to realize anticipated cost savings and resume excess capital accretion beginning in Q4 2026, following the completion of integration activities and the elimination of redundant back-office expenses.
The Board declared a $0.20 quarterly cash dividend, and the company completed a $225 million capital raise in September, while maintaining a Common Equity Tier 1 capital ratio of 10.6%.