Oct. 17 at 8:30 PM
$OCFC OceanFirst Financial reports Q3 EPS 39c, consensus 38c
Reports Q3 revenue
$82.22M , consensus $
$83.18M.The current quarter was impacted by a continued mix-shift and repricing of funding costs. Further, the results were impacted by the following non-recurring events:
$1.7 million of merger related expenses, a
$1.4 million gain on sale of a portion of the Company's trust business, a
$855,000 gain on sale of assets held for sale, and the resolution, via sale of collateral, of a single commercial real estate relationship of
$7.2 million that was moved to non-accrual and partially charged-off in prior periods.
Net interest income decreased by
$44,000, as the increase in cost of deposits slightly outpaced the decrease in Federal Home Loan Bank advance costs and the yield of average interest earning assets. Net interest margin decreased to 2.67%, from 2.71%, which included the impact of purchase accounting accretion of 0.02% and 0.04% for the respective periods.
