The following is a summary of the OceanFirst Financial Corp. (OCFC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• OceanFirst reported Q3 diluted earnings per share of $0.42, with net interest income stable at $82 million.

• Operating expenses rose to $64 million, including $1.7 million in non-recurring expenses due to recent acquisitions.

• Tangible book value per share grew to $19.28, marking an 8% increase from the previous year.

• The estimated common equity Tier 1 capital ratio increased to 11.3%.

• The bank repurchased 87,000 shares at an average cost of $15.38 and declared a $0.20 quarterly cash dividend.

Business Progress:

• Acquisitions of Garden State Home Loans and Spring Garden Capital, intended to boost fee revenue and specialty finance offerings.

• Strong loan originations totaling $431 million for the quarter, with significant growth in residential loans due to the Garden State acquisition.

• Notable growth in C&I origination teams and deposit gathering channels, including expansion into the Northern Virginia market.

Opportunities:

• With acquisitions, OceanFirst aims to enhance fee-based income and specialty financing, and expects organic growth in Q4 2024 into 2025.

Risks:

• The integration of new acquisitions and the performance of newly onboarded C&I bankers present potential operational risks.

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