OceanFirst Bank net worth and financial performance in 2024 provide an in-depth look into its assets, revenue, and strategic growth.
Join Ando Money as we explore how OceanFirst Bank’s assets, loan portfolio, and acquisitions contribute to its continued success.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | OceanFirst Bank |
| Full Name | OceanFirst Financial Corp. |
| Traded as | NASDAQ: OCFC |
| ISIN | N/A |
| Founded | 1902 |
| Founders | Point Pleasant Building & Loan Association |
| Country/Territory | United States |
| Headquarters | Ocean County, New Jersey |
| Chief Executive Officer | Christopher D. Maher |
| Number of Employees | N/A |
| Market Cap | $1.68 billion |
| Total Assets | $13.32 billion |
| Total equity | $1.68 billion |
| Revenue | N/A |
| Net Income | $23.4 million (Q2 2024) |
What is the Net Worth/Market Cap of OceanFirst Bank in 2024?
As of 2024, OceanFirst Bank has a market capitalization of approximately $1.68 billion. This positions the bank well among regional banks, though it operates on a smaller scale compared to global financial giants.
With assets totaling $13.32 billion, OceanFirst continues to maintain a solid financial foundation.
When compared to other financial institutions, its size and market capitalization highlight its role as a key player in regional banking while remaining dwarfed by larger, multinational banks.
Here are some other banks that relate to OceanFirst Bank:
- Sun Bancorp
- Cape Bancorp
- Two River Bancorp
- Capital Bank of New Jersey
- Colonial American Bank
- Simmons First National
- Hilltop Holdings
- TriCo Bancshares
- Pathward Financial
For those curious about the largest banks in the world, you can find more detailed information here.
Financial Performance Overview
Overview of Financial Strength
OceanFirst Bank boasts a strong financial foundation, backed by assets worth $13.32 billion as of June 30, 2024. The bank’s total equity stands at $1.68 billion, highlighting its healthy capitalization.
While net income for the quarter was $23.4 million, a slight drop from the previous year, the bank has shown consistent financial resilience.
Its return on average stockholders’ equity (ROE) for Q2 2024 was 5.61%, compared to 6.61% in 2023, which reflects ongoing efforts to stabilize performance amidst market pressures.
Asset Management and Loan Portfolio
OceanFirst Bank’s loan portfolio is a key contributor to its financial success. The bank holds $10.02 billion in loans, primarily divided between commercial and residential real estate.
This diversified portfolio is a robust driver of revenue, generating steady returns through interest income. The loan-to-deposit ratio of 100.3% shows that OceanFirst is efficiently utilizing its deposits to fund its loan operations.
Commercial real estate loans form a significant portion of its assets, allowing the bank to capitalize on both interest and non-interest income streams.
Key Revenue Drivers: Interest and Non-interest Income
Interest income is a major driver of OceanFirst’s revenue. However, the bank’s net interest margin (NIM) has compressed to 2.71%, down from 3.02% in Q2 2023.
This reduction is due to higher funding costs in a rising interest rate environment. Nevertheless, OceanFirst has managed to sustain a solid stream of non-interest income, which includes service charges, gains from the sale of loans, and income from bank-owned life insurance.
These non-interest income sources provide the bank with a cushion against volatility in its lending operations.
Acquisitions and Mergers
Strategic acquisitions have played a crucial role in OceanFirst Bank’s growth. Over the years, OceanFirst has acquired several banks, including Sun Bancorp for $475 million and Two River Bancorp for $183 million.
These acquisitions have expanded OceanFirst’s footprint in the northeastern U.S., bringing in additional customers and assets.
The integration of these banks into OceanFirst’s operations has strengthened its ability to generate revenue and improve operational efficiencies.
Dividend Policy and Shareholder Returns
OceanFirst Bank maintains a steady dividend policy, paying $0.20 per share in Q2 2024.
The bank’s dividend payouts highlight its commitment to returning value to its shareholders. In addition to dividends, OceanFirst’s share repurchase program has contributed to enhancing shareholder returns.
During the second quarter of 2024, the bank repurchased 338,087 shares for $5.0 million, boosting its earnings per share.
Non-performing Loans and Credit Risk Management
OceanFirst Bank has demonstrated strong credit risk management, with non-performing loans accounting for only 0.33% of total loans, or $33.4 million.
This low percentage reflects the bank’s stringent lending standards and proactive approach to managing credit risk.
Although the bank experienced an uptick in net loan charge-offs to $1.5 million in Q2 2024, its credit performance remains strong.
The bank’s allowance for loan credit losses stands at 0.69% of total loans, ensuring sufficient coverage for potential defaults.
Efficiency Ratio and Operating Expenses
The bank’s efficiency ratio of 62.86% for Q2 2024 reflects its focus on controlling costs relative to income.
OceanFirst has implemented cost-saving measures that reduced its overall operating expenses to $58.6 million in the second quarter, down from $62.9 million in Q2 2023.
These reductions, particularly in professional fees and employee compensation, have helped the bank maintain profitability despite external economic pressures.
Capital Management and Shareholder Equity
Capital management remains a top priority for OceanFirst Bank. Its common equity tier 1 capital ratio stands at 11.2%, indicating a solid capital position that exceeds regulatory requirements.
The bank has maintained strong shareholder equity, which grew to $1.68 billion in Q2 2024. This solid foundation allows OceanFirst to continue investing in growth opportunities while protecting its shareholders’ interests.
FAQs about OceanFirst Bank
Who is the current CEO of the OceanFirst Bank?
The Chief Executive Officer of the bank is Christopher D. Maher, leading its growth and financial success.
When was the OceanFirst Bank founded?
The bank was founded in 1902, evolving from a local institution to a key player in the financial sector.
What are the primary services offered by the bank?
The bank provides:
- Commercial and residential loans
- Treasury management
- Deposit services
- Trust and asset management
How does the bank generate revenue?
It generates revenue through:
- Interest income from loans and deposits.
- Non-interest income like service fees and gains from loan sales.
How many employees does the bank have?
The exact number of employees in 2024 is not publicly available, but it supports a large workforce across its regions.
Where is the headquarters of the OceanFirst Bank?
The headquarters is in Ocean County, New Jersey, supporting its operations in the northeastern U.S.
Conclusion
OceanFirst Bank is proving its strength in 2024. We’d love to hear your thoughts! Feel free to comment, share, or explore more content on andomoney.com. Curious about the largest banks in America? Check out the details here.
