Piper Jaffray Cuts Price Target on Oceanfirst Financial (OCFC) as Low Margins Drive 1Q Miss

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Go back to Piper Jaffray Cuts Price Target on Oceanfirst Financial (OCFC) as Low Margins Drive 1Q Miss

OceanFirst Financial Corp. Announces First Quarter Financial Results

April 21, 2016 5:00 PM EDT

TOMS RIVER, N.J., April 21, 2016 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: OCFC), (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share was $0.25 for the quarter ended March 31, 2016, as compared to $0.32 for the corresponding prior year quarter.  

The results of operations for the quarter ended March 31, 2016 included non-recurring merger related expenses which decreased net income, net of tax benefit, by $1.2 million.  Excluding this item, core earnings for the quarter ended March 31, 2016 were $5.4 million, or $0.32 per diluted... More