OceanFirst Financial Q1 adjusted EPS beats estimates on higher net interest margin

OceanFirst Financial

23/04/2026 21:28

Overview

US regional bank's Q1 adjusted EPS and adj net income beat analyst expectations

Company reported higher net interest income and net interest margin yr/yr

Company expects Flushing Financial merger to close in Q2 2026

Outlook

OceanFirst expects merger with Flushing Financial to close in Q2 2026

Result Drivers

NET INTEREST MARGIN EXPANSION - Net interest margin rose to 2.93% from 2.87% in the prior quarter, mainly due to a decrease in cost of funds

COMMERCIAL LOAN GROWTH - Total loans rose by $91.9 mln, driven by $105.1 mln growth in commercial and industrial loans

EXPENSE CONTROL - Non-interest expense fell 13% from the prior quarter, with operating expenses excluding non-core items also declining

Company press release: ID:nGNX8PDnNh

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
Beat
$0.43
$0.40 (5 Analysts)
Q1 Adjusted Net Income
Beat
$24.30 mln
$22.18 mln (4 Analysts)
Q1 Net Income
$20.50 mln
Q1 Net Interest Income
$96.40 mln
Q1 Net Interest Margin
2.93%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for OceanFirst Financial Corp is $22.00, about 17.1% above its April 22 closing price of $18.78

The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)