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OceanFirst (OCFC) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

OceanFirst Financial (OCFC) reported $98.51 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 2.4%. EPS of $0.44 for the same period compares to $0.55 a year ago.

The reported revenue represents a surprise of +3.20% over the Zacks Consensus Estimate of $95.45 million. With the consensus EPS estimate being $0.42, the EPS surprise was +4.76%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how OceanFirst performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Efficiency Ratio: 59.6% versus 61.7% estimated by three analysts on average.

  • Net Interest Margin: 2.8% compared to the 2.8% average estimate based on three analysts.

  • Average Balance - Total interest-earning assets: $12.35 billion versus $12.35 billion estimated by two analysts on average.

  • Total Non-Interest Income: $12.29 million compared to the $9.78 million average estimate based on three analysts.

  • Net Interest Income: $86.22 million versus the three-analyst average estimate of $85.67 million.

  • Bankcard services revenue: $1.42 million versus the two-analyst average estimate of $1.78 million.

  • Fees and service charges: $4.47 million versus the two-analyst average estimate of $5.21 million.

  • Trust and asset management revenue: $0.53 million versus $0.81 million estimated by two analysts on average.

  • Income from bank owned life insurance: $1.86 million compared to the $1.23 million average estimate based on two analysts.

View all Key Company Metrics for OceanFirst here>>>

Shares of OceanFirst have returned -8.7% over the past month versus the Zacks S&P 500 composite's -1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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Zacks Investment Research