OceanFirst Financial Corp. (OCFC, Financial) reported its financial results for the first quarter, highlighting a robust increase in both net interest income and net interest margin. The company revealed a tangible book value per share of $19.16 and a Common Equity Tier 1 (CET1) capital ratio of 11.2%, demonstrating solid financial stability and performance.
The firm has continued to show strong asset quality metrics and has engaged in further capital accretion, including share repurchases, showcasing its commitment to enhancing shareholder value. Despite the current market volatility and uncertainty, OceanFirst is confident in its position and ability to navigate these challenges effectively.
A significant highlight of the quarter is the successful recruitment season, which saw the addition of 36 experienced commercial bankers to its team. This move underscores the company's ongoing efforts to strengthen its commercial banking platform, reflecting OceanFirst's strategic focus on expanding its talent pool to drive future growth.
