OceanFirst Financial Reports Q2 Earnings Amid Flushing Acquisition Integration
OceanFirst Financial (NASDAQ:OCFC) reported a second-quarter GAAP net loss of $0.04 per diluted share due to merger-related expenses from its acquisition of Flushing Financial Corporation, which closed on June 1. On a core basis excluding non-recurring items, the company earned $0.43 per share, consistent with the prior quarter and up 39% year-over-year. The acquisition added approximately $8.7 billion in assets, $5 billion in loans, $7.4 billion in deposits, and 30 branches across New York City and Long Island, bringing OceanFirst's total asset size to around $23 billion. The company sold $1.3 billion of acquired multifamily loans from Flushing Financial, reducing its commercial real estate concentration by about 50 percentage points and lowering exposure to rent-regulated properties in New York City. Management expects improved profitability for the remainder of 2026 with modest loan and deposit growth, higher net interest margins, and declining expenses as integration savings materialize. OceanFirst also announced a $225 million strategic investment from Warburg Pincus at $19.76 per share and approved its 118th consecutive quarterly cash dividend of $0.20 per common share.
Tickers: $OCFC