OceanFirst Financial (NASDAQ:OCFC) reported a second-quarter GAAP net loss of $0.04 per diluted share after recording $33.6 million of after-tax merger-related expenses tied to its acquisition of Flushing Financial Corporation.
On a core basis, excluding non-recurring items, the company earned $0.43 per share, or $30.5 million, unchanged from the prior quarter and 39% above the prior-year period
Management said the quarter reflected the June 1 closing of the Flushing acquisition, which added approximately $8.7 billion in assets, $5 billion in loans, $7.4 billion in deposits and 30 retail branches across New York City and Long Island. The combined company now has about $23 billion in assets. The transaction also included a $225 million strategic investment from Warburg Pincus, priced at $19.76 per share.
The company’s board approved a quarterly cash dividend of $0.20 per common share, its 118th consecutive quarterly cash dividend. Acquisition drives income and balance-sheet changes OceanFirst said net interest income rose $24 million, or 25%, from the first quarter and $33 million, or 38%, from a year earlier. Chief Financial Officer Pat Barrett said Flushing contributed $19 million of net interest income, while the balance of the increase was largely attributable to earning-asset growth.