OceanFirst Financial Corp. reported net income available to common stockholders of $20.5 million, or $0.35 per diluted share, for the first quarter ended March 31, 2025. This represents a decrease from $27.7 million, or $0.47 per diluted share, in the corresponding prior year period. Core earnings for the quarter were $20.3 million, or $0.35 per diluted share.
Net interest income increased to $86.7 million, up $3.3 million from the linked quarter, and the net interest margin expanded to 2.90% from 2.69% sequentially. This expansion was primarily driven by a 25-basis-point decrease in the total cost of deposits to 2.06% from 2.31% year-over-year. Total deposits increased by $110.7 million to $10.18 billion.
The provision for credit losses for the quarter was $5.3 million, primarily due to elevated uncertainty around macroeconomic conditions. Operating expenses increased to $64.3 million, mainly due to acquisitions at the end of the prior year and annual merit increases. The company repurchased 398,395 shares totaling $6.9 million during the quarter.
Chairman and CEO Christopher D. Maher highlighted the meaningful expansion of net interest income and margin, continued strong asset quality, and further capital accretion. The company also announced its intent to redeem the Series A Preferred Stock in full on May 15, 2025. Additionally, 36 highly experienced commercial bankers joined OceanFirst this year, reflecting the strength of its commercial banking platform.
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