TOMS RIVER, N.J. (AP) — OceanFirst Financial Corp. (OCFC) on Thursday reported third-quarter profit of $24.1 million.
On a per-share basis, the Toms River, New Jersey-based company said it had profit of 50 cents. Earnings, adjusted for one-time gains and costs, came to 53 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The holding company for OceanFirst Bank posted revenue of $79.7 million in the period. Its adjusted revenue was $69.8 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $74.3 million.
OceanFirst shares have declined 4.5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $25.06, a decline of 11 percent in the last 12 months.