OceanFirst Financial Corp. (NASDAQ:OCFC) Q3 2022 Earnings Conference Call October 25, 2022 11:00 AM ET

Corporate Participants

Jill Hewitt - SVP and Investor Relations

Christopher Maher - Chairman and Chief Executive Officer

Joe Lebel - President and Chief Operating Officer

Pat Barrett - Executive Vice President and Chief Financial Officer

Conference Call Participants

Michael Perito - KBW

David Bishop - Hovde Group

Matthew Breese - Stephens Inc.

Manuel Navas - DA Davidson

Gerry Heffernan - Walthausen

Operator

Good morning and thank you for attending today's OceanFirst Financial Corp. Earnings Conference Call. My name is Camilla, and I'll be your moderator for today's. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

It is now my pleasure to pass the conference over to our host, Jill Hewitt. Please proceed.

Jill Hewitt

Good morning and thank you all for joining us today. I'm Jill Hewitt, Senior Vice President and Investor Relations Officer at OceanFirst Financial Corp. We will begin this morning's call with our forward-looking statement disclosure. Please remember that many of our remarks today contain forward-looking statements based on current expectations. We refer to our press release and other public filings including the risk factors in our 10-K, where you will find factors that could cause actual results to differ materially from these forward-looking statements.

Thank you. And now, I will turn the call over to our host today, Chairman and Chief Executive Officer, Christopher Maher.

Christopher Maher

Thank you, Jill, and good morning to all who've been able to join our third quarter 2022 earnings conference call. This morning, I'm joined by our President, Joe Labelle and our Chief Financial Officer, Pat Barrett. As always, we appreciate your interest in our performance, and we're pleased to discuss our results with you. This morning, we will provide brief remarks about the financial and operating performance for the quarter and provide some color regarding the outlook for our business. As a reminder, in addition to the earnings release issued last night, an investor presentation is also available on our company's website. We may refer to those slides during the call. After our discussion, we look forward to taking your questions.

Our financial results for the third quarter including GAAP diluted earnings per share of $0.64. Earnings reflected strong loan growth, expanding margins and benign credit conditions. Core earnings were $0.60 per share and reflect non-core items primarily related to unrealized mark-to-market valuation adjustments on equity investment positions, and to a lesser extent charges related to branch closures and mergers.