OceanFirst Financial Corp. (NASDAQ:OCFC) Q1 2024 Earnings Conference Call April 19, 2024 11:00 AM ET

Company Participants

Alfred Goon - Senior Vice President, Corporate Development 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

Frank Schiraldi - Piper Sandler
Tim Switzer - KBW
Daniel Tamayo - Raymond James
David Bishop - Hovde Group
Christopher Marinac - JMS
Matthew Breese - Stephens, Inc.
Manuel Navas - D.A. Davidson

Operator

Good morning. Thank you for attending the OceanFirst Financial First Quarter 2024 Earnings Release. My name is Victoria, and I’ll be your moderator today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]

I would now like to pass the conference over to your host, Alfred Goon with OceanFirst Financial. Thank you. You may proceed, Alfred.

Alfred Goon

Thank you very much. Good morning and welcome to the OceanFirst first quarter 2024 earnings call. I am Alfred Goon, SVP of Corporate Development and Investor Relations. Before we kick off the call, we’d like to remind everyone that our quarterly earnings release and related earnings supplement can be found on the company website, oceanfirst.com.

Our remarks today may contain forward-looking statements and may refer to non-GAAP financial measures. All participants should refer to our SEC filings, including those found on our Forms 8-K, 10-Q and 10-K. For a complete discussion of forward-looking statements and any factors that could cause actual results to differ from those statements.

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

Christopher Maher

Thank you, Alfred. Good morning and thank you to all been able to join our first quarter 2024 earnings conference call. This morning, I’m joined by our President, Joe Lebel; and our Chief Financial Officer, Pat Barrett. We appreciate your interest in our performance and this opportunity to discuss our results with you.

This morning we’ll provide brief remarks about the financial and operating performance for the quarter and some color regarding the outlook for our business. We may refer to the slides filed in connection with the earnings release throughout the call. After our discussion, we look forward to taking your questions.

Our financial results for the first quarter included GAAP diluted earnings per share of $0.47. Our earnings reflect net interest income of $86 million, representing a modest decrease compared to the prior linked quarter of $88 million. Operating expenses decreased to $59 million.