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OceanFirst Financial reports first quarter financial results, advancement of CEO succession plan

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Toms River-based OceanFirst Financial Corp, the holding company for OceanFirst Bank, announced Thursday diluted earnings per share of 28 cents for the quarter that ended on March 31, 2014, as compared to 26 cents for the year prior.

The company highlighted in its report that its commercial loans outstanding increased $27.5 million or 18.7 percent for the third consecutive quarter of double-digit growth. Net income for the quarter was $4.7 million, or 28 cents per diluted share, compared to income of $4.4 million or 26 cents per share the prior year.

The next step in the company's CEO succession plan was also disclosed. When CEO John R. Garbarino employment agreement expires on Dec. 31, 2014, Christopher D. Maher will succeed him as CEO. Garbarino will remain on the board of directors where he currently serves as chairman, OceanFirst said.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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