The Bank Slate


OceanFirst to unveil cost-cutting plan in third quarter

OceanFirst Financial in Red Bank, N.J., expects operating expenses to decline by 5% to 10% beginning in the fourth quarter.

The $13.6 billion-asset company made the disclosure in an investor presentation, noting that more details would be shared in the third quarter.

OceanFirst’s core noninterest expense totaled $61.2 million in the first quarter. About $13.1 million of the expenses, or roughly 21%, were tied to technology. Another $2.1 million was associated with Trident Abstract Title Agency.

The company’s core efficiency ratio rose from 50.78% on Dec. 31 to 56.49% on March 31.

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