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.