The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

OceanFirst buys mortgage lender, finance firm for real estate developers

OceanFirst Financial in Red Bank, N.J., incurred costs in the third quarter after buying a mortgage lender and a finance business focused on real estate developers.

The $13.5 billion-asset company said in a press release that it spent $1.7 million in the quarter tied to its purchase of Garden State Home Loans in Cherry Hill, N.J., on Aug. 3 and Spring Garden Capital Group in Philadelphia on Oct. 1. The exact purchase prices were not disclosed.

Both acquisitions should be accretive by early next year with “minimal” dilution to tangible book value.

Overall, net income increased by 22% from a year earlier, to $24.1 million.

 

Leave a Reply

Your email address will not be published. Required fields are marked *