News Classic

Wilmington, Delaware , Oct. 18, 2024 (GLOBE NEWSWIRE) —

Allied Market Research published a report, titled, “SerDes Market by Component (Clock Multiplier Uni, Lanes and Physical Coding Sub-Block), and Industry Vertical (Automotive, Consumer electronics, IT and telecom, Aerospace, Military and Defense, Manufacturing and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the serdes market was valued at $0.9 billion in 2023, and is estimated to reach $2.7 billion by 2032, growing at a CAGR of 13.3% from 2024 to 2032. 

Download Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/A324260  

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, and Potential) 

Prime determinants of growth   

The increasing demand for high-speed data transfer in various applications, such as data centers, telecommunication networks, and high-performance computing, is a significant driver for the SerDes market. SerDes technology enables efficient, reliable, and high-speed data communication, which is critical for modern computing environments. The rapid growth of data centers, driven by the exponential increase in data generation and cloud computing services, necessitates advanced interconnect solutions. SerDes technology is crucial for enhancing data transfer speeds and bandwidth within data centers, supporting their efficient operation and scalability.  The deployment of 5G networks and advancements in fiber-optic communication systems require high-speed data transmission solutions. SerDes technology plays a vital role in the backbone of these advanced telecommunication infrastructures by ensuring efficient data flow and connectivity.   

Report coverage & details:  

Segment Highlights  

The demand for the physical coding sub-block (PCS) segment in the SerDes market is driven by the increasing need for high-speed and reliable data transmission in advanced communication systems. PCS plays a crucial role in encoding and decoding data to ensure error-free transmission over various mediums, such as fiber optics and high-speed cables. As data centers, 5G networks, and high-performance computing applications continue to expand, the requirement for efficient and robust data integrity mechanisms grows. Additionally, the rise of complex electronic devices and IoT applications necessitates advanced PCS solutions to maintain high data rates and signal integrity, further propelling market demand.   

The demand for the IT and telecom segment in the SerDes market is driven by the increasing need for high-speed data transmission and communication efficiency. As telecommunications networks evolve to support higher bandwidths and faster data rates, SerDes plays a crucial role in enabling the seamless transmission of data across these networks. In IT infrastructure, especially in data centers and cloud computing environments, SerDes facilitates the rapid transfer of large volumes of data, enhancing overall system performance and scalability. The technology’s ability to handle complex data traffic while maintaining signal integrity makes it indispensable for meeting the growing demands of modern communication and computing applications.   

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/A324260  

Regional Outlook  

Asia-Pacific attained the highest market share in the SerDes market as the region witnessed significant growth in data center infrastructure, driven by the expansion of cloud services and the increasing adoption of digital technologies. SerDes technology is crucial for data centers to manage high-speed data transmission efficiently. Asia-Pacific is experiencing robust growth in telecommunications, particularly with the deployment of 5G networks and the expansion of broadband services. SerDes is essential for supporting the high bandwidth and low latency requirements of these advanced networks. The region is a hub for semiconductor manufacturing, with leading players producing SerDes components locally. This availability of advanced semiconductor technology supports the widespread adoption of SerDes in various applications. Asia-Pacific has a large and growing market for consumer electronics, including smartphones, tablets, and IoT devices. SerDes technology is integral to these devices for efficient data communication and connectivity.   

Players: -  

• Texas Instruments Inc.  

• ON Semiconductor Corporation  

• STMicroelectronics NV  

• Renesas Electronics Corp  

• NXP Semiconductors NV  

• Cypress Semiconductor Corp.  

The report provides a detailed analysis of these key players in the global SerDes market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.   

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A324260  

Recent Industry News  

• In September 2022, The Arora v FPGA, a 12.5 Gbps high-speed SerDes interface, was introduced by Gowin Semiconductor. The business also contracted with WPG, the biggest distributor of semiconductors in Europe.  

• In August 2022, The Arora v FPGA, a high-speed SerDes interface with a 22nm 12.5 Gbps, was introduced by Gowin Semiconductor. Also, the business inked a contract with WPG, the biggest distributor of semiconductors in Europe.  

• In June 2023, The Japanese government launched a new initiative to promote the development of high-speed SerDes technology for data centers and cloud computing applications. This initiative aims to enhance the performance and efficiency of data transmission in data centers, which are increasingly relying on high-speed SerDes links.  

• In July 2023, The European Commission announced a new research program to develop next-generation SerDes technology for high-performance computing (HPC) applications. This program aims to support the development of faster and more efficient SerDes solutions for data transfer between processors, memory, and other components in HPC systems.  

Key Benefits for Stakeholders 

• This SerDes market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the serdes market analysis from 2024 to 2032 to identify the prevailing serdes market opportunities. In the report SerDes market size is in $ billion from 2023 to 2032.  

• The market research is offered along with information related to key drivers, restraints, and opportunities. 

• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. 

• In-depth analysis of the SerDes market segmentation assists to determine the prevailing market opportunities. 

• Major countries in each region are mapped according to their revenue contribution to the global market. 

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. The SerDes market share by key players is also covered in the report.  

• The report includes the analysis of the regional as well as global SerDes market trends, key players, market segments, application areas, and SerDes market growth strategies. 

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Y7qtyR  

SerDes Market Key Segments: 

By Component: 

• Physical Coding Sub-Block 

By Industry Vertical: 

By Region: 

• North America: (U.S., Canada, Mexico) 

• Europe: (France, Germany, Italy, UK, Rest of Europe) 

• Asia-Pacific: (China, Japan, India, South Korea, Rest of Asia-Pacific) 

• LAMEA: (Latin America, Middle East, Africa) 

Access AVENUE – A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) @ https://www.alliedmarketresearch.com/library-access  

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements. 

Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying: https://www.alliedmarketresearch.com/avenueTrial  

Trending Reports in Semiconductor and Electronics Industry: 

Cables and wires for aerospace and defense market valued at $27.8 billion in 2022, and is projected to reach $47 billion by 2032 

Medium voltage cable accessories market valued at $15.3 billion in 2020 and is projected to reach $25.5 billion by 2030 

Cable conduit systems market was valued at $6.13 billion in 2020, and is projected to reach $12.24 billion by 2030 

Cable management market size was valued at $18.31 billion in 2019, and is projected to reach $35.02 billion by 2027 

About Us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact: 

David Correa 
1209 Orange Street, 
Corporation Trust Center, 
Wilmington, New Castle, 
Delaware 19801 USA. 
Int’l: +1-503-894-6022 
Toll Free: +1-800-792-5285 
UK: +44-845-528-1300 
India (Pune): +91-20-66346060 
Fax: +1-800-792-5285 
help@alliedmarketresearch.com 

Technomark News 

Techno News 

TechnoTrendsAMR Blog 

As tech giants turn their attention toward nuclear power for artificial intelligence and data centers, one producer is seeing its shares surge.

Oklo, a nuclear power company that counts OpenAI chief executive Sam Altman as an investor, has seen its shares climb around 150% in the past month. The stock is up almost 50% so far this year. However, during mid-day trading on Thursday, Oklo was down almost 5%.

The Santa Clara, California-based company, which has three project sites, says it’s “developing next-generation fission powerhouses to produce abundant, affordable, clean energy at a global scale.” Oklo’s Aurora powerhouse can produce 15 megawatts of electrical power (MWe), which the company says can scale up to 50 MWe and operate for ten years or longer before needing to be refueled.

Oklo’s shares have been on the up since Microsoft (MSFT) made a 20-year power purchase agreement in September with Constellation Energy (CEG) that will restart the Unit 1 reactor at Three Mile Island. Constellation, which owns most of the U.S.’s nuclear power plants, has seen its shares rise around 36% in the past month. Its stock is up 138% so far this year.

Through the Microsoft and Constellation deal, which will launch the Crane Clean Energy Center (CCEC), Microsoft will purchase energy from the Unit 1 reactor as part of its sustainability goal. The CCEC, which is expected to come online by 2028, will add more than 800 MW of carbon-free electricity to the power grid, a study by the Pennsylvania Building and Construction Trades Council found.

This week, Google (GOOGL) announced it had signed “the world’s first corporate agreement to purchase nuclear energy” from small modular reactors, or SMRs, developed by California-based Kairos Power. The tech giant said it expects to bring Kairos Power’s first SMR online by the end of the decade.

For the latest news, Facebook, Twitter and Instagram.

RED BANK, N.J., Oct. 17, 2024 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. OCFC (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $24.1 million, or $0.42 per diluted share, for the three months ended September 30, 2024, an increase from $19.7 million, or $0.33 per diluted share, for the corresponding prior year period, and $23.4 million, or $0.40 per diluted share, for the prior linked quarter. For the nine months ended September 30, 2024, the Company reported net income available to common stockholders of $75.1 million, or $1.29 per diluted share, an increase from $73.3 million, or $1.24 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

^(a) _{Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Core earnings¹ for the three and nine months ended September 30, 2024 were $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, an increase from $18.6 million or $0.32 per diluted share and a decrease from $78.4 million or $1.33 per diluted share, for the corresponding prior year periods, and an increase from $22.7 million, or $0.39 per diluted share, for the prior linked quarter.

Core earnings PTPP¹ for the three and nine months ended September 30, 2024 was $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, as compared to $35.0 million and $118.7 million, or $0.59 and $2.01 per diluted share, for the corresponding prior year periods, and $32.7 million, or $0.56 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

Key developments for the recent quarter are described below:

• Net Interest Income Stabilization: Net interest income of $82.2 million for the quarter as compared to $82.3 million in the prior linked quarter.
• Deposits: Total deposits increased by $122.2 million to $10.1 billion from $10.0 billion and the loan-to-deposit ratio was 99% at September 30, 2024.
• Strategic Investments: The results include $3.3 million of expenses, of which $1.7 million related to merger and acquisition costs, for the talent acquisition of Garden State Home Loans, Inc. and acquisition of Spring Garden Capital Group, LLC.² These are expected to improve future operating performance by expanding fee revenue and specialty finance offerings.
• Asset Quality: Asset quality metrics remain strong as non-performing loans and loans 30 to 89 days past due as a percentage of total loans receivable were 0.28% and 0.15%, respectively. Non-performing loans decreased by $5.3 million, to $28.1 million, and the Company recorded net loan recoveries of $88,000 for the quarter.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to present our current quarter results, which builds on the existing strength of our balance sheet, including robust capital and asset quality, coupled with stabilization of net interest income and margin. The quarter includes additional investments in mortgage banking activities, which will expand our digital channels and fee revenue and, in October, we completed an acquisition of a specialty finance company expanding our product offerings.” Mr. Maher added, “Additionally, the Company hosted its third annual CommUNITYFirst Day. Thank you to our incredible employees and community partners for a successful event involving over 700 employees and nearly 3,000 hours across our communities.”

The Company’s Board of Directors declared its 111th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 15, 2024 to common stockholders of record on November 4, 2024. The Company’s Board of Directors also declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on November 15, 2024 to preferred stockholders of record on October 31, 2024.

¹ _{Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense, net (gain) loss on equity investments, net loss on sale of investments, net gain on sale of trust business, the Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

² _{The talent acquisition of Garden State Home Loans, Inc. was effective August 3, 2024. Additionally, the acquisition of Spring Garden Capital Group, LLC was effective October 1, 2024.}

Results of Operations
The current quarter was impacted by a continued mix-shift and repricing of funding costs. Further, the results were impacted by the following non-recurring events: $1.7 million of merger related expenses, a $1.4 million gain on sale of a portion of the Company’s trust business, a $855,000 gain on sale of assets held for sale, and the resolution, via sale of collateral, of a single commercial real estate relationship of $7.2 million that was moved to non-accrual and partially charged-off in prior periods.

Net Interest Income and Margin

Three months ended September 30, 2024 vs. September 30, 2023

Net interest income decreased to $82.2 million, from $91.0 million, primarily reflecting the net impact of the higher interest rate environment.

Net interest margin decreased to 2.67%, from 2.91%, which included the impact of purchase accounting accretion of 0.02% and 0.06%, respectively. Net interest margin decreased primarily due to the increase in cost of funds outpacing the increase in yield on average interest-earning assets.

Average interest-earning assets decreased by $152.1 million due to balance sheet contraction while the average yield for interest-earning assets increased to 5.26%, from 5.08%.

The cost of average interest-bearing liabilities increased to 3.20%, from 2.71%, primarily due to higher cost of deposits. The total cost of deposits (including non-interest bearing deposits) increased to 2.44%, from 1.99%. Average interest-bearing liabilities decreased by $5.8 million, primarily due to a decrease in total deposits, largely offset by an increase in total borrowings.

Nine months ended September 30, 2024 vs. September 30, 2023

Net interest income decreased to $250.7 million, from $281.9 million, reflecting the net impact of the higher interest rate environment. Net interest margin decreased to 2.73%, from 3.09%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% and 0.05% for the respective periods.

Average interest-earning assets increased by $45.8 million, primarily driven by an increase in securities growth of $153.9 million, which was funded through the decrease of $135.4 million of interest-earning deposits and short-term investments. The average yield increased to 5.25%, from 4.90%.

The total cost of average interest-bearing liabilities increased to 3.12%, from 2.29%. The total cost of deposits (including non-interest bearing deposits) increased to 2.37%, from 1.48%. Average interest-bearing liabilities increased by $258.0 million, primarily due to an increase in total deposits, partly offset by a decrease in total borrowings.

Three months ended September 30, 2024 vs. June 30, 2024

Net interest income decreased by $44,000, as the increase in cost of deposits slightly outpaced the decrease in Federal Home Loan Bank (“FHLB”) advance costs and the yield of average interest earning assets. Net interest margin decreased to 2.67%, from 2.71%, which included the impact of purchase accounting accretion of 0.02% and 0.04% for the respective periods.

Average interest-earning assets increased by $28.9 million, primarily due to an increase in interest-earning deposits and short-term investments, partly offset by a decrease in loans. The yield on average interest-earning assets increased to 5.26%, from 5.25%.

The total cost of average interest-bearing liabilities increased to 3.20%, from 3.14%, primarily due to higher cost of deposits. Total cost of deposits (including non-interest bearing deposits) increased to 2.44%, from 2.37%. Average interest-bearing liabilities increased by $1.8 million, primarily due to an increase in FHLB advances, partly offset by a decrease in deposits and other borrowings.

Provision for Credit Losses
Provision for credit losses for the three and nine months ended September 30, 2024 was $517,000 and $4.2 million, respectively, as compared to $10.3 million and $14.5 million for the corresponding prior year periods, and $3.1 million in the prior linked quarter. The lower provision for the current quarter was a result of flat loan growth, net loan recoveries, and the net effect of shifts in the Company’s loan portfolio and external macro economic forecasts.

Net loan recoveries were $88,000 and net loan charge-offs were $1.7 million for the three and nine months ended September 30, 2024, respectively, as compared to net loan charge-offs of $8.3 million for both the three and nine months ended September 30, 2023. Net loan charge-offs were $1.5 million in the prior linked quarter. The prior year periods and prior linked quarter included partial charge-offs of $8.4 million and $1.6 million, respectively, for the single commercial real estate relationship disclosed previously. Refer to “Results of Operations” section for further discussion.

Non-interest Income

Three months ended September 30, 2024 vs. September 30, 2023 

Other income increased to $14.7 million, as compared to $10.8 million. Other income was favorably impacted by non-core operations related to net gains on equity investments of $1.4 million and $1.5 million, for the respective quarters, and a $1.4 million gain on sale of a portion of the Company’s trust business in the current quarter.

Excluding non-core operations, other income increased by $2.5 million, primarily driven by increases in fees and service charges of $918,000 related to treasury management fees, a non-recurring gain on sale of assets held for sale of $855,000, and net gain on sale of loans of $439,000.

Nine months ended September 30, 2024 vs. September 30, 2023

Other income increased to $38.0 million, as compared to $21.8 million. The current period was favorably impacted by non-core operations related to net gains on equity investments of $4.2 million and a $2.6 million gain on sale of a portion of the Company’s trust business. The prior year was adversely impacted by non-core operations of $6.6 million, primarily related to losses on sale of investments.

Excluding non-core operations, other income increased by $2.8 million, primarily driven by increases in the cash surrender value of bank owned life insurance of $1.5 million, which included one-time death benefits in the current period, net gain on sale of loans of $1.2 million, and gain on sale of assets held for sale of $855,000. This was partially offset by a decrease in trust and asset management revenue of $590,000, related to the sale of a portion of the Company’s trust business.

Three months ended September 30, 2024 vs. June 30, 2024

Other income in the prior linked quarter was $11.0 million and was favorably impacted by non-core operations of $887,000 related to net gains on equity investments. Excluding non-core operations, other income increased by $1.7 million, primarily due increases in fees and service charges of $1.1 million related to treasury management fees, and the gain on sale of assets held for sale of $855,000, as noted above.

Non-interest Expense

Three months ended September 30, 2024 vs. September 30, 2023

Operating expenses decreased to $63.7 million, as compared to $64.5 million. Operating expenses were adversely impacted by non-core operations related to merger related expenses of $1.7 million in the current quarter.

Excluding non-core operations, operating expenses decreased by $2.4 million. The primary driver was a decrease in professional fees of $3.3 million as the Company realized benefits from the performance improvement initiatives and investments made in the prior periods. This was partially offset by an increase in other operating expense of $1.1 million, which was partly due to additional loan servicing expenses.

Nine months ended September 30, 2024 vs. September 30, 2023

Operating expenses decreased to $181.0 million, as compared to $188.7 million. Operating expenses were adversely impacted by $2.1 million in the current year of non-core operations related to merger related expenses and a FDIC special assessment, and by $92,000 in the prior year for merger related and net branch consolidation expenses.

Excluding non-core operations, operating expenses decreased by $9.7 million. The primary drivers were decreases in professional fees of $8.6 million and compensation and employee benefits expenses of $1.9 million, which were due to the same initiatives discussed in the three-month periods above. This was partially offset by an increase in other operating expenses of $1.3 million, which was partly due to additional loan servicing expenses.

Three months ended September 30, 2024 vs. June 30, 2024

Excluding non-core operations, operating expenses increased by $3.4 million. The primary drivers were increases in compensation and benefits of $2.7 million, related to additional personnel in connection with the expansion of fee revenue noted above, and other operating expense of $854,000, which was partly due to additional loan servicing expenses.

Income Tax Expense
The provision for income taxes was $7.5 million and $25.2 million for the three and nine months ended September 30, 2024, respectively, as compared to $6.5 million and $24.1 million for the same prior year periods, and $7.1 million for the prior linked quarter. The effective tax rate was 22.9% and 24.4% for the three and nine months ended September 30, 2024, respectively, as compared to 23.9% and 24.0% for the same prior year periods, and 22.5% for the prior linked quarter. The Company’s current quarter effective tax rate was positively impacted by geographic mix as compared to the same prior year period and the nine months ended September 30, 2024 was adversely impacted by the non-recurring write-off of a deferred tax asset of $1.2 million net of other state effects. The prior linked quarter’s effective tax rate was positively impacted by the net effect of state law changes.

Financial Condition

September 30, 2024 vs. December 31, 2023

Total assets decreased by $49.8 million to $13.49 billion, from $13.54 billion, primarily due to decreases in loans, partly offset by net increase in total debt securities. Total loans decreased by $172.4 million to $10.02 billion, from $10.19 billion, primarily due to a decrease in the total commercial portfolio of $188.4 million driven by loan payoffs. The loan pipeline increased by $168.6 million to $351.6 million, from $183.0 million. Held-to-maturity debt securities decreased by $84.6 million to $1.08 billion, from $1.16 billion, primarily due to principal repayments. Debt securities available-for-sale increased $157.9 million to $911.8 million, from $753.9 million, primarily due to new purchases. Other assets decreased by $20.3 million to $159.3 million, from $179.7 million, primarily due to a decrease in market values associated with customer interest rate swap programs.

Total liabilities decreased by $82.3 million to $11.79 billion, from $11.88 billion primarily related to lower deposits and a funding mix shift. Deposits decreased by $318.8 million to $10.12 billion, from $10.43 billion, primarily due to decreases in high-yield savings accounts of $326.9 million and time deposits of $224.6 million, offset by increases in money market accounts of $266.8 million. Time deposits decreased to $2.22 billion, from $2.45 billion, representing 22.0% and 23.4% of total deposits, respectively, which was primarily related to planned runoff of brokered time deposits, which decreased by $430.4 million, offset by increases in retail time deposits of $221.4 million. The loan-to-deposit ratio was 99.1%, as compared to 97.7%. FHLB advances increased by $43.2 million to $891.9 million, from $848.6 million and other borrowings increased by $223.5 million to $419.9 million, from $196.5 million, as a result of lower cost funding availability.   

Other liabilities decreased by $43.1 million to $257.6 million, from $300.7 million, primarily due to a decrease in the market values of derivatives associated with customer interest rate swaps and related collateral received from counterparties.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at September 30, 2024, including the Company’s estimated common equity tier one capital ratio which increased to 11.3%, up approximately 40 basis points from December 31, 2023.

Total stockholders’ equity increased to $1.69 billion, as compared to $1.66 billion, primarily reflecting net income, partially offset by capital returns comprising of dividends and share repurchases. For the nine months ended September 30, 2024, the Company repurchased 1,383,238 shares totaling $21.5 million representing a weighted average cost of $15.38. The Company had 1,551,200 shares available for repurchase under the authorized repurchase program. Additionally, accumulated other comprehensive loss decreased by $8.7 million primarily due to increases in fair market value of available-for-sale debt securities, net of tax.

The Company completed its annual goodwill impairment test as of August 31, 2024. Based on a quantitative assessment, the Company concluded that goodwill was not impaired. However, the Company continues to monitor its goodwill as further and continued negative industry and economic trends and decline in the Company’s stock price may result in a re-evaluation before the next required annual test.

The Company’s tangible common equity³ increased by $35.0 million to $1.13 billion. The Company’s stockholders’ equity to assets ratio was 12.56% at September 30, 2024, and tangible common equity to tangible assets ratio increased by 30 basis points during the quarter to 8.68%, primarily due to the drivers described above.

Book value per common share increased to $29.02, as compared to $27.96. Tangible book value per common share³ increased to $19.28, as compared to $18.35.

³ _{Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Asset Quality

September 30, 2024 vs. December 31, 2023

Overall asset quality metrics remained stable. The Company’s non-performing loans decreased to $28.1 million from $29.5 million and represented 0.28% and 0.29% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 245.45%, as compared to 227.21%. The level of 30 to 89 days delinquent loans decreased to $15.5 million, from $19.2 million. Criticized and classified assets increased to $189.1 million, from $146.9 million. The Company’s allowance for loan credit losses was 0.69% of total loans, as compared to 0.66%. Refer to “Provision for Credit Losses” section for further discussion.

The Company’s asset quality, excluding purchased with credit deterioration (“PCD”) loans, was as follows. Non-performing loans decreased to $25.3 million, from $26.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 273.51%, as compared to 254.64%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $14.2 million, from $17.7 million. The allowance for loan credit losses plus the unamortized credit and PCD marks amounted to $74.8 million, or 0.75% of total loans, as compared to $74.7 million, or 0.73% of total loans.

Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Conference Call
As previously announced, the Company will host an earnings conference call on Friday, October 18, 2024 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 257920. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (866) 813-9403, access code 120573, from one hour after the end of the call until November 15, 2024. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com.  

^{Forward-Looking Statements
        
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the effect of the Company’s rating under the Community Reinvestment Act, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under Item 1A – Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.}

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)

OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION