For the Three Months Ended,
Performance Ratios (Annualized)
March 31,
December 31,
March 31,
2026
2025
2025
Return on average assets
0.57
%
0.36
%
0.62
%
Return on average stockholders' equity
4.95
3.12
4.85
Return on average tangible stockholders' equity(a)
7.22
4.57
7.05
Return on average tangible common equity(a)
7.22
4.57
7.40
Efficiency ratio
71.13
80.37
65.67
Net interest margin
2.93
2.87
2.90
(a) Return on average tangible stockholders' equity and return on average tangible common equity ("ROTCE") are non-GAAP ("generally accepted accounting principles") financial measures. Refer to "Explanation of Non-GAAP Financial Measures," "Selected Quarterly Financial Data" and "Other Items - Non-GAAP Reconciliation" tables for reconciliation and additional information regarding non-GAAP financial measures.
Core earnings1 for the quarter ended March 31, 2026 were $24.3 million, or $0.43 per diluted share, an increase from $20.3 million, or $0.35 per diluted share, for the corresponding prior year period, and an increase from $23.5 million, or $0.41 per diluted share, for the linked quarter.
Core earnings PTPP1 for the quarter ended March 31, 2026 were $34.4 million, or $0.60 per diluted share, an increase from $32.4 million, or $0.56 per diluted share, for the corresponding prior year period, and an increase from $33.2 million or $0.58 per diluted share, for the linked quarter. Selected performance metrics are as follows:
For the Three Months Ended,
March 31,
December 31,
March 31,
Core Ratios1(Annualized):
2026
2025
2025
Return on average assets
0.68
%
0.65
%
0.62
%
Return on average tangible stockholders' equity
8.56
8.21
7.00
Return on average tangible common equity
8.56
8.21
7.34
Efficiency ratio
66.76
68.19
65.81
Diluted earnings per share
$
0.43
$
0.41
$
0.35
PTPP diluted earnings per share
0.60
0.58
0.56
Key developments for the quarter, compared to the linked quarter, are described below:
Margin and Net Interest Expansion: Net interest margin increased six basis points to 2.93%, from 2.87%, and net interest income increased by $1.2 million, to $96.4 million.
Sustained Growth: Total loans increased $91.9 million, a 3% annualized growth rate, and included commercial and industrial loan growth of $105.1 million, a 19% annualized growth rate.
Controlled Expenses: Non-interest expense decreased by 13%, or $10.7 million, to $73.4 million, and operating expenses excluding non-core operations decreased to $69.1 million from $71.2 million.
Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company's results, "We are pleased to report strong first quarter results driven by continued loan growth, net interest margin expansion, and expense discipline. The Company remains focused on growing our business and improving profitability through margin expansion and prudent expense discipline." Mr. Maher added, "Our announced merger agreement with Flushing Financial Corporation ("Flushing") has recently been approved by shareholders, the New York State Department of Financial Services and the Office of the Comptroller of the Currency. It remains subject to the receipt of the requisite regulatory approval from the Board of Governors of the Federal Reserve System and other customary closing conditions. We continue to expect the merger to close in the second quarter of 2026."
The Company's Board of Directors previously declared its 117th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on May 8, 2026, to common stockholders of record on April 27, 2026.
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 the impact of net (gain) loss on equity investments, restructuring charges, credit risk transfer execution expense, Federal Deposit Insurance Corporation ("FDIC") special assessment (release) expense, merger-related expenses, and the income tax effect of these items, as well as loss on redemption of preferred stock (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 "Other Items - Non-GAAP Reconciliation" tables for additional information regarding non-GAAP financial measures.
Results of OperationsThe current quarter included an additional $4.2 million of merger-related expenses for the anticipated merger with Flushing and $128,000 of restructuring charges for the discontinuation of residential loan originations.
Net Interest Income and MarginThree months ended March 31, 2026 vs. March 31, 2025Net interest income increased to $96.4 million, from $86.7 million, reflecting the net impact of the interest rate environment and an increase in average balances. Net interest margin increased to 2.93%, from 2.90%, which included the impact of purchase accounting accretion and prepayment fees of 0.01% and 0.03%, respectively. Net interest margin increased primarily due to the decrease in cost of funds.
Average interest-earning assets increased by $1.25 billion, primarily due to increases in commercial loans and securities. The average yield for interest-earning assets decreased to 5.10%, from 5.13%, primarily due to the repricing of assets tied to short-term rates.
The cost of average interest-bearing liabilities decreased to 2.66%, from 2.78%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank ("FHLB") advances. The total cost of deposits decreased nine basis points to 1.97%, from 2.06%. Average interest-bearing liabilities increased by $1.19 billion, primarily due to increases in deposits and FHLB advances.
Three months ended March 31, 2026 vs. December 31, 2025Net interest income increased by $1.2 million, to $96.4 million from $95.3 million, and net interest margin increased to 2.93%, from 2.87%, driven by a decrease in cost of funds. Net interest income included the impact of purchase accounting accretion and prepayment fees of 0.01% for both periods.
Average interest-earning assets increased by $200.5 million, primarily due to increases in commercial loans, while the yield on average interest-earning assets decreased to 5.10%, from 5.19%.
The cost of average interest-bearing liabilities decreased to 2.66%, from 2.83%, primarily due to a decrease in the cost of deposits and FHLB advances. The total cost of deposits decreased to 1.97%, from 2.13%. Average interest-bearing liabilities increased by $248.5 million, primarily due to an increase in FHLB advances.
Provision for Credit LossesProvision for credit losses for the quarter ended March 31, 2026 was $2.7 million, as compared to $5.3 million for the corresponding prior year period, and $3.7 million in the linked quarter. The current quarter provision was primarily driven by net loan growth and an increase in criticized and classified loans, partly offset by a decrease in off-balance sheet commitments.
Net loan charge-offs were $701,000 for the quarter ended March 31, 2026, as compared to $636,000 for the corresponding prior year period and $2.0 million for the linked quarter. The prior year period included charge-offs of $720,000 related to the sale of $5.1 million of non-performing residential and consumer loans. The linked quarter included charge-offs of $1.1 million for three commercial relationships and charge-offs of $342,000 related to sales of non-performing residential and consumer loans.
Non-interest IncomeThree months ended March 31, 2026 vs. March 31, 2025 Other income decreased to $6.7 million, as compared to $11.3 million. Other income was adversely impacted by non-core operations of $354,000 related to net losses on equity investments in the current quarter. The prior year other income was favorably impacted by non-core operations of $205,000 related to net gains on equity investments.
Excluding non-core operations, other income decreased by $3.9 million. The primary drivers were a decrease in fees and service charges of $1.9 million related to disposition of the title business at the beginning of the fourth quarter last year, and a decrease in a net gain on sale of loans of $886,000 due to the discontinuation of residential loan originations. In addition, the prior period included non-recurring other income of $842,000.
Three months ended March 31, 2026 vs. December 31, 2025Other income in the linked quarter was $9.4 million and included non-core operations of $230,000 related to net gain on equity investments. Excluding non-core operations, other income decreased by $2.1 million. The primary drivers were decreases in net gain on sale of loans of $779,000 and commercial loan swap income of $774,000 due to lower activity.
Non-interest ExpenseThree months ended March 31, 2026 vs. March 31, 2025Operating expenses increased to $73.4 million, as compared to $64.3 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $4.3 million, due to merger-related expenses and restructuring charges.
Excluding non-core operations, operating expenses increased by $4.8 million. The primary driver was an increase in compensation and benefits of $2.7 million, mostly due to the net impact of discontinuation of residential initiatives and commercial banking hires adjusted for annual inflationary increases. The prior year also included a $1.3 million benefit from normal incentive-related adjustments released. Additional drivers were increases in professional fees of $797,000, partly due to higher consulting fees, other operating expenses of $627,000, mostly due to credit risk transfer premium expense, and data processing expense of $405,000.
Three months ended March 31, 2026 vs. December 31, 2025Operating expenses in the linked quarter were $84.1 million and included non-core operations of $12.9 million related to restructuring charges, merger-related expenses and credit risk transfer execution expenses. Excluding non-core operations, operating expenses decreased by $2.1 million. The primary drivers were decreases in compensation and benefits of $1.5 million, partly due to fewer working days and the discontinuation of residential loan originations, and marketing expense of $503,000.
Income Tax ExpenseThe provision for income taxes was $6.5 million for the quarter ended March 31, 2026, as compared to $6.8 million for the same prior year period and $3.8 million for the linked quarter. The effective tax rate was 24.2% for the quarter ended March 31, 2026, as compared to 24.1% for the same prior year period and 22.3% for the linked quarter. The effective tax rate for the linked quarter was positively impacted by higher tax credits, partially offset by higher non-deductible merger expenses.
Financial ConditionMarch 31, 2026 vs. December 31, 2025Total assets decreased by $8.0 million to $14.56 billion, primarily due to a decrease in total debt securities, offset by an increase in loans. Debt securities available-for-sale decreased by $50.7 million to $1.18 billion, from $1.23 billion, primarily due to principal reductions, maturities and calls. Debt securities held-to-maturity decreased by $28.7 million to $852.9 million, from $881.6 million, primarily due to principal repayments. Total loans increased by $91.9 million to $11.12 billion, from $11.03 billion, primarily due to an increase in commercial loans of $162.9 million, partly offset by a decrease in total consumer loans of $71.0 million.
Total liabilities decreased by $14.8 million to $12.89 billion, from $12.90 billion primarily related to a decrease in FHLB advances, partly offset by an increase in deposits. FHLB advances decreased by $217.0 million to $1.18 billion, from $1.40 billion driven by a shift to more favorably priced deposits. Deposits increased by $191.5 million to $11.16 billion, from $10.96 billion, primarily due to an increase in interest bearing deposits of $182.2 million. Time deposits decreased by $81.6 million to $2.39 billion, from $2.47 billion, representing 21.4% and 22.5% of total deposits, respectively. Time deposits included a decrease in brokered time deposits of $121.9 million, partly offset by an increase in retail time deposits of $40.6 million. The loan-to-deposit ratio was 99.7%, as compared to 100.6%.
Other liabilities decreased by $7.0 million to $202.3 million, from $209.3 million, mostly due to payment of annual incentive accruals, partly offset by collateral received from counterparties.
Capital levels remain strong and in excess of "well-capitalized" regulatory levels at March 31, 2026, including the Company's estimated common equity tier one capital ratio of 10.7%.
Total stockholders' equity increased to $1.67 billion, as compared to $1.66 billion, primarily due to net income, partially offset by capital returns comprised of dividends and share repurchases. Additionally, accumulated other comprehensive loss increased by $2.4 million primarily due to decreases in the fair market value of available-for-sale debt securities, net of tax.
During the quarter ended March 31, 2026, the Company repurchased 177,450 shares totaling $3.4 million representing a weighted average cost of $19.18, which represented repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. As of March 31, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company's tangible common equity2 increased by $7.7 million to $1.14 billion. The Company's stockholders' equity to assets ratio was 11.47% at March 31, 2026, and tangible common equity to tangible assets ratio increased by 6 basis points during the year to 8.15%, primarily due to the drivers described above.
Book value per common share increased to $28.98, as compared to $28.97. Tangible book value per common share2 increased to $19.86, as compared to $19.79.
2 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 "Other Items - Non-GAAP Reconciliation" tables for additional information regarding non-GAAP financial measures.
Asset QualityMarch 31, 2026 vs. December 31, 2025Non-performing loans increased to $34.6 million, from $27.8 million, primarily related to one commercial loan, and represented 0.31% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 248.60%, as compared to 301.27%. The level of 30 to 89 days delinquent loans increased to $55.9 million, from $47.8 million, primarily related to commercial loans. Criticized and classified loans and other real estate owned increased to $180.7 million, from $122.1 million, primarily due to one accruing commercial and industrial relationship of $50.4 million. The Company's allowance for loan credit losses was 0.77% of total loans, as compared to 0.76%. 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 increased to $28.7 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 299.64%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, increased to $47.1 million, from $44.7 million.
Explanation of Non-GAAP Financial MeasuresReported 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 CallAs previously announced, the Company will host an earnings conference call on Friday, April 24, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (888) 596-4144, using the access code 3895064. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (800) 770-2030 using the access code 3895064, from one hour after the end of the call until May 1, 2026. 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 $14.6 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas from Massachusetts through 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 press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as " estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "strategy," "future," "opportunity," "may," "could," "target," "should," "will," "would," "will be," "will continue," "will likely result," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company's management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements with respect to the proposed transaction between the Company and Flushing and the proposed investment by Warburg Pincus LLC ("Warburg") in the Company's equity securities.
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, including 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 imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the effects of a potential future federal government shutdown, 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, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company's operational or security systems or infrastructure, including cyberattacks and fraud, the failure to maintain current technologies, failure to retain or attract employees, 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.
Additional forward-looking statements related to the proposed transaction with Flushing and the proposed investment by Warburg include, but are not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to satisfy the conditions to the consummation of the proposed transaction, including obtaining the necessary regulatory approvals (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between the Company and Flushing; (iv) the inability to obtain alternative capital in the event it becomes necessary to complete the proposed transaction; (v) the effect of the announcement or pendency of the proposed transaction on Company's and Flushing's business relationships, operating results and business generally; (vi) risks that the proposed transaction disrupts current plans and operations of the Company and Flushing; (vii) potential difficulties in retaining Company and Flushing customers and employees as a result of the proposed transaction; (viii) potential litigation relating to the proposed transaction that could be instituted against the Company, Flushing or their respective directors and officers, including the effects of any outcomes related thereto; (ix) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected expenses, factors or events; (x) the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company and Flushing do business; and (xi) the dilution caused by the Company's issuance of additional shares of its capital stock in connection with the transaction. The foregoing list of factors is not exhaustive. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above.
These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, 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)
March 31,
December 31,
March 31,
2026
2025
2025
(Unaudited)
(Unaudited)
Assets
Cash and due from banks
$
136,981
$
135,130
$
163,721
Debt securities available-for-sale, at estimated fair value
1,181,087
1,231,827
746,168
Debt securities held-to-maturity, net of allowance for securities credit losses of $754 at March 31, 2026, $811 at December 31, 2025, and $898 at March 31, 2025 (estimated fair value of $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $926,075 at March 31, 2025)
852,917
881,568
1,005,476
Equity investments
88,239
91,882
87,365
Restricted equity investments, at cost
119,503
129,329
102,172
Loans receivable, net of allowance for loan credit losses of $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $78,798 at March 31, 2025
11,059,275
10,970,666
10,058,072
Loans held-for-sale
—
5,768
9,698
Interest and dividends receivable
49,588
49,010
44,843
Other real estate owned
10,393
10,266
1,917
Premises and equipment, net
112,066
112,743
114,588
Bank owned life insurance
271,650
270,301
269,398
Goodwill
517,481
517,481
523,308
Intangibles
8,198
9,046
11,740
Other assets
148,958
149,300
170,812
Total assets
$
14,556,336
$
14,564,317
$
13,309,278
Liabilities and Stockholders' Equity
Deposits
$
11,155,916
$
10,964,405
$
10,177,023
Federal Home Loan Bank advances
1,180,179
1,397,179
891,021
Securities sold under agreements to repurchase with customers
67,249
54,434
65,132
Other borrowings
255,518
255,233
197,808
Advances by borrowers for taxes and insurance
25,851
21,245
28,789
Other liabilities
202,255
209,271
240,388
Total liabilities
12,886,968
12,901,767
11,600,161
Stockholders' equity:
OceanFirst Financial Corp. stockholders' equity
1,669,368
1,662,550
1,708,322
Non-controlling interest
—
—
795
Total stockholders' equity
1,669,368
1,662,550
1,709,117
Total liabilities and stockholders' equity
$
14,556,336
$
14,564,317
$
13,309,278
OceanFirst Financial Corp.CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
For the Three Months Ended,
March 31,
December 31,
March 31,
2026
2025
2025
|------------------- (Unaudited) -------------------|
Interest income:
Loans
$
145,324
$
146,550
$
133,019
Debt securities
19,810
21,681
17,270
Equity investments and other
3,157
3,501
3,414
Total interest income
168,291
171,732
153,703
Interest expense:
Deposits
53,695
59,615
51,046
Borrowed funds
18,149
16,839
16,005
Total interest expense
71,844
76,454
67,051
Net interest income
96,447
95,278
86,652
Provision for credit losses
2,738
3,700
5,340
Net interest income after provision for credit losses
93,709
91,578
81,312
Other income (loss):
Bankcard services revenue
1,629
1,789
1,463
Trust and asset management revenue
433
350
406
Fees and service charges
2,813
2,994
4,712
Net (loss) gain on sales of loans
(28
)
751
858
Net (loss) gain on equity investments
(354
)
230
205
Net loss from other real estate operations
(164
)
(10
)
(16
)
Income from bank owned life insurance
1,874
2,127
1,852
Commercial loan swap income
345
1,119
620
Other
200
61
1,153
Total other income
6,748
9,411
11,253
Operating expenses:
Compensation and employee benefits
39,484
40,984
36,740
Occupancy
5,832
5,825
5,497
Equipment
921
876
921
Marketing
963
1,466
1,108
Federal deposit insurance and regulatory assessments
3,215
3,102
2,983
Data processing
7,052
7,104
6,647
Check card processing
1,098
1,086
1,170
Professional fees
3,222
4,862
2,425
Amortization of intangibles
848
888
940
Merger-related expenses
4,150
4,253
—
Restructuring charges
128
7,379
—
Other operating expenses
6,490
6,317
5,863
Total operating expenses
73,403
84,142
64,294
Income before provision for income taxes
27,054
16,847
28,271
Provision for income taxes
6,548
3,754
6,808
Net income
20,506
13,093
21,463
Net loss attributable to non-controlling interest
—
—
(46
)
Net income attributable to OceanFirst Financial Corp.
20,506
13,093
21,509
Dividends on preferred shares
—
—
1,004
Net income available to common stockholders
$
20,506
$
13,093
$
20,505
Basic earnings per share
$
0.36
$
0.23
$
0.35
Diluted earnings per share
$
0.36
$
0.23
$
0.35
Average basic shares outstanding
57,043
56,942
58,102
Average diluted shares outstanding
57,048
56,954
58,111
OceanFirst Financial Corp.SELECTED LOAN AND DEPOSIT DATA(dollars in thousands)
LOANS RECEIVABLE
At
March 31,
December 31,
September 30,
June 30,
March 31,
2026
2025
2025
2025
2025
Commercial:
Commercial real estate - investor
$
5,478,832
$
5,420,989
$
5,211,220
$
5,068,125
$
5,200,137
Commercial and industrial:
Commercial and industrial - real estate
1,016,912
986,431
997,122
914,406
896,647
Commercial and industrial - non-real estate
1,302,128
1,227,556
998,860
862,504
748,575
Total commercial and industrial
2,319,040
2,213,987
1,995,982
1,776,910
1,645,222
Total commercial
7,797,872
7,634,976
7,207,202
6,845,035
6,845,359
Consumer:
Residential real estate
3,128,023
3,194,264
3,135,200
3,119,232
3,053,318
Home equity loans and lines and other consumer ("other consumer")
198,048
202,763
215,581
220,820
226,633
Total consumer
3,326,071
3,397,027
3,350,781
3,340,052
3,279,951
Total loans
11,123,943
11,032,003
10,557,983
10,185,087
10,125,310
Deferred origination costs (fees), net
21,442
22,389
13,105
13,960
11,560
Allowance for loan credit losses
(86,110
)
(83,726
)
(81,236
)
(79,266
)
(78,798
)
Loans receivable, net
$
11,059,275
$
10,970,666
$
10,489,852
$
10,119,781
$
10,058,072
Mortgage loans serviced for others
$
344,316
$
365,431
$
340,740
$
288,211
$
222,963
At March 31, 2026 Average Yield
Loan pipeline(1):
Commercial
6.70
%
$
417,356
$
464,602
$
710,933
$
790,768
$
375,622
Residential real estate(2)
6.07
461
9,457
136,797
146,921
116,121
Other consumer(2)
—
—
—
16,184
17,110
12,681
Total
6.70
%
$
417,817
$
474,059
$
863,914
$
954,799
$
504,424
