Q1 Revenue at $57.0M, Below Estimate of $62.0M

Reports Q1 revenue $57.0M, one estimate $62.0M. Net interest margin increased 16bps y/y and decreased 1bps q/q to 2.67%. "Our first quarter results demonstrate the strength of this franchise as we move toward closing our transaction with OceanFirst Financial Corp. Noninterest bearing deposits grew to $995.5 million, up 15% year over year, and our cost of funds declined 13 basis points from the prior quarter, driving a net interest rate margin that has expanded 16 basis points year over year. Core net income grew 25% year over year, driven by sustained net interest income growth and an improved funding mix. With a loan pipeline of $327.4 million at quarter end, up 55% year over year, we enter this next chapter from a position of strength. We look forward to completing the transaction with OceanFirst Financial Corp. and to the expanded capabilities and opportunities their platform will bring to the customers and communities we serve," said John R. Buran, President and CEO.