OceanFirst Financial Corp. restated its fourth-quarter and full-year earnings after boosting loan-loss reserves to cover subprime repurchases.
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The $2.1 billion-asset Toms River, N.J., company also said late Friday that it would no longer issue any subprime loans and would report a material weakness in its upcoming 10-K filing. OceanFirst announced an additional reserve of $9.6 million that resulted in a fourth-quarter loss of 13 cents a share and full-year earnings of $1.07 a share. Both figures were 52 cents lower than originally reported.
