The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: I want to start just on the credit side here. It feels pretty good, but obviously, there's some growing concerns as we kind of move out quarters here.
I'm just curious, really, just on the ACL. I mean, is it fair to start to really model that in at a more flat rate just given CECL and the potential for maybe
higher downside economics there getting bigger ratings stuff of that nature, particularly with the growth of the pipeline, where it is and what it's
expected to be?
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Okay. That was a helpful rundown, Chris. And then on the growth side, just curious how partners growth fared in the first quarter? And as you think
about that deal and the Baltimore market, I mean, is that something that you think will come in and be kind of immediately additive to the pipeline
that you guys have today? Are you guys already somewhat incorporating the pipeline of that market into that pipeline on a more fully basis? Just
curious how -- and then I guess any commentary about how that deal is kind of tracking from a integration and keeping the team together standpoint
would be great as well?
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APRIL 29, 2022 / 3:00PM, OCFC.OQ - Q1 2022 OceanFirst Financial Corp Earnings Call
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Very good. And then just lastly and it's fine I guess, if you don't want to comment specifically, but when we were on site 9 months ago at your
Analyst Day, I think you guys talked about achieving 110 basis point plus ROA exiting 2023. It feels like with the growth you put on the rate
environment changing from the asset sensitivity that you guys should be able to get there a little sooner, I'm wondering if you agree with that or
if there's other comments you would make that, that might keep that time line more firmly intact?
Question: Michael Anthony Perito - Keefe, Bruyette, & Woods, Inc., Research Division - Analyst
: Great. Thank you, guys for taking my questions and Mike, congrats and good luck in your retirement.
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