OceanFirst Financial Corp.
(NASDAQ:OCFC) (the “Company”), the
holding company for OceanFirst Bank N.A. (the “Bank”), announced
net income available to common stockholders of $27.7 million, or
$0.47 per diluted share, for the quarter ended March 31, 2024, an
increase from $26.9 million, or $0.46 per diluted share, for the
corresponding prior year period, and $26.7 million, or $0.46 per
diluted share, for the prior linked quarter. Selected performance
metrics are as follows (refer to “Selected Quarterly Financial
Data” for additional information):
|
For the Three Months Ended, |
Performance Ratios (Annualized): |
March 31, |
|
December 31, |
|
March 31, |
2024 |
|
|
2023 |
|
|
2023 |
|
Return on average assets |
0.82 |
% |
|
0.78 |
% |
|
0.82 |
% |
Return on average stockholders’ equity |
6.65 |
|
|
6.41 |
|
|
6.77 |
|
Return on average tangible stockholders’ equity (a) |
9.61 |
|
|
9.33 |
|
|
10.00 |
|
Return on average tangible common equity (a) |
10.09 |
|
|
9.81 |
|
|
10.53 |
|
Efficiency ratio |
59.56 |
|
|
60.38 |
|
|
60.78 |
|
Net interest margin |
2.81 |
|
|
2.82 |
|
|
3.34 |
|
(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” and the “Non-GAAP Reconciliation”
tables for additional information regarding non-GAAP financial
measures.
Core earnings1 for the quarter ended March 31,
2024 was $25.6 million, or $0.44 per diluted share, a decrease from
$32.7 million, or $0.55 per diluted share, for the corresponding
prior year period, and a decrease from $26.3 million, or $0.45 per
diluted share, for the prior linked quarter.
Core earnings PTPP1 for the quarter ended March
31, 2024 was $36.2 million, or $0.62 per diluted share, as compared
to $46.1 million, or $0.78 per diluted share, for the corresponding
prior year period, and $37.9 million, or $0.65 per diluted share,
for the prior linked quarter. Selected performance metrics are as
follows:
|
For the Three Months Ended, |
|
March 31, |
|
December 31, |
|
March 31, |
Core Ratios1
(Annualized): |
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Return on average assets |
|
0.76 |
% |
|
|
0.77 |
% |
|
|
1.00 |
% |
Return on average tangible stockholders’ equity |
|
8.91 |
|
|
|
9.20 |
|
|
|
12.15 |
|
Return on average tangible common equity |
|
9.36 |
|
|
|
9.67 |
|
|
|
12.80 |
|
Efficiency ratio |
|
61.05 |
|
|
|
60.02 |
|
|
|
56.49 |
|
Core diluted earnings per share |
$ |
0.44 |
|
|
$ |
0.45 |
|
|
$ |
0.55 |
|
Core PTPP diluted earnings per share |
|
0.62 |
|
|
|
0.65 |
|
|
|
0.78 |
|
Key developments for the recent quarter are
described below:
- Net Interest Margin
Stabilization: Net interest margin of 2.81% decreased
slightly from the prior linked quarter of 2.82%.
- Capital Accretion:
The Company continued to build capital, while also resuming share
repurchases. The Company’s estimated common equity tier 1 capital
ratio, book value and tangible book value per share were 11.0%,
$28.32 and $18.63, respectively, and increased approximately 15
basis points, $0.36 and $0.28 from the prior linked quarter.2 The
Company repurchased 957,827 shares totaling $15.1 million.
- Expense
Management: The Company continued to exercise disciplined
expense control. Excluding the FDIC special assessment charge of
$418,000 in the current quarter and $1.7 million in the prior
linked quarter, non-interest expense decreased slightly to $58.3
million, from $58.5 million.
- Asset Quality:
Asset quality metrics remain strong as criticized and classified
assets, non-performing loans, and loans 30 to 89 days past due as a
percentage of total loans receivable were 1.65%, 0.35%, and 0.17%,
respectively. These metrics continue to reflect strong credit
performance and remain low compared to pre-pandemic levels.
Chairman and Chief Executive Officer,
Christopher D. Maher, commented on the Company’s results, “We are
pleased to report on our first quarter results, which reflected a
stable net interest margin, prudent balance sheet management, and
expense discipline. Additionally, we continued to build capital
while also resuming share repurchases during the quarter.” Mr.
Maher added, “The Company is well positioned to bolster shareholder
value through a variety of different economic and industry
outlooks.”
The Company’s Board of Directors declared its
109th consecutive quarterly cash dividend on common stock. The
quarterly cash dividend on common stock of $0.20 per share will be
paid on May 17, 2024 to common stockholders of record on
May 6, 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 May 15, 2024 to
preferred stockholders of record on April 30, 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, 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” and the “Non-GAAP Reconciliation” tables for additional
information regarding non-GAAP financial measures.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 “Non-GAAP Reconciliation”
tables for additional information regarding non-GAAP financial
measures.
Results of Operations
The current quarter results were impacted by the
following matters. Net interest income and margin were modestly
impacted by a continued mix-shift to and repricing of higher cost
funding that offset the increase in yields on interest-earning
assets. Deposit betas increased modestly to 40%, from 38% in the
prior linked quarter3. Additionally, the results included several
non-recurring matters, which included a $1.2 million gain on sale
of a portion of the Company’s trust business, a $1.2 million
write-off in income tax expense, $418,000 in FDIC special
assessments, and $345,000 in bank owned life insurance death
benefits.
3 Deposit beta measures the change in
the interest rates paid for interest-bearing deposit accounts
versus the change in the federal funds target rate. Represents the
deposit beta for total deposits (interest-bearing and non-interest
bearing) for the current rate cycle (since December 31, 2021).
Net Interest Income and
Margin
March 31, 2024 vs. March 31, 2023
Net interest income decreased to $86.2 million,
from $98.8 million, primarily reflecting the net impact of the
higher interest rate environment.
Net interest margin decreased to 2.81%, from
3.34%. Excluding the impact of purchase accounting accretion and
prepayment fees of 0.04% for both quarters, net interest margin
decreased to 2.77%, from 3.30%. 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 increased by
$340.3 million, primarily driven by growth of $163.9 million in
total loans and $143.0 million in securities. The average yield for
interest-earning assets increased to 5.26%, from 4.68%.
The cost of average interest-bearing liabilities
increased to 3.03%, from 1.74%, primarily due to higher cost of
deposits. The total cost of deposits (including non-interest
bearing deposits) increased to 2.31%, from 0.88%. Average
interest-bearing liabilities increased by $636.4 million, primarily
due to an increase in total deposits, partly offset by a decrease
in Federal Home Loan Bank (“FHLB”) advances, which reflect a shift
in funding sources.
March 31, 2024 vs. December 31, 2023
Net interest income decreased by $1.6 million,
reflecting a slight decrease in net interest margin to 2.81%, from
2.82%, as the increase in cost of funds was offset by yields of
average interest earning assets. Excluding the impact of purchase
accounting accretion and prepayment fees of 0.04% and 0.05% for the
respective quarters, net interest margin remained flat at 2.77% for
both periods.
Average interest-earning assets increased by
$1.2 million, and the yield on average interest-earning assets
increased to 5.26%, from 5.16% primarily due to securities
purchased at the end of the prior linked quarter.
The total cost of average interest-bearing
liabilities increased to 3.03%, from 2.91%, primarily due to higher
cost of deposits and increased other borrowings. Total cost of
deposits (including non-interest bearing deposits) increased to
2.31%, from 2.22%. Average interest-bearing liabilities increased
by $91.2 million, primarily due to a mix shift from deposits to
other borrowings.
Provision for Credit Losses
Provision for credit losses for the quarter
ended March 31, 2024 was $591,000, as compared to $3.0 million and
$3.2 million for the corresponding prior year period and prior
linked quarter, respectively. The current quarter provision was
driven by the net effect of continued uncertainty impacting the
banking industry and improvements in macro-economic forecasts.
Net loan charge-offs were $349,000 for the
quarter ended March 31, 2024 primarily related to a single consumer
borrower, as compared to net loan recoveries of $47,000 for the
corresponding prior year period. Net loan charge-offs were $35,000
in the prior linked quarter. Refer to “Asset Quality” section for
further discussion.
Non-interest Income
March 31, 2024 vs. March 31, 2023
Other income increased to $12.3 million, as
compared to $2.1 million. The current quarter’s other income was
favorably impacted by non-core operations of $3.1 million related
to net gains on equity investments and a gain on sale of a portion
of its trust business. The prior year period’s other income was
adversely impacted by non-core operations of $7.5 million,
primarily related to losses on sale of investments.
Excluding non-core operations, other income
decreased by $370,000, primarily driven by a decrease in fees and
service charges of $686,000 on lower retail deposit fees and title
activity.
March 31, 2024 vs. December 31, 2023
Other income in the prior linked quarter was
$11.9 million and included non-core operations of $2.2 million
related to net gains on equity investments. Excluding non-core
operations, other income decreased by $484,000, primarily due to a
decrease in fees and service charges of $842,000, which was driven
by the same factors as noted above.
Non-interest Expense
March 31, 2024 vs. March 31, 2023
Operating expenses decreased to $58.7 million,
as compared to $61.3 million. Operating expenses were adversely
impacted by non-core items of $418,000, from an FDIC special
assessment in the current year, and $92,000 from merger related and
net branch consolidation expenses in the prior year.
Excluding non-core operations, operating
expenses decreased $3.0 million. The primary drivers were decreases
in professional fees of $2.4 million and compensation and employee
benefits expenses of $1.2 million, which reflect the net
realization of the Company’s performance improvements initiatives
and strategic investments made over the past year.
March 31, 2024 vs. December 31, 2023
Operating expenses in the prior linked quarter
was $60.2 million and included non-core operations of $1.7 million,
related to an FDIC special assessment. Excluding non-core
operations, operating expenses decreased by $272,000.
Income Tax Expense
The provision for income taxes was $10.6 million
for the quarter ended March 31, 2024, as compared to $8.7 million
for the same prior year period, and $8.6 million for the prior
linked quarter. The effective tax rate was 27.1% for the quarter
ended March 31, 2024, as compared to 23.7% for the same prior year
period, and 23.6% for the prior linked quarter. The current
quarter's effective tax rate was negatively impacted by 3.0% due to
a one-time write-off of a deferred tax asset of $1.2 million.
Financial Condition
March 31, 2024 vs. December 31, 2023
Total assets decreased by $119.3 million to
$13.42 billion, from $13.54 billion, primarily due to decreases in
loans and debt securities. Total loans decreased by $68.9 million
to $10.13 billion, from $10.19 billion, due to loan payoffs and
lower loan originations. Held-to-maturity debt securities decreased
by $31.1 million to $1.13 billion, from $1.16 billion, primarily
due to principal repayments. Other assets increased by $20.3
million to $200.0 million, from $179.7 million, primarily due to
increase in market values associated with customer interest rate
swap programs.
Total liabilities decreased by $123.2 million to
$11.75 billion, from $11.88 billion primarily related to lower
deposits and a funding mix shift. Deposits decreased by $198.1
million to $10.24 billion, from $10.43 billion. Time deposits
decreased to $2.32 billion, from $2.45 billion, or 22.7% and 23.4%
of total deposits, respectively, which was primarily related to
planned runoff of brokered time deposits which decreased by
$88.1 million. The loan-to-deposit ratio was 98.9%, as
compared to 97.7%. FHLB advances decreased by $190.2 million to
$658.4 million, from $848.6 million due to mix shift in funding
sources to other borrowings, which increased by $229.3 million to
$425.7 million, from $196.5 million, as a result of lower cost
funding availability.
Other liabilities increased by $36.4 million to
$337.1 million, from $300.7 million, primarily due to an increase
in the market values 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 March 31, 2024 including
the Company’s common equity tier one capital ratio which increased
to 11.0%, up approximately 15 basis points from December 31,
2023.
Total stockholders’ equity increased to $1.67
billion, as compared to $1.66 billion, primarily reflecting net
income, partially offset by capital returns comprising of share
repurchases and dividends. For the quarter ended March 31, 2024,
the Company repurchased 957,827 shares totaling $15.1 million
representing a weighted average cost of $15.64. The Company had
1,976,611 shares available for repurchase under the repurchase
program authorized. Additionally, accumulated other comprehensive
loss decreased by $1.4 million primarily due to increases in fair
market value of available-for-sale debt securities, net of tax.
The Company’s tangible common equity2 increased
by $4.7 million to $1.10 billion. The Company’s stockholders’
equity to assets ratio was 12.41% at March 31, 2024, and tangible
common equity to tangible assets ratio increased by 11 basis points
during the quarter to 8.49%, primarily due to the drivers described
above.
Book value per common share increased to $28.32,
as compared to $27.96. Tangible book value per common share2
increased to $18.63, as compared to $18.35.
Asset Quality
March 31, 2024 vs. December 31, 2023
Overall asset quality metrics remained stable
for the quarter. The Company’s non-performing loans increased to
$35.0 million from $29.5 million and represented 0.35% and 0.29% of
total loans, respectively. The allowance for loan credit losses as
a percentage of total non-performing loans was 191.86%, as compared
to 227.21%. The level of 30 to 89 days delinquent loans decreased
to $17.5 million, from $19.2 million. The Company’s allowance for
loan credit losses was 0.66% of total loans for each period. 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 $31.5 million, from $26.4
million. The allowance for loan credit losses as a percentage of
total non-performing loans was 213.34%, as compared to 254.64%. The
level of 30 to 89 days delinquent loans, excluding non-performing
loans, decreased to $15.4 million, from $17.7 million. The
allowance for loan credit losses plus the unamortized credit and
PCD marks amounted to $74.2 million, or 0.73% 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.
Annual Meeting
The Annual Meeting of Stockholders will be held
on Tuesday, May 21, 2024 at 8:00 a.m. Eastern Time, as previously
announced. The meeting will be held virtually through a live
webcast. Stockholders as of the record date of March 25, 2024 are
invited to participate in the live event. Voting before the meeting
is encouraged, even for stockholders planning to participate in the
virtual webcast. Votes may be submitted by telephone or online
according to the instructions on the proxy card or by mail. A link
to the live webcast is available by visiting oceanfirst.com -
Investor Relations. Access will begin at 7:45 a.m. Eastern Time to
allow time for stockholders to log-in with the control number
provided on the proxy card prior to the 8:00 a.m. Eastern Time
scheduled start. Eligible stockholders may also vote during the
live meeting online at www.virtualshareholdermeeting.com/OCFC2024
by entering the 16-digit control number included on the proxy card
or notice. As a reminder, participants of the meeting are not
required to vote.
Conference Call
As previously announced, the Company will host
an earnings conference call on Friday, April 19, 2024 at 11:00 a.m.
Eastern Time. The direct dial number for the call is (833)
470-1428, using the access code 606038. For those unable to
participate in the conference call, a replay will be available. To
access the replay, dial (866) 813-9403, access code 203920, from
one hour after the end of the call until May 17, 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 $13.4 billion regional
bank providing financial services throughout New Jersey and in the
major metropolitan markets of Philadelphia, New York, Baltimore,
and Boston. 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, including 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) |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
Assets |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
130,422 |
|
$ |
153,718 |
|
$ |
496,193 |
Debt securities available-for-sale, at estimated fair value |
|
|
744,944 |
|
|
753,892 |
|
|
452,195 |
Debt securities held-to-maturity, net of allowance for securities
credit losses of $1,058 at March 31, 2024, $1,133 at December 31,
2023 and $1,043 at March 31, 2023 (estimated fair value of
$1,029,965 at March 31, 2024, $1,068,438 at December 31, 2023 and
$1,149,673 at March 31, 2023) |
|
|
1,128,666 |
|
|
1,159,735 |
|
|
1,245,424 |
Equity investments |
|
|
103,201 |
|
|
100,163 |
|
|
101,007 |
Restricted equity investments, at cost |
|
|
85,689 |
|
|
93,766 |
|
|
115,750 |
Loans receivable, net of allowance for loan credit losses of
$67,173 at March 31, 2024, $67,137 at December 31, 2023 and $60,195
at March 31, 2023 |
|
|
10,068,209 |
|
|
10,136,721 |
|
|
9,986,949 |
Loans held-for-sale |
|
|
4,702 |
|
|
5,166 |
|
|
1,885 |
Interest and dividends receivable |
|
|
52,502 |
|
|
51,874 |
|
|
47,342 |
Premises and equipment, net |
|
|
119,211 |
|
|
121,372 |
|
|
126,019 |
Bank owned life insurance |
|
|
266,615 |
|
|
266,498 |
|
|
262,654 |
Assets held for sale |
|
|
28 |
|
|
28 |
|
|
2,719 |
Goodwill |
|
|
506,146 |
|
|
506,146 |
|
|
506,146 |
Core deposit intangible |
|
|
8,669 |
|
|
9,513 |
|
|
12,470 |
Other assets |
|
|
199,974 |
|
|
179,661 |
|
|
198,422 |
Total assets |
|
$ |
13,418,978 |
|
$ |
13,538,253 |
|
$ |
13,555,175 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Deposits |
|
$ |
10,236,851 |
|
$ |
10,434,949 |
|
$ |
9,993,095 |
Federal Home Loan Bank
advances |
|
|
658,436 |
|
|
848,636 |
|
|
1,346,566 |
Securities sold under
agreements to repurchase with customers |
|
|
66,798 |
|
|
73,148 |
|
|
70,938 |
Other borrowings |
|
|
425,722 |
|
|
196,456 |
|
|
195,663 |
Advances by borrowers for taxes and insurance |
|
|
28,187 |
|
|
22,407 |
|
|
31,198 |
Other liabilities |
|
|
337,147 |
|
|
300,712 |
|
|
307,344 |
Total liabilities |
|
|
11,753,141 |
|
|
11,876,308 |
|
|
11,944,804 |
Stockholders’ equity: |
|
|
|
|
|
|
OceanFirst Financial Corp. stockholders’ equity |
|
|
1,665,112 |
|
|
1,661,163 |
|
|
1,609,553 |
Non-controlling interest |
|
|
725 |
|
|
782 |
|
|
818 |
Total stockholders’ equity |
|
|
1,665,837 |
|
|
1,661,945 |
|
|
1,610,371 |
Total liabilities and
stockholders’ equity |
|
$ |
13,418,978 |
|
$ |
13,538,253 |
|
$ |
13,555,175 |
OceanFirst Financial
Corp.CONSOLIDATED STATEMENTS OF
INCOME (in thousands, except per share
amounts) |
|
|
For the Three Months Ended, |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
2023 |
|
|
|
|-------------------- (Unaudited)
-------------------- | |
Interest income: |
|
|
|
|
|
|
Loans |
|
$ |
137,121 |
|
|
$ |
137,110 |
|
$ |
121,720 |
|
Debt securities |
|
|
19,861 |
|
|
|
15,444 |
|
|
14,286 |
|
Equity investments and other |
|
|
4,620 |
|
|
|
7,880 |
|
|
3,028 |
|
Total interest income |
|
|
161,602 |
|
|
|
160,434 |
|
|
139,034 |
|
Interest expense: |
|
|
|
|
|
|
Deposits |
|
|
59,855 |
|
|
|
59,467 |
|
|
21,330 |
|
Borrowed funds |
|
|
15,523 |
|
|
|
13,143 |
|
|
18,902 |
|
Total interest expense |
|
|
75,378 |
|
|
|
72,610 |
|
|
40,232 |
|
Net interest income |
|
|
86,224 |
|
|
|
87,824 |
|
|
98,802 |
|
Provision for credit losses |
|
|
591 |
|
|
|
3,153 |
|
|
3,013 |
|
Net interest income after provision for credit
losses |
|
|
85,633 |
|
|
|
84,671 |
|
|
95,789 |
|
Other income: |
|
|
|
|
|
|
Bankcard services revenue |
|
|
1,416 |
|
|
|
1,531 |
|
|
1,330 |
|
Trust and asset management revenue |
|
|
526 |
|
|
|
610 |
|
|
612 |
|
Fees and service charges |
|
|
4,473 |
|
|
|
5,315 |
|
|
5,159 |
|
Net gain on sales of loans |
|
|
357 |
|
|
|
309 |
|
|
20 |
|
Net gain (loss) on equity investments |
|
|
1,923 |
|
|
|
2,176 |
|
|
(6,801 |
) |
Income from bank owned life insurance |
|
|
1,862 |
|
|
|
1,427 |
|
|
1,281 |
|
Commercial loan swap income |
|
|
138 |
|
|
|
29 |
|
|
701 |
|
Other |
|
|
1,591 |
|
|
|
464 |
|
|
(229 |
) |
Total other income |
|
|
12,286 |
|
|
|
11,861 |
|
|
2,073 |
|
Operating expenses: |
|
|
|
|
|
|
Compensation and employee benefits |
|
|
32,759 |
|
|
|
32,126 |
|
|
33,920 |
|
Occupancy |
|
|
5,199 |
|
|
|
5,218 |
|
|
5,239 |
|
Equipment |
|
|
1,130 |
|
|
|
1,172 |
|
|
1,205 |
|
Marketing |
|
|
990 |
|
|
|
1,112 |
|
|
982 |
|
Federal deposit insurance and regulatory assessments |
|
|
3,135 |
|
|
|
4,386 |
|
|
1,749 |
|
Data processing |
|
|
5,956 |
|
|
|
6,430 |
|
|
6,154 |
|
Check card processing |
|
|
1,050 |
|
|
|
991 |
|
|
1,281 |
|
Professional fees |
|
|
2,732 |
|
|
|
2,858 |
|
|
5,098 |
|
Amortization of core deposit intangible |
|
|
844 |
|
|
|
976 |
|
|
1,027 |
|
Branch consolidation expense, net |
|
|
— |
|
|
|
— |
|
|
70 |
|
Merger related expenses |
|
|
— |
|
|
|
— |
|
|
22 |
|
Other operating expense |
|
|
4,877 |
|
|
|
4,920 |
|
|
4,562 |
|
Total operating expenses |
|
|
58,672 |
|
|
|
60,189 |
|
|
61,309 |
|
Income before provision for income taxes |
|
|
39,247 |
|
|
|
36,343 |
|
|
36,553 |
|
Provision for income taxes |
|
|
10,637 |
|
|
|
8,591 |
|
|
8,654 |
|
Net income |
|
|
28,610 |
|
|
|
27,752 |
|
|
27,899 |
|
Net (loss) income attributable to non-controlling interest |
|
|
(57 |
) |
|
|
70 |
|
|
16 |
|
Net income attributable to OceanFirst Financial
Corp. |
|
|
28,667 |
|
|
|
27,682 |
|
|
27,883 |
|
Dividends on preferred shares |
|
|
1,004 |
|
|
|
1,004 |
|
|
1,004 |
|
Net income available to common
stockholders |
|
$ |
27,663 |
|
|
$ |
26,678 |
|
$ |
26,879 |
|
Basic earnings per share |
|
$ |
0.47 |
|
|
$ |
0.46 |
|
$ |
0.46 |
|
Diluted earnings per share |
|
$ |
0.47 |
|
|
$ |
0.46 |
|
$ |
0.46 |
|
Average basic shares outstanding |
|
|
58,789 |
|
|
|
59,120 |
|
|
58,774 |
|
Average diluted shares outstanding |
|
|
58,791 |
|
|
|
59,123 |
|
|
58,918 |
|
OceanFirst Financial
Corp.SELECTED LOAN AND DEPOSIT
DATA(dollars in thousands) |
|
LOANS RECEIVABLE |
|
|
At |
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate - investor |
|
|
$ |
5,322,755 |
|
|
$ |
5,353,974 |
|
|
$ |
5,334,279 |
|
|
$ |
5,319,686 |
|
|
$ |
5,296,661 |
|
Commercial real estate - owner-occupied |
|
|
914,582 |
|
|
|
943,891 |
|
|
|
957,216 |
|
|
|
981,618 |
|
|
|
986,366 |
|
Commercial and industrial |
|
|
|
677,176 |
|
|
|
666,532 |
|
|
|
652,119 |
|
|
|
620,284 |
|
|
|
622,201 |
|
Total commercial |
|
|
|
6,914,513 |
|
|
|
6,964,397 |
|
|
|
6,943,614 |
|
|
|
6,921,588 |
|
|
|
6,905,228 |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
Residential real estate |
|
|
|
2,965,276 |
|
|
|
2,979,534 |
|
|
|
2,928,259 |
|
|
|
2,906,556 |
|
|
|
2,881,811 |
|
Home equity loans and lines and other consumer ("other
consumer") |
|
|
245,859 |
|
|
|
250,664 |
|
|
|
251,698 |
|
|
|
255,486 |
|
|
|
252,773 |
|
Total consumer |
|
|
|
3,211,135 |
|
|
|
3,230,198 |
|
|
|
3,179,957 |
|
|
|
3,162,042 |
|
|
|
3,134,584 |
|
Total loans |
|
|
|
10,125,648 |
|
|
|
10,194,595 |
|
|
|
10,123,571 |
|
|
|
10,083,630 |
|
|
|
10,039,812 |
|
Deferred origination costs (fees), net |
|
|
9,734 |
|
|
|
9,263 |
|
|
|
8,462 |
|
|
|
8,267 |
|
|
|
7,332 |
|
Allowance for loan credit losses |
|
|
|
(67,173 |
) |
|
|
(67,137 |
) |
|
|
(63,877 |
) |
|
|
(61,791 |
) |
|
|
(60,195 |
) |
Loans receivable, net |
|
|
$ |
10,068,209 |
|
|
$ |
10,136,721 |
|
|
$ |
10,068,156 |
|
|
$ |
10,030,106 |
|
|
$ |
9,986,949 |
|
Mortgage loans serviced for others |
|
$ |
89,555 |
|
|
$ |
68,217 |
|
|
$ |
52,796 |
|
|
$ |
50,820 |
|
|
$ |
50,421 |
|
|
At March 31, 2024 Average Yield |
|
|
|
|
|
|
|
|
|
|
Loan pipeline (1): |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
8.18 |
% |
|
$ |
66,167 |
|
|
$ |
124,707 |
|
|
$ |
50,756 |
|
|
$ |
39,164 |
|
|
$ |
236,550 |
|
Residential real estate |
6.91 |
|
|
|
57,340 |
|
|
|
49,499 |
|
|
|
66,682 |
|
|
|
58,022 |
|
|
|
61,258 |
|
Other consumer |
8.82 |
|
|
|
13,030 |
|
|
|
8,819 |
|
|
|
13,795 |
|
|
|
18,621 |
|
|
|
20,589 |
|
Total |
7.71 |
% |
|
$ |
136,537 |
|
|
$ |
183,025 |
|
|
$ |
131,233 |
|
|
$ |
115,807 |
|
|
$ |
318,397 |
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
Average Yield |
|
|
|
|
|
|
|
|
|
|
Loan originations: |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
7.99 |
% |
|
$ |
123,010 |
|
$ |
94,294 |
|
$ |
90,263 |
|
$ |
197,732 |
|
$ |
200,504 |
Residential real estate |
6.78 |
|
|
|
78,270 |
|
|
113,227 |
|
|
92,299 |
|
|
100,542 |
|
|
65,580 |
Other consumer |
8.94 |
|
|
|
11,405 |
|
|
16,971 |
|
|
17,019 |
|
|
22,487 |
|
|
15,927 |
Total |
7.60 |
% |
|
$ |
212,685 |
|
$ |
224,492 |
|
$ |
199,581 |
|
$ |
320,761 |
|
$ |
282,011 |
Loans sold |
|
|
$ |
29,965 |
|
$ |
20,138 |
|
$ |
15,404 |
|
$ |
18,664 |
|
$ |
3,861 |
(1) |
Loan pipeline includes loans approved but not funded. |
DEPOSITS |
At |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
Type of Account |
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
$ |
1,639,828 |
|
$ |
1,657,119 |
|
$ |
1,827,381 |
|
$ |
1,854,136 |
|
$ |
1,984,197 |
Interest-bearing checking |
|
3,865,699 |
|
|
3,911,766 |
|
|
3,708,874 |
|
|
3,537,834 |
|
|
3,697,223 |
Money market |
|
1,150,979 |
|
|
1,021,805 |
|
|
860,025 |
|
|
770,440 |
|
|
615,993 |
Savings |
|
1,260,309 |
|
|
1,398,837 |
|
|
1,484,000 |
|
|
1,229,897 |
|
|
1,308,715 |
Time deposits (1) |
|
2,320,036 |
|
|
2,445,422 |
|
|
2,653,649 |
|
|
2,766,030 |
|
|
2,386,967 |
Total deposits |
$ |
10,236,851 |
|
$ |
10,434,949 |
|
$ |
10,533,929 |
|
$ |
10,158,337 |
|
$ |
9,993,095 |
(1) |
Includes brokered time deposits of $543.4 million,
$631.5 million, $995.5 million, $1.42 billion, and
$1.24 billion at March 31, 2024, December 31, 2023, September
30, 2023, June 30, 2023 and March 31, 2023, respectively. |
OceanFirst Financial Corp.ASSET
QUALITY(dollars in thousands) |
ASSET QUALITY (1) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Non-performing loans: |
|
|
|
|
|
|
|
|
|
Commercial real estate - investor |
$ |
21,507 |
|
|
$ |
20,820 |
|
|
$ |
20,723 |
|
|
$ |
13,000 |
|
|
$ |
13,643 |
|
Commercial real estate - owner-occupied |
|
3,355 |
|
|
|
351 |
|
|
|
240 |
|
|
|
565 |
|
|
|
251 |
|
Commercial and industrial |
|
567 |
|
|
|
304 |
|
|
|
1,120 |
|
|
|
199 |
|
|
|
162 |
|
Residential real estate |
|
7,181 |
|
|
|
5,542 |
|
|
|
5,624 |
|
|
|
6,174 |
|
|
|
5,650 |
|
Other consumer |
|
2,401 |
|
|
|
2,531 |
|
|
|
2,391 |
|
|
|
2,820 |
|
|
|
2,731 |
|
Total non-performing loans |
$ |
35,011 |
|
|
$ |
29,548 |
|
|
$ |
30,098 |
|
|
$ |
22,758 |
|
|
$ |
22,437 |
|
Delinquent loans 30 to 89 days |
$ |
17,534 |
|
|
$ |
19,202 |
|
|
$ |
20,591 |
|
|
$ |
3,136 |
|
|
$ |
11,232 |
|
Modifications to borrowers experiencing financial difficulty
(2) |
|
|
|
|
|
|
|
|
|
Non-performing (included in total non-performing loans above) |
$ |
9,075 |
|
|
$ |
6,420 |
|
|
$ |
6,679 |
|
|
$ |
6,882 |
|
|
$ |
6,556 |
|
Performing |
|
15,619 |
|
|
|
15,361 |
|
|
|
7,645 |
|
|
|
7,516 |
|
|
|
7,619 |
|
Total modifications to borrowers experiencing financial difficulty
(2) |
$ |
24,694 |
|
|
$ |
21,781 |
|
|
$ |
14,324 |
|
|
$ |
14,398 |
|
|
$ |
14,175 |
|
Allowance for loan credit losses |
$ |
67,173 |
|
|
$ |
67,137 |
|
|
$ |
63,877 |
|
|
$ |
61,791 |
|
|
$ |
60,195 |
|
Allowance for loan credit
losses as a percent of total loans receivable (3) |
|
0.66 |
% |
|
|
0.66 |
% |
|
|
0.63 |
% |
|
|
0.61 |
% |
|
|
0.60 |
% |
Allowance for loan credit
losses as a percent of total non-performing loans (3) |
|
191.86 |
|
|
|
227.21 |
|
|
|
212.23 |
|
|
|
271.51 |
|
|
|
268.28 |
|
Non-performing loans as a
percent of total loans receivable |
|
0.35 |
|
|
|
0.29 |
|
|
|
0.30 |
|
|
|
0.23 |
|
|
|
0.22 |
|
Non-performing assets as a percent of total assets |
|
0.26 |
|
|
|
0.22 |
|
|
|
0.22 |
|
|
|
0.17 |
|
|
|
0.17 |
|
Supplemental PCD and
non-performing loans |
|
|
|
|
|
|
|
|
|
PCD loans, net of allowance for loan credit losses |
$ |
16,700 |
|
|
$ |
16,122 |
|
|
$ |
18,640 |
|
|
$ |
18,872 |
|
|
$ |
20,513 |
|
Non-performing PCD loans |
|
3,525 |
|
|
|
3,183 |
|
|
|
3,177 |
|
|
|
3,171 |
|
|
|
3,929 |
|
Delinquent PCD and non-performing loans 30 to 89 days |
|
2,088 |
|
|
|
1,516 |
|
|
|
13,007 |
|
|
|
1,976 |
|
|
|
2,248 |
|
PCD modifications to borrowers
experiencing financial difficulty (2) |
|
764 |
|
|
|
771 |
|
|
|
750 |
|
|
|
755 |
|
|
|
758 |
|
Asset quality,
excluding PCD loans (4) |
|
|
|
|
|
|
|
|
|
Non-performing loans |
|
31,486 |
|
|
|
26,365 |
|
|
|
26,921 |
|
|
|
19,587 |
|
|
|
18,508 |
|
Delinquent loans 30 to 89 days (excludes non-performing loans) |
|
15,446 |
|
|
|
17,686 |
|
|
|
7,584 |
|
|
|
1,160 |
|
|
|
8,984 |
|
Modifications to borrowers
experiencing financial difficulty (2) |
|
23,930 |
|
|
|
21,010 |
|
|
|
13,574 |
|
|
|
13,643 |
|
|
|
13,417 |
|
Allowance for loan credit
losses as a percent of total non-performing loans (3) |
|
213.34 |
% |
|
|
254.64 |
% |
|
|
237.28 |
% |
|
|
315.47 |
% |
|
|
325.24 |
% |
Non-performing loans as a
percent of total loans receivable |
|
0.31 |
|
|
|
0.26 |
|
|
|
0.27 |
|
|
|
0.19 |
|
|
|
0.18 |
|
Non-performing assets as a
percent of total assets |
|
0.23 |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
0.14 |
|
|
|
0.14 |
|
(1) |
Since September 30, 2023, non-performing loans included the
remaining exposure of $8.8 million on a commercial real estate
relationship that was partially charged-off during the quarter
ended September 30, 2023. |
(2) |
Balances include both modifications to borrowers experiencing
financial difficulty, in accordance with ASU 2022-02 adopted on
January 1, 2023, and previously existing troubled debt
restructurings. |
(3) |
Loans acquired from prior bank acquisitions were recorded at fair
value. The net unamortized credit and PCD marks on these loans, not
reflected in the allowance for loan credit losses, was $7.0
million, $7.5 million, $8.8 million, $9.8 million
and $10.5 million at March 31, 2024, December 31, 2023,
September 30, 2023, June 30, 2023 and March 31, 2023,
respectively. |
(4) |
All balances and ratios exclude PCD loans. |
NET LOAN (CHARGE-OFFS) RECOVERIES |
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Net loan (charge-offs) recoveries: |
|
|
|
|
|
|
|
|
|
Loan charge-offs |
$ |
(441 |
) |
|
$ |
(98 |
) |
|
$ |
(8,379 |
) |
|
$ |
(206 |
) |
|
$ |
(10 |
) |
Recoveries on loans |
|
92 |
|
|
|
63 |
|
|
|
108 |
|
|
|
83 |
|
|
|
57 |
|
Net loan (charge-offs) recoveries |
$ |
(349 |
) |
|
$ |
(35 |
) |
|
$ |
(8,271 |
) |
|
$ |
(123 |
) |
|
$ |
47 |
|
Net loan (charge-offs) recoveries to average total loans
(annualized) |
|
0.01 |
% |
|
|
— |
% |
|
|
0.33 |
% |
|
|
— |
% |
|
NM* |
Net loan (charge-offs) recoveries detail: |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
(35 |
) |
|
$ |
9 |
|
|
$ |
(8,332 |
) |
|
$ |
(117 |
) |
|
$ |
— |
|
Residential real estate |
|
66 |
|
|
|
9 |
|
|
|
17 |
|
|
|
9 |
|
|
|
8 |
|
Other consumer |
|
(380 |
) |
|
|
(53 |
) |
|
|
44 |
|
|
|
(15 |
) |
|
|
39 |
|
Net loan (charge-offs) recoveries |
$ |
(349 |
) |
|
$ |
(35 |
) |
|
$ |
(8,271 |
) |
|
$ |
(123 |
) |
|
$ |
47 |
|
* Not meaningful as
amounts are net loan recoveries.
OceanFirst Financial Corp.ANALYSIS
OF NET INTEREST INCOME |
|
For the Three Months Ended |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
(dollars in thousands) |
AverageBalance |
|
Interest |
|
AverageYield/Cost
(1) |
|
AverageBalance |
|
Interest |
|
AverageYield/Cost
(1) |
|
AverageBalance |
|
Interest |
|
AverageYield/Cost
(1) |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning deposits and short-term investments |
$ |
163,192 |
|
|
$ |
2,226 |
|
5.49 |
% |
|
$ |
396,843 |
|
|
$ |
5,423 |
|
5.42 |
% |
|
$ |
129,740 |
|
|
$ |
938 |
|
2.93 |
% |
Securities (2) |
|
2,098,421 |
|
|
|
22,255 |
|
4.27 |
|
|
|
1,863,136 |
|
|
|
17,901 |
|
3.81 |
|
|
|
1,955,399 |
|
|
|
16,376 |
|
3.40 |
|
Loans receivable, net (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
6,925,048 |
|
|
|
104,421 |
|
6.06 |
|
|
|
6,937,191 |
|
|
|
105,260 |
|
6.02 |
|
|
|
6,840,006 |
|
|
|
92,780 |
|
5.50 |
|
Residential real estate |
|
2,974,468 |
|
|
|
28,596 |
|
3.85 |
|
|
|
2,957,671 |
|
|
|
27,934 |
|
3.78 |
|
|
|
2,872,049 |
|
|
|
25,161 |
|
3.50 |
|
Other consumer |
|
248,396 |
|
|
|
4,104 |
|
6.65 |
|
|
|
250,300 |
|
|
|
3,916 |
|
6.21 |
|
|
|
263,404 |
|
|
|
3,779 |
|
5.82 |
|
Allowance for loan credit losses, net of deferred loan costs and
fees |
|
(59,141 |
) |
|
|
— |
|
— |
|
|
|
(56,001 |
) |
|
|
— |
|
— |
|
|
|
(50,554 |
) |
|
|
— |
|
— |
|
Loans receivable, net |
|
10,088,771 |
|
|
|
137,121 |
|
5.46 |
|
|
|
10,089,161 |
|
|
|
137,110 |
|
5.40 |
|
|
|
9,924,905 |
|
|
|
121,720 |
|
4.96 |
|
Total interest-earning assets |
|
12,350,384 |
|
|
|
161,602 |
|
5.26 |
|
|
|
12,349,140 |
|
|
|
160,434 |
|
5.16 |
|
|
|
12,010,044 |
|
|
|
139,034 |
|
4.68 |
|
Non-interest-earning assets |
|
1,206,336 |
|
|
|
|
|
|
|
1,243,967 |
|
|
|
|
|
|
|
1,234,549 |
|
|
|
|
|
Total assets |
$ |
13,556,720 |
|
|
|
|
|
|
$ |
13,593,107 |
|
|
|
|
|
|
$ |
13,244,593 |
|
|
|
|
|
Liabilities and Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
3,925,965 |
|
|
|
20,795 |
|
2.13 |
% |
|
$ |
3,908,517 |
|
|
|
19,728 |
|
2.00 |
% |
|
$ |
3,863,338 |
|
|
|
6,269 |
|
0.66 |
% |
Money market |
|
1,092,003 |
|
|
|
9,172 |
|
3.38 |
|
|
|
941,859 |
|
|
|
7,520 |
|
3.17 |
|
|
|
705,631 |
|
|
|
1,759 |
|
1.01 |
|
Savings |
|
1,355,718 |
|
|
|
4,462 |
|
1.32 |
|
|
|
1,446,935 |
|
|
|
5,193 |
|
1.42 |
|
|
|
1,369,118 |
|
|
|
334 |
|
0.10 |
|
Time deposits |
|
2,414,063 |
|
|
|
25,426 |
|
4.24 |
|
|
|
2,596,706 |
|
|
|
27,026 |
|
4.13 |
|
|
|
1,826,662 |
|
|
|
12,968 |
|
2.88 |
|
Total |
|
8,787,749 |
|
|
|
59,855 |
|
2.74 |
|
|
|
8,894,017 |
|
|
|
59,467 |
|
2.65 |
|
|
|
7,764,749 |
|
|
|
21,330 |
|
1.11 |
|
FHLB Advances |
|
644,818 |
|
|
|
7,771 |
|
4.85 |
|
|
|
615,172 |
|
|
|
7,470 |
|
4.82 |
|
|
|
1,222,791 |
|
|
|
14,614 |
|
4.85 |
|
Securities sold under agreements to repurchase |
|
68,500 |
|
|
|
411 |
|
2.41 |
|
|
|
80,181 |
|
|
|
387 |
|
1.91 |
|
|
|
71,898 |
|
|
|
90 |
|
0.51 |
|
Other borrowings (4) |
|
500,901 |
|
|
|
7,341 |
|
5.89 |
|
|
|
321,369 |
|
|
|
5,286 |
|
6.53 |
|
|
|
306,156 |
|
|
|
4,198 |
|
5.56 |
|
Total borrowings |
|
1,214,219 |
|
|
|
15,523 |
|
5.14 |
|
|
|
1,016,722 |
|
|
|
13,143 |
|
5.13 |
|
|
|
1,600,845 |
|
|
|
18,902 |
|
4.79 |
|
Total interest-bearing liabilities |
|
10,001,968 |
|
|
|
75,378 |
|
3.03 |
|
|
|
9,910,739 |
|
|
|
72,610 |
|
2.91 |
|
|
|
9,365,594 |
|
|
|
40,232 |
|
1.74 |
|
Non-interest-bearing deposits |
|
1,634,583 |
|
|
|
|
|
|
|
1,739,499 |
|
|
|
|
|
|
|
2,028,507 |
|
|
|
|
|
Non-interest-bearing liabilities(4) |
|
247,129 |
|
|
|
|
|
|
|
292,170 |
|
|
|
|
|
|
|
240,815 |
|
|
|
|
|
Total liabilities |
|
11,883,680 |
|
|
|
|
|
|
|
11,942,408 |
|
|
|
|
|
|
|
11,634,916 |
|
|
|
|
|
Stockholders’ equity |
|
1,673,040 |
|
|
|
|
|
|
|
1,650,699 |
|
|
|
|
|
|
|
1,609,677 |
|
|
|
|
|
Total liabilities and equity |
$ |
13,556,720 |
|
|
|
|
|
|
$ |
13,593,107 |
|
|
|
|
|
|
$ |
13,244,593 |
|
|
|
|
|
Net interest income |
|
|
$ |
86,224 |
|
|
|
|
|
$ |
87,824 |
|
|
|
|
|
$ |
98,802 |
|
|
Net interest rate spread
(5) |
|
|
|
|
2.23 |
% |
|
|
|
|
|
2.25 |
% |
|
|
|
|
|
2.94 |
% |
Net interest margin (6) |
|
|
|
|
2.81 |
% |
|
|
|
|
|
2.82 |
% |
|
|
|
|
|
3.34 |
% |
Total cost of deposits (including non-interest-bearing
deposits) |
|
|
|
|
2.31 |
% |
|
|
|
|
|
2.22 |
% |
|
|
|
|
|
0.88 |
% |
(1) |
Average yields and costs are annualized. |
(2) |
Amounts represent debt and equity
securities, including FHLB and Federal Reserve Bank stock, and are
recorded at average amortized cost, net of allowance for securities
credit losses. |
(3) |
Amount is net of deferred loan
costs and fees, undisbursed loan funds, discounts and premiums and
allowance for loan credit losses, and includes loans held for sale
and non-performing loans. |
(4) |
For the three months ended March
31, 2023, includes reclassifications to conform with current period
presentation. |
(5) |
Net interest rate spread
represents the difference between the yield on interest-earning
assets and the cost of interest-bearing liabilities. |
(6) |
Net interest margin represents
net interest income divided by average interest-earning
assets. |
OceanFirst Financial Corp.SELECTED
QUARTERLY FINANCIAL DATA(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
Selected Financial Condition Data: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
13,418,978 |
|
$ |
13,538,253 |
|
$ |
13,498,183 |
|
$ |
13,538,903 |
|
$ |
13,555,175 |
Debt securities
available-for-sale, at estimated fair value |
|
744,944 |
|
|
753,892 |
|
|
453,208 |
|
|
452,016 |
|
|
452,195 |
Debt securities
held-to-maturity, net of allowance for securities credit
losses |
|
1,128,666 |
|
|
1,159,735 |
|
|
1,189,339 |
|
|
1,222,507 |
|
|
1,245,424 |
Equity investments |
|
103,201 |
|
|
100,163 |
|
|
97,908 |
|
|
96,452 |
|
|
101,007 |
Restricted equity investments, at cost |
|
85,689 |
|
|
93,766 |
|
|
82,484 |
|
|
105,305 |
|
|
115,750 |
Loans receivable, net of
allowance for loan credit losses |
|
10,068,209 |
|
|
10,136,721 |
|
|
10,068,156 |
|
|
10,030,106 |
|
|
9,986,949 |
Deposits |
|
10,236,851 |
|
|
10,434,949 |
|
|
10,533,929 |
|
|
10,158,337 |
|
|
9,993,095 |
Federal Home Loan Bank advances |
|
658,436 |
|
|
848,636 |
|
|
606,056 |
|
|
1,091,666 |
|
|
1,346,566 |
Securities sold under
agreements to repurchase and other borrowings |
|
492,520 |
|
|
269,604 |
|
|
279,164 |
|
|
270,377 |
|
|
266,601 |
Total stockholders’ equity |
|
1,665,837 |
|
|
1,661,945 |
|
|
1,637,604 |
|
|
1,626,283 |
|
|
1,610,371 |
|
For the Three Months Ended, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Selected Operating Data: |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
161,602 |
|
|
$ |
160,434 |
|
$ |
158,410 |
|
|
$ |
150,096 |
|
|
$ |
139,034 |
|
Interest expense |
|
75,378 |
|
|
|
72,610 |
|
|
67,414 |
|
|
|
57,987 |
|
|
|
40,232 |
|
Net interest income |
|
86,224 |
|
|
|
87,824 |
|
|
90,996 |
|
|
|
92,109 |
|
|
|
98,802 |
|
Provision for credit losses |
|
591 |
|
|
|
3,153 |
|
|
10,283 |
|
|
|
1,229 |
|
|
|
3,013 |
|
Net interest income after provision for credit losses |
|
85,633 |
|
|
|
84,671 |
|
|
80,713 |
|
|
|
90,880 |
|
|
|
95,789 |
|
Other income (excluding
activity related to debt and equity investments and sale of trust
business) |
|
9,201 |
|
|
|
9,685 |
|
|
9,310 |
|
|
|
9,487 |
|
|
|
9,571 |
|
Net gain (loss) on equity investments |
|
1,923 |
|
|
|
2,176 |
|
|
1,452 |
|
|
|
(559 |
) |
|
|
(2,193 |
) |
Net loss on sale of
investments |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(5,305 |
) |
Net gain on sale of trust business |
|
1,162 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating expenses (excluding
FDIC special assessment, merger related and branch consolidation
expense, net) |
|
58,254 |
|
|
|
58,526 |
|
|
64,484 |
|
|
|
62,930 |
|
|
|
61,217 |
|
FDIC special assessment |
|
418 |
|
|
|
1,663 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Branch consolidation expense, net |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
70 |
|
Merger related expenses |
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Income before provision for income taxes |
|
39,247 |
|
|
|
36,343 |
|
|
26,991 |
|
|
|
36,878 |
|
|
|
36,553 |
|
Provision for income taxes |
|
10,637 |
|
|
|
8,591 |
|
|
6,459 |
|
|
|
8,996 |
|
|
|
8,654 |
|
Net income |
|
28,610 |
|
|
|
27,752 |
|
|
20,532 |
|
|
|
27,882 |
|
|
|
27,899 |
|
Net (loss) income attributable to non-controlling interest |
|
(57 |
) |
|
|
70 |
|
|
(135 |
) |
|
|
85 |
|
|
|
16 |
|
Net income attributable to OceanFirst Financial Corp. |
$ |
28,667 |
|
|
$ |
27,682 |
|
$ |
20,667 |
|
|
$ |
27,797 |
|
|
$ |
27,883 |
|
Net income available to common stockholders |
$ |
27,663 |
|
|
$ |
26,678 |
|
$ |
19,663 |
|
|
$ |
26,793 |
|
|
$ |
26,879 |
|
Diluted earnings per share |
$ |
0.47 |
|
|
$ |
0.46 |
|
$ |
0.33 |
|
|
$ |
0.45 |
|
|
$ |
0.46 |
|
Net accretion/amortization of
purchase accounting adjustments included in net interest
income |
$ |
921 |
|
|
$ |
1,604 |
|
$ |
1,745 |
|
|
$ |
1,152 |
|
|
$ |
1,237 |
|
|
At or For the Three Months Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Selected Financial Ratios and Other
Data(1) (2): |
|
|
|
|
|
|
|
|
|
Performance Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
Return on average assets (3) |
0.82 |
% |
|
0.78 |
% |
|
0.57 |
% |
|
0.80 |
% |
|
0.82 |
% |
Return on average tangible assets (3) (4) |
0.85 |
|
|
0.81 |
|
|
0.59 |
|
|
0.83 |
|
|
0.86 |
|
Return on average stockholders’ equity (3) |
6.65 |
|
|
6.41 |
|
|
4.75 |
|
|
6.61 |
|
|
6.77 |
|
Return on average tangible stockholders’ equity (3) (4) |
9.61 |
|
|
9.33 |
|
|
6.93 |
|
|
9.70 |
|
|
10.00 |
|
Return on average tangible common equity (3) (4) |
10.09 |
|
|
9.81 |
|
|
7.29 |
|
|
10.21 |
|
|
10.53 |
|
Stockholders’ equity to total assets |
12.41 |
|
|
12.28 |
|
|
12.13 |
|
|
12.01 |
|
|
11.88 |
|
Tangible stockholders’ equity to tangible assets (4) |
8.92 |
|
|
8.80 |
|
|
8.64 |
|
|
8.51 |
|
|
8.37 |
|
Tangible common equity to tangible assets (4) |
8.49 |
|
|
8.38 |
|
|
8.21 |
|
|
8.09 |
|
|
7.95 |
|
Net interest rate spread |
2.23 |
|
|
2.25 |
|
|
2.37 |
|
|
2.52 |
|
|
2.94 |
|
Net interest margin |
2.81 |
|
|
2.82 |
|
|
2.91 |
|
|
3.02 |
|
|
3.34 |
|
Operating expenses to average assets |
1.74 |
|
|
1.76 |
|
|
1.88 |
|
|
1.87 |
|
|
1.88 |
|
Efficiency ratio (5) |
59.56 |
|
|
60.38 |
|
|
63.37 |
|
|
62.28 |
|
|
60.78 |
|
Loan-to-deposit ratio |
98.90 |
|
|
97.70 |
|
|
96.10 |
|
|
99.30 |
|
|
100.50 |
|
|
At or For the Three Months Ended |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Trust and Asset Management: |
|
|
|
|
|
|
|
|
|
Wealth assets under administration and management (“AUA/M”) |
$ |
236,891 |
|
|
$ |
335,769 |
|
|
$ |
336,913 |
|
|
$ |
339,890 |
|
|
$ |
333,436 |
|
Nest Egg AUA/M |
|
407,478 |
|
|
|
401,420 |
|
|
|
385,317 |
|
|
|
397,927 |
|
|
|
400,227 |
|
Total AUA/M |
|
644,369 |
|
|
|
737,189 |
|
|
|
722,230 |
|
|
|
737,817 |
|
|
|
733,663 |
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
Cash dividends per common share |
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
Book value per common share at end of period |
|
28.32 |
|
|
|
27.96 |
|
|
|
27.56 |
|
|
|
27.37 |
|
|
|
27.07 |
|
Tangible book value per common share at end of period (4) |
|
18.63 |
|
|
|
18.35 |
|
|
|
17.93 |
|
|
|
17.72 |
|
|
|
17.42 |
|
Common shares outstanding at end of period |
|
58,812,498 |
|
|
|
59,447,684 |
|
|
|
59,421,498 |
|
|
|
59,420,859 |
|
|
|
59,486,086 |
|
Preferred shares outstanding at end of period |
|
57,370 |
|
|
|
57,370 |
|
|
|
57,370 |
|
|
|
57,370 |
|
|
|
57,370 |
|
Number of full-service customer facilities: |
|
39 |
|
|
|
39 |
|
|
|
38 |
|
|
|
38 |
|
|
|
38 |
|
Quarterly Average Balances |
|
|
|
|
|
|
|
|
|
Total securities |
$ |
2,098,421 |
|
|
$ |
1,863,136 |
|
|
$ |
1,873,450 |
|
|
$ |
1,931,032 |
|
|
$ |
1,955,399 |
|
Loans receivable, net |
|
10,088,771 |
|
|
|
10,089,161 |
|
|
|
10,040,522 |
|
|
|
10,010,785 |
|
|
|
9,924,905 |
|
Total interest-earning assets |
|
12,350,384 |
|
|
|
12,349,140 |
|
|
|
12,384,797 |
|
|
|
12,250,055 |
|
|
|
12,010,044 |
|
Total goodwill and core deposit intangible |
|
515,356 |
|
|
|
516,289 |
|
|
|
517,282 |
|
|
|
518,265 |
|
|
|
519,282 |
|
Total assets |
|
13,556,720 |
|
|
|
13,593,107 |
|
|
|
13,637,213 |
|
|
|
13,467,721 |
|
|
|
13,244,593 |
|
Time deposits |
|
2,414,063 |
|
|
|
2,596,706 |
|
|
|
2,867,921 |
|
|
|
2,458,872 |
|
|
|
1,826,662 |
|
Total deposits (including non-interest-bearing deposits) |
|
10,422,332 |
|
|
|
10,633,516 |
|
|
|
10,626,159 |
|
|
|
9,993,010 |
|
|
|
9,793,256 |
|
Total borrowings |
|
1,214,219 |
|
|
|
1,016,722 |
|
|
|
1,095,173 |
|
|
|
1,603,126 |
|
|
|
1,600,845 |
|
Total interest-bearing liabilities |
|
10,001,968 |
|
|
|
9,910,739 |
|
|
|
9,880,134 |
|
|
|
9,722,910 |
|
|
|
9,365,594 |
|
Non-interest bearing deposits |
|
1,634,583 |
|
|
|
1,739,499 |
|
|
|
1,841,198 |
|
|
|
1,873,226 |
|
|
|
2,028,507 |
|
Stockholders' equity |
|
1,673,040 |
|
|
|
1,650,699 |
|
|
|
1,642,899 |
|
|
|
1,626,693 |
|
|
|
1,609,677 |
|
Tangible stockholders’ equity (4) |
|
1,157,684 |
|
|
|
1,134,410 |
|
|
|
1,125,617 |
|
|
|
1,108,428 |
|
|
|
1,090,395 |
|
|
|
|
|
|
|
|
|
|
|
Quarterly Yields and Costs |
|
|
|
|
|
|
|
|
|
Total securities |
|
4.27 |
% |
|
|
3.81 |
% |
|
|
3.82 |
% |
|
|
3.47 |
% |
|
|
3.40 |
% |
Loans receivable, net |
|
5.46 |
|
|
|
5.40 |
|
|
|
5.30 |
|
|
|
5.17 |
|
|
|
4.96 |
|
Total interest-earning assets |
|
5.26 |
|
|
|
5.16 |
|
|
|
5.08 |
|
|
|
4.91 |
|
|
|
4.68 |
|
Time deposits |
|
4.24 |
|
|
|
4.13 |
|
|
|
4.06 |
|
|
|
3.57 |
|
|
|
2.88 |
|
Total cost of deposits (including non-interest-bearing
deposits) |
|
2.31 |
|
|
|
2.22 |
|
|
|
1.99 |
|
|
|
1.52 |
|
|
|
0.88 |
|
Total borrowed funds |
|
5.14 |
|
|
|
5.13 |
|
|
|
5.12 |
|
|
|
5.02 |
|
|
|
4.79 |
|
Total interest-bearing liabilities |
|
3.03 |
|
|
|
2.91 |
|
|
|
2.71 |
|
|
|
2.39 |
|
|
|
1.74 |
|
Net interest spread |
|
2.23 |
|
|
|
2.25 |
|
|
|
2.37 |
|
|
|
2.52 |
|
|
|
2.94 |
|
Net interest margin |
|
2.81 |
|
|
|
2.82 |
|
|
|
2.91 |
|
|
|
3.02 |
|
|
|
3.34 |
|
(1) |
With the exception of end of quarter ratios, all ratios are based
on average daily balances. |
(2) |
Performance ratios for each
period are presented on a GAAP basis and include non-core
operations. Refer to “Non-GAAP Reconciliation.” |
(3) |
Ratios for each period are based
on net income available to common stockholders. |
(4) |
Tangible stockholders’ equity and
tangible assets exclude intangible assets related to goodwill and
core deposit intangible. Tangible common equity (also referred to
as “tangible book value”) excludes goodwill, core deposit
intangible and preferred equity. Refer to “Non-GAAP
Reconciliation.” |
(5) |
Efficiency ratio represents the
ratio of operating expenses to the aggregate of other income and
net interest income. |
OceanFirst Financial Corp.OTHER
ITEMS (dollars in thousands, except per share
amounts) |
|
NON-GAAP
RECONCILIATION |
|
|
For the Three Months Ended |
|
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Core Earnings: |
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders
(GAAP) |
|
$ |
27,663 |
|
|
$ |
26,678 |
|
|
$ |
19,663 |
|
|
$ |
26,793 |
|
|
$ |
26,879 |
|
(Less) add non-recurring and non-core items: |
|
|
|
|
|
|
|
|
|
|
Net (gain) loss on equity investments(1) |
|
|
(1,923 |
) |
|
|
(2,176 |
) |
|
|
(1,452 |
) |
|
|
559 |
|
|
|
2,193 |
|
Net loss on sale of investments(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,305 |
|
Net gain on sale of trust business |
|
|
(1,162 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
FDIC special assessment |
|
|
418 |
|
|
|
1,663 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Merger related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
Branch consolidation expense, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
70 |
|
Income tax expense (benefit) on items |
|
|
642 |
|
|
|
129 |
|
|
|
351 |
|
|
|
(162 |
) |
|
|
(1,797 |
) |
Core earnings (Non-GAAP) |
|
$ |
25,638 |
|
|
$ |
26,294 |
|
|
$ |
18,562 |
|
|
$ |
27,190 |
|
|
$ |
32,672 |
|
Income tax expense |
|
$ |
10,637 |
|
|
$ |
8,591 |
|
|
$ |
6,459 |
|
|
$ |
8,996 |
|
|
$ |
8,654 |
|
Provision for credit losses |
|
|
591 |
|
|
|
3,153 |
|
|
|
10,283 |
|
|
|
1,229 |
|
|
|
3,013 |
|
Less: income tax expense (benefit) on non-core items |
|
|
642 |
|
|
|
129 |
|
|
|
351 |
|
|
|
(162 |
) |
|
|
(1,797 |
) |
Core earnings PTPP (Non-GAAP) |
|
$ |
36,224 |
|
|
$ |
37,909 |
|
|
$ |
34,953 |
|
|
$ |
37,577 |
|
|
$ |
46,136 |
|
Core earnings diluted earnings per share |
|
$ |
0.44 |
|
|
$ |
0.45 |
|
|
$ |
0.32 |
|
|
$ |
0.46 |
|
|
$ |
0.55 |
|
Core earnings PTPP diluted earnings per share |
|
$ |
0.62 |
|
|
$ |
0.65 |
|
|
$ |
0.59 |
|
|
$ |
0.64 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
|
Core Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
0.76 |
% |
|
|
0.77 |
% |
|
|
0.54 |
% |
|
|
0.81 |
% |
|
|
1.00 |
% |
Return on average tangible stockholders’ equity |
|
|
8.91 |
|
|
|
9.20 |
|
|
|
6.54 |
|
|
|
9.84 |
|
|
|
12.15 |
|
Return on average tangible common equity |
|
|
9.36 |
|
|
|
9.67 |
|
|
|
6.88 |
|
|
|
10.36 |
|
|
|
12.80 |
|
Efficiency ratio |
|
|
61.05 |
|
|
|
60.02 |
|
|
|
64.29 |
|
|
|
61.94 |
|
|
|
56.49 |
|
(1) |
The sale of specific positions in two financial institutions
impacted both equity investments and debt securities for the three
months ended March 31, 2023. On the Consolidated Statements of
Income, the losses on sale of equity investments and debt
securities are reported within net gain (loss) on equity
investments ($4.6 million) and other ($697,000), respectively, for
the three months ended March 31, 2023. |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Tangible Equity: |
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
$ |
1,665,837 |
|
|
$ |
1,661,945 |
|
|
$ |
1,637,604 |
|
|
$ |
1,626,283 |
|
|
$ |
1,610,371 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
Core deposit intangible |
|
8,669 |
|
|
|
9,513 |
|
|
|
10,489 |
|
|
|
11,476 |
|
|
|
12,470 |
|
Tangible stockholders' equity |
|
1,151,022 |
|
|
|
1,146,286 |
|
|
|
1,120,969 |
|
|
|
1,108,661 |
|
|
|
1,091,755 |
|
Less: |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
55,527 |
|
|
|
55,527 |
|
|
|
55,527 |
|
|
|
55,527 |
|
|
|
55,527 |
|
Tangible common equity |
$ |
1,095,495 |
|
|
$ |
1,090,759 |
|
|
$ |
1,065,442 |
|
|
$ |
1,053,134 |
|
|
$ |
1,036,228 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Assets: |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
13,418,978 |
|
|
$ |
13,538,253 |
|
|
$ |
13,498,183 |
|
|
$ |
13,538,903 |
|
|
$ |
13,555,175 |
|
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
|
|
506,146 |
|
Core deposit intangible |
|
8,669 |
|
|
|
9,513 |
|
|
|
10,489 |
|
|
|
11,476 |
|
|
|
12,470 |
|
Tangible assets |
$ |
12,904,163 |
|
|
$ |
13,022,594 |
|
|
$ |
12,981,548 |
|
|
$ |
13,021,281 |
|
|
$ |
13,036,559 |
|
|
|
|
|
|
|
|
|
|
|
Tangible stockholders' equity to tangible assets |
|
8.92 |
% |
|
|
8.80 |
% |
|
|
8.64 |
% |
|
|
8.51 |
% |
|
|
8.37 |
% |
Tangible common equity to tangible assets |
|
8.49 |
% |
|
|
8.38 |
% |
|
|
8.21 |
% |
|
|
8.09 |
% |
|
|
7.95 |
% |
Company Contact:
Patrick S.
BarrettChief Financial
OfficerOceanFirst Financial
Corp.Tel: (732) 240-4500, ext.
27507Email: pbarrett@oceanfirst.com
OceanFirst Financial (NASDAQ:OCFC)
Historical Stock Chart
From Jul 2024 to Aug 2024
OceanFirst Financial (NASDAQ:OCFC)
Historical Stock Chart
From Aug 2023 to Aug 2024