Oceanfirst Financial Corp (OCFC) 10K Annual Reports & 10Q SEC Filings

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $52.3 million, or $0.89 per diluted share, for the quarter ended December 31, 2022, as compared to $37.6 million, or $0.64 per diluted share, for the prior linked quarter, and $21.7 million, or $0.37 per diluted share, for the corresponding prior year period. For the year ended December 31, 2022, the Company reported net income available to common stockholders of $142.6 million, or $2.42 per diluted share, as compared to $106.1 million, or $1.78 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):


	For the Three Months Ended,						For the Year Ended,
Performance Ratios (Quarterly Ratios Annualized):	December 31,		September 30,		December 31,		December 31,		December 31,
	2022		2022		2021		2022		2021
Return on average assets	1.62	%	1.19	%	0.72	%	1.15	%	0.91	%
Return on average stockholders’ equity	13.25		9.68		5.65		9.24		7.02
Return on average tangible stockholders’ equity (a)	19.85		14.62		8.59		13.96		10.73
Return on average tangible common equity (a)	20.97		15.47		9.09		14.76		11.37
Efficiency ratio	44.56		53.10		72.04		53.80		63.50
Net interest margin	3.64		3.36		2.99		3.37		2.93

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, 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.

The following information was filed by Oceanfirst Financial Corp (OCFC) on Thursday, January 19, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Oceanfirst Financial Corp's 10-K Annual Report:

M & A - Other Highlight
(2)Performance ratios for 2022 included a net benefit related to merger related expenses, net branch consolidation expense, and gain on equity investments of $6.2 million, or $4.6 million, net of tax expense.

Financial - Debt Highlight
The Company's cash needs for the year ended December 31, 2021 were primarily satisfied by the increase in deposits, principal repayments on debt securities held-to-maturity, and proceeds from maturities and calls of debt securities.
Financial - Earnings Highlight
Average interest-earning assets increased by $779.9 million for the year ended December 31, 2022, as compared to the prior year, primarily due to loan growth and, to a lesser extent securities growth, funded by the redeployment of excess cash and increased FHLB advances.
Financial - Expense Highlight
Performance ratios for 2020 included a net expense related to a net gain on equity investments, gain on sale of PPP loans, FHLB advance prepayment fees, merger related expenses, net branch consolidation expenses, and Two River Bancorp ("Two River") and Country bank Holding Company, Inc. ("Country Bank") opening credit loss expense under the CECL model of $14.3 million, or $11.0 million, net of tax benefit.
Financial - Shares Highlight
On June 25, 2021, the Company announced the authorization to repurchase up to an additional 5% of the Company's outstanding common stock, or 3.0 million shares.
Financial - Expense
Performance ratios for 2021 included...Read more
Financial - Income
The increase was driven by...Read more
Financial - Income
Net Interest Income and Margin...Read more
Financial - Income
Impact of New Accounting Pronouncements...Read more
Financial - Income
The Company also generates non-interest...Read more
Financial - Expense
The impact of inflation is...Read more
Financial - Expense
The credit loss expense for...Read more
Financial - Dividend
The increase in dividends was...Read more
Financial - Expense
For the year ended December...Read more
Financial - Shares
Stockholders' equity per common share...Read more
Financial - Expense
The remaining increase of $18.4...Read more
M & A - Other
The Company's acquisitions over recent...Read more
Financial - Income
Enhancing Non-Interest Income Management continues...Read more
Other - Other
Impact of Inflation and Changing...Read more
Other - Other
The Company has a detailed...Read more
Financial - Income
Income Tax Expense The provision...Read more
Other - Other
The Company's LIBOR transition plan...Read more
Financial - Expense
Other increases included compensation and...Read more
Financial - Debt
The Company's cash needs for...Read more
Other - Other
Allowance for credit losses in...Read more
Financial - Earnings
Net interest margin increased to...Read more
Financial - Shares
The Bank is focused on...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
Other - Other
The use of different judgments,...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income for the year...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income for the year...Read more
Financial - Debt
Accumulated other comprehensive loss increased...Read more
Financial - Income
To accomplish these objectives, the...Read more
Financial - Expense
Non-interest Expense Operating expenses for...Read more
Revenue - Product
Subjective factors include local competition;...Read more
Other - Other
Trident provides commercial and residential...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Debt
Total debt securities decreased by...Read more
Other - Other
The Bank has benefited from...Read more
Revenue - Product
These increases were partly offset...Read more
Financial - Shares
Net gains on equity investments...Read more
Other - Other
The Bank competes with larger,...Read more
Other - Other
Total loans increased by $1.30...Read more
Other - Other
Total loans increased by $1.30...Read more
Other - Other
Comparison of Financial Condition at...Read more
Other - Other
Allowance for Credit Losses ("ACL")...Read more
Other - Other
Other liabilities increased by $224.1...Read more
Other - Other
Contract language for existing loans,...Read more
Other - Other
The Company continues to manage...Read more
Other - Other
Branch Rationalization and Service Delivery...Read more
Financial - Expense
Credit Loss Expense (Benefit) Credit...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Oceanfirst Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: OCFC
CIK: 1004702
Form Type: 10-K Annual Report
Accession Number: 0001004702-23-000017
Submitted to the SEC: Fri Feb 24 2023 4:17:06 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: Savings Institution Federally Chartered