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Oceanfirst Financial Corp (OCFC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Oceanfirst Financial Corp

CIK: 1004702 Ticker: OCFC
Exhibit 99.1
oceanfirstpressreleasimage1a.jpg
 
Press Release


Company Contact:                                        

Michael J. Fitzpatrick
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 7506
Email: Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE


OCEANFIRST FINANCIAL CORP.
ANNOUNCES RECORD QUARTERLY AND ANNUAL
FINANCIAL RESULTS


RED BANK, NEW JERSEY, JANUARY 24, 2019…OceanFirst Financial Corp. (NASDAQ:”OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income was $26.7 million, or $0.55 per diluted share, for the quarter ended December 31, 2018, as compared to $10.0 million, or $0.30 per diluted share, for the corresponding prior year quarter. For the year ended December 31, 2018, net income was $71.9 million, or $1.51 per diluted share, as compared to $42.5 million, or $1.28 per diluted share, for the corresponding prior year period.
The results of operations for the quarter and year ended December 31, 2018 include merger related expenses, branch consolidation expenses and a reduction of income tax expense from the revaluation of the Company’s deferred tax asset as a result of the Tax Cuts and Jobs Act (“Tax Reform”). These items increased net income, net of tax, by $696,000 for the quarter and decreased net income, net of tax, by $22.2 million, for the year. Excluding these items, core earnings for the quarter and year ended December 31, 2018 were $26.0 million, or $0.54 per diluted share, and $94.1 million, or $1.98 per diluted share, respectively. (Please refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of merger related and branch consolidation expenses and the impact of Tax Reform).



The following information was filed by Oceanfirst Financial Corp (OCFC) on Friday, January 25, 2019 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:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (Parenthetical)
Consolidated Statements Of Income
Borrowed Funds
Borrowed Funds (Tables)
Borrowed Funds - Additional Information (Detail)
Borrowed Funds - Contractual Maturities Of Fhlb Advances And Reverse Repurchase Agreements (Detail)
Borrowed Funds - Interest Expense On Borrowings (Detail)
Borrowed Funds - Schedule Of Other Borrowings (Detail)
Borrowed Funds - Summary Of Borrowed Funds (Detail)
Borrowed Funds - Summary Of Federal Home Loan Bank Advances And Securities Sold Under Agreements To Repurchase (Detail)
Business Combination
Business Combination (Tables)
Business Combination - Additional Information (Detail)
Business Combination - Schedule Of Future Amortization Expense (Details)
Business Combination - Schedule Of Merger Related Expenses (Details)
Business Combination - Schedule Of Supplemental Pro Forma Financial Information (Details)
Business Combination - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed At Date Of Acquisition (Detail)
Commitments, Contingencies And Concentrations Of Credit Risk
Commitments, Contingencies And Concentrations Of Credit Risk (Tables)
Commitments, Contingencies And Concentrations Of Credit Risk - Additional Information (Detail)
Commitments, Contingencies And Concentrations Of Credit Risk - Summary Of Commitments And Contingent Liabilities (Detail)
Commitments, Contingencies And Concentrations Of Credit Risk - Summary Of Projected Minimum Rental Commitments (Detail)
Deposits
Deposits (Tables)
Deposits - Additional Information (Detail)
Deposits - Summary Of Deposits Including Accrued Interest Payable (Detail)
Deposits - Summary Of Interest Expense On Deposits (Detail)
Deposits - Summary Of Time Deposits (Detail)
Derivatives, Hedging Activities And Other Financial Instruments
Derivatives, Hedging Activities And Other Financial Instruments (Tables)
Derivatives, Hedging Activities And Other Financial Instruments - Narrative (Details)
Derivatives, Hedging Activities And Other Financial Instruments - Notional And Fair Value Of Derivatives Assets And Liabilities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Reconciliation Of Shares Outstanding For Basic And Diluted Earnings Per Share (Detail)
Employee Stock Ownership Plan
Employee Stock Ownership Plan - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Book Value And Estimated Fair Value Of Bank's Significant Financial Instruments Not Recorded At Fair Value (Detail)
Fair Value Measurements - Financial Assets And Financial Liabilities Measured At Fair Value (Detail)
Incentive Plan
Incentive Plan (Tables)
Incentive Plan - Additional Information (Detail)
Incentive Plan - Summary Of Fair Value Of Stock Options Granted (Detail)
Incentive Plan - Summary Of Granted But Unvested Stock Award Activity (Detail)
Incentive Plan - Summary Of Option Activity (Detail)
Incentive Plan - Summary Of Stock Options Outstanding (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Income Tax Expense Benefit (Detail)
Income Taxes - Schedule Of Income Tax Reconciliation (Detail)
Income Taxes - Schedule Of Significant Portions Of Deferred Tax Assets And Liabilities (Detail)
Interest And Dividends Receivable
Interest And Dividends Receivable (Tables)
Interest And Dividends Receivable - Summary Of Interest And Dividends Receivable (Detail)
Loans Receivable, Net
Loans Receivable, Net (Tables)
Loans Receivable, Net - Additional Information (Detail)
Loans Receivable, Net - Aging Of Recorded Investment In Past Due Loans Excluding Pci Loans (Detail)
Loans Receivable, Net - Allowance For Loan Loses And Recorded Investment In Loans By Portfolio Segment And Based On Impairment Method Excluding Pci Loans (Detail)
Loans Receivable, Net - Analysis Of Allowance For Loan Losses (Detail)
Loans Receivable, Net - Pci Loans Acquired (Detail)
Loans Receivable, Net - Recorded Investment In Non-Accrual Loans By Loan Portfolio Segment Excluding Pci Loans (Detail)
Loans Receivable, Net - Recorded Investment In Residential And Consumer Loans Based On Payment Activity Excluding Pci Loans (Detail)
Loans Receivable, Net - Risk Category Of Loans By Loan Portfolio Segment Excluding Pci Loans (Detail)
Loans Receivable, Net - Summary Of Changes In Accretable Yield (Detail)
Loans Receivable, Net - Summary Of Impaired Loans Excluding Pci Loans (Detail)
Loans Receivable, Net - Summary Of Loans Individually Evaluated For Impairment By Loan Portfolio Segment Excluding Pci Loans (Detail)
Loans Receivable, Net - Summary Of Loans Receivable (Detail)
Loans Receivable, Net - Troubled Debt Restructurings (Detail)
Parent-Only Financial Information
Parent-Only Financial Information (Tables)
Parent-Only Financial Information - Condensed Statements Of Cash Flows (Detail)
Parent-Only Financial Information - Condensed Statements Of Financial Condition (Detail)
Parent-Only Financial Information - Condensed Statements Of Operations (Detail)
Premises And Equipment, Net
Premises And Equipment, Net (Tables)
Premises And Equipment, Net - Narrative (Details)
Premises And Equipment, Net - Summary Of Premises And Equipment (Detail)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Additional Information (Detail)
Regulatory Matters - Summary Of Regulatory Capital Amounts And Ratios (Detail)
Securities
Securities (Tables)
Securities - Additional Information (Detail)
Securities - Amortized Cost And Estimated Fair Value Of Investment Securities By Contractual Maturity (Detail)
Securities - Amortized Cost And Estimated Fair Value Of Securities Available-For-Sale And Held-To-Maturity (Detail)
Securities - Amortized Cost, Estimated Fair Value And Credit Rating Of Corporate Debt Securities (Detail)
Securities - Carrying Value Of Held-To-Maturity Investment Securities (Detail)
Securities - Estimated Fair Value And Unrealized Loss For Securities Available-For-Sale And Held-To-Maturity (Detail)
Selected Consolidated Quarterly Financial Data
Selected Consolidated Quarterly Financial Data (Tables)
Selected Consolidated Quarterly Financial Data - Summary Of Consolidated Quarterly Financial Data (Detail)
Subsequent Event
Subsequent Event - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

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

Ticker: OCFC
CIK: 1004702
Form Type: 10-K Annual Report
Accession Number: 0001004702-19-000076
Submitted to the SEC: Fri Mar 15 2019 5:14:59 PM EST
Accepted by the SEC: Mon Mar 18 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered

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