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Oceanfirst Financial Corp (OCFC) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Oceanfirst Financial Corp

CIK: 1004702 Ticker: OCFC

oceanfirstpressreleas06.jpg
 
Press Release

Exhibit 99.1

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 SECOND QUARTER EARNINGS AND
FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 25, 2019…OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income was $19.0 million, or $0.37 per diluted share, for the three months ended June 30, 2019, as compared to $15.7 million, or $0.32 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2019, net income was $40.2 million, or $0.79 per diluted share, as compared to $21.1 million, or $0.45 per diluted share, for the corresponding prior year period.
The results of operations for the three and six months ended June 30, 2019 include merger related expenses, branch consolidation expenses and compensation expense due to the retirement of an executive officer, which decreased net income, net of tax benefit, by $7.0 million and $11.4 million, respectively. Excluding these items, core earnings for the three and six months ended June 30, 2019 were $26.0 million, or $0.51 per diluted share, and $51.6 million, or $1.02 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 expenses, branch consolidation expenses, and compensation expense due to the retirement of an executive officer).

1

The following information was filed by Oceanfirst Financial Corp (OCFC) on Friday, July 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Oceanfirst Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Oceanfirst Financial Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited) (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
Basis Of Presentation
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Schedule Of Supplemental Pro Forma Financial Information (Detail)
Business Combinations - Summary Of Assets Acquired And Liabilities Assumed And Their Initial Fair Value Estimates (Detail)
Deposits
Deposits (Tables)
Deposits - Additional Information (Detail)
Deposits - Summary Of Major Types Of 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)
Fair Value Measurements
Fair Value Measurements (Tables)
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)
Leases
Leases (Tables)
Leases - Future Minimum Payments For Operating And Financing Leases (Details)
Leases - Narrative (Details)
Leases - Schedule Of Lease Costs And Other Lease Information (Details)
Leases - Schedule Of Right-Of-Use Assets And Lease Liabilities (Details)
Leases - Schedule Of Weighted Average Remaining Lease Term And Discount Rate (Details)
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 Losses 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 - Components Of Loans Receivable, Net (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 - Troubled Debt Restructurings (Detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Policies)
Recent Accounting Pronouncements - Narrative (Details)
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)

Material Contracts, Statements, Certifications & more

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

Ticker: OCFC
CIK: 1004702
Form Type: 10-Q Quarterly Report
Accession Number: 0001004702-19-000109
Submitted to the SEC: Wed Aug 07 2019 12:41:41 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Savings Institution Federally Chartered

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