Oceanfirst Financial Corp (OCFC) 10-Q Quarterly Report November 2019

RED BANK, NEW JERSEY, October 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 $25.0 million, or $0.49 per diluted share, for the three months ended September 30, 2019, as compared to $24.1 million, or $0.50 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2019, net income was $65.1 million, or $1.28 per diluted share, as compared to $45.2 million, or $0.95 per diluted share, for the corresponding prior year period.

The results of operations for the three months ended September 30, 2019 include merger related expenses, branch consolidation expenses and non-recurring professional fees, which decreased net income, net of tax benefit, by $2.6 million. The results of operations for the nine months ended September 30, 2019 include merger related expenses, branch consolidation expenses, non-recurring professional fees, and compensation expense due to the retirement of an executive officer, which decreased net income, net of tax benefit, by $14.0 million. Excluding these items, core earnings for the three and nine months ended September 30, 2019 were $27.5 million, or $0.54 per diluted share, and $79.1 million, or $1.56 per diluted share, respectively. (Please refer to the Non-GAAP Reconciliation table at the end of this document for

The following information was filed by Oceanfirst Financial Corp (OCFC) on Friday, October 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-Q Quarterly 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-Q Quarterly Report:

Financial - Debt Highlight
The Company's cash needs for the nine months ended September 30, 2019 were primarily satisfied by principal payments on mortgage-backed securities, proceeds from maturities and calls of debt securities, increased borrowings and acquired cash from Capital Bank.

Financial - Debt Highlight
The Company's cash needs for the nine months ended September 30, 2018 were primarily satisfied by principal payments on loans and mortgage-backed securities, proceeds from maturities and calls of debt securities, and increased borrowings.
Financial - Expense Highlight
For the three and nine months ended September 30, 2019, the cost of average interest-bearing liabilities increased to 0.98% and 0.95%, respectively, from 0.74% and 0.66%, respectively, in the corresponding prior year periods.
Financial - Earnings Highlight
Net income for the three and nine months ended September 30, 2018 included merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $1.6 million and $22.9 million, respectively.
Financial - Earnings
Net income for the three...Read more
Financial - Earnings
The averages for the three...Read more
Financial - Earnings
Net income for the nine...Read more
Financial - Earnings
Net income for the nine...Read more
Financial - Earnings
The net interest margin for...Read more
Financial - Earnings
Net income for the three...Read more
Financial - Earnings
Net income for the three...Read more
Financial - Shares
Tangible stockholders' equity per common...Read more
Financial - Dividend
The increase in dividends was...Read more
Financial - Shares
(2) Tangible stockholders' equity and...Read more
Other - Other
The Company has a detailed...Read more
Other - Other
At September 30, 2019, the...Read more
Revenue - Product
The Company's primary sources of...Read more
Other - Other
The use of different judgments,...Read more
M & A - Other
The core deposit intangible decreased...Read more
Financial - Dividend
The dividend is payable on...Read more
M & A - Other
Excluding the Capital Bank acquisition,...Read more
Other - Other
FHLB advances, including overnight borrowings,...Read more
M & A - Other
Total assets increased by $619.0...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Financial - Earnings
For the three and nine...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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

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

Exhibit 32.0: Section 1350 Certification

Ticker: OCFC
CIK: 1004702
Form Type: 10-Q Quarterly Report
Accession Number: 0001004702-19-000126
Submitted to the SEC: Thu Nov 07 2019 11:52:00 AM EST
Accepted by the SEC: Thu Nov 07 2019
Period: Monday, September 30, 2019
Industry: Savings Institution Federally Chartered