Oceanfirst Financial Corp (OCFC) 10-Q Quarterly Report Mon May 11 2020

RED BANK, NEW JERSEY, April 23, 2020…OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income was $16.5 million, or $0.27 per diluted share, for the quarter ended March 31, 2020, as compared to $21.2 million, or $0.42 per diluted share, for the corresponding prior year period.

The results of operations for the quarter ended March 31, 2020 include merger related expenses, branch consolidation expenses, and the Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) opening credit loss expense under the Current Expected Credit Loss (“CECL”) model, which decreased net income, net of tax benefit, by $10.4 million. Excluding these items, core earnings for the quarter ended March 31, 2020 was $27.0 million, or $0.45 per diluted share. (Please refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of merger related, branch consolidation, and the Two River and Country Bank opening credit loss expenses). The first quarter results were also impacted by the COVID-19 outbreak, through both higher credit loss expense and increased operating expense.

The following information was filed by Oceanfirst Financial Corp (OCFC) on Friday, April 24, 2020 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.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1004702/000100470220000116/ocfc-33120x10q.htm

View differences made from one quarter to another to evaluate Oceanfirst Financial Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Oceanfirst Financial Corp.

Continue

Assess how Oceanfirst Financial Corp's management team is paid from their Annual Proxy

Oceanfirst Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Financial

M & A

Revenue

Other

Filter by Subcategory:

All

Earnings

Expense

Debt

Dividend

Product

Other

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

Financial - Earnings Highlight
Net income for the quarter ended March 31, 2020 included merger related expenses, branch consolidation expenses, and Two River and Country Bank opening credit loss expense under the CECL model which decreased net income, net of tax benefit, by $10.4 million.

Financial - Earnings Highlight
Net income for the quarter ended March 31, 2020 included merger related expenses, branch consolidation expenses, and Two River and Country Bank opening credit loss expense under the CECL model which decreased net income, net of tax benefit, by $10.4 million.
Financial - Expense Highlight
The Company adopted Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments," and increased credit loss expense by $9.6 million from the prior linked quarter.
Financial - Expense Highlight
Under the current expected credit loss ("CECL") model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with generally accepted accounting principles ("GAAP") that is deducted from the financial assets' amortized cost basis to present the net amount expected to be collected on the financial assets.
Other - Other Highlight
In addition, COVID-19 could cause a goodwill impairment test where a triggering event has occurred, and under certain circumstances, result in an impairment charge recorded in that period.
M & A - Other
The Company's cash needs for...Read more
Financial - Expense
For the quarter ended March...Read more
Financial - Earnings
Net income for the quarter...Read more
Financial - Earnings
Net income for the quarter...Read more
Financial - Debt
The Company's cash needs for...Read more
Financial - Earnings
The averages for the quarter...Read more
M & A - Other
At the acquisition date, an...Read more
Financial - Earnings
The net interest margin for...Read more
Financial - Expense
Operating Expenses Operating expenses increased...Read more
Financial - Shares
(2) Tangible stockholders' equity and...Read more
M & A - Other
For acquired loans not deemed...Read more
Financial - Dividend
The increase in dividends was...Read more
Other - Other
The Company has a detailed...Read more
Other - Other
Certain larger purchased loans are...Read more
Other - Other
At March 31, 2020, the...Read more
Other - Other
Through May 3, 2020, commercial...Read more
Other - Other
For further discussion, see Risk...Read more
Revenue - Product
The Company's primary sources of...Read more
Other - Other
The use of different judgments,...Read more
Financial - Dividend
The dividend is payable on...Read more
Financial - Shares
Tangible stockholders' equity per common...Read more
Other - Other
FHLB advances, including overnight borrowings,...Read more
Financial - Expense
The remaining increase in operating...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: 0001004702-20-000116
Submitted to the SEC: Mon May 11 2020 4:53:20 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Savings Institution Federally Chartered