Oceanfirst Financial Corp (OCFC) 10-Q Quarterly Report August 2020

RED BANK, NEW JERSEY, July 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 $18.6 million, or $0.31 per diluted share, for the three months ended June 30, 2020, as compared to $19.0 million, or $0.37 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2020, net income was $35.2 million, or $0.58 per diluted share, as compared to $40.2 million, or $0.79 per diluted share, for the corresponding prior year period.

The results of operations for the three months ended June 30, 2020 include merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $3.0 million. Results of operations for the six months ended June 30, 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 $13.4 million. Excluding these items, core earnings for the three and six months ended June 30, 2020 were $21.6 million, or $0.36 per diluted share, and $48.6 million, or $0.81 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, branch consolidation, and the Two

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

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

Revenue - Product Highlight
The Company's cash needs for the six months ended June 30, 2020 were primarily satisfied by the increase in deposits, net proceeds from the issuance of subordinated notes and preferred stock, proceeds from sale of loans, principal payments on mortgage-backed securities, proceeds from maturities and calls of debt investment securities, and acquired cash from acquisitions.

Other - Other Highlight
Cash and due from banks increased by $600.5 million, to $721.0 million at June 30, 2020, from $120.5 million at December 31, 2019, due to the Company's decision to build liquidity during the economic downturn and the cash received from the issuance of subordinated notes and non-cumulative perpetual preferred stock as described below.
Financial - Earnings Highlight
Net income for the six months ended June 30, 2020 included merger related expenses, branch consolidation expenses, and the Two River and Country Bank opening credit loss expense under the CECL model, which decreased net income, net of tax benefit, by $13.4 million.
Financial - Earnings Highlight
Net income for the six months ended June 30, 2020 included merger related expenses, branch consolidation expenses, and the Two River and Country Bank opening credit loss expense under the CECL model, which decreased net income, net of tax benefit, by $13.4 million.
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.
Revenue - Product
Highlights of the Company's financial...Read more
Other - Other
In addition, COVID-19 could cause...Read more
Financial - Expense
For the three months ended...Read more
Financial - Income
Net Interest Income Net interest...Read more
Financial - Expense
For the six months ended...Read more
Financial - Earnings
Net income for the three...Read more
Financial - Earnings
Net income for the three...Read more
Financial - Earnings
The averages for the three...Read more
Financial - Earnings
Net income for the three...Read more
Financial - Earnings
Net income for the three...Read more
M & A - Other
At the acquisition date, an...Read more
Financial - Expense
The remaining increase in operating...Read more
Financial - Earnings
The net interest margin for...Read more
Financial - Expense
Operating Expenses Operating expenses increased...Read more
Financial - Expense
The increase in operating expenses...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
Financial - Expense
Operating Expenses: Improved operating leverage...Read more
Other - Other
Certain larger purchased loans are...Read more
Financial - Dividend
The Company also declared a...Read more
Financial - Dividend
The Company also declared a...Read more
Other - Other
At June 30, 2020, the...Read more
Financial - Earnings
Excluding these items, net income...Read more
Financial - Earnings
Excluding these items, net income...Read more
Other - Other
For further discussion, see Risk...Read more
Other - Other
The use of different judgments,...Read more
Financial - Dividend
The dividend is payable on...Read more
Other - Other
FHLB advances, including overnight borrowings,...Read more
Other - Other
Deposits increased by $1.076 billion,...Read more
Other - Other
The proceeds were retained to...Read more
Financial - Expense
These consolidations increased the average...Read more
M & A - Other
Total assets increased by $3.099...Read more
Financial - Debt
The Company's primary sources of...Read more
Other - Other
Other assets increased by $57.1...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Financial - Income
The waiver of certain fees...Read more
Other - Other
These risks and uncertainties are...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: 0001004702-20-000141
Submitted to the SEC: Mon Aug 10 2020 3:33:58 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: Savings Institution Federally Chartered