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

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced a net loss available to common stockholders of $6.0 million, or $(0.10) per diluted share, for the three months ended September 30, 2020 as compared to net income available to common stockholders of $25.0 million, or $0.49 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2020, the Company reported net income available to common stockholders of $29.2 million, or $0.49 per diluted share, as compared to $65.1 million, or $1.28 per diluted share, for the corresponding prior year period. The quarter and year to date results were impacted by the COVID-19 pandemic, through both higher credit losses and increased operating expenses.

Core losses for the three months ended September 30, 2020 amounted to $266,000, or $0.00 per diluted share, while core earnings for the nine months ended September 30, 2020 were $48.3 million, or $0.80 per diluted share.

Core losses and earnings are non-GAAP measures that exclude merger related expenses, branch consolidation expenses, the opening credit loss expense under the Current Expected Credit Loss

The following information was filed by Oceanfirst Financial Corp (OCFC) on Friday, October 30, 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:

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

Other - Other Highlight
Cash and due from banks increased $860.3 million, to $980.9 million at September 30, 2020, from $120.5 million at December 31, 2019, due to increased deposits, 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 - Expense Highlight
The quarter and year to date results were impacted by the COVID-19 pandemic, through both higher credit losses and increased operating expenses.
Financial - Expense Highlight
The quarter and year to date results were impacted by the COVID-19 pandemic, through both higher credit losses and increased operating expenses.
Financial - Expense Highlight
Allowance for Credit Losses ("ACL") Under the 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.
Financial - Debt
The Company's cash needs for...Read more
Other - Other
In addition, COVID-19 could cause...Read more
Financial - Expense
For the three months ended...Read more
Financial - Expense
For the nine months ended...Read more
Financial - Income
Net Interest Income Net interest...Read more
Financial - Earnings
The averages for the three...Read more
M & A - Other
At the acquisition date, an...Read more
Financial - Earnings
The net interest margin for...Read more
Financial - Expense
Credit loss expense for the...Read more
Financial - Expense
Operating Expenses Operating expenses increased...Read more
Financial - Shares
(2)Tangible stockholders' equity and tangible...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
The higher effective tax rate...Read more
Financial - Dividend
The Company also declared a...Read more
Other - Other
At September 30, 2020, the...Read more
Other - Other
For further discussion, refer to...Read more
Other - Other
The use of different judgments,...Read more
M & A - Other
Deposits increased $2.95 billion, to...Read more
Financial - Dividend
The dividend is payable on...Read more
Revenue - Product
Net charge-offs, excluding $14.2 million...Read more
Other - Other
FHLB advances, including overnight borrowings,...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Other - Other
The proceeds were retained to...Read more
Other - Other
14 Table of Contents Critical...Read more
M & A - Other
7 Table of Contents Comparison...Read more
Financial - Debt
10 Table of Contents Liquidity...Read more
Other - Other
Other assets increased by $55.1...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Financial - Shares
Capital: The Company continues to...Read more
Financial - Expense
9 Table of Contents Credit...Read more
Financial - Income
The waiver of certain fees...Read more
Other - Other
These risks and uncertainties are...Read more
Revenue - Geography
Key developments relating to the...Read more
Financial - Dividend
For the nine months ended...Read more
M & A - Other
Certain acquired loans are grouped...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: 0001004702-20-000164
Submitted to the SEC: Fri Nov 06 2020 4:35:05 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Savings Institution Federally Chartered