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Oceanfirst Financial Corp (OCFC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Oceanfirst Financial Corp

CIK: 1004702 Ticker: OCFC

oceanfirstpressreleas191a.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 THIRD QUARTER
FINANCIAL RESULTS

    RED BANK, NEW JERSEY, October 29, 2020…OceanFirst Financial Corp. (NASDAQ:“OCFC”),
(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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Oceanfirst Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 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

Cover Page
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (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
Basis Of Presentation (Policies)
Basis Of Presentation - Recently Adopted Accounting Pronouncements (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Schedule Of Supplemental Pro Forma Financial Information (Details)
Business Combinations - Summary Of Assets Acquired And Liabilities Assumed And Their Initial Fair Value Estimates (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Summary Of Major Types Of Deposits (Details)
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/(Loss) Per Share
Earnings/(Loss) Per Share (Tables)
Earnings/(Loss) Per Share - Additional Information (Details)
Earnings/(Loss) Per Share - Reconciliation Of Shares Outstanding For Basic And Diluted Earnings/(Loss) Per Share (Details)
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 (Details)
Fair Value Measurements - Debt Securities Available For Sale Reconciliation (Details)
Fair Value Measurements - Financial Assets And Financial Liabilities Measured At Fair Value (Details)
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 (Details)
Loans Receivable, Net - Aging Of Recorded Investment In Past Due Loans Excluding Pci Loans (Details)
Loans Receivable, Net - Allowance For Loan Losses And Recorded Investment In Loans By Portfolio Segment And Based On Impairment Method Excluding Pci Loans (Details)
Loans Receivable, Net - Components Of Loans Receivable, Net (Details)
Loans Receivable, Net - Credit Grades And Risk Characteristics (Details)
Loans Receivable, Net - Pcd Loans Acquired (Details)
Loans Receivable, Net - Recorded Investment In Non-Accrual Loans By Loan Portfolio Segment Excluding Pci Loans (Details)
Loans Receivable, Net - Summary Of Changes In Accretable Yield (Details)
Loans Receivable, Net - Summary Of Loans Individually Evaluated For Impairment By Loan Portfolio Segment Excluding Pci Loans (Details)
Loans Receivable, Net - Troubled Debt Restructurings (Details)
Securities
Securities (Tables)
Securities - Additional Information (Details)
Securities - Allowance For Credit Losses (Details)
Securities - Amortized Cost And Estimated Fair Value Of Investment Securities By Contractual Maturity (Details)
Securities - Amortized Cost And Estimated Fair Value Of Securities Available-For-Sale And Held-To-Maturity (Details)
Securities - Amortized Cost, Estimated Fair Value And Credit Rating Of Corporate Debt Securities (Details)
Securities - Carrying Value Of Held-To-Maturity Investment Securities (Details)
Securities - Credit Quality Indicator (Details)
Securities - Equity Securities Realized Losses (Details)
Securities - Estimated Fair Value And Unrealized Loss For Securities Available-For-Sale And Held-To-Maturity (Details)
Subsequent Events
Subsequent Events - Additional Information (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: 0001004702-20-000164
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

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