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Oceanfirst Financial Corp (OCFC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

SEC Filings

Oceanfirst Financial Corp

CIK: 1004702 Ticker: OCFC

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Press Release

Company Contact:
Exhibit 99.1
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 QUARTERLY AND ANNUAL
EARNINGS AND FINANCIAL RESULTS


    RED BANK, NEW JERSEY, JANUARY 28, 2021…OceanFirst Financial Corp. (NASDAQ:“OCFC”),
(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced net income available to common stockholders of $32.1 million, or $0.54 per diluted share, for the quarter ended December 31, 2020, as compared to $23.5 million, or $0.47 per diluted share, for the corresponding prior year quarter. For the year ended December 31, 2020, the Company reported net income available to common stockholders of $61.2 million, or $1.02 per diluted share, as compared to $88.6 million, or $1.75 per diluted share, for the corresponding prior year. The quarter and annual results were impacted by the COVID-19 pandemic, through higher credit losses, net interest margin compression and increased operating expenses.
Core earnings for the quarter and year ended December 31, 2020 amounted to $23.2 million and $72.2 million, respectively, or $0.39 and $1.20 per diluted share, respectively.
Core earnings are non-GAAP (“generally accepted accounting principles”) measures. For the periods presented they exclude merger related expenses, branch consolidation expenses, net (gain) loss on equity investments, Federal Home Loan Bank (“FHLB”) advance prepayment fees, gain on sale of Paycheck Protection Program (“PPP”) loans, the opening credit loss expense under the Current Expected Credit Loss (“CECL”) model related to the acquisitions of Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”), non-recurring professional fees,


The following information was filed by Oceanfirst Financial Corp (OCFC) on Thursday, January 28, 2021 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
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
Borrowed Funds
Borrowed Funds (Tables)
Borrowed Funds - Additional Information (Details)
Borrowed Funds - Contractual Maturities Of Fhlb Advances And Reverse Repurchase Agreements (Details)
Borrowed Funds - Interest Expense On Borrowings (Details)
Borrowed Funds - Schedule Of Other Borrowings (Details)
Borrowed Funds - Summary Of Borrowed Funds (Details)
Borrowed Funds - Summary Of Federal Home Loan Bank Advances And Securities Sold Under Agreements To Repurchase (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Schedule Of Future Amortization Expense (Details)
Business Combinations - Schedule Of Merger Related Expenses (Details)
Business Combinations - Schedule Of Supplemental Pro Forma Financial Information (Details)
Business Combinations- Summary Of Estimated Fair Values Of Assets Acquired And Liabilities (Details)
Commitments, Contingencies And Concentrations Of Credit Risk
Commitments, Contingencies And Concentrations Of Credit Risk (Tables)
Commitments, Contingencies And Concentrations Of Credit Risk - Additional Information (Details)
Commitments, Contingencies And Concentrations Of Credit Risk - Summary Of Commitments And Contingent Liabilities (Details)
Deposits
Deposits (Tables)
Deposits - Additional Information (Details)
Deposits - Summary Of Deposits Including Accrued Interest Payable (Details)
Deposits - Summary Of Interest Expense On Deposits (Details)
Deposits - Summary Of Time Deposits (Details)
Derivatives, Hedging Activities And Other Financial Instruments
Derivatives, Hedging Activities And Other Financial Instruments (Tables)
Derivatives, Hedging Activities And Other Financial Instruments - Additional Information (Details)
Derivatives, Hedging Activities And Other Financial Instruments - Notional And Fair Value Of Derivatives Assets And Liabilities (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Reconciliation Of Shares Outstanding For Basic And Diluted Earnings Per Share (Details)
Employee Stock Ownership Plan
Employee Stock Ownership Plan - Additional Information (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 (Details)
Fair Value Measurements - Financial Assets And Financial Liabilities Measured At Fair Value (Details)
Incentive Plan
Incentive Plan (Tables)
Incentive Plan - Additional Information (Details)
Incentive Plan - Summary Of Fair Value Of Stock Options Granted (Details)
Incentive Plan - Summary Of Granted But Unvested Stock Award Activity (Details)
Incentive Plan - Summary Of Option Activity (Details)
Incentive Plan - Summary Of Stock Options Outstanding (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income Tax Expense Benefit (Details)
Income Taxes - Schedule Of Income Tax Reconciliation (Details)
Income Taxes - Schedule Of Significant Portions Of Deferred Tax Assets And Liabilities (Details)
Interest And Dividends Receivable
Interest And Dividends Receivable (Tables)
Interest And Dividends Receivable - Summary Of Interest And Dividends Receivable (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Future Minimum Payments For Operating And Financing Leases (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)
Parent-Only Financial Information
Parent-Only Financial Information (Tables)
Parent-Only Financial Information - Condensed Statements Of Cash Flows (Details)
Parent-Only Financial Information - Condensed Statements Of Financial Condition (Details)
Parent-Only Financial Information - Condensed Statements Of Operations (Details)
Premises And Equipment, Net
Premises And Equipment, Net (Tables)
Premises And Equipment, Net - Additional Information (Details)
Premises And Equipment, Net - Summary Of Premises And Equipment (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Additional Information (Details)
Regulatory Matters - Summary Of Regulatory Capital Amounts And Ratios (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 - Debt Securities, Held-To-Maturity, 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)
Selected Consolidated Quarterly Financial Data
Selected Consolidated Quarterly Financial Data (Tables)
Selected Consolidated Quarterly Financial Data - Summary Of Consolidated Quarterly Financial Data (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Ticker: OCFC
CIK: 1004702
Form Type: 10-K Annual Report
Accession Number: 0001004702-21-000026
Submitted to the SEC: Mon Mar 01 2021 3:01:43 PM EST
Accepted by the SEC: Mon Mar 01 2021
Period: Thursday, December 31, 2020
Industry: Savings Institution Federally Chartered

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