Oceanfirst Financial Corp (OCFC) 10-Q Quarterly Report May 2021

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that net income available to common stockholders was $31.7 million, or $0.53 per diluted share, for the quarter ended March 31, 2021 as compared to $16.5 million, or $0.27 per diluted share, for the corresponding prior year period. The current quarter results benefited from the modest release of credit loss expense and improved levels of core operating expenses, which resulted in return on average assets of 1.12%, return on average tangible stockholders’ equity of 13.22%, and efficiency ratio of 54.73%, as compared to 0.64%, 7.50%, and 67.28%, respectively, in the prior year period.

Core earnings for the quarter ended March 31, 2021 amounted to $26.5 million, or $0.44 per diluted share. Core return on average assets, core return on average tangible stockholders’ equity, and core efficiency ratio were 0.94%, 11.04%, and 58.37%, respectively, for the quarter ended March 31, 2021. Core earnings is a non-GAAP (“generally accepted accounting principles”) measure. 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

The following information was filed by Oceanfirst Financial Corp (OCFC) on Thursday, April 29, 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-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 quarter ended March 31, 2021 were primarily satisfied by the sale of equity investments, an increase in deposits, principal repayments on debt securities held-to-maturity, and proceeds from maturities and calls of debt securities.

Financial - Expense Highlight
The current quarter results benefited from the modest release of credit loss expense and improved levels of operating expenses.
Financial - Expense Highlight
For the quarter ended March 31, 2021, the cost of average interest-bearing liabilities decreased to 0.60%, from 1.05% in the corresponding prior year period.
Financial - Debt Highlight
The Company's cash needs for the three months ended March 31, 2020 were primarily satisfied by the net proceeds from FHLB advances, principal payments on mortgage-backed securities, proceeds from maturities and calls of debt investment securities, and acquired cash from acquisitions.
Other - Other Highlight
At March 31, 2021, outstanding commitments to originate loans totaled $344.3 million and outstanding undrawn lines of credit totaled $1.10 billion, of which $725.8 million were commitments to commercial borrowers 9 Table of Contents and $377.7 million were commitments to consumer borrowers and residential construction borrowers.
Financial - Shares
Performance ratios include net gain...Read more
Financial - Earnings
The net interest margin for...Read more
Other - Other
The Company has a detailed...Read more
Financial - Income
Interest Income Interest income for...Read more
Financial - Expense
8 Table of Contents Credit...Read more
Financial - Shares
(3) Performance ratios include the...Read more
Financial - Debt
Liquidity and Capital Resources The...Read more
Financial - Dividend
The Company also declared a...Read more
Financial - Earnings
Net income available to common...Read more
Other - Other
At March 31, 2021 and...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Financial - Shares
The net gain on equity...Read more
Financial - Income
Other income for the quarter...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
Other - Other
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Financial - Dividend
The dividend is payable on...Read more
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Net Interest Income Net interest...Read more
Other - Other
13 Table of Contents Critical...Read more
Financial - Expense
Operating Expenses Operating expenses decreased...Read more

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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: 0001004702-21-000098
Submitted to the SEC: Thu May 06 2021 4:05:55 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Savings Institution Federally Chartered