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Oceanfirst Financial Corp (OCFC) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

SEC Filings

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 FIRST QUARTER
FINANCIAL RESULTS

    RED BANK, NEW JERSEY, April 29, 2021…OceanFirst Financial Corp. (NASDAQ:“OCFC”),
(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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Oceanfirst Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 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
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)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional 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 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)
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 - Recorded Investment In Non-Accrual Loans 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 - 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)

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: 0001004702-21-000098
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

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