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

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced net income available to common stockholders of $29.6 million, or $0.49 per diluted share, for the three months ended June 30, 2021 as compared to $18.6 million, or $0.31 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2021, the Company reported net income available to common stockholders of $61.2 million, or $1.02 per diluted share, as compared to $35.2 million, or $0.58 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information regarding the metrics):


		For the Three Months Ended,						For the Six Months Ended,
Performance Ratios (Annualized):		June 30, 2021		March 31, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Return on average assets		1.03	%	1.12	%	0.67	%	1.07	%	0.66	%
Return on average stockholders’ equity		7.88		8.59		5.16		8.23		4.93
Return on average tangible stockholders’ equity	(a)	12.07		13.22		8.10		12.64		7.81
Efficiency ratio		60.21		54.73		62.08		57.34		64.72
Net interest margin		2.89		2.93		3.24		2.91		3.37

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP measures and impact per period.

The following information was filed by Oceanfirst Financial Corp (OCFC) on Thursday, July 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 six months ended June 30, 2020 were primarily satisfied by the increase in deposits, net proceeds from the issuance of subordinated notes and preferred stock, proceeds from sale of loans, principal payments on mortgage-backed securities, proceeds from maturities and calls of debt investment securities, and acquired cash from acquisitions.

Financial - Shares Highlight
On June 25, 2021, the Company announced the authorization of the Board of Directors of the 2021 Stock Repurchase Program to repurchase up to an additional 3.0 million shares, which is approximately 5% of the Company's outstanding common stock.
Financial - Expense Highlight
For the three and six months ended June 30, 2021, the cost of average interest-bearing liabilities decreased to 0.50% and 0.55%, respectively, from 0.92% and 0.98%, respectively, for the corresponding prior year periods.
Financial - Earnings Highlight
Net interest margin for the three and six months ended June 30, 2021 decreased to 2.89% and 2.91%, respectively, from 3.24% and 3.37%, respectively, for the same prior year periods.
Financial - Income Highlight
Net Interest Income: Net interest income increased by $412,000 to $74.0 million from $73.6 million in the prior linked quarter, as non-interest bearing deposits grew by $372.2 million year-to-date, reflecting the continued trend in improving deposit quality.
Financial - Income
The remaining decrease in other...Read more
Financial - Expense
Non-interest Expense Operating expenses decreased...Read more
Financial - Income
Interest Income Interest income for...Read more
Other - Other
The Company has a detailed...Read more
M & A - Other
(3) Performance ratios include merger...Read more
Financial - Debt
10 Table of Contents Liquidity...Read more
Financial - Dividend
The Company also declared a...Read more
Financial - Expense
Expense Management: Operating expenses were...Read more
Financial - Income
The remaining decrease in other...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Other - Other
At June 30, 2021 and...Read more
Financial - Income
Other income for the three...Read more
Financial - Dividend
Additionally, regulations of the Federal...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: 0001004702-21-000122
Submitted to the SEC: Thu Aug 05 2021 4:41:02 PM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Savings Institution Federally Chartered