Oceanfirst Financial Corp (OCFC) 10-K Annual Report February 2022

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $21.7 million, or $0.37 per diluted share, for the quarter ended December 31, 2021, as compared to $32.1 million, or $0.54 per diluted share, for the corresponding prior year period. For the year ended December 31, 2021, the Company reported net income available to common stockholders of $106.1 million, or $1.78 per diluted share, as compared to $61.2 million, or $1.02 per diluted share, for the prior year. 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 Years Ended,
Performance Ratios (Annualized):	December 31,		September 30,		December 31,		December 31,		December 31,
	2021		2021		2020		2021		2020
Return on average assets	0.72	%	0.78	%	1.09	%	0.91	%	0.55	%
Return on average stockholders’ equity	5.65		6.05		8.65		7.02		4.20
Return on average tangible stockholders’ equity (a)	8.59		9.20		13.43		10.73		6.59
Efficiency ratio	72.04		67.43		59.86		63.50		63.70
Net interest margin	2.99		2.93		2.97		2.93		3.16

(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, January 27, 2022 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 - Debt Highlight
The Company's cash needs for the year ended December 31, 2020 were primarily satisfied by the increase in deposits, net proceeds from the issuance of subordinated notes and preferred stock, principal payments on mortgage-backed securities, proceeds from maturities and calls of debt securities, proceeds from sales of loans, and acquired cash from acquisitions.

Financial - Shares Highlight
On December 18, 2019, the Company announced the plan to repurchase up to 5% of outstanding common stock or 2.5 million shares.
Financial - Income Highlight
Net Interest Income and Margin Net interest income for the year ended December 31, 2021 decreased to $305.3 million, as compared to $313.0 million for the prior year, as a result of the lower interest rate environment.
Financial - Shares Highlight
On June 25, 2021, the Company announced the authorization by the Board of Directors of the 2021 Stock Repurchase Program to repurchase up to an additional 3.0 million shares, which was approximately 5% of the Company's outstanding common stock.
Financial - Debt Highlight
The Company's cash needs for the year ended December 31, 2021 were primarily satisfied by the increase in deposits, principal repayments on debt securities held-to-maturity, and proceeds from maturities and calls of debt securities.
Financial - Shares
On June 25, 2021, the...Read more
Financial - Expense
These increases were partly offset...Read more
Financial - Expense
For the year ended December...Read more
Financial - Expense
For the year ended December...Read more
Financial - Expense
The impact of inflation is...Read more
Financial - Income
Net Interest Income and Margin...Read more
Financial - Expense
Credit loss expense for the...Read more
Financial - Earnings
Net interest margin decreased to...Read more
Financial - Earnings
The net interest margin decreased...Read more
Financial - Earnings
The average for the year...Read more
Financial - Income
Other income for the year...Read more
Financial - Shares
Stockholders' equity per common share...Read more
Financial - Shares
Performance ratios for 2020 include...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income for the year...Read more
Financial - Income
Interest Income Interest income for...Read more
Financial - Income
Enhancing Non-Interest Income Management continues...Read more
Other - Other
Impact of Inflation and Changing...Read more
Other - Other
The credit loss benefit for...Read more
Other - Other
The Company has a detailed...Read more
Financial - Expense
Non-interest Expense Operating expenses for...Read more
Financial - Income
The Company also generates non-interest...Read more
Other - Other
The Company's LIBOR transition plan...Read more
Other - Other
Allowance for credit losses in...Read more
Revenue - Geography
These transactions have enhanced the...Read more
Financial - Earnings
Net income for the year...Read more
Other - Other
These ASUs are effective for...Read more
Financial - Shares
The Bank is focused on...Read more
Other - Other
At December 31, 2021 and...Read more
Financial - Income
The lower tax rate in...Read more
Financial - Income
Other income for the year...Read more
Financial - Earnings
The annual results were impacted...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
M & A - Other
(2)Performance ratios for 2021 include...Read more
Financial - Income
The remaining decrease of $3.1...Read more
Other - Other
The Company's cash needs for...Read more
Other - Other
The use of different judgments,...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Income
To accomplish these objectives, the...Read more
Revenue - Product
The deposits growth is net...Read more
Revenue - Product
The deposits growth is net...Read more
Financial - Expense
Non-interest Expense Operating expenses increased...Read more
Financial - Expense
Interest Expense Interest expense for...Read more
Revenue - Product
Subjective factors include local competition;...Read more
Financial - Income
Non-interest Income Other income for...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Other - Other
The Bank competes with larger,...Read more
Revenue - Product
The Bank's primary sources of...Read more
Other - Other
Comparison of Financial Condition at...Read more
Other - Other
Allowance for Credit Losses ("ACL")...Read more
Other - Other
The amendments also improve consistent...Read more
Financial - Earnings
Average interest-earning assets increased $2.82...Read more
Other - Other
Contract language for existing loans,...Read more
Other - Other
The Company continues to manage...Read more
Other - Other
Branch Rationalization and Service Delivery...Read more
Financial - Expense
Benefit/Provision for Credit Loss Expense...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Oceanfirst Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.45: Material Contract

Exhibit 14.1: Code Of Ethics

Exhibit 14.2: Code Of Ethics

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: OCFC
CIK: 1004702
Form Type: 10-K Annual Report
Accession Number: 0001004702-22-000022
Submitted to the SEC: Fri Feb 25 2022 7:14:48 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Savings Institution Federally Chartered