Oceanfirst Financial Corp (OCFC) 10-Q Quarterly Report May 2022

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $24.8 million, or $0.42 per diluted share, for the quarter ended March 31, 2022, as compared to $31.7 million, or $0.53 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):


	For the Three Months Ended,
Performance Ratios (Annualized):	March 31,		December 31,		March 31,
	2022		2021		2021
Return on average assets	0.84	%	0.72	%	1.12	%
Return on average stockholders’ equity	6.57		5.65		8.59
Return on average tangible stockholders’ equity (a)	9.94		8.59		13.22
Efficiency ratio	61.77		72.04		54.73
Net interest margin	3.18		2.99		2.93

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) financial 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 non-GAAP financial measures.

The following information was filed by Oceanfirst Financial Corp (OCFC) on Thursday, April 28, 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-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:

Financial - Expense Highlight
Expense Management: Total operating expenses decreased to $57.5 million, from $64.8 million in the prior linked quarter, reflecting improving trends in the Bank's cost reduction initiatives.

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 - Earnings Highlight
Net interest margin increased to 3.18%, as compared to 2.99% in the prior linked quarter, largely driven by the deployment of excess liquidity to fund interest earning assets.
Financial - Debt Highlight
The Company's cash needs for the quarter ended March 31, 2022 were primarily satisfied by the increase in deposits, proceeds from FHLB advances, principal repayments on debt securities held-to-maturity, and proceeds from maturities and calls of debt securities.
Financial - Income Highlight
Impact of New Accounting Pronouncements Accounting Pronouncements Adopted in 2022 In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes" as part of an initiative to reduce complexity in accounting standards for income taxes.
Financial - Expense
Time deposits increased to $887.3...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Financial - Earnings
For the quarter ended March...Read more
M & A - Other
Performance ratios included net benefit...Read more
Financial - Expense
For the quarter ended March...Read more
Revenue - Geography
In addition, strong loan portfolio...Read more
Financial - Shares
Stockholders' equity was $1.52 billion...Read more
Financial - Income
Strengthening Net Interest Income and...Read more
Financial - Income
The Company also generates non-interest...Read more
Other - Other
The Company has a detailed...Read more
Financial - Income
7 Table of Contents Net...Read more
Financial - Earnings
Net interest margin for the...Read more
Financial - Dividend
The Company's Board of Directors...Read more
Other - Other
At March 31, 2022, the...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Revenue - Product
The table below excludes any...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
Other - Other
The use of different judgments,...Read more
Financial - Expense
The credit loss expense for...Read more
Financial - Dividend
The dividend is payable on...Read more
Financial - Shares
Stockholders' equity per common share...Read more
Financial - Expense
Non-interest Expense Operating expenses increased...Read more
Other - Other
11 Table of Contents Critical...Read more
Financial - Debt
Accumulated other comprehensive loss increased...Read more
Revenue - Product
The Bank's primary sources of...Read more
Other - Other
6 Table of Contents Comparison...Read more
Financial - Income
Non-interest Income For the quarter...Read more
Financial - Dividend
This dividend will be paid...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

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: 0001004702-22-000087
Submitted to the SEC: Thu May 05 2022 4:43:11 PM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Savings Institution Federally Chartered