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

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $28.0 million, or $0.47 per diluted share, for the three months ended June 30, 2022, as compared to $29.6 million, or $0.49 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2022, the Company reported net income available to common stockholders of $52.7 million, or $0.89 per diluted share, as compared to $61.2 million, or $1.02 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,						For the Six Months Ended,
Performance Ratios (Annualized):	June 30,		March 31,		June 30,		June 30,		June 30,
	2022		2022		2021		2022		2021
Return on average assets	0.92	%	0.84	%	1.03	%	0.88	%	1.07	%
Return on average stockholders’ equity	7.31		6.57		7.88		6.94		8.23
Return on average tangible stockholders’ equity (a)	11.08		9.94		12.07		10.52		12.64
Efficiency ratio	59.65		61.77		60.21		60.68		57.34
Net interest margin	3.29		3.18		2.89		3.24		2.91

(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, July 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 - Dividend Highlight
Dividend Increase: On July 27, 2022, the Board of Directors approved an increase to the quarterly cash dividend by $0.03, or 18%, to $0.20 per share.

Financial - Earnings Highlight
Average interest-earning assets increased by $801.0 million and $675.4 million for the three and six months ended June 30, 2022, respectively, as compared to the same prior year periods, primarily due to loan and securities growth funded by the redeployment of excess cash and, to a lesser extent, funding from increased deposits and borrowings.
Financial - Debt Highlight
The Company's cash needs for the six months ended June 30, 2022 were primarily satisfied by the increase in net proceeds from FHLB advances, deposits, which included the issuance of brokered time deposits, proceeds from maturities and calls of debt maturities, and principal repayments on 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.
M & A - Other Highlight
Included a net benefit related to merger related expenses, net branch consolidation expenses, and net gain on equity investments of $104,000, or $78,000, net of tax expense, for the three months ended June 30, 2021.
Financial - Income
Net Interest Income and Margin...Read more
Revenue - Geography
Key developments relating to the...Read more
Financial - Expense
For the three and six...Read more
Financial - Shares
Stockholders' equity was $1.52 billion...Read more
Financial - Income
The Company also generates non-interest...Read more
Financial - Expense
The remaining increase of $11.6...Read more
Financial - Expense
The remaining increase of $6.7...Read more
Financial - Shares
Stockholders' equity per common share...Read more
Financial - Earnings
For the three and six...Read more
Other - Other
The Company has a detailed...Read more
Financial - Expense
The further remaining increase of...Read more
Financial - Expense
Operating expenses increased to $116.2...Read more
Financial - Dividend
The Company's Board of Directors...Read more
Financial - Earnings
Net interest margin for the...Read more
Other - Other
At June 30, 2022, the...Read more
Financial - Expense
The further remaining increase of...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
Other - Other
The use of different judgments,...Read more
Financial - Earnings
Net interest margin increased to...Read more
Financial - Dividend
The dividend is payable on...Read more
Financial - Debt
Accumulated other comprehensive loss increased...Read more
Financial - Debt
The Company's cash needs for...Read more
Other - Other
These risks and uncertainties are...Read more
Financial - Earnings
The net interest margin expansion...Read more
Financial - Expense
Non-interest Expense Operating expenses increased...Read more
Other - Other
Deposits grew by $98.7 million...Read more
Financial - Debt
Total debt securities decreased by...Read more
Other - Other
14 Table of Contents Critical...Read more
Other - Other
Total loans increased by $802.0...Read more
Revenue - Product
The Bank's primary sources of...Read more
Other - Other
8 Table of Contents Comparison...Read more
Financial - Expense
Credit Loss Expense (Benefit) For...Read more
Financial - Expense
7 Table of Contents (1)Average...Read more
Financial - Income
Non-interest Income For the three...Read more
Financial - Income
For the six months ended...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: 0001004702-22-000113
Submitted to the SEC: Thu Aug 04 2022 5:00:58 PM EST
Accepted by the SEC: Thu Aug 04 2022
Period: Thursday, June 30, 2022
Industry: Savings Institution Federally Chartered