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

(the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $37.6 million, or $0.64 per diluted share, for the three months ended September 30, 2022, as compared to $28.0 million, or $0.47 per diluted share, for the prior linked quarter, and $23.2 million, or $0.39 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2022, the Company reported net income available to common stockholders of $90.3 million, or $1.53 per diluted share, as compared to $84.4 million, or $1.41 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 Nine Months Ended,
Performance Ratios (Annualized):	September 30,		June 30,		September 30,		September 30,		September 30,
	2022		2022		2021		2022		2021
Return on average assets	1.19	%	0.92	%	0.78	%	0.99	%	0.98	%
Return on average stockholders’ equity	9.68		7.31		6.05		7.87		7.49
Return on average tangible stockholders’ equity (a)	14.62		11.08		9.20		11.91		11.46
Efficiency ratio	53.10		59.65		67.43		57.90		60.62
Net interest margin	3.36		3.29		2.93		3.28		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 Monday, October 24, 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:

Revenue - Product Highlight
The Company's cash needs for the nine months ended September 30, 2021 were primarily satisfied by the increase in deposits, proceeds from sales of loans and equity investments, principal repayments on debt securities held-to-maturity, and proceeds from maturities and calls of debt securities.

Financial - Earnings Highlight
For the three and nine months ended September 30, 2022, the yield on average interest-earning assets increased to 3.88% and 9 Table of Contents 3.64%, respectively, from 3.24% and 3.29%, for the corresponding prior year periods due to interest earning asset growth funded by the redeployment of excess cash and the rising rate environment.
M & A - Other Highlight
(4) Included a net benefit related to merger related expenses, net branch consolidation (benefit) expense, and gain on equity investments of $3.4 million, or $2.6 million, net of tax expense, for the three months ended September 30, 2022.
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 - Earnings Highlight
Average interest-earning assets increased by $865.6 million and $739.5 million for the three and nine months ended September 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.
Financial - Income
Net Interest Income and Margin...Read more
Revenue - Geography
Key developments relating to the...Read more
Financial - Expense
For the three months ended...Read more
Financial - Income
The Company also generates non-interest...Read more
Financial - Dividend
The increase in dividends was...Read more
Financial - Shares
Stockholders' equity per common share...Read more
Other - Other
The Company has a detailed...Read more
Financial - Expense
The credit loss expense for...Read more
Financial - Expense
Operating expenses increased to $175.2...Read more
Financial - Dividend
The Company's Board of Directors...Read more
Financial - Earnings
Net interest margin for the...Read more
Other - Other
Interchange Fees: Effective July 1,...Read more
Financial - Debt
The Company's cash needs for...Read more
Financial - Dividend
Additionally, regulations of the Federal...Read more
Other - Other
The use of different judgments,...Read more
Financial - Dividend
The dividend is payable on...Read more
Financial - Debt
Accumulated other comprehensive loss increased...Read more
Financial - Earnings
Net income available to common...Read more
Financial - Earnings
Net income available to common...Read more
Other - Other
These risks and uncertainties are...Read more
Revenue - Product
The Bank's primary sources of...Read more
Financial - Earnings
The net interest margin expansion...Read more
Financial - Expense
Non-interest Expense Operating expenses increased...Read more
Financial - Earnings
These items increased net income...Read more
Financial - Earnings
These items decreased net income...Read more
Financial - Debt
Total debt securities decreased by...Read more
Other - Other
14 Table of Contents Critical...Read more
Financial - Expense
Included a net expense related...Read more
Financial - Expense
Included a net expense related...Read more
Other - Other
Total loans increased by $1.10...Read more
Other - Other
8 Table of Contents Comparison...Read more
Other - Other
Other liabilities increased by $230.9...Read more
Financial - Expense
Credit Loss Expense (Benefit) Credit...Read more
Financial - Expense
7 Table of Contents (1)Average...Read more
Other - Other
These increases were partly offset...Read more
Other - Other
Deposits grew by $128.0 million...Read more
Financial - Income
Other income decreased to $31.5...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: 0001004702-22-000123
Submitted to the SEC: Wed Nov 09 2022 8:57:03 AM EST
Accepted by the SEC: Wed Nov 09 2022
Period: Friday, September 30, 2022
Industry: Savings Institution Federally Chartered