OceanFirst Financial Corp. Announces Second Quarter Financial Results

Thursday, 29. July 2021 22:30

RED BANK, New Jersey, July 29, 2021 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:“OCFC”), (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.

Core earnings1 for the three and six months ended June 30, 2021 amounted to $29.5 million and $55.9 million, respectively, or $0.49 and $0.93 per diluted share, respectively. Non-core operations had a favorable impact, net of tax, of $78,000 and $5.3 million for the three and six months ended June 30, 2021, respectively.

 For the Three Months Ended, For the Six Months Ended,
Core Ratios (Annualized)1:June 30,
2021
 March 31,
2021
 June 30,
2020
 June 30,
2021
 June 30,
2020
Return on average assets1.02% 0.94% 0.81% 0.98% 0.92%
Return on average tangible stockholders’ equity12.04  11.04  9.69  11.55  10.94 
Efficiency ratio60.06  58.37  56.69  59.21  56.01 

Key developments for the recent quarter are described below:

  • Operations: Commercial banking expansion remains a strategic focus with seven commercial bankers added to the team in this quarter, for a total of 16 this year. This has contributed to a record loan pipeline of $628.6 million as of June 30, 2021.
  • 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.
  • Expense Management: Operating expenses were $51.7 million and core operating expenses were $51.2 million, which includes the additional commercial banking hires, partially offset by savings related to four branch consolidations completed in April 2021. Since 2015, the Bank has consolidated 57 branch locations. Management will discuss the commercial banking expansion plans, digital banking investments, as well as expense management strategies in more detail at the Company’s previously announced Investor Day scheduled to take place at the Administrative Offices in Red Bank, New Jersey, on August 5, 2021.
  • Interchange Fees: Under the temporary relief provisions of a joint rule published by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System, the Bank received relief from Dodd-Frank limitations on debit card interchange fees collected by banks with assets of $10 billion or more. The Bank will remain exempt from limits on debit card interchange fees until June 30, 2022.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased with our commercial banking expansion which is reflected in the second quarter loan pipeline of $628.6 million, a record level.” Mr. Maher added, “A few weeks ago, the Bank successfully completed the conversion of our core operating system with hundreds of thousands of customer accounts transferred to a new platform. The generational core systems upgrade will enhance our operational functionality and efficiencies, improve the customer experience and services, and enable the integration of customer accounts from our New York operations, previously Country Bank. We appreciate the tireless efforts of our employees and the patience of our customers as we completed the pivotal transition to the new core system.”

The Company’s Board of Directors declared its ninety-eighth consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.17 per share will be paid on August 20, 2021 to common stockholders of record on August 9, 2021. The Board previously declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share, representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on August 16, 2021 to preferred stockholders of record on July 30, 2021.

____________________________
1 Core earnings, a non-GAAP measure, and ratios derived from core earnings, for the periods presented, excludes merger related expenses, branch consolidation expenses, net (gain) loss on equity investments, Federal Home Loan Bank (“FHLB”) advance prepayment fees, gain on sale of Paycheck Protection Program (“PPP”) loans, the opening credit loss expense under the Current Expected Credit Loss (“CECL”) model related to the acquisitions of Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) and the income tax effect of these items, (collectively referred to as “non-core” operations). 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.

Results of Operations
Net income was favorably impacted by $78,000, net of tax, and adversely impacted by $3.7 million, net of tax, of non-core operations for the quarters ended June 30, 2021 and 2020, respectively. Net income was favorably impacted by $5.3 million, net of tax, and adversely impacted by $14.1 million, net of tax, of non-core operations for the six months ended June 30, 2021 and 2020, respectively. Core earnings for the three months ended June 30, 2021 were $29.5 million, or $0.49 per diluted share, an increase from core earnings of $22.3 million, or $0.37 per diluted share, for the corresponding prior year period. Core earnings for the six months ended June 30, 2021 were $55.9 million, or $0.93 per diluted share, an increase from core earnings of $49.3 million, or $0.82 per diluted share, for the corresponding prior year period. Net income was favorably impacted by $5.2 million, net of tax, of non-core operations for the prior linked quarter. Core earnings for the three months ended June 30, 2021 increased from $26.5 million, or $0.44 per diluted share, for the prior linked quarter.

Net Interest Income and Margin
Net interest income for the three and six months ended June 30, 2021 decreased to $74.0 million and $147.6 million, respectively, as compared to $78.7 million and $158.3 million, respectively, for the corresponding prior year periods, reflecting a reduction in net interest margin, partly offset by an increase in interest-earning assets. Average interest-earning assets increased by $502.5 million and $791.3 million for the three and six months ended June 30, 2021, respectively, as compared to the same prior year periods, primarily concentrated in excess balance sheet liquidity. Average loans receivable, net of allowance for loan credit losses, decreased by $506.7 million and $313.6 million for the three and six months ended June 30, 2021, respectively, as compared to the same prior year periods. 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. The net interest margin compression was primarily due to the excess balance sheet liquidity and the lower interest rate environment. 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. The total cost of deposits (including non-interest bearing deposits) was 0.27% and 0.32% for the three and six months ended June 30, 2021, respectively, as compared to 0.57% and 0.63%, respectively, for the same prior year periods.

Net interest income for the three months ended June 30, 2021 increased by $412,000, as compared to the prior linked quarter, while the net interest margin decreased to 2.89%, compared to 2.93%. Excluding the impact of purchase accounting accretion and prepayment fees, the net interest margin decreased to 2.73% from 2.75%. The yield on average interest-earning assets decreased to 3.25% from 3.38% in the prior linked quarter, primarily due to lower purchase accounting accretion and the impact of the lower interest rate environment on loan originations and securities purchases. The total cost of interest-bearing liabilities was 0.50% for the quarter ended June 30, 2021, as compared to 0.60% in the prior linked quarter, due to repricing of deposit costs and maturities of higher yielding time deposits.

Benefit/Provision for Credit Losses
For the three and six months ended June 30, 2021, the benefit for credit loss expense was $6.5 million and $7.1 million, respectively, as compared to a provision for credit loss expense of $9.6 million and $19.6 million, respectively, for the corresponding prior year periods, and a benefit for credit loss expense of $620,000 in the prior linked quarter. The benefit for credit loss expense for the three and six months ended June 30, 2021 was significantly influenced by improved economic forecasts, including stronger employment levels and GDP growth, combined with stabilizing trends in the Bank’s asset quality.

Net loan charge-offs were $224,000 for the quarter and net loan recoveries were $56,000 for the six months ended June 30, 2021, as compared to net loan recoveries of $232,000 and net loan charge-offs of $922,000 for the corresponding prior year periods, respectively, and net loan recoveries of $280,000 for the prior linked quarter. The six months ended June 30, 2020 included $949,000 in charge-offs on the sale of higher risk residential loans. Non-performing loans totaled $31.7 million at June 30, 2021, as compared to $34.1 million at March 31, 2021 and $21.0 million at June 30, 2020.

Non-interest Income
For the three and six months ended June 30, 2021, other income increased to $11.8 million and $32.6 million, respectively, as compared to $11.4 million and $25.1 million, respectively, for the corresponding prior year periods. Other income for the three and six months ended June 30, 2021 included non-core operations of $576,000 and $8.9 million, respectively, related to net gain on equity investments. Excluding this item, the decrease in other income for the three months ended June 30, 2021, as compared to the corresponding prior year period, was primarily due to a decrease in commercial loan swap income of $2.4 million, as a result of lower activity, partially offset by increases in bankcard services of $850,000 due to lower card activity in the prior period as a result of the pandemic, fees and service charges of $556,000, and gain on sale of loans of $523,000.

Excluding non-core operations, the decrease in other income for the six months ended June 30, 2021, as compared to the corresponding prior year period, was primarily due to a decrease in commercial loan swap income of $5.4 million, as a result of lower activity, partially offset by increases in gain on sale of loans of $2.3 million and bankcard services of $1.4 million due to lower card activity in the prior period as a result of the pandemic.

Excluding non-core operations, other income for the three months ended June 30, 2021 decreased $1.3 million, as compared to the prior linked quarter, primarily due to decreases in commercial loan swap income of $1.0 million, as a result of lower activity, and gain on sale of loans of $637,000.

Non-interest Expense
Operating expenses decreased to $51.7 million and $103.4 million for the three and six months ended June 30, 2021, respectively, as compared to $55.9 million and $118.7 million, respectively, in the same prior year periods. Operating expenses for the three and six months ended June 30, 2021 included $472,000 and $1.9 million, respectively, of net expenses related to non-core operations. Operating expenses for the three and six months ended June 30, 2020 included $4.9 million and $16.0 million, respectively, of net expenses related to non-core operations. Excluding non-core operations, the $123,000 increase in operating expenses for the three months ended June 30, 2021, as compared to the corresponding prior year period, was primarily due to an increase in compensation and benefits expense of $2.0 million, primarily relating to higher benefit costs, partly offset by decreases in other operating expenses of $853,000, and equipment of $676,000.

Excluding non-core operations, the $1.3 million decrease in operating expenses for the six months ended June 30, 2021, as compared to the corresponding prior year period, was primarily due to decreases in other operating expense of $1.3 million and equipment expense of $1.0 million, partly offset by an increase in federal deposit insurance and regulatory assessments of $1.2 million.

Excluding non-core operations, operating expenses for the quarter ended June 30, 2021, increased $907,000 as compared to the prior linked quarter. The change was due to an increase in compensation and benefits expense of $1.5 million, partly offset by a decrease in federal deposit insurance and regulatory assessments of $765,000.

Income Tax Expense
The provision for income taxes was $10.1 million and $20.7 million for the three and six months ended June 30, 2021, respectively, as compared to $5.9 million and $9.9 million for the same prior year periods, respectively, and $10.7 million for the prior linked quarter. The effective tax rate was 24.8% and 24.7% for the three and six months ended June 30, 2021, respectively, as compared to 24.0% and 22.0% for the same prior year periods, respectively, and 24.6% for the prior linked quarter. The higher effective tax rate for the current year period, as compared to the prior year period, was primarily due to the impact of a New Jersey tax code change and a higher allocation of taxable income to New York.

Financial Condition
Total assets increased by $35.6 million to $11.48 billion at June 30, 2021, from $11.45 billion at December 31, 2020. Cash and due from banks decreased $188.1 million, to $1.08 billion at June 30, 2021, from $1.27 billion at December 31, 2020. Total debt securities increased by $275.5 million at June 30, 2021, as compared to December 31, 2020, while equity investments decreased $16.2 million due to $90.7 million in sales of common stock partly offset by $73.8 million in purchases of preferred stock and a non-controlling equity investment. Total loans, excluding PPP loans of $83.0 million and $95.4 million at June 30, 2021 and December 31, 2020, respectively, increased by $77.1 million, to $7.74 billion at June 30, 2021, from $7.66 billion at December 31, 2020.

Deposits decreased by $12.3 million to $9.42 billion at June 30, 2021, from $9.43 billion at December 31, 2020, which reflected a decrease in time deposits of $416.4 million, partly offset by an increase in non-interest bearing deposits of $372.2 million. The loan-to-deposit ratio at June 30, 2021 was 83.1%, as compared to 82.3% at December 31, 2020.

Stockholders’ equity increased to $1.51 billion at June 30, 2021, as compared to $1.48 billion at December 31, 2020. 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. For the six months ended June 30, 2021, the Company repurchased 1.0 million shares under its stock repurchase program at a weighted average cost of $20.94, and there were 4,019,145 shares available for repurchase at June 30, 2021 under the existing repurchase programs. Tangible common equity per common share increased to $15.58 at June 30, 2021, as compared to $14.98 at December 31, 2020.

Asset Quality
The Company’s non-performing loans decreased to $31.7 million at June 30, 2021, as compared to $36.4 million at December 31, 2020. Non-performing loans do not include $40.1 million of purchased with credit deterioration (“PCD”) loans from prior bank acquisitions. The allowance for loan credit losses as a percentage of non-performing loans was 170.1% at June 30, 2021, as compared to 166.8% at December 31, 2020. The Company’s level of 30 to 89 days delinquent loans improved to $5.3 million at June 30, 2021, from $34.7 million at December 31, 2020.

The Company’s allowance for loan credit losses was 0.69% of total loans at June 30, 2021, as compared to 0.78% at December 31, 2020. The allowance for loan credit losses plus the unamortized credit and PCD marks amounted to $77.5 million, or 0.99% of total loans.

Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and reporting equity and asset amounts excluding intangible assets and goodwill, which can vary from period to period, provides a better comparison of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Conference Call
As previously announced, the Company will host an earnings conference call on Friday, July 30, 2021 at 11:00 a.m. Eastern Time. The direct dial number for the call is (888) 338-7143. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 10158125 from one hour after the end of the call until October 30, 2021. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

Investor Day 2021
The Company will host an Investor Day on Thursday, August 5, 2021 at 1:00 p.m. Eastern Time at the Administrative Offices at 110 West Front Street in Red Bank, New Jersey. Various members of management will provide informative presentations regarding strategic Bank initiatives throughout the afternoon along with the opportunity for questions and answers. Following the formal agenda, guests are welcome to tour the facility and demonstrations of various digital banking platforms will be available. Advance registration is required and can be accessed by visiting the Investor Relations page of www.oceanfirst.com.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $11.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C. and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com

Forward-Looking Statements
        
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: the impact of the COVID-19 pandemic on our operations and financial results and those of our customers, changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)

  June 30,
2021
 March 31,
2021
 December 31,
2020
 June 30,
2020
  (Unaudited) (Unaudited)   (Unaudited)
Assets        
Cash and due from banks $1,084,029  $1,173,665  $1,272,134  $721,049 
Debt securities available-for-sale, at estimated fair value 249,330  268,511  183,302  153,239 
Debt securities held-to-maturity, net of allowance for securities credit losses of $1,609 at June 30, 2021, $1,717 at March 31, 2021, $1,715 at December 31, 2020 and $2,446 at June 30, 2020 (estimated fair value of $1,169,123 at June 30, 2021, $1,099,745 at March 31, 2021, $968,466 at December 31, 2020 and $895,897 at June 30, 2020) 1,146,735  1,082,326  937,253  867,959 
Equity investments, at estimated fair value 90,917  50,159  107,079  13,830 
Restricted equity investments, at cost 52,519  52,199  51,705  68,091 
Loans receivable, net of allowance for loan credit losses of $53,876 at June 30, 2021, $59,976 at March 31, 2021, $60,735 at December 31, 2020 and $38,509 at June 30, 2020 7,774,351  7,820,590  7,704,857  8,335,480 
Loans held-for-sale 1,493  43,175  45,524  21,799 
Interest and dividends receivable 28,014  32,819  35,269  37,811 
Other real estate owned 106  106  106  248 
Premises and equipment, net 117,509  110,093  107,094  100,576 
Bank owned life insurance 259,608  264,548  265,253  262,637 
Assets held for sale 4,032  5,340  5,782  7,828 
Goodwill 500,319  500,319  500,319  501,472 
Core deposit intangible 20,912  22,273  23,668  26,732 
Other assets 154,027  151,349  208,968  226,614 
Total assets $11,483,901  $11,577,472  $11,448,313  $11,345,365 
Liabilities and Stockholders’ Equity        
Deposits $9,415,286  $9,502,812  $9,427,616  $8,967,754 
Federal Home Loan Bank advances       343,392 
Securities sold under agreements to repurchase with retail customers 141,475  134,465  128,454  152,821 
Other borrowings 228,564  228,176  235,471  246,840 
Advances by borrowers for taxes and insurance 21,281  20,980  17,296  19,582 
Other liabilities 168,506  192,320  155,346  138,542 
Total liabilities 9,975,112  10,078,753  9,964,183  9,868,931 
Total stockholders’ equity 1,508,789  1,498,719  1,484,130  1,476,434 
Total liabilities and stockholders’ equity $11,483,901  $11,577,472  $11,448,313  $11,345,365 
                 

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

  For the Three Months Ended, For the Six Months Ended,
  June 30,
2021
 March 31,
2021
 June 30,
2020
 June 30,
2021
 June 30,
2020
     
  |-------------------- (Unaudited) --------------------| |---------- (Unaudited) -----------|
Interest income:          
Loans $77,048  $77,908  $88,347  $154,956  $178,291 
Debt securities 5,984  5,355  6,209  11,339  12,981 
Equity investments and other 309  1,611  1,321  1,920  2,812 
Total interest income 83,341  84,874  95,877  168,215  194,084 
Interest expense:          
Deposits 6,325  8,496  12,305  14,821  26,241 
Borrowed funds 3,000  2,774  4,905  5,774  9,531 
Total interest expense 9,325  11,270  17,210  20,595  35,772 
Net interest income 74,016  73,604  78,667  147,620  158,312 
Credit loss (benefit) expense (6,460) (620) 9,649  (7,080) 19,618 
Net interest income after credit loss (benefit) expense 80,476  74,224  69,018  154,700  138,694 
Other income:          
Bankcard services revenue 3,591  3,052  2,741  6,643  5,222 
Trust and asset management revenue 591  599  555  1,190  1,070 
Fees and service charges 3,809  3,737  3,253  7,546  8,126 
Net gain on sales of loans 1,279  1,916  756  3,195  929 
Net gain on equity investments 576  8,287  148  8,863  303 
Net loss from other real estate operations (1) (8) (52) (9) (202)
Income from bank owned life insurance 1,716  1,415  1,521  3,131  3,096 
Commercial loan swap income 73  1,111  2,489  1,184  6,539 
Other 169  726  19  895  44 
Total other income 11,803  20,835  11,430  32,638  25,127 
Operating expenses:          
Compensation and employee benefits 29,912  28,366  27,935  58,278  57,820 
Occupancy 5,314  5,061  5,268  10,375  10,544 
Equipment 1,306  1,578  1,982  2,884  3,925 
Marketing 625  434  753  1,059  1,522 
Federal deposit insurance and regulatory assessments 1,099  1,864  1,133  2,963  1,800 
Data processing 4,402  4,031  4,149  8,433  8,326 
Check card processing 1,303  1,372  1,290  2,675  2,566 
Professional fees 2,391  2,837  2,683  5,228  4,985 
Other operating expense 3,485  3,353  4,338  6,838  8,140 
FHLB advance prepayment fees     924    924 
Amortization of core deposit intangible 1,361  1,395  1,544  2,756  3,122 
Branch consolidation expense 26  1,011  863  1,037  3,457 
Merger related expenses 446  381  3,070  827  11,597 
Total operating expenses 51,670  51,683  55,932  103,353  118,728 
Income before provision for income taxes 40,609  43,376  24,516  83,985  45,093 
Provision for income taxes 10,054  10,679  5,878  20,733  9,922 
Net income 30,555  32,697  18,638  63,252  35,171 
Dividends on preferred shares 1,004  1,004    2,008   
Net income available to common stockholders $29,551  $31,693  $18,638  $61,244  $35,171 
Basic earnings per share $0.49  $0.53  $0.31  $1.02  $0.59 
Diluted earnings per share $0.49  $0.53  $0.31  $1.02  $0.58 
Average basic shares outstanding 59,701  59,840  59,877  59,776  59,881 
Average diluted shares outstanding 59,966  60,101  59,999  60,040  60,122 
                

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)

LOANS RECEIVABLE  At
   June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 June 30,
2020
Commercial:           
Commercial and industrial  $474,919  $498,245  $470,656  $599,188  $910,762 
Commercial real estate - owner-occupied 1,045,514  1,066,351  1,145,065  1,176,529  1,199,742 
Commercial real estate - investor 3,836,230  3,804,351  3,491,464  3,453,276  3,449,160 
Total commercial  5,356,663  5,368,947  5,107,185  5,228,993  5,559,664 
Consumer:           
Residential real estate  2,168,545  2,189,348  2,309,459  2,407,178  2,426,277 
Home equity loans and lines  255,097  267,591  285,016  301,712  320,627 
Other consumer  40,485  46,651  54,446  63,095  71,721 
Total consumer  2,464,127  2,503,590  2,648,921  2,771,985  2,818,625 
Total loans  7,820,790  7,872,537  7,756,106  8,000,978  8,378,289 
Deferred origination costs (fees), net 7,437  8,029  9,486  (1,238) (4,300)
Allowance for loan credit losses  (53,876) (59,976) (60,735) (56,350) (38,509)
Loans receivable, net  $7,774,351  $7,820,590  $7,704,857  $7,943,390  $8,335,480 
Mortgage loans serviced for others $68,778  $74,037  $95,789  $88,210  $101,840 
 At June 30, 2021
Average Yield
          
Loan pipeline (1):           
Commercial3.78% $463,388  $154,946  $210,024  $154,700  $169,093 
Residential real estate3.11  153,798  178,352  151,152  212,107  181,800 
Home equity loans and lines4.23  11,369  11,031  6,630  10,301  8,282 
Total3.62% $628,555  $344,329  $367,806  $377,108  $359,175 
                       


 For the Three Months Ended 
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 June 30,
2020
 
 Average Yield           
Loan originations:            
Commercial3.26% $259,163 (2)$547,591 (2)$173,715  $187,747  $216,979 (2)
Residential real estate3.16  173,354  189,942  222,780  219,325  242,137  
Home equity loans and lines3.99  14,870  10,278  13,435  10,966  12,128  
Total3.25% $447,387  $747,811  $409,930  $418,038  $471,244  
Loans sold  $29,556  $67,500  $56,126 (3)$56,722  $104,600 (3)


(1)Loan pipeline includes loans approved but not funded.
(2)Excludes loans originated through the PPP of $13 million, $60 million and $504 million for the three months ended June 30, 2021, March 31, 2021 and June 30, 2020, respectively.
(3)Excludes the sale of PPP loans of $298.1 million, higher risk commercial loans of $64.8 million, net of charge-offs and under-performing residential and home equity loans and lines of $10.5 million, net of charge-offs, for the three months ended December 31, 2020 and the sale of under-performing commercial loans of $4.9 million for the three months ended June 30, 2020.


DEPOSITSAt
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 June 30,
2020
Type of Account         
Non-interest-bearing$2,505,355  $2,417,935  $2,133,195  $2,240,799  $2,161,766 
Interest-bearing checking3,628,741  3,623,132  3,646,866  3,317,296  3,022,887 
Money market deposit734,320  782,459  783,521  691,872  680,199 
Savings1,590,441  1,568,528  1,491,251  1,471,554  1,456,931 
Time deposits956,429  1,110,758  1,372,783  1,561,767  1,645,971 
Total$9,415,286  $9,502,812  $9,427,616  $9,283,288  $8,967,754 
                    

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)

ASSET QUALITYJune 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 June 30,
2020
Non-performing loans held-for-investment:         
Commercial and industrial$1,566  $1,616  $1,551  $586  $1,586 
Commercial real estate - owner-occupied11,527  11,676  13,054  11,365  4,582 
Commercial real estate - investor10,549  12,366  10,660  2,978  5,274 
Residential real estate6,114  6,398  8,642  11,518  6,568 
Home equity loans and lines1,924  2,072  2,503  3,448  3,034 
Total non-performing loans held-for-investment31,680  34,128  36,410  29,895  21,044 
Non-performing loans held-for-sale      67,489   
Other real estate owned106  106  106  106  248 
Total non-performing assets$31,786  $34,234  $36,516  $97,490  $21,292 
PCD loans (1)$40,064  $44,421  $48,488  $56,422  $61,694 
Delinquent loans 30 to 89 days$5,313  $16,477  $34,683  $13,753  $13,640 
Troubled debt restructurings:         
Non-performing (included in total non-performing loans above)$9,803  $4,785  $5,158  $9,866  $6,189 
Performing10,311  11,466  12,009  12,777  16,365 
Total troubled debt restructurings$20,114  $16,251  $17,167  $22,643  $22,554 
Allowance for loan credit losses$53,876  $59,976  $60,735  $56,350  $38,509 
Allowance for loan credit losses as a percent of total loans receivable (2)0.69% 0.76% 0.78% 0.70% 0.46%
Allowance for loan credit losses as a percent of total non-performing loans held-for-investment (2)170.06  175.74  166.81  188.49  182.99 
Non-performing loans held-for-investment as a percent of total loans receivable0.41  0.43  0.47  0.37  0.25 
Non-performing assets as a percent of total assets0.28  0.30  0.32  0.84  0.19 


(1)PCD loans are not included in non-performing loans held-for-investment, troubled debt restructurings or delinquent loans totals.
(2)Loans acquired from prior bank acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, was $23.6 million, $25.7 million, $28.0 million, $31.6 million and $35.4 million at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020 respectively.

 
 

NET (CHARGE-OFFS) RECOVERIESFor the Three Months Ended
 June 30,
2021
 March 31,
2021
 December 31,
2020
 September 30,
2020
 June 30,
2020
Net (charge-offs) recoveries:         
Loan charge-offs$(420)  $(356) $(3,220)  $(15,411)  $(169)
Recoveries on loans196   636  278   416   401 
Net loan (charge-offs) recoveries$(224)  $280  $(2,942) (1)$(14,995) (2)$232 
Net loan (charge-offs) recoveries to average total loans (annualized)0.01 % NM*  0.15 % 0.71 % NM* 
Net loan (charge-offs) recoveries detail:         
Commercial$(304)  $126  $(775)  $(14,801)  $30 
Residential real estate   (203) (1,731)  314   212 
Home equity loans and lines58   352  (451)  (490)  (3)
Other consumer22   5  15   (18)  (7)
Net loan (charge-offs) recoveries$(224)  $280  $(2,942) (1)$(14,995) (2)$232 


(1)Included in net loan charge-offs for the three months ended December 31, 2020 is $2.3 million relating to under-performing residential and consumer loans sold.
(2)Included in net loan charge-offs for the three months ended September 30, 2020 is $14.2 million relating to loans transferred to held-for-sale.
  
 * Not meaningful
  

 OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME

 For the Three Months Ended
 June 30,
2021
 March 31,
2021
 June 30,
2020
(dollars in thousands)Average
Balance
 Interest Average
Yield/
Cost
 Average
Balance
 Interest Average
Yield/
Cost
 Average
Balance
 Interest Average
Yield/
Cost
Assets:                 
Interest-earning assets:                 
Interest-earning deposits and short-term investments$992,485  $241  0.10% $1,138,911  $277  0.10% $354,016  $115  0.13%
Securities (1)1,501,484  6,052  1.62  1,311,683  6,689  2.07  1,130,779  7,415  2.64 
Loans receivable, net (2)                 
Commercial5,318,436  54,258  4.09  5,127,940  53,670  4.24  5,409,238  59,460  4.42 
Residential real estate2,219,425  19,097  3.44  2,327,838  20,069  3.45  2,507,076  23,870  3.81 
Home equity loans and lines260,374  3,163  4.87  275,943  3,523  5.18  328,144  3,853  4.72 
Other consumer44,167  530  4.81  50,964  646  5.14  76,382  1,164  6.13 
Allowance for loan credit losses, net of deferred loan costs and fees(53,483)     (52,887)     (25,218)    
Loans receivable, net7,788,919  77,048  3.97  7,729,798  77,908  4.09  8,295,622  88,347  4.28 
Total interest-earning assets10,282,888  83,341  3.25  10,180,392  84,874  3.38  9,780,417  95,877  3.94 
Non-interest-earning assets1,256,844      1,259,109      1,334,169     
Total assets$11,539,732      $11,439,501      $11,114,586     
Liabilities and Stockholders’ Equity:                 
Interest-bearing liabilities:                 
Interest-bearing checking$3,701,496  3,385  0.37% $3,711,976  4,311  0.47% $2,966,631  4,800  0.65%
Money market760,323  212  0.11  757,634  367  0.20  652,485  705  0.43 
Savings1,581,284  166  0.04  1,522,603  179  0.05  1,445,953  414  0.12 
Time deposits1,002,086  2,562  1.03  1,221,123  3,639  1.21  1,623,890  6,386  1.58 
Total7,045,189  6,325  0.36  7,213,336  8,496  0.48  6,688,959  12,305  0.74 
FHLB Advances            476,598  1,946  1.64 
Securities sold under agreements to repurchase135,181  56  0.17  129,444  95  0.30  131,382  138  0.42 
Other borrowings228,350  2,944  5.17  228,368  2,679  4.76  220,948  2,821  5.14 
Total borrowings363,531  3,000  3.31  357,812  2,774  3.14  828,928  4,905  2.38 
Total interest-bearing liabilities7,408,720  9,325  0.50  7,571,148  11,270  0.60  7,517,887  17,210  0.92 
Non-interest-bearing deposits2,462,203      2,212,273      2,018,044     
Non-interest-bearing liabilities164,774      160,500      124,997     
Total liabilities10,035,697      9,943,921      9,660,928     
Stockholders’ equity1,504,035      1,495,580      1,453,658     
Total liabilities and equity$11,539,732      $11,439,501      $11,114,586     
Net interest income  $74,016      $73,604      $78,667   
Net interest rate spread (3)    2.75%     2.78%     3.02%
Net interest margin (4)    2.89 %     2.93 %     3.24 %
Total cost of deposits (including non-interest-bearing deposits)    0.27 %     0.37 %     0.57 %
                     


           
 For the Six Months Ended
 June 30,
2021
 June 30,
2020
(dollars in thousands)Average
Balance
Interest Average
Yield/
Cost
 Average
Balance
 Interest Average
Yield/
Cost
Assets:          
Interest-earning assets:          
Interest-earning deposits and short-term investments$1,065,294  $518  0.10% $208,871  $457  0.44%
Securities (1)1,407,108  12,741  1.83  1,158,657  15,336  2.66 
Loans receivable, net (2)          
Commercial5,223,714  107,927  4.17  5,185,114  119,335  4.63 
Residential real estate2,273,332  39,166  3.45  2,490,243  48,499  3.90 
Home equity loans and lines268,115  6,686  5.03  333,574  7,923  4.78 
Other consumer47,547  1,177  4.99  81,930  2,534  6.22 
Allowance for loan credit losses, net of deferred loan costs and fees(53,187)     (17,720)    
Loans receivable, net7,759,521  154,956  4.03  8,073,141  178,291  4.44 
Total interest-earning assets10,231,923  168,215  3.32  9,440,669  194,084  4.13 
Non-interest-earning assets1,257,970      1,283,029     
Total assets$11,489,893      $10,723,698     
Liabilities and Stockholders’ Equity:             
Interest-bearing liabilities:             
Interest-bearing checking$3,707,398  7,695  0.42% $2,887,212  9,931  0.69%
Money market758,986  579  0.15  633,273  1,745  0.55 
Savings1,552,106  345  0.04  1,424,646  1,969  0.28 
Time deposits1,111,000  6,202  1.13  1,541,619  12,596  1.64 
Total7,129,490  14,821  0.42  6,486,750  26,241  0.81 
FHLB Advances      553,963  4,770  1.73 
Securities sold under agreements to repurchase132,328  151  0.23  106,743  234  0.44 
Other borrowings228,359  5,623  4.97  169,900  4,527  5.36 
Total borrowings360,687  5,774  3.23  830,606  9,531  2.31 
Total interest-bearing liabilities7,490,177  20,595  0.55  7,317,356  35,772  0.98 
Non-interest-bearing deposits2,337,238      1,852,813     
Non-interest-bearing liabilities162,647      119,237     
Total liabilities9,990,062      9,289,406     
Stockholders’ equity1,499,831      1,434,292     
Total liabilities and equity$11,489,893      $10,723,698     
Net interest income    $147,620      $158,312   
Net interest rate spread (3)   2.77%     3.15%
Net interest margin (4)   2.91%     3.37%
Total cost of deposits (including non-interest-bearing deposits)   0.32%     0.63%
             


(1)Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.
(2)Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held for sale and non-performing loans.
(3)Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(4)Net interest margin represents net interest income divided by average interest-earning assets.

 

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)

  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Selected Financial Condition Data:          
Total assets $11,483,901  $11,577,472  $11,448,313  $11,651,297  $11,345,365 
Debt securities available-for-sale, at                
estimated fair value 249,330  268,511  183,302  169,634  153,239 
Debt securities held-to-maturity, net of allowance for               
 securities credit losses 1,146,735  1,082,326  937,253  871,688  867,959 
Equity investments, at estimated fair value 90,917  50,159  107,079  63,846  13,830 
Restricted equity investments, at cost 52,519  52,199  51,705  67,505  68,091 
Loans receivable, net of allowance for loan credit losses 7,774,351  7,820,590  7,704,857  7,943,390  8,335,480 
Deposits 9,415,286  9,502,812  9,427,616  9,283,288  8,967,754 
Federal Home Loan Bank advances       343,452  343,392 
Securities sold under agreements to repurchase               
and other borrowings 370,039  362,641  363,925  389,764  399,661 
Stockholders’ equity 1,508,789  1,498,719  1,484,130  1,461,714  1,476,434 


  For the Three Months Ended,
  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Selected Operating Data:          
Interest income $83,341  $84,874  $92,562  $92,962  $95,877 
Interest expense 9,325  11,270  14,711  16,174  17,210 
Net interest income 74,016  73,604  77,851  76,788  78,667 
Credit loss (benefit) expense (6,460) (620) 4,072  35,714  9,649 
Net interest income after credit loss               
(benefit) expense 80,476  74,224  73,779  41,074  69,018 
Other income (excluding net gain (loss) on equity               
investments and gain on sale of PPP loans) 11,227  12,548  11,032  11,755  11,430 
Net gain (loss) on equity investments 576  8,287  24,487  (3,576)  
Gain on sale of PPP loans     5,101     
Operating expenses (excluding FHLB                
advance prepayment fees, branch
consolidation and merger related
expenses)
 51,198  50,291  53,053  52,801  51,075 
FHLB advance prepayment fees     13,333    924 
Branch consolidation expense 26  1,011  3,336  830  863 
Merger related expenses 446  381  1,194  3,156  3,070 
Income (loss) before provision               
(benefit) for income taxes 40,609  43,376  43,483  (7,534) 24,516 
Provision (benefit) for income taxes 10,054  10,679  10,419  (2,608) 5,878 
Net income (loss) $30,555  $32,697  $33,064  $(4,926) $18,638 
Net income (loss) available to common                    
stockholders $29,551  $31,693  $32,060  $(6,019) $18,638 
Diluted earnings (loss) per share $0.49  $0.53  $0.54  $(0.10) $0.31 
Net accretion/amortization of purchase accounting                    
adjustments included in net interest income $2,835  $3,650  $6,186  $4,364  $5,536 
                     


  At or For the Three Months Ended
  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Selected Financial Ratios and Other Data(1):          
Performance Ratios (Annualized):          
Return on average assets (2) 1.03% 1.12% 1.09% (0.21)% 0.67%
Return on average tangible assets (2) (3) 1.08  1.18  1.14  (0.22)  0.71 
Return on average stockholders’ equity (2) 7.88  8.59  8.65  (1.61)  5.16 
Return on average tangible stockholders’ equity (2) (3) 12.07  13.22  13.43  (2.51)  8.10 
Stockholders’ equity to total assets 13.14  12.95  12.96  12.55   13.01 
Tangible stockholders’ equity to tangible assets (3) 9.01  8.83  8.79  8.41   8.77 
Tangible common equity to tangible assets (3) 8.50  8.33  8.28  7.91   8.25 
Net interest rate spread 2.75  2.78  2.79  2.77   3.02 
Net interest margin 2.89  2.93  2.97  2.97   3.24 
Operating expenses to average assets (2) 1.80  1.83  2.40  1.94   2.02 
Efficiency ratio (2) (4) 60.21  54.73  59.86  66.83   62.08 
Loans to deposits 83.06  82.84  82.27  86.19   93.43 


  For the Six Months Ended June 30,
  2021 2020
Performance Ratios (Annualized):    
Return on average assets (2) 1.07% 0.66%
Return on average tangible assets (2) (3) 1.13  0.69 
Return on average stockholders’ equity (2) 8.23  4.93 
Return on average tangible stockholders’ equity (2) (3) 12.64  7.81 
Net interest rate spread 2.77  3.15 
Net interest margin 2.91  3.37 
Operating expenses to average assets (2) 1.81  2.23 
Efficiency ratio (2) (4) 57.34  64.72 


  At or For the Three Months Ended
  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Trust and Asset Management:          
Wealth assets under administration and management $278,785  $274,172  $245,175  $232,292  $224,042 
Nest Egg 129,674  101,701  93,237  80,472  57,383 
Per Share Data:          
Cash dividends per common share $0.17  $0.17  $0.17  $0.17  $0.17 
Stockholders’ equity per common share at                
end of period 25.22  24.84  24.57  24.21  24.47 
Tangible common equity per common share at               
end of period (3) 15.58  15.26  14.98  14.58  14.79 
Common shares outstanding at end of period 59,834,018  60,329,504  60,392,043  60,378,120  60,343,077 
Preferred shares outstanding at end of period 57,370  57,370  57,370  57,370  57,370 
Number of full-service customer facilities: 58  62  62  62  62 
Quarterly Average Balances          
Total securities $1,501,484  $1,311,683  $1,209,543  $1,112,174  $1,130,779 
Loans receivable, net 7,788,919  7,729,798  7,992,365  8,350,797  8,295,622 
Total interest-earning assets 10,282,888  10,180,392  10,425,380  10,268,834  9,780,417 
Total assets 11,539,732  11,439,501  11,747,439  11,621,969  11,114,586 
Time deposits 1,002,086  1,221,123  1,437,770  1,606,632  1,623,890 
Total deposits (including non-interest               
   -bearing deposits) 9,507,392  9,425,609  9,505,835  9,241,265  8,707,003 
Total borrowed funds 363,531  357,812  590,295  735,035  828,928 
Total interest-bearing liabilities 7,408,720  7,571,148  7,886,598  7,767,059  7,517,887 
Non-interest bearing deposits 2,462,203  2,212,273  2,209,532  2,209,241  2,018,044 
Stockholders’ equity 1,504,035  1,495,580  1,475,088  1,482,682  1,453,658 
           
Quarterly Yields          
Total securities 1.62% 2.07% 2.38% 2.43% 2.64%
Loans receivable, net 3.97  4.09  4.23  4.09  4.28 
Total interest-earning assets 3.25  3.38  3.53  3.60  3.94 
Time deposits 1.03  1.21  1.39  1.45  1.58 
Total cost of deposits (including non-interest-bearing deposits) 0.27  0.37  0.45  0.49  0.57 
Total borrowed funds 3.31  3.14  2.72  2.60  2.38 
Total interest-bearing liabilities 0.50  0.60  0.74  0.83  0.92 
Net interest spread 2.75  2.78  2.79  2.77  3.02 
Net interest margin 2.89  2.93  2.97  2.97  3.24 


(1)With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2) Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Non-GAAP Reconciliation.”
(3)Tangible stockholders’ equity and tangible assets exclude intangible assets relating to goodwill and core deposit intangible. Tangible common equity excludes goodwill, core deposit intangible and preferred equity.
(4)Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
  

OceanFirst Financial Corp.
SUPPLEMENTAL INFORMATION
(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION

  For the Three Months Ended
  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Core Earnings:          
Net income (loss) available to common stockholders (GAAP) $29,551   $31,693   $32,060   $(6,019)  $18,638  
Add (less) non-recurring and non-core items:          
Merger related expenses 446   381   1,194   3,156   3,070  
Branch consolidation expenses 26   1,011   3,336   830   863  
Net (gain) loss on equity investments (576)  (8,287)  (24,487)  3,576     
FHLB advance prepayment fees       13,333      924  
Gain on sale of PPP loans       (5,101)       
Income tax expense (benefit) on items 26   1,666   2,832   (1,809)  (1,190) 
Core earnings (loss) (Non-GAAP) $29,473   $26,464   $23,167   $(266)  $22,305  
Core diluted earnings (loss) per share $0.49   $0.44   $0.39   $   $0.37  
           
Core Ratios (Annualized):          
Return on average assets 1.02 % 0.94 % 0.78 % (0.01)% 0.81 %
Return on average tangible assets 1.07   0.98   0.82   (0.01)  0.85  
Return on average tangible stockholders’ equity 12.04   11.04   9.71   (0.11)  9.69  
Efficiency ratio 60.06   58.37   59.69   59.63   56.69  


  For the Six Months Ended June 30,
  2021 2020
Core Earnings:    
Net income available to common stockholders (GAAP) $61,244   $35,171  
Add (less) non-recurring and non-core items:    
Merger related expenses 827   11,597  
Branch consolidation expenses 1,037   3,457  
Net gain on equity investments (8,863)    
Two River and Country Bank opening credit loss expense under the CECL model    2,447  
FHLB advance prepayment fees    924  
Income tax expense on items 1,692   (4,311) 
Core earnings (Non-GAAP) $55,937   $49,285  
Core diluted earnings per share $0.93   $0.82  
     
Core Ratios (Annualized):    
Return on average assets 0.98 % 0.92 %
Return on average tangible assets 1.03   0.97  
Return on average tangible stockholders’ equity 11.55   10.94  
Efficiency ratio 59.21   56.01  


  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Tangible Stockholders’ Equity to Tangible Assets:          
Total stockholders’ equity $1,508,789  $1,498,719  $1,484,130  $1,461,714  $1,476,434 
Less:          
Goodwill 500,319  500,319  500,319  500,849  501,472 
Core deposit intangible 20,912  22,273  23,668  25,194  26,732 
Tangible stockholders’ equity $987,558  $976,127  $960,143  $935,671  $948,230 
           
Total assets $11,483,901  $11,577,472  $11,448,313  $11,651,297  $11,345,365 
Less:          
Goodwill 500,319  500,319  500,319  500,849  501,472 
Core deposit intangible 20,912  22,273  23,668  25,194  26,732 
Tangible assets $10,962,670  $11,054,880  $10,924,326  $11,125,254  $10,817,161 
Tangible stockholders’ equity to tangible assets 9.01% 8.83% 8.79% 8.41% 8.77%
                


  June 30, March 31, December 31, September 30, June 30,
  2021 2021 2020 2020 2020
Tangible Common Equity to Tangible Assets:          
Total stockholders’ equity $1,508,789  $1,498,719  $1,484,130  $1,461,714  $1,476,434 
Less:          
Goodwill 500,319  500,319  500,319  500,849  501,472 
Core deposit intangible 20,912  22,273  23,668  25,194  26,732 
Preferred stock 55,527  55,527  55,527  55,544  55,711 
Tangible common equity $932,031  $920,600  $904,616  $880,127  $892,519 
           
Total assets $11,483,901  $11,577,472  $11,448,313  $11,651,297  $11,345,365 
Less:          
Goodwill 500,319  500,319  500,319  500,849  501,472 
Core deposit intangible 20,912  22,273  23,668  25,194  26,732 
Tangible assets $10,962,670  $11,054,880  $10,924,326  $11,125,254  $10,817,161 
Tangible common equity to tangible assets 8.50% 8.33% 8.28% 7.91% 8.25%
                

Company Contact:

Michael J. Fitzpatrick
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 7506
Email: Mfitzpatrick@oceanfirst.com


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