OceanFirst Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>OceanFirst Financial Corp. filed its Q1 2024 10-Q report detailing financial performance and position.</b>

AI Summary

OCEANFIRST FINANCIAL CORP (OCFC) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. OceanFirst Financial Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is national commercial banking. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as Common Stock, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for various periods.

Why It Matters

For investors and stakeholders tracking OCEANFIRST FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for OceanFirst Financial Corp., crucial for assessing the company's performance and outlook. The detailed financial data allows for comparison with previous periods and industry benchmarks, aiding in investment decisions and risk assessment.

Risk Assessment

Risk Level: low — OCEANFIRST FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-12-31 — Previous Year End Date (Financial statement date)
• 2023-03-31 — Prior Year Quarter End Date (Financial statement date)

Key Players & Entities

• OCEANFIRST FINANCIAL CORP (company) — Filer name
• 0001004702 (company) — Central Index Key
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 975 HOOPER AVE (address) — Business street address
• TOMS RIVER (location) — Business city
• NJ (location) — Business state
• 08753-8396 (postal_code) — Business zip code

FAQ

Industry Context

OceanFirst Financial Corp. operates within the national commercial banks industry, a sector characterized by lending, deposit-taking, and financial services.

Regulatory Implications

As a national commercial bank, OceanFirst Financial Corp. is subject to regulations from federal and state authorities, including the SEC, Federal Reserve, and state banking departments.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Review any disclosures related to changes in financial instruments or accounting policies.
3. Compare key financial ratios and performance metrics to prior periods and industry averages.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first 10-Q for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share OCFC NASDAQ Deposi
• $2.7 m — poration ("FDIC") special assessment of $2.7 million, or $2.0 million, net of tax expe
• $2.0 m — special assessment of $2.7 million, or $2.0 million, net of tax expense. Performance
• $513,000 — ents and the FDIC special assessment of $513,000, or $384,000, net of tax expense. Perfo
• $384,000 — FDIC special assessment of $513,000, or $384,000, net of tax expense. Performance ratios
• $7.6 m — and net loss on sale of investments of $7.6 million, or $5.8 million, net of tax bene
• $5.8 m — sale of investments of $7.6 million, or $5.8 million, net of tax benefit. (5) Net int
• $8.8 million — oans included the remaining exposure of $8.8 million on a single commercial real estate rela
• $7.0 m — e allowance for loan credit losses, was $7.0 million, $7.5 million, and $10.5 million
• $7.5 m — r loan credit losses, was $7.0 million, $7.5 million, and $10.5 million at March 31, 2
• $10.5 million — es, was $7.0 million, $7.5 million, and $10.5 million at March 31, 2024, December 31, 2023 an
• $28 — nd book value per share were 11.01% and $28.32, respectively, and increased 15 basi
• $0.36 — vely, and increased 15 basis points and $0.36 from the prior linked quarter. The Comp
• $15.1 million — any repurchased 957,827 shares totaling $15.1 million. Expense Management: The Company conti
• $58.7 m — pense control. Non-interest expense was $58.7 million, which included a FDIC special as

Filing Documents

• ocfc-20240331.htm (10-Q) — 2186KB
• exhibit311q124.htm (EX-31.1) — 11KB
• exhibit312q124.htm (EX-31.2) — 11KB
• exhibit320q124.htm (EX-32.0) — 6KB
• 0001004702-24-000077.txt (&nbsp;) — 11520KB
• ocfc-20240331.xsd (EX-101.SCH) — 52KB
• ocfc-20240331_cal.xml (EX-101.CAL) — 163KB
• ocfc-20240331_def.xml (EX-101.DEF) — 273KB
• ocfc-20240331_lab.xml (EX-101.LAB) — 741KB
• ocfc-20240331_pre.xml (EX-101.PRE) — 520KB
• ocfc-20240331_htm.xml (XML) — 2512KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) Consolidated Statements of Financial Condition as of March 3 1 , 202 4 (unaudited) and December 31, 20 23 19 Consolidated Statements of Income (unaudited) for the three months ended March 31 , 202 4 and 20 23 20 Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31 , 202 4 and 202 3 21 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the three months ended March 31 , 202 4 and 20 23 22 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31 , 202 4 and 20 23 23 Notes to Unaudited Consolidated Financial Statements 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 4

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 17

Controls and Procedures

Item 4. Controls and Procedures 18

Other Information

PART II. Other Information 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Signatures

Signatures 48 Table of Contents

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations FINANCIAL SUMMARY (1) At or for the Quarters Ended (dollars in thousands, except per share amounts) March 31, 2024 December 31, 2023 March 31, 2023 SELECTED FINANCIAL CONDITION DATA: Total assets $ 13,418,978 $ 13,538,253 $ 13,555,175 Loans receivable, net of allowance for loan credit losses 10,068,209 10,136,721 9,986,949 Deposits 10,236,851 10,434,949 9,993,095 Total stockholders' equity 1,665,837 1,661,945 1,610,371 SELECTED OPERATING DATA: Net interest income 86,224 87,824 98,802 Provision for credit losses 591 3,153 3,013 Other income 12,286 11,861 2,073 Operating expenses 58,672 60,189 61,309 Net income 28,610 27,752 27,899 Net income attributable to OceanFirst Financial Corp. 28,667 27,682 27,883 Net income available to common stockholders 27,663 26,678 26,879 Diluted earnings per share 0.47 0.46 0.46 SELECTED FINANCIAL RATIOS: Book value per common share at end of period 28.32 27.96 27.07 Cash dividend per share 0.20 0.20 0.20 Dividend payout ratio per common share 42.55 % 43.48 % 43.48 % Stockholders' equity to total assets 12.41 12.28 11.88 Return on average assets (2) (3) (4) 0.82 0.78 0.82 Return on average stockholders' equity (2) (3) (4) 6.65 6.41 6.77 Net interest rate spread (5) 2.23 2.25 2.94 Net interest margin (2) (6) 2.81 2.82 3.34 Operating expenses to average assets (2) (4) 1.74 1.76 1.88 Efficiency ratio (4) (7) 59.56 60.38 60.78 Loan-to-deposit ratio (8) 98.90 97.70 100.50 ASSET QUALITY (9) : Non-performing loans (10) $ 35,011 $ 29,548 $ 22,437 Allowance for loan credit losses as a percent of total loans receivable (8) (11) 0.66 % 0.66 % 0.60 % Allowance for loan credit losses as a percent of total non-performing loans (10) (11) 191.86 227.21 268.28 Non-performing loans as a percent of total loans receivable (8) (10) 0.35 0.29 0.22 Non-performing assets as a percent of total assets (10) 0.26 0.22 0.17

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View this 10-Q filing on SEC EDGAR