OceanFirst Financial Corp. Q2 2024 10-Q Filing

TL;DR

OCFC Q2 2024 10-Q filed. Financials look solid.

AI Summary

OceanFirst Financial Corp. reported its financial results for the quarter ending June 30, 2024. The company's filing details its financial position and performance, including assets, liabilities, and equity for the period. Specific figures for revenue, net income, and other key financial metrics are provided within the report.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look at OceanFirst Financial Corp.'s financial health and operational performance during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Quarterly financial results)
• 2023-12-31 — Previous Year End (Comparison point for financial data)
• 2023-06-30 — Prior Year Quarter End (Year-over-year comparison)

Key Players & Entities

• OceanFirst Financial Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date
• TOMS RIVER, NJ (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share OCFC NASDAQ Deposi
• $887,000 — ded a net gain on equity investments of $887,000, or $699,000, net of tax expense. Perfo
• $699,000 — n on equity investments of $887,000, or $699,000, net of tax expense. Performance ratios
• $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
• $559,000 — ded a net loss on equity investments of $559,000, or $397,000, net of tax benefit. (5)
• $397,000 — s on equity investments of $559,000, or $397,000, net of tax benefit. (5) Net interest
• $7.2 million — oans included the remaining exposure of $7.2 million and $8.8 million, respectively, on a co
• $8.8 m — remaining exposure of $7.2 million and $8.8 million, respectively, on a commercial re
• $6.1 m — e allowance for loan credit losses, was $6.1 million, $7.0 million, and $9.8 million a
• $7.0 m — r loan credit losses, was $6.1 million, $7.0 million, and $9.8 million at June 30, 202
• $9.8 million — es, was $6.1 million, $7.0 million, and $9.8 million at June 30, 2024, March 31, 2024 and Ju
• $28 — and book value per share were 11.2% and $28.67, respectively, and increased approxi
• $0.35 — eased approximately 20 basis points and $0.35 from the prior linked quarter. Share r
• $5.0 million — any repurchased 338,087 shares totaling $5.0 million. The Company has 1,638,524 shares avail

Filing Documents

• ocfc-20240630.htm (10-Q) — 2570KB
• exhibit311q224.htm (EX-31.1) — 11KB
• exhibit312q224.htm (EX-31.2) — 11KB
• exhibit320q224.htm (EX-32.0) — 6KB
• 0001004702-24-000098.txt ( ) — 12651KB
• ocfc-20240630.xsd (EX-101.SCH) — 53KB
• ocfc-20240630_cal.xml (EX-101.CAL) — 166KB
• ocfc-20240630_def.xml (EX-101.DEF) — 275KB
• ocfc-20240630_lab.xml (EX-101.LAB) — 772KB
• ocfc-20240630_pre.xml (EX-101.PRE) — 537KB
• ocfc-20240630_htm.xml (XML) — 2820KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) Consolidated Statements of Financial Condition as of June 30 , 2024 (unaudited) and December 31, 2023 19 Consolidated Statements of Income (unaudited) for the three and six months ended June 30 , 2024 and 2023 20 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 21 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 22 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30 , 2024 and 2023 24 Notes to Unaudited Consolidated Financial Statements 26

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 47

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

Signatures

Signatures 49 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) June 30, 2024 March 31, 2024 June 30, 2023 SELECTED FINANCIAL CONDITION DATA: Total assets $ 13,321,755 $ 13,418,978 $ 13,538,903 Loans receivable, net of allowance for loan credit losses 9,961,117 10,068,209 10,030,106 Deposits 9,994,017 10,236,851 10,158,337 Total stockholders' equity 1,676,669 1,665,837 1,626,283 SELECTED OPERATING DATA: Net interest income 82,263 86,224 92,109 Provision for credit losses 3,114 591 1,229 Other income 10,985 12,286 8,928 Operating expenses 58,620 58,672 62,930 Net income 24,432 28,610 27,882 Net income attributable to OceanFirst Financial Corp. 24,373 28,667 27,797 Net income available to common stockholders 23,369 27,663 26,793 Diluted earnings per share 0.40 0.47 0.45 SELECTED FINANCIAL RATIOS: Book value per common share at end of period 28.67 28.32 27.37 Cash dividend per share 0.20 0.20 0.20 Dividend payout ratio per common share 50.00 % 42.55 % 44.44 % Stockholders' equity to total assets 12.59 12.41 12.01 Return on average assets (2) (3) (4) 0.70 0.82 0.80 Return on average stockholders' equity (2) (3) (4) 5.61 6.65 6.61 Net interest rate spread (5) 2.11 2.23 2.52 Net interest margin (2) (6) 2.71 2.81 3.02 Operating expenses to average assets (2) (4) 1.75 1.74 1.87 Efficiency ratio (4) (7) 62.86 59.56 62.28 Loan-to-deposit ratio (8) 100.30 98.90 99.30 ASSET QUALITY (9) : Non-performing loans (10) $ 33,422 $ 35,011 $ 22,758 Allowance for loan credit losses as a percent of total loans receivable (8) (11) 0.69 % 0.66 % 0.61 % Allowance for loan credit losses as a percent of total non-performing loans (10) (11) 205.97 191.86 271.51 Non-performing loans as a percent of total loans receivable (8) (10) 0.33 0.35 0.23 Non-performing assets as a percent of total assets (10) 0.25 0.26 0.17 (1

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