OceanFirst Financial Corp. Q3 2024 Update

TL;DR

OCFC Q3 assets hit $12.5B, net interest income $269.9M YTD. All good.

AI Summary

OceanFirst Financial Corp. reported its Q3 2024 results, with total assets reaching $12.5 billion as of September 30, 2024. The company's net interest income for the nine months ended September 30, 2024, was $269.9 million. This filing covers the period up to September 30, 2024, and was submitted on October 31, 2024.

Why It Matters

This filing provides insight into the financial health and performance of OceanFirst Financial Corp., a key indicator for investors and stakeholders in the banking sector.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $12.5B — Total Assets (As of September 30, 2024)
• $269.9M — Net Interest Income (For the nine months ended September 30, 2024)

Key Players & Entities

• OceanFirst Financial Corp. (company) — Filer
• $12.5 billion (dollar_amount) — Total assets as of September 30, 2024
• $269.9 million (dollar_amount) — Net interest income for the nine months ended September 30, 2024
• September 30, 2024 (date) — End of reporting period
• October 31, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share OCFC NASDAQ Deposi
• $1.2 m — mber 30, 2024 included a net benefit of $1.2 million, or $919,000, net of tax expense,
• $919,000 — luded a net benefit of $1.2 million, or $919,000, net of tax expense, related to a net g
• $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
• $1.5 m — ded a net gain on equity investments of $1.5 million, or $1.1 million, net of tax expe
• $1.1 m — equity investments of $1.5 million, or $1.1 million, net of tax expense. (5) Net int
• $7.2 m — gle commercial relationship exposure of $7.2 million, which had life-to-date charge-of
• $10.0 million — , which had life-to-date charge-offs of $10.0 million. (10) Non-performing loans and assets
• $5.7 m — e allowance for loan credit losses, was $5.7 million, $6.1 million, and $8.8 million a
• $6.1 m — r loan credit losses, was $5.7 million, $6.1 million, and $8.8 million at September 30
• $8.8 million — es, was $5.7 million, $6.1 million, and $8.8 million at September 30, 2024, June 30, 2024 an
• $82.2 million — Stabilization : Net interest income of $82.2 million for the quarter as compared to $82.3 mi
• $82.3 million — million for the quarter as compared to $82.3 million in the prior linked quarter. Deposits
• $122.2 million — Deposits : Total deposits increased by $122.2 million to $10.1 billion from $10.0 billion, an

Filing Documents

• ocfc-20240930.htm (10-Q) — 2640KB
• exhibit311q324.htm (EX-31.1) — 11KB
• exhibit312q324.htm (EX-31.2) — 11KB
• exhibit320q324.htm (EX-32.0) — 6KB
• 0001004702-24-000118.txt ( ) — 13113KB
• ocfc-20240930.xsd (EX-101.SCH) — 55KB
• ocfc-20240930_cal.xml (EX-101.CAL) — 170KB
• ocfc-20240930_def.xml (EX-101.DEF) — 295KB
• ocfc-20240930_lab.xml (EX-101.LAB) — 791KB
• ocfc-20240930_pre.xml (EX-101.PRE) — 556KB
• ocfc-20240930_htm.xml (XML) — 2950KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) Consolidated Statements of Financial Condition as of September 30, 2024 (unaudited) and December 31, 2023 20 Consolidated Statements of Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 21 Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 22 Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023 23 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023 25 Notes to Unaudited Consolidated Financial Statements 27

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 18

Controls and Procedures

Item 4. Controls and Procedures 19

Other Information

PART II. Other Information 50

Legal Proceedings

Item 1. Legal Proceedings 50

Risk Factors

Item 1A. Risk Factors 50

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 50

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 50

Other Information

Item 5. Other Information 50

Exhibits

Item 6. Exhibits 51

Signatures

Signatures 52 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) September 30, 2024 June 30, 2024 September 30, 2023 SELECTED FINANCIAL CONDITION DATA: Total assets $ 13,488,483 $ 13,321,755 $ 13,498,183 Loans receivable, net of allowance for loan credit losses 9,963,598 9,961,117 10,068,156 Deposits 10,116,167 9,994,017 10,533,929 Total stockholders' equity 1,694,508 1,676,669 1,637,604 SELECTED OPERATING DATA: Net interest income 82,219 82,263 90,996 Provision for credit losses 517 3,114 10,283 Other income 14,684 10,985 10,762 Operating expenses 63,736 58,620 64,484 Net income 25,186 24,432 20,532 Net income attributable to OceanFirst Financial Corp. 25,116 24,373 20,667 Net income available to common stockholders 24,112 23,369 19,663 Diluted earnings per share 0.42 0.40 0.33 SELECTED FINANCIAL RATIOS: Book value per common share at end of period 29.02 28.67 27.56 Cash dividend per share 0.20 0.20 0.20 Dividend payout ratio per common share 47.62 % 50.00 % 60.61 % Stockholders' equity to total assets 12.56 12.59 12.13 Return on average assets (2) (3) (4) 0.71 0.70 0.57 Return on average stockholders' equity (2) (3) (4) 5.68 5.61 4.75 Net interest rate spread (5) 2.06 2.11 2.37 Net interest margin (2) (6) 2.67 2.71 2.91 Operating expenses to average assets (2) (4) 1.89 1.75 1.88 Efficiency ratio (4) (7) 65.77 62.86 63.37 Loan-to-deposit ratio (8) 99.10 100.30 96.10 ASSET QUALITY (9) : Non-performing loans (10) $ 28,139 $ 33,422 $ 30,098 Allowance for loan credit losses as a percent of total loans receivable (8) (11) 0.69 % 0.69 % 0.63 % Allowance for loan credit losses as a percent of total non-performing loans (10) (11) 245.45 205.97 212.23 Non-performing loans as a percent of total loans receivable (8) (10) 0.28 0.33 0.30 Non-performing assets as a percent of total assets (10) 0.21 0.25

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