OceanFirst Financial Corp. (NASDAQ:OCFC), (the
“Company”), the holding company for OceanFirst Bank (the “Bank”),
today announced that diluted earnings per share were $0.30 for the
quarter ended December 31, 2017, as compared to $0.22 for the
corresponding prior year quarter. For the year ended
December 31, 2017, diluted earnings per share were $1.28, as
compared to $0.98 for the corresponding prior year period.
The results of operations for the quarter and
year ended December 31, 2017 included merger related expenses,
branch consolidation expenses, and additional income tax expense
from the revaluation of deferred tax assets as a result of the
reduction in the corporate income tax rate related to the recently
enacted Tax Cuts and Jobs Act (“Tax Reform”), and for the year
ended December 31, 2017, also included the acceleration of
stock award expense due to the retirement of a director. These
items decreased net income, net of tax benefit, for the quarter and
year ended December 31, 2017 by $4.9 million and $13.7
million, respectively. Excluding these items, core earnings
for the quarter and year ended December 31, 2017 were $14.9
million, or $0.45 per diluted share, and $56.2 million, or $1.70
per diluted share, respectively. (Please refer to the
Non-GAAP Reconciliation table at the end of this document for
details on the earnings impact of merger related expenses, branch
consolidation expenses, additional income tax expense related to
the recently enacted Tax Reform, and certain other incurred
expenses and quantification of core earnings).
Highlights are described below:
- Deposits increased $155.0 million for the year, while the cost
of deposits increased only four basis points, to 0.29%. The loan to
deposit ratio at December 31, 2017 was 91.3%.
- Total loans increased $160.9 million for the year, with $123.1
million of the growth relating to commercial lending.
- As a result of the tax rate reduction associated with the
recently enacted Tax Reform, the Company will reinvest part of the
anticipated benefit in its workforce by raising the minimum hourly
pay rate to $15.00 and increasing the number of shares available in
the employee stock ownership program by 300,000 shares.
Chairman and Chief Executive Officer Christopher
D. Maher said, “We are pleased to report 2017 results which
included record core earnings of $56.2 million and core diluted
earnings per share of $1.70. Core expenses decreased again in
the fourth quarter, further benefiting from the branch
consolidations completed earlier in the year, and lowering our
efficiency ratio to 53.7%.” Mr. Maher added, “The
merger with Sun Bancorp, Inc. remains on target to close on
January 31, 2018 and we look forward to welcoming their
stockholders, customers and employees into our OceanFirst
family.”
On June 30, 2017, the Company announced a
definitive agreement and plan of merger with Sun Bancorp, Inc.
(“Sun”) (NASDAQ:SNBC) (the “merger”). On October 24 and 25, 2017,
Sun and the Company received their respective requisite stockholder
approvals for the merger. Regulatory approval of the merger
was received from the Federal Reserve Bank of Philadelphia on
October 17, 2017. The regulatory approval for the transaction by
the Office of the Comptroller of the Currency was received on
December 4, 2017 and included approval to convert the Bank to a
national bank charter. Subject to other customary closing
conditions, the Company expects to close the transaction on January
31, 2018, and anticipates full integration of Sun’s branches and
core operating systems in the second quarter of 2018. The Company
expects to consolidate 17 branches in the second quarter, primarily
as a result of the merger. These initiatives will allow the Company
to continue to invest in commercial banking and electronic delivery
channels while meeting the efficiency targets established in
connection with the recent acquisitions.
The Company also announced that the Company’s
Board of Directors declared its eighty-fourth consecutive quarterly
cash dividend on common stock. The dividend, for the quarter
ended December 31, 2017, of $0.15 per share will be paid on
February 16, 2018 to stockholders of record on
February 5, 2018.
Board of Directors Appointments
On January 24, 2018, the Company’s Board of
Directors announced the appointment of John K. Lloyd to its Board
of Directors effective immediately and to the OceanFirst Bank Board
of Directors effective at the time of the Sun Merger. Mr.
Lloyd is the Co-CEO of Hackensack Meridian Health, the largest most
comprehensive and integrated health network in New Jersey.
Prior to the merger of Meridian Health and Hackensack University
Health Network in July 2016, Mr. Lloyd was President and CEO of
Meridian Health since 1997. In addition to his significant
experience in healthcare and leadership skills from more than 35
years as a CEO, Mr. Lloyd has served on the boards for other
companies and charitable organizations. The Company also
announced that Dorothy F. McCrosson will retire from the Board of
Directors of the Company and OceanFirst Bank upon the expiration of
her term at the 2018 Annual Meeting of Stockholders in order to
devote more time to her law practice, personal business and
family. On December 20, 2017, the Company’s Board of
Directors approved the appointment of Anthony Coscia and Grace
Torres, each being a member of the Board of Directors of Sun, to
the Company’s and Bank’s Boards of Directors upon the closing of
the Sun Merger, as previously disclosed.
Results of Operations
On May 2, 2016, the Company completed its
acquisition of Cape Bancorp, Inc. (“Cape”) and its results of
operations are included in the consolidated results for the quarter
and year ended December 31, 2017, but are excluded from the
results for the period from January 1, 2016 to May 1, 2016.
On November 30, 2016, the Company completed its
acquisition of Ocean Shore Holding Company (“Ocean Shore”) and its
results of operations are included in the consolidated results for
the quarter and year ended December 31, 2017, but are excluded
from the results of operations for the period from January 1, 2016
to November 30, 2016.
Net income for the quarter ended
December 31, 2017, was $10.0 million, or $0.30 per diluted
share, as compared to $6.1 million, or $0.22 per diluted share, for
the corresponding prior year period. Net income for the year ended
December 31, 2017, was $42.5 million, or $1.28 per diluted
share, as compared to $23.0 million, or $0.98 per diluted share,
for the corresponding prior year period. Net income for the
quarter and year ended December 31, 2017 included merger
related expenses, branch consolidation expenses, and additional
income tax expense related to the recently enacted Tax Reform, and
for the year ended December 31, 2017, also included the
acceleration of stock award expense due to the retirement of a
director. These items decreased net income, net of tax benefit, for
the quarter and year ended December 31, 2017, by $4.9 million
and $13.7 million, respectively. Net income for the quarter and
year ended December 31, 2016 included merger related expenses
of $4.5 million and $11.8 million, respectively. Excluding these
items, net income for the quarter and year ended December 31,
2017 increased over the prior year periods primarily due to the
acquisitions of Cape and Ocean Shore (“Acquisition Transactions”).
In addition, in the first quarter of 2017 the Company adopted
Accounting Standards Update (“ASU”) 2016-09 “Compensation - Stock
Compensation” which resulted in decreases in income tax expense for
the quarter and year ended December 31, 2017, of $125,000 and
$1.8 million, respectively.
Net interest income for the quarter and year
ended December 31, 2017 increased to $42.5 million and $169.2
million, respectively, as compared to $35.8 million and $120.3
million for the same prior year periods, reflecting an increase in
interest-earning assets and a higher net interest margin.
Average interest-earning assets increased $741.1 million and $1.370
billion, respectively, for the quarter and year ended
December 31, 2017, as compared to the same prior year periods,
and were favorably impacted by the interest-earning assets acquired
in the Acquisition Transactions. The net interest margin for the
quarter and year ended December 31, 2017 increased to 3.42%
and 3.50%, respectively, from 3.40% and 3.47%, respectively, for
the same prior year periods. The yields on average interest-earning
assets increased to 3.86% and 3.91%, respectively, for the quarter
and year ended December 31, 2017, from 3.79% and 3.85%,
respectively, for the same prior year periods. For the quarter and
the year ended December 31, 2017, the cost of average
interest-bearing liabilities increased to 0.54% and 0.50%,
respectively, from 0.48% and 0.47%, respectively, in the
corresponding prior year periods. The total cost of deposits
(including non-interest bearing deposits) was 0.32% and 0.29%,
respectively, for the quarter and year ended December 31,
2017, as compared to 0.26% and 0.25%, respectively, for the
corresponding prior year periods.
Net interest income for the quarter ended
December 31, 2017, decreased $551,000, as compared to the
prior linked quarter, as net interest margin decreased to 3.42% for
the quarter ended December 31, 2017, from 3.50% for the prior
linked quarter, partly due to the decrease in accretion of purchase
accounting adjustments. Total loans increased $94.1 million for the
quarter ended December 31, 2017 with a significant amount of this
growth occurring late in the quarter. The growth was
primarily funded from cash and short-term investments. The
improved asset mix will benefit net interest income in the first
quarter of 2018.
For the quarter and year ended December 31,
2017, the provision for loan losses was $1.4 million and $4.4
million, respectively, as compared to $510,000 and $2.6 million,
respectively, for the corresponding prior year periods, and $1.2
million in the prior linked quarter. Net loan charge-offs
were $2.3 million and $3.9 million, respectively, for the quarter
and year ended December 31, 2017, as compared to net loan
charge-offs of $944,000 and $4.2 million, respectively, in the
corresponding prior year periods, and $1.1 million in the prior
linked quarter. Net charge-offs for the quarter ended
December 31, 2017 included $880,000 of specific reserves
established in prior periods on non-performing loans, which were
separately identified in the allowance for loan losses.
Non-performing loans totaled $20.9 million at December 31,
2017, as compared to $15.1 million at September 30, 2017, and $13.6
million at December 31, 2016. The increase was primarily
attributable to one commercial loan relationship, which entered
non-performing status in the fourth quarter of 2017. Subsequent to
December 31, 2017, the Bank received a significant payment from
this borrower.
For the quarter and year ended December 31,
2017, other income increased to $6.7 million and $27.1 million,
respectively, as compared to $6.3 million and $20.4 million,
respectively, for the corresponding prior year periods. The
increases were primarily due to the Acquisition Transactions, which
added $1.2 million and $6.1 million, respectively, to other income
for the quarter and year ended December 31, 2017, as compared
to the same prior year periods. Excluding the Acquisition
Transactions, other income decreased for the quarter ended
December 31, 2017, primarily due to an increase in the net
loss from other real estate operations of $676,000, of which
$500,000 related to a write-down attributable to the operations of
a hotel, golf and banquet facility, a decrease in bank card related
fees of $238,000, and a decrease in the net gain on the sale of
loans available for sale (included in other income) of $215,000, as
compared to the same prior year period. The decrease was partially
offset by rental income of $460,000 for November and December 2017
on the Company’s newly acquired corporate headquarters. The
building will continue to be occupied by the former owner through
February 2018. For the year ended December 31, 2017, excluding
the Acquisition Transactions, the increase in other income was
primarily due to higher deposit fees of $1.3 million and the rental
income of $460,000, partially offset by a decrease of $912,000 in
the net gain on the sale of loans available for sale (included in
other income), as compared to the same prior year period.
For the quarter ended December 31, 2017,
other income decreased $614,000, as compared to the prior linked
quarter. The decrease was primarily due to an increase in the net
loss from other real estate operations of $1.1 million including
$500,000 related to a write-down attributable to the operations of
a hotel, golf and banquet facility. The Bank is currently engaged
in a sales process with qualified buyers for this property. The
decrease in other real estate operations was partially offset by
the rental income of $460,000.
Operating expenses decreased to $27.7 million
for the quarter ended December 31, 2017, as compared to $32.5
million in the same prior year period. Operating expenses for the
quarter ended December 31, 2017 include $1.3 million in merger
related and branch consolidation expenses, as compared to $6.6
million in the prior year period. Excluding the impact of
merger and branch consolidation expenses, operating expenses
increased over the prior year period, primarily due to increases in
compensation and employee benefits expense, occupancy expense and
equipment expense.
Operating expenses increased to $126.5 million,
for the year ended December 31, 2017, as compared to $102.9
million, in the same prior year period. Operating expenses for the
year ended December 31, 2017 included $14.5 million in merger
related and branch consolidation expenses, as compared to $16.5
million in the prior year period. Excluding the impact of merger
and branch consolidation expenses, the increase in operating
expenses over the prior year was primarily due to the Acquisition
Transactions, which added $16.0 million for the year ended
December 31, 2017. Excluding the Acquisition Transactions, the
increase in operating expense was primarily due to increases in
compensation and employee benefits expense, equipment expense,
marketing expense, data processing expense and professional
fees.
For the quarter ended December 31, 2017,
operating expenses, excluding merger and branch consolidation
expenses, decreased $1.1 million, as compared to the prior linked
quarter. The decrease was primarily due to lower compensation
and employee benefits expense, marketing expense and data
processing expense, partially offset by the increase in occupancy
and equipment expense due to the purchase of the new corporate
headquarters on November 1, 2017.
The provision for income taxes was $10.2 million
and $22.9 million, respectively, for the quarter and year ended
December 31, 2017, as compared to $3.0 million and $12.2
million, respectively, for the same prior year periods. The
effective tax rate was 50.6% and 35.0%, respectively, for the
quarter and year ended December 31, 2017, as compared to 33.0%
and 34.5%, respectively, for the same prior year periods and 30.8%
in the prior linked quarter. During the fourth quarter of 2017, Tax
Reform was enacted which reduced the statutory tax rate for
corporations from 35% to 21% effective in 2018. Excluding
non-deductible merger related expenses, the Company anticipates its
effective tax rate to be approximately 19% in 2018. Authoritative
accounting guidance required the Company to revalue its deferred
tax assets and liabilities at December 31, 2017, resulting in
additional income tax expense of $3.6 million, which increased the
effective tax rate by 18.1% and 5.6%, respectively, for the quarter
and year ended December 31, 2017. Effective January 1, 2017,
the Company adopted ASU 2016-09 “Compensation - Stock
Compensation,” which decreased income tax expense by $125,000 and
$1.8 million, for the quarter and year ended December 31, 2017,
respectively, as compared to the prior year periods. Under the ASU,
the tax benefits of exercised stock options and vested stock awards
are recognized as a benefit to income tax expense in the reporting
period in which they occur. The tax benefit relating to the
Company’s stock plans was $62,000 for the year ended December 31,
2016, which was recorded directly into stockholders equity. The
elevated tax benefit for the quarter and year ended
December 31, 2017, was related to the exercise of options
assumed in the Acquisition Transactions and the increase in the
Company’s stock price. Excluding the impact of Tax Reform and ASU
2016-09, the effective tax rate was 33.1% and 32.2%, respectively,
for the quarter and year ended December 31, 2017. The
lower effective tax rate for the year ended December 31, 2017,
as compared to the same prior year period, was primarily due to the
deductibility of merger related expenses and an increase in tax
exempt income.
Financial Condition
Total assets increased by $249.1 million to
$5.416 billion at December 31, 2017, from $5.167 billion at
December 31, 2016. Cash and due from banks decreased by $191.8
million, to $109.6 million at December 31, 2017, from $301.4
million at December 31, 2016, as these funds were deployed
into higher-yielding securities and to fund loan growth. Loans
receivable, net, increased by $162.3 million, to $3.966 billion at
December 31, 2017, from $3.803 billion at December 31,
2016. Premises and equipment, net, increased by $30.4 million
at December 31, 2017, as compared to December 31, 2016,
due to the acquisition of an office building in Red Bank, New
Jersey for $42.5 million, partially offset by the consolidation of
15 branches during the year ended December 31, 2017. The
premises and equipment at these locations were written down to
their net realizable value and the remaining balance was
reclassified to assets held for sale. Deferred tax assets decreased
by $37.0 million to $1.9 million at December 31, 2017, from
$38.9 million at December 31, 2016, and other assets increased
by $31.9 million to $41.9 million at December 31, 2017, from
$10.0 million at December 31, 2016. In response to Tax Reform,
the Company implemented certain tax strategies prior to year end
which reduced the deferred tax asset and increased income taxes
receivable.
Deposits increased by $155.0 million, to $4.343
billion at December 31, 2017, from $4.188 billion at
December 31, 2016. The loan-to-deposit ratio at
December 31, 2017 was 91.3%, as compared to 90.8% at
December 31, 2016. Deposits per branch averaged $94.4 million
at December 31, 2017, as compared to $68.7 million at
December 31, 2016.
Stockholders’ equity increased to $601.9 million
at December 31, 2017, as compared to $571.9 million at
December 31, 2016. At December 31, 2017, there were 1.8
million shares available for repurchase under the Company’s stock
repurchase programs. During the year ended December 31, 2017,
the Company did not repurchase any shares under these repurchase
programs. Tangible stockholders’ equity per common share increased
to $13.58 at December 31, 2017, as compared to $12.94 at
December 31, 2016.
Asset Quality
The Company’s non-performing loans increased to
$20.9 million at December 31, 2017, as compared to $13.6
million at December 31, 2016. The increase was primarily due
to the addition of three commercial loan relationships totaling
$12.6 million, including one large relationship in the fourth
quarter of 2017. Although this loan was performing prior to the
fourth quarter of 2017, the Bank has included this loan
relationship in classified assets since 2011. An increase in
non-performing residential mortgage loans in the first quarter of
2017 was offset by bulk sales of non-performing residential loans
in the second, third and fourth quarters of 2017, totaling $8.5
million. Non-performing loans do not include $1.7 million of
purchased credit-impaired (“PCI”) loans acquired in the Acquisition
Transactions. The Company’s other real estate owned totaled $8.2
million at December 31, 2017, as compared to $9.8 million at
December 31, 2016. At both December 31, 2017 and
December 31, 2016, the Company’s allowance for loan losses was
0.40% of total loans. These ratios exclude existing fair value
credit marks of $17.5 million and $26.0 million at
December 31, 2017 and December 31, 2016, respectively, on
the Ocean Shore, Cape and Colonial American Bank loans. These
loans were acquired at fair value with no related allowance for
loan losses. The allowance for loan losses as a percent of
total non-performing loans was 75.35% at December 31, 2017 as
compared to 111.92% at December 31, 2016. The decrease was due
to the addition of one large loan relationship in the fourth
quarter of 2017 with no related loss allocation included in the
allowance for loan losses.
Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance
with generally accepted accounting principles in the United States
(“GAAP”). The Company’s management believes that the
supplemental non-GAAP information, which consists of reported net
income excluding merger related expenses, branch consolidation
expenses, additional income tax expense related to the recently
enacted Tax Reform and accelerated stock award expense relating to
a director retirement, 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. Please refer to Non-GAAP
Reconciliation table at the end of this document for details on the
earnings impact of these items.
Immaterial Correction of an Error
During the fourth quarter of 2017, management
identified an immaterial correction of an error related to the
classification of certain equity securities with no stated
maturities that were acquired in a previous business combination
that were inappropriately classified as held to maturity in the
2016 consolidated financial statements. In order to correct
this immaterial error, management has revised the 2016 consolidated
financial statements and footnotes to report these securities as
available for sale.
Annual Meeting
The Company also announced today that its Annual
Meeting of Stockholders will be held on Thursday, May 31, 2018 at
6:00 p.m. Eastern time, at the OceanFirst Bank Administrative
Offices located at 110 West Front Street, Red Bank, New Jersey. The
record date for stockholders to vote at the Annual Meeting is April
10, 2018.
Conference Call
As previously announced, the Company will host
an earnings conference call on Friday, January 26, 2018 at 11 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 10115166 from one hour
after the end of the call until April 26, 2018. 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.
OceanFirst Financial Corp.’s subsidiary,
OceanFirst Bank, founded in 1902, is a $5.4 billion community bank
with branches located throughout central and southern New
Jersey. OceanFirst Bank delivers commercial and residential
financing solutions, wealth management and deposit services and is
one of the largest and oldest community-based financial
institutions headquartered in New Jersey.
OceanFirst Financial Corp.’s press releases are
available by visiting us at 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: 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,
2016, 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) |
|
|
|
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
|
(unaudited) |
|
(unaudited) |
|
|
Assets |
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
109,613 |
|
|
$ |
255,258 |
|
|
$ |
301,373 |
|
Securities
available-for-sale, at estimated fair value |
|
90,281 |
|
|
75,847 |
|
|
20,775 |
|
Securities
held-to-maturity, net (estimated fair value of $761,660 at December
31, 2017, $737,783 at September 30, 2017, and $589,568 at December
31, 2016) |
|
764,062 |
|
|
733,983 |
|
|
589,912 |
|
Federal Home Loan Bank
of New York stock, at cost |
|
19,724 |
|
|
18,472 |
|
|
19,313 |
|
Loans receivable,
net |
|
3,965,773 |
|
|
3,870,109 |
|
|
3,803,443 |
|
Loans
held-for-sale |
|
241 |
|
|
338 |
|
|
1,551 |
|
Interest and dividends
receivable |
|
14,254 |
|
|
13,627 |
|
|
11,989 |
|
Other real estate
owned |
|
8,186 |
|
|
9,334 |
|
|
9,803 |
|
Premises and equipment,
net |
|
101,776 |
|
|
64,350 |
|
|
71,385 |
|
Bank Owned Life
Insurance |
|
134,847 |
|
|
134,298 |
|
|
132,172 |
|
Deferred tax asset |
|
1,922 |
|
|
29,795 |
|
|
38,880 |
|
Assets held for
sale |
|
4,046 |
|
|
5,241 |
|
|
360 |
|
Other assets |
|
41,895 |
|
|
15,634 |
|
|
9,973 |
|
Core deposit
intangible |
|
8,885 |
|
|
9,380 |
|
|
10,924 |
|
Goodwill |
|
150,501 |
|
|
148,134 |
|
|
145,064 |
|
Total
assets |
|
$ |
5,416,006 |
|
|
$ |
5,383,800 |
|
|
$ |
5,166,917 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Deposits |
|
$ |
4,342,798 |
|
|
$ |
4,350,259 |
|
|
$ |
4,187,750 |
|
Securities sold under
agreements to repurchase with retail customers |
|
79,668 |
|
|
75,326 |
|
|
69,935 |
|
Federal Home Loan Bank
advances |
|
288,691 |
|
|
259,186 |
|
|
250,498 |
|
Other borrowings |
|
56,519 |
|
|
56,466 |
|
|
56,559 |
|
Advances by borrowers
for taxes and insurance |
|
11,156 |
|
|
14,371 |
|
|
14,030 |
|
Other liabilities |
|
35,233 |
|
|
32,052 |
|
|
16,242 |
|
Total
liabilities |
|
4,814,065 |
|
|
4,787,660 |
|
|
4,595,014 |
|
Total stockholders’
equity |
|
601,941 |
|
|
596,140 |
|
|
571,903 |
|
Total
liabilities and stockholders’ equity |
|
$ |
5,416,006 |
|
|
$ |
5,383,800 |
|
|
$ |
5,166,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OceanFirst Financial
Corp. |
CONSOLIDATED STATEMENTS OF
INCOME |
(dollars in thousands, except per share amounts) |
|
|
|
For the Three Months Ended, |
|
For the Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
|
2017 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|--------------------- (unaudited)
---------------------| |
|
(unaudited) |
|
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
42,909 |
|
|
$ |
43,329 |
|
|
$ |
36,799 |
|
|
$ |
170,588 |
|
|
$ |
122,962 |
|
Mortgage-backed securities |
|
2,919 |
|
|
2,738 |
|
|
1,874 |
|
|
11,108 |
|
|
6,697 |
|
Investment securities and other |
|
2,078 |
|
|
1,963 |
|
|
1,231 |
|
|
7,133 |
|
|
3,766 |
|
Total
interest income |
|
47,906 |
|
|
48,030 |
|
|
39,904 |
|
|
188,829 |
|
|
133,425 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
3,515 |
|
|
3,126 |
|
|
2,392 |
|
|
12,336 |
|
|
7,517 |
|
Borrowed
funds |
|
1,886 |
|
|
1,848 |
|
|
1,758 |
|
|
7,275 |
|
|
5,646 |
|
Total
interest expense |
|
5,401 |
|
|
4,974 |
|
|
4,150 |
|
|
19,611 |
|
|
13,163 |
|
Net
interest income |
|
42,505 |
|
|
43,056 |
|
|
35,754 |
|
|
169,218 |
|
|
120,262 |
|
Provision for loan
losses |
|
1,415 |
|
|
1,165 |
|
|
510 |
|
|
4,445 |
|
|
2,623 |
|
Net
interest income after provision for loan losses |
|
41,090 |
|
|
41,891 |
|
|
35,244 |
|
|
164,773 |
|
|
117,639 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
Bankcard
services revenue |
|
1,764 |
|
|
1,785 |
|
|
1,424 |
|
|
6,965 |
|
|
4,833 |
|
Wealth
management revenue |
|
528 |
|
|
541 |
|
|
545 |
|
|
2,150 |
|
|
2,324 |
|
Fees and
services charges |
|
3,891 |
|
|
3,702 |
|
|
3,346 |
|
|
15,058 |
|
|
10,758 |
|
Net
(loss) gain from other real estate operations |
|
(678 |
) |
|
432 |
|
|
(74 |
) |
|
(874 |
) |
|
(856 |
) |
Income
from Bank Owned Life Insurance |
|
863 |
|
|
881 |
|
|
710 |
|
|
3,299 |
|
|
2,230 |
|
Other |
|
377 |
|
|
18 |
|
|
306 |
|
|
474 |
|
|
1,123 |
|
Total
other income |
|
6,745 |
|
|
7,359 |
|
|
6,257 |
|
|
27,072 |
|
|
20,412 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Compensation and employee benefits |
|
13,961 |
|
|
14,673 |
|
|
13,649 |
|
|
60,100 |
|
|
47,105 |
|
Occupancy |
|
2,693 |
|
|
2,556 |
|
|
2,380 |
|
|
10,657 |
|
|
8,332 |
|
Equipment |
|
1,763 |
|
|
1,605 |
|
|
1,499 |
|
|
6,769 |
|
|
5,104 |
|
Marketing |
|
433 |
|
|
775 |
|
|
609 |
|
|
2,678 |
|
|
1,882 |
|
Federal
deposit insurance |
|
485 |
|
|
713 |
|
|
830 |
|
|
2,564 |
|
|
2,825 |
|
Data
processing |
|
2,040 |
|
|
2,367 |
|
|
2,291 |
|
|
8,849 |
|
|
7,577 |
|
Check
card processing |
|
922 |
|
|
871 |
|
|
662 |
|
|
3,561 |
|
|
2,210 |
|
Professional fees |
|
1,094 |
|
|
846 |
|
|
969 |
|
|
3,995 |
|
|
2,848 |
|
Other
operating expense |
|
2,548 |
|
|
2,667 |
|
|
2,640 |
|
|
10,810 |
|
|
7,676 |
|
Amortization of core deposit intangible |
|
495 |
|
|
507 |
|
|
304 |
|
|
2,039 |
|
|
623 |
|
Federal
Home Loan Bank advance prepayment fee |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
136 |
|
Branch
consolidation expenses |
|
(734 |
) |
|
1,455 |
|
|
— |
|
|
6,205 |
|
|
— |
|
Merger
related expenses |
|
1,993 |
|
|
1,698 |
|
|
6,632 |
|
|
8,293 |
|
|
16,534 |
|
Total
operating expenses |
|
27,693 |
|
|
30,733 |
|
|
32,465 |
|
|
126,520 |
|
|
102,852 |
|
Income
before provision for income taxes |
|
20,142 |
|
|
18,517 |
|
|
9,036 |
|
|
65,325 |
|
|
35,199 |
|
Provision for income
taxes |
|
10,186 |
|
|
5,700 |
|
|
2,984 |
|
|
22,855 |
|
|
12,153 |
|
Net
income |
|
$ |
9,956 |
|
|
$ |
12,817 |
|
|
$ |
6,052 |
|
|
$ |
42,470 |
|
|
$ |
23,046 |
|
Basic earnings per
share |
|
$ |
0.31 |
|
|
$ |
0.40 |
|
|
$ |
0.22 |
|
|
$ |
1.32 |
|
|
$ |
1.00 |
|
Diluted earnings per
share |
|
$ |
0.30 |
|
|
$ |
0.39 |
|
|
$ |
0.22 |
|
|
$ |
1.28 |
|
|
$ |
0.98 |
|
Average basic shares
outstanding |
|
32,225 |
|
|
32,184 |
|
|
27,461 |
|
|
32,113 |
|
|
23,093 |
|
Average diluted shares
outstanding |
|
33,168 |
|
|
33,106 |
|
|
28,128 |
|
|
33,125 |
|
|
23,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OceanFirst Financial Corp. |
SELECTED LOAN AND DEPOSIT DATA |
(dollars in thousands) |
|
LOANS RECEIVABLE |
|
|
At |
|
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Commercial: |
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
$ |
187,645 |
|
|
$ |
183,510 |
|
|
$ |
193,759 |
|
|
$ |
205,720 |
|
|
$ |
152,810 |
|
Commercial real estate - owner-occupied |
|
569,624 |
|
|
555,429 |
|
|
557,734 |
|
|
533,052 |
|
|
534,365 |
|
Commercial real estate - investor |
|
1,187,482 |
|
|
1,134,416 |
|
|
1,122,186 |
|
|
1,113,964 |
|
|
1,134,507 |
|
Total
commercial |
|
|
1,944,751 |
|
|
1,873,355 |
|
|
1,873,679 |
|
|
1,852,736 |
|
|
1,821,682 |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
1,694,282 |
|
|
1,678,092 |
|
|
1,667,831 |
|
|
1,639,611 |
|
|
1,651,695 |
|
Residential construction |
|
|
54,643 |
|
|
51,266 |
|
|
55,750 |
|
|
59,009 |
|
|
51,159 |
|
Home
equity loans and lines |
|
|
281,143 |
|
|
277,909 |
|
|
282,402 |
|
|
285,149 |
|
|
289,110 |
|
Other
consumer |
|
|
1,295 |
|
|
1,426 |
|
|
1,335 |
|
|
1,560 |
|
|
1,566 |
|
Total
consumer |
|
|
2,031,363 |
|
|
2,008,693 |
|
|
2,007,318 |
|
|
1,985,329 |
|
|
1,993,530 |
|
Total
loans |
|
|
3,976,114 |
|
|
3,882,048 |
|
|
3,880,997 |
|
|
3,838,065 |
|
|
3,815,212 |
|
Deferred origination costs, net |
|
5,380 |
|
|
4,645 |
|
|
4,365 |
|
|
3,686 |
|
|
3,414 |
|
Allowance
for loan losses |
|
|
(15,721 |
) |
|
(16,584 |
) |
|
(16,557 |
) |
|
(16,151 |
) |
|
(15,183 |
) |
Loans
receivable, net |
|
|
$ |
3,965,773 |
|
|
$ |
3,870,109 |
|
|
$ |
3,868,805 |
|
|
$ |
3,825,600 |
|
|
$ |
3,803,443 |
|
Mortgage
loans serviced for others |
|
$ |
121,662 |
|
|
$ |
121,886 |
|
|
$ |
131,284 |
|
|
$ |
132,973 |
|
|
$ |
137,881 |
|
|
At December 31, 2017 Average Yield |
|
|
|
|
|
|
|
|
|
|
Loan
pipeline (1): |
|
|
|
|
|
|
|
|
|
|
|
Commercial |
4.66 |
% |
|
$ |
53,859 |
|
|
$ |
58,189 |
|
|
$ |
61,287 |
|
|
$ |
73,793 |
|
|
$ |
99,060 |
|
Residential mortgage and construction |
3.77 |
|
|
43,482 |
|
|
44,510 |
|
|
64,510 |
|
|
57,600 |
|
|
38,486 |
|
Home
equity loans and lines |
4.75 |
|
|
7,412 |
|
|
8,826 |
|
|
11,194 |
|
|
7,879 |
|
|
6,522 |
|
Total |
4.30 |
% |
|
$ |
104,753 |
|
|
$ |
111,525 |
|
|
$ |
136,991 |
|
|
$ |
139,272 |
|
|
$ |
144,068 |
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
|
|
Average Yield |
|
|
|
|
|
|
|
|
|
|
|
Loan
originations: |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
4.48 |
% |
|
$ |
141,346 |
|
$ |
97,420 |
|
$ |
115,048 |
|
$ |
106,896 |
|
$ |
105,062 |
|
Residential mortgage and construction |
3.72 |
|
|
73,729 |
|
80,481 |
|
79,610 |
|
64,452 |
|
62,087 |
|
Home
equity loans and lines |
4.94 |
|
|
18,704 |
|
17,129 |
|
20,539 |
|
12,500 |
|
11,790 |
|
Total |
4.28 |
% |
|
$ |
233,779 |
|
$ |
195,030 |
|
$ |
215,197 |
|
$ |
183,848 |
|
$ |
178,939 |
|
Loans
sold |
|
|
$ |
1,422 |
(2) |
$ |
991 |
(3) |
$ |
865 |
(4) |
$ |
1,907 |
|
$ |
12,098 |
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Loan pipeline includes pending loan applications
and loans approved but not funded |
(2) Excludes the sale of under-performing residential
loans of $5.8 million |
(3) Excludes the sale of under-performing residential
loans of $3.5 million |
(4) Excludes the sale of under-performing residential
loans of $4.3 million |
(5) Excludes the sale of under-performing loans of
$21.0 million |
DEPOSITS |
|
At |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Type of Account |
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
|
$ |
756,513 |
|
|
$ |
781,043 |
|
|
$ |
770,057 |
|
|
$ |
806,728 |
|
|
$ |
782,504 |
|
Interest-bearing checking |
|
1,954,358 |
|
|
1,892,832 |
|
|
1,727,828 |
|
|
1,629,589 |
|
|
1,626,713 |
|
Money
market deposit |
|
363,656 |
|
|
384,106 |
|
|
378,538 |
|
|
448,093 |
|
|
458,911 |
|
Savings |
|
661,167 |
|
|
668,370 |
|
|
677,939 |
|
|
681,853 |
|
|
672,519 |
|
Time
deposits |
|
607,104 |
|
|
623,908 |
|
|
622,547 |
|
|
632,400 |
|
|
647,103 |
|
|
|
$ |
4,342,798 |
|
|
$ |
4,350,259 |
|
|
$ |
4,176,909 |
|
|
$ |
4,198,663 |
|
|
$ |
4,187,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OceanFirst Financial Corp. |
ASSET QUALITY |
(dollars in thousands) |
|
ASSET
QUALITY |
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Non-performing
loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
503 |
|
|
$ |
63 |
|
|
$ |
68 |
|
|
$ |
231 |
|
|
$ |
441 |
|
Commercial real estate - owner-occupied |
5,962 |
|
|
923 |
|
|
943 |
|
|
2,383 |
|
|
2,414 |
|
Commercial real estate - investor |
8,281 |
|
|
8,720 |
|
|
5,608 |
|
|
5,118 |
|
|
521 |
|
Residential mortgage |
4,190 |
|
|
3,551 |
|
|
7,936 |
|
|
11,993 |
|
|
8,126 |
|
Home
equity loans and lines |
1,929 |
|
|
1,864 |
|
|
1,706 |
|
|
1,954 |
|
|
2,064 |
|
Total
non-performing loans |
20,865 |
|
|
15,121 |
|
|
16,261 |
|
|
21,679 |
|
|
13,566 |
|
Other real estate
owned |
8,186 |
|
|
9,334 |
|
|
8,898 |
|
|
8,774 |
|
|
9,803 |
|
Total
non-performing assets |
$ |
29,051 |
|
|
$ |
24,455 |
|
|
$ |
25,159 |
|
|
$ |
30,453 |
|
|
$ |
23,369 |
|
Purchased
credit-impaired loans |
$ |
1,712 |
|
|
$ |
4,867 |
|
|
$ |
4,969 |
|
|
$ |
7,118 |
|
|
$ |
7,575 |
|
Delinquent loans 30 to
89 days |
$ |
20,796 |
|
|
$ |
24,548 |
|
|
$ |
25,224 |
|
|
$ |
18,516 |
|
|
$ |
22,598 |
|
Troubled debt
restructurings: |
|
|
|
|
|
|
|
|
|
Non-performing (included in total non-performing loans above) |
$ |
8,821 |
|
|
$ |
270 |
|
|
$ |
1,251 |
|
|
$ |
3,547 |
|
|
$ |
3,471 |
|
Performing |
33,313 |
|
|
35,808 |
|
|
34,130 |
|
|
26,974 |
|
|
27,042 |
|
Total
troubled debt restructurings |
$ |
42,134 |
|
|
$ |
36,078 |
|
|
$ |
35,381 |
|
|
$ |
30,521 |
|
|
$ |
30,513 |
|
Allowance for loan
losses |
$ |
15,721 |
|
|
$ |
16,584 |
|
|
$ |
16,557 |
|
|
$ |
16,151 |
|
|
$ |
15,183 |
|
Allowance for loan
losses as a percent of total loans receivable (1) |
0.40 |
% |
|
0.42 |
% |
|
0.42 |
% |
|
0.42 |
% |
|
0.40 |
% |
Allowance for loan
losses as a percent of total non-performingloans |
75.35 |
|
|
109.68 |
|
|
101.82 |
|
|
74.50 |
|
|
111.92 |
|
Non-performing loans as
a percent of total loans receivable |
0.52 |
|
|
0.39 |
|
|
0.42 |
|
|
0.56 |
|
|
0.35 |
|
Non-performing assets
as a percent of total assets |
0.54 |
|
|
0.45 |
|
|
0.48 |
|
|
0.59 |
|
|
0.45 |
|
(1) The
loans acquired from Ocean Shore, Cape, and Colonial American were
recorded at fair value. The net credit mark on these loans,
not reflected in the allowance for loan losses, was $17,531,
$19,810, $21,794, $24,002, and $25,973 at December 31, 2017,
September 30, 2017, June 30, 2017, March 31, 2017, and December 31,
2016, respectively. |
NET
CHARGE-OFFS |
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Net Charge-offs: |
|
|
|
|
|
|
|
|
|
|
Loan
charge-offs |
|
$ |
(2,523 |
) |
|
$ |
(1,357 |
) |
|
$ |
(1,299 |
) |
|
$ |
(205 |
) |
|
$ |
(979 |
) |
Recoveries on loans |
|
245 |
|
|
219 |
|
|
540 |
|
|
473 |
|
|
35 |
|
Net loan
(charge-offs) recoveries |
|
$ |
(2,278 |
) |
|
$ |
(1,138 |
) |
|
$ |
(759 |
) |
|
$ |
268 |
|
|
$ |
(944 |
) |
Net loan
charge-offs to average total loans (annualized) |
|
0.23 |
% |
|
0.12 |
% |
|
0.08 |
% |
|
NM* |
|
|
0.11 |
% |
Net charge-off detail -
(loss) recovery: |
|
|
|
|
|
|
|
|
|
|
Commercial |
|
$ |
(1,036 |
) |
|
$ |
68 |
|
|
$ |
(81 |
) |
|
$ |
311 |
|
|
$ |
(510 |
) |
Residential mortgage and construction |
|
(1,262 |
) |
|
(1,156 |
) |
|
(716 |
) |
|
(49 |
) |
|
(233 |
) |
Home
equity loans and lines |
|
28 |
|
|
(51 |
) |
|
39 |
|
|
24 |
|
|
(194 |
) |
Other
consumer |
|
(8 |
) |
|
1 |
|
|
(1 |
) |
|
(18 |
) |
|
(7 |
) |
Net loan
(charge-offs) recoveries |
|
$ |
(2,278 |
) |
|
$ |
(1,138 |
) |
|
$ |
(759 |
) |
|
$ |
268 |
|
|
$ |
(944 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Included in net loan charge-offs for the three months
ended December 31, 2017, September 30, 2017, June 30, 2017, and
December 31, 2016 are $1,124, $907, $925 and $535, respectively,
relating to under-performing loans sold or held-for-sale. |
|
* Not
meaningful |
|
|
OceanFirst Financial Corp. |
ANALYSIS OF NET INTEREST INCOME |
|
|
For the Three Months Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
(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 |
$ |
155,987 |
|
|
$ |
391 |
|
|
0.99 |
% |
|
$ |
183,514 |
|
|
$ |
438 |
|
|
0.95 |
% |
|
$ |
359,804 |
|
|
$ |
484 |
|
|
0.54 |
% |
Securities (1) and FHLB
stock |
874,910 |
|
|
4,606 |
|
|
2.09 |
|
|
817,867 |
|
|
4,263 |
|
|
2.07 |
|
|
545,302 |
|
|
2,621 |
|
|
1.91 |
|
Loans receivable, net
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
1,887,319 |
|
|
22,087 |
|
|
4.64 |
|
|
1,865,970 |
|
|
22,423 |
|
|
4.77 |
|
|
1,717,502 |
|
|
21,016 |
|
|
4.87 |
|
Residential |
1,743,334 |
|
|
17,552 |
|
|
3.99 |
|
|
1,737,739 |
|
|
17,588 |
|
|
4.02 |
|
|
1,314,667 |
|
|
12,857 |
|
|
3.89 |
|
Home
Equity |
278,294 |
|
|
3,243 |
|
|
4.62 |
|
|
279,900 |
|
|
3,289 |
|
|
4.66 |
|
|
262,372 |
|
|
2,907 |
|
|
4.41 |
|
Other |
1,086 |
|
|
27 |
|
|
9.86 |
|
|
1,112 |
|
|
29 |
|
|
10.35 |
|
|
1,149 |
|
|
19 |
|
|
6.58 |
|
Allowance
for loan loss net of deferred loan fees |
(11,993 |
) |
|
— |
|
|
— |
|
|
(12,370 |
) |
|
— |
|
|
— |
|
|
(12,987 |
) |
|
— |
|
|
— |
|
Loans Receivable,
net |
3,898,040 |
|
|
42,909 |
|
|
4.37 |
|
|
3,872,351 |
|
|
43,329 |
|
|
4.44 |
|
|
3,282,703 |
|
|
36,799 |
|
|
4.46 |
|
Total interest-earning
assets |
4,928,937 |
|
|
47,906 |
|
|
3.86 |
|
|
4,873,732 |
|
|
48,030 |
|
|
3.91 |
|
|
4,187,809 |
|
|
39,904 |
|
|
3.79 |
|
Non-interest-earning
assets |
475,927 |
|
|
|
|
|
|
460,795 |
|
|
|
|
|
|
368,965 |
|
|
|
|
|
Total
assets |
$ |
5,404,864 |
|
|
|
|
|
|
$ |
5,334,527 |
|
|
|
|
|
|
$ |
4,556,774 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
$ |
1,944,223 |
|
|
1,447 |
|
|
0.30 |
% |
|
$ |
1,852,421 |
|
|
1,173 |
|
|
0.25 |
% |
|
$ |
1,538,706 |
|
|
723 |
|
|
0.19 |
% |
Money
market |
385,720 |
|
|
322 |
|
|
0.33 |
|
|
389,035 |
|
|
299 |
|
|
0.30 |
|
|
424,613 |
|
|
312 |
|
|
0.29 |
|
Savings |
662,318 |
|
|
59 |
|
|
0.04 |
|
|
672,548 |
|
|
59 |
|
|
0.03 |
|
|
549,032 |
|
|
74 |
|
|
0.05 |
|
Time
deposits |
619,087 |
|
|
1,687 |
|
|
1.08 |
|
|
620,308 |
|
|
1,595 |
|
|
1.02 |
|
|
527,817 |
|
|
1,283 |
|
|
0.97 |
|
Total |
3,611,348 |
|
|
3,515 |
|
|
0.39 |
|
|
3,534,312 |
|
|
3,126 |
|
|
0.35 |
|
|
3,040,168 |
|
|
2,392 |
|
|
0.31 |
|
Securities sold under agreements to repurchase |
74,661 |
|
|
39 |
|
|
0.21 |
|
|
74,285 |
|
|
30 |
|
|
0.16 |
|
|
72,063 |
|
|
24 |
|
|
0.13 |
|
FHLB
Advances |
261,018 |
|
|
1,146 |
|
|
1.74 |
|
|
264,652 |
|
|
1,153 |
|
|
1.73 |
|
|
250,829 |
|
|
1,120 |
|
|
1.78 |
|
Other
borrowings |
56,475 |
|
|
701 |
|
|
4.92 |
|
|
56,502 |
|
|
665 |
|
|
4.67 |
|
|
56,397 |
|
|
614 |
|
|
4.33 |
|
Total
interest-bearing liabilities |
4,003,502 |
|
|
5,401 |
|
|
0.54 |
|
|
3,929,751 |
|
|
4,974 |
|
|
0.50 |
|
|
3,419,457 |
|
|
4,150 |
|
|
0.48 |
|
Non-interest-bearing
deposits |
760,552 |
|
|
|
|
|
|
781,047 |
|
|
|
|
|
|
622,882 |
|
|
|
|
|
Non-interest-bearing
liabilities |
38,880 |
|
|
|
|
|
|
32,360 |
|
|
|
|
|
|
42,773 |
|
|
|
|
|
Total
liabilities |
4,802,934 |
|
|
|
|
|
|
4,743,158 |
|
|
|
|
|
|
4,085,112 |
|
|
|
|
|
Stockholders’
equity |
601,930 |
|
|
|
|
|
|
591,369 |
|
|
|
|
|
|
471,662 |
|
|
|
|
|
Total
liabilities and equity |
$ |
5,404,864 |
|
|
|
|
|
|
$ |
5,334,527 |
|
|
|
|
|
|
$ |
4,556,774 |
|
|
|
|
|
Net interest
income |
|
|
$ |
42,505 |
|
|
|
|
|
|
$ |
43,056 |
|
|
|
|
|
|
$ |
35,754 |
|
|
|
Net interest rate
spread (3) |
|
|
|
|
3.32 |
% |
|
|
|
|
|
3.41 |
% |
|
|
|
|
|
3.31 |
% |
Net interest margin
(4) |
|
|
|
|
3.42 |
% |
|
|
|
|
|
3.50 |
% |
|
|
|
|
|
3.40 |
% |
Total cost of deposits
(including non-interest-bearing deposits) |
|
|
|
|
0.32 |
% |
|
|
|
|
|
0.29 |
% |
|
|
|
|
|
0.26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Amounts are recorded at average amortized cost. |
(2)
Amount is net of deferred loan fees, undisbursed loan funds,
discounts and premiums and estimated loss allowances 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. |
|
(continued) |
|
|
For the Year Ended |
|
|
December 31, 2017 |
|
December 31, 2016 |
(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 |
|
$ |
179,960 |
|
|
$ |
1,449 |
|
|
0.81 |
% |
|
$ |
154,830 |
|
|
$ |
693 |
|
|
0.45 |
% |
Securities (1) and FHLB
stock |
|
796,392 |
|
|
16,792 |
|
|
2.11 |
|
|
524,152 |
|
|
9,770 |
|
|
1.86 |
|
Loans receivable, net
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
1,858,842 |
|
|
87,706 |
|
|
4.72 |
|
|
1,472,421 |
|
|
70,768 |
|
|
4.81 |
|
Residential |
|
1,726,020 |
|
|
69,784 |
|
|
4.04 |
|
|
1,085,991 |
|
|
41,996 |
|
|
3.87 |
|
Home
Equity |
|
282,128 |
|
|
13,003 |
|
|
4.61 |
|
|
236,769 |
|
|
10,139 |
|
|
4.28 |
|
Other |
|
1,156 |
|
|
95 |
|
|
8.22 |
|
|
957 |
|
|
59 |
|
|
6.17 |
|
Allowance
for loan loss net of deferred loan fees |
|
(12,251 |
) |
|
— |
|
|
— |
|
|
(13,280 |
) |
|
— |
|
|
— |
|
Loans Receivable,
net |
|
3,855,895 |
|
|
170,588 |
|
|
4.42 |
|
|
2,782,858 |
|
|
122,962 |
|
|
4.42 |
|
Total interest-earning
assets |
|
4,832,247 |
|
|
188,829 |
|
|
3.91 |
|
|
3,461,840 |
|
|
133,425 |
|
|
3.85 |
|
Non-interest-earning
assets |
|
459,926 |
|
|
|
|
|
|
269,622 |
|
|
|
|
|
Total
assets |
|
$ |
5,292,173 |
|
|
|
|
|
|
$ |
3,731,462 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing checking |
|
$ |
1,796,370 |
|
|
4,533 |
|
|
0.25 |
% |
|
$ |
1,266,135 |
|
|
2,114 |
|
|
0.17 |
% |
Money
market |
|
410,373 |
|
|
1,213 |
|
|
0.30 |
|
|
316,977 |
|
|
858 |
|
|
0.27 |
|
Savings |
|
672,315 |
|
|
345 |
|
|
0.05 |
|
|
447,484 |
|
|
191 |
|
|
0.04 |
|
Time
deposits |
|
625,847 |
|
|
6,245 |
|
|
1.00 |
|
|
422,026 |
|
|
4,354 |
|
|
1.03 |
|
Total |
|
3,504,905 |
|
|
12,336 |
|
|
0.35 |
|
|
2,452,622 |
|
|
7,517 |
|
|
0.31 |
|
Securities sold under agreements to repurchase |
|
74,712 |
|
|
121 |
|
|
0.16 |
|
|
75,227 |
|
|
102 |
|
|
0.14 |
|
FHLB
Advances |
|
258,870 |
|
|
4,486 |
|
|
1.73 |
|
|
266,981 |
|
|
4,471 |
|
|
1.67 |
|
Other
borrowings |
|
56,457 |
|
|
2,668 |
|
|
4.73 |
|
|
32,029 |
|
|
1,073 |
|
|
3.35 |
|
Total
interest-bearing liabilities |
|
3,894,944 |
|
|
19,611 |
|
|
0.50 |
|
|
2,826,859 |
|
|
13,163 |
|
|
0.47 |
|
Non-interest-bearing
deposits |
|
776,344 |
|
|
|
|
|
|
497,166 |
|
|
|
|
|
Non-interest-bearing
Liabilities |
|
31,004 |
|
|
|
|
|
|
28,454 |
|
|
|
|
|
Total
liabilities |
|
4,702,292 |
|
|
|
|
|
|
3,352,479 |
|
|
|
|
|
Stockholders’
equity |
|
589,881 |
|
|
|
|
|
|
378,983 |
|
|
|
|
|
Total
liabilities and equity |
|
$ |
5,292,173 |
|
|
|
|
|
|
$ |
3,731,462 |
|
|
|
|
|
Net interest
income |
|
|
|
$ |
169,218 |
|
|
|
|
|
|
$ |
120,262 |
|
|
|
Net interest rate
spread (3) |
|
|
|
|
|
3.41 |
% |
|
|
|
|
|
3.38 |
% |
Net interest margin
(4) |
|
|
|
|
|
3.50 |
% |
|
|
|
|
|
3.47 |
% |
Total cost of deposits
(including non-interest-bearing deposits) |
|
|
|
|
|
0.29 |
% |
|
|
|
|
|
0.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Amounts are recorded at average amortized cost. |
(2)
Amount is net of deferred loan fees, undisbursed loan funds,
discounts and premiums and estimated loss allowances 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) |
|
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Selected Financial Condition Data: |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,416,006 |
|
|
$ |
5,383,800 |
|
|
$ |
5,202,086 |
|
|
$ |
5,196,203 |
|
|
$ |
5,166,917 |
|
Securities
available-for-sale, at estimated fair value |
|
90,281 |
|
|
75,847 |
|
|
70,823 |
|
|
55,692 |
|
|
20,775 |
|
Securities
held-to-maturity, net |
|
764,062 |
|
|
733,983 |
|
|
711,650 |
|
|
687,098 |
|
|
589,912 |
|
Federal Home Loan Bank
of New York stock |
|
19,724 |
|
|
18,472 |
|
|
20,358 |
|
|
19,253 |
|
|
19,313 |
|
Loans receivable,
net |
|
3,965,773 |
|
|
3,870,109 |
|
|
3,868,805 |
|
|
3,825,600 |
|
|
3,803,443 |
|
Loans
held-for-sale |
|
241 |
|
|
338 |
|
|
168 |
|
|
283 |
|
|
1,551 |
|
Deposits |
|
4,342,798 |
|
|
4,350,259 |
|
|
4,176,909 |
|
|
4,198,663 |
|
|
4,187,750 |
|
Federal Home Loan Bank
advances |
|
288,691 |
|
|
259,186 |
|
|
277,541 |
|
|
250,021 |
|
|
250,498 |
|
Securities sold under
agreements to repurchase and other borrowings |
|
136,187 |
|
|
131,792 |
|
|
131,673 |
|
|
133,798 |
|
|
126,494 |
|
Stockholders’
equity |
|
601,941 |
|
|
596,140 |
|
|
587,189 |
|
|
582,543 |
|
|
571,903 |
|
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Selected
Operating Data: |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
47,906 |
|
|
$ |
48,030 |
|
|
$ |
46,879 |
|
|
$ |
46,014 |
|
|
$ |
39,904 |
|
Interest expense |
|
5,401 |
|
|
4,974 |
|
|
4,705 |
|
|
4,531 |
|
|
4,150 |
|
Net interest
income |
|
42,505 |
|
|
43,056 |
|
|
42,174 |
|
|
41,483 |
|
|
35,754 |
|
Provision for loan
losses |
|
1,415 |
|
|
1,165 |
|
|
1,165 |
|
|
700 |
|
|
510 |
|
Net interest income
after provision for loan losses |
|
41,090 |
|
|
41,891 |
|
|
41,009 |
|
|
40,783 |
|
|
35,244 |
|
Other income |
|
6,745 |
|
|
7,359 |
|
|
6,973 |
|
|
5,995 |
|
|
6,257 |
|
Operating expenses |
|
26,434 |
|
|
27,580 |
|
|
28,527 |
|
|
29,481 |
|
|
25,833 |
|
Branch consolidation
expenses |
|
(734 |
) |
|
1,455 |
|
|
5,451 |
|
|
33 |
|
|
— |
|
Merger related
expenses |
|
1,993 |
|
|
1,698 |
|
|
3,155 |
|
|
1,447 |
|
|
6,632 |
|
Income before provision
for income taxes |
|
20,142 |
|
|
18,517 |
|
|
10,849 |
|
|
15,817 |
|
|
9,036 |
|
Provision for income
taxes |
|
10,186 |
|
|
5,700 |
|
|
3,170 |
|
|
3,799 |
|
|
2,984 |
|
Net income |
|
$ |
9,956 |
|
|
$ |
12,817 |
|
|
$ |
7,679 |
|
|
$ |
12,018 |
|
|
$ |
6,052 |
|
Diluted earnings per
share |
|
$ |
0.30 |
|
|
$ |
0.39 |
|
|
$ |
0.23 |
|
|
$ |
0.36 |
|
|
$ |
0.22 |
|
Net
accretion/amortization of purchase accounting adjustments included
in net interest income |
|
$ |
1,956 |
|
|
$ |
2,227 |
|
|
$ |
1,899 |
|
|
$ |
2,175 |
|
|
$ |
1,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(continued) |
|
|
At or For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Selected
Financial Ratios and Other Data(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios (Annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average
assets (2) |
|
0.73 |
% |
|
0.95 |
% |
|
0.59 |
% |
|
0.94 |
% |
|
0.53 |
% |
Return on average
stockholders' equity (2) |
|
6.56 |
|
|
8.60 |
|
|
5.25 |
|
|
8.42 |
|
|
5.10 |
|
Return on average
tangible stockholders' equity (2) (3) |
|
8.89 |
|
|
11.74 |
|
|
7.19 |
|
|
11.50 |
|
|
6.48 |
|
Stockholders' equity to
total assets |
|
11.11 |
|
|
11.07 |
|
|
11.29 |
|
|
11.21 |
|
|
11.07 |
|
Tangible stockholders'
equity to tangible assets (3) |
|
8.42 |
|
|
8.39 |
|
|
8.50 |
|
|
8.42 |
|
|
8.30 |
|
Net interest rate
spread |
|
3.32 |
|
|
3.41 |
|
|
3.48 |
|
|
3.47 |
|
|
3.31 |
|
Net interest
margin |
|
3.42 |
|
|
3.50 |
|
|
3.57 |
|
|
3.56 |
|
|
3.40 |
|
Operating expenses to
average assets (2) |
|
2.03 |
|
|
2.29 |
|
|
2.86 |
|
|
2.41 |
|
|
2.83 |
|
Efficiency ratio (2)
(4) |
|
56.23 |
|
|
60.96 |
|
|
75.55 |
|
|
65.21 |
|
|
77.28 |
|
Loans to deposits |
|
91.32 |
|
|
88.96 |
|
|
92.62 |
|
|
91.11 |
|
|
90.82 |
|
|
|
At or For the Year Ended December
31, |
|
|
2017 |
|
2016 |
Performance
Ratios: |
|
|
|
|
Return on average
assets (2) |
|
0.80 |
% |
|
0.62 |
% |
Return on average
stockholders' equity (2) |
|
7.20 |
|
|
6.08 |
|
Return on average
tangible stockholders' equity (2) (3) |
|
9.82 |
|
|
7.13 |
|
Net interest rate
spread |
|
3.41 |
|
|
3.38 |
|
Net interest
margin |
|
3.50 |
|
|
3.47 |
|
Operating expenses to
average assets (2) |
|
2.39 |
|
|
2.76 |
|
Efficiency ratio (2)
(4) |
|
64.46 |
|
|
73.11 |
|
|
|
(continued) |
|
|
At or For the Three Months Ended |
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
Wealth
Management: |
|
|
|
|
|
|
|
|
|
|
Assets under administration |
|
$ |
233,185 |
|
|
$ |
225,904 |
|
|
$ |
214,479 |
|
|
$ |
215,593 |
|
|
$ |
218,336 |
|
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
Cash dividends per
common share |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.15 |
|
Stockholders’ equity
per common share at end of period |
|
18.47 |
|
|
18.30 |
|
|
18.05 |
|
|
17.94 |
|
|
17.80 |
|
Tangible stockholders’
equity per common share at end of period (3) |
|
13.58 |
|
|
13.47 |
|
|
13.18 |
|
|
13.07 |
|
|
12.94 |
|
Number of
full-service customer facilities: |
|
46 |
|
|
46 |
|
|
51 |
|
|
61 |
|
|
61 |
|
Quarterly Average Balances |
|
|
|
|
|
|
|
|
|
|
Total
securities |
|
$ |
874,910 |
|
|
$ |
817,867 |
|
|
$ |
786,964 |
|
|
$ |
703,712 |
|
|
$ |
545,302 |
|
Loans,
receivable, net |
|
3,898,040 |
|
|
3,872,351 |
|
|
3,840,916 |
|
|
3,811,136 |
|
|
3,282,703 |
|
Total
interest-earning assets |
|
4,928,937 |
|
|
4,873,732 |
|
|
4,741,900 |
|
|
4,729,013 |
|
|
4,187,809 |
|
Total
assets |
|
5,404,864 |
|
|
5,334,527 |
|
|
5,215,636 |
|
|
5,211,071 |
|
|
4,556,774 |
|
Interest-bearing transaction deposits |
|
2,992,261 |
|
|
2,914,004 |
|
|
2,819,175 |
|
|
2,788,452 |
|
|
2,512,351 |
|
Time
deposits |
|
619,087 |
|
|
620,308 |
|
|
624,020 |
|
|
640,269 |
|
|
527,817 |
|
Total
borrowed funds |
|
392,154 |
|
|
395,439 |
|
|
389,321 |
|
|
383,082 |
|
|
379,289 |
|
Total
interest-bearing liabilities |
|
4,003,502 |
|
|
3,929,751 |
|
|
3,832,516 |
|
|
3,811,803 |
|
|
3,419,457 |
|
Non-interest bearing deposits |
|
760,552 |
|
|
781,047 |
|
|
772,739 |
|
|
791,036 |
|
|
622,882 |
|
Stockholder’s equity |
|
601,930 |
|
|
591,369 |
|
|
587,121 |
|
|
578,833 |
|
|
471,662 |
|
Total
deposits |
|
4,371,900 |
|
|
4,315,359 |
|
|
4,215,934 |
|
|
4,219,757 |
|
|
3,663,050 |
|
Quarterly Yields |
|
|
|
|
|
|
|
|
|
|
Total
securities |
|
2.09 |
% |
|
2.07 |
% |
|
2.07 |
% |
|
2.23 |
% |
|
1.91 |
% |
Loans,
receivable, net |
|
4.37 |
|
|
4.44 |
|
|
4.45 |
|
|
4.44 |
|
|
4.46 |
|
Total
interest-earning assets |
|
3.86 |
|
|
3.91 |
|
|
3.97 |
|
|
3.95 |
|
|
3.79 |
|
Interest-bearing transaction deposits |
|
0.25 |
|
|
0.21 |
|
|
0.20 |
|
|
0.18 |
|
|
0.18 |
|
Time
deposits |
|
1.08 |
|
|
1.02 |
|
|
0.96 |
|
|
0.93 |
|
|
0.97 |
|
Borrowed
funds |
|
1.91 |
|
|
1.87 |
|
|
1.85 |
|
|
1.85 |
|
|
1.84 |
|
Total
interest-bearing liabilities |
|
0.54 |
|
|
0.50 |
|
|
0.49 |
|
|
0.48 |
|
|
0.48 |
|
Net
interest spread |
|
3.32 |
|
|
3.41 |
|
|
3.48 |
|
|
3.47 |
|
|
3.31 |
|
Net
interest margin |
|
3.42 |
|
|
3.50 |
|
|
3.57 |
|
|
3.56 |
|
|
3.40 |
|
Total
deposits |
|
0.32 |
|
|
0.29 |
|
|
0.28 |
|
|
0.27 |
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
With the exception of end of quarter ratios, all ratios are based
on average daily balances. |
(2)
Performance ratios for each period may include merger related
expenses, branch consolidation expenses, accelerated stock award
expense, and income tax expense related to Tax Reform. Refer to
Other Items - Non-GAAP Reconciliation for impact of these
expenses. |
(3)
Tangible stockholders’ equity and tangible assets exclude
intangible assets relating to goodwill and core deposit
intangible. |
(4)
Efficiency ratio represents the ratio of operating expenses to the
aggregate of other income and net interest income. |
|
|
OceanFirst Financial Corp. |
OTHER ITEMS |
(dollars in thousands, except per share amounts) |
|
NON-GAAP RECONCILIATION |
|
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Core
earnings: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,956 |
|
|
$ |
12,817 |
|
|
$ |
7,679 |
|
|
$ |
12,018 |
|
|
$ |
6,052 |
|
Add: Merger
related expenses |
|
1,993 |
|
|
1,698 |
|
|
3,155 |
|
|
1,447 |
|
|
6,632 |
|
Branch consolidation expenses |
|
(734 |
) |
|
1,455 |
|
|
5,451 |
|
|
33 |
|
|
— |
|
Accelerated stock award expense |
|
— |
|
|
— |
|
|
— |
|
|
242 |
|
|
— |
|
Income tax expense related to Tax Reform |
|
3,643 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Less: Income tax
expense (benefit) on items |
|
2 |
|
|
(1,084 |
) |
|
(3,012 |
) |
|
(587 |
) |
|
(2,108 |
) |
Core earnings |
|
$ |
14,860 |
|
|
$ |
14,886 |
|
|
$ |
13,273 |
|
|
$ |
13,153 |
|
|
$ |
10,576 |
|
Core diluted earnings
per share |
|
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
Core
ratios (annualized): |
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
1.09 |
% |
|
1.11 |
% |
|
1.02 |
% |
|
1.02 |
% |
|
0.92 |
% |
Return on average tangible stockholders’ equity |
|
13.27 |
|
|
13.63 |
|
|
12.42 |
|
|
12.56 |
|
|
11.33 |
|
Efficiency ratio |
|
53.67 |
|
|
54.71 |
|
|
58.04 |
|
|
61.58 |
|
|
61.49 |
|
COMPUTATION OF TOTAL TANGIBLE EQUITY TO TOTAL TANGIBLE
ASSETS |
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
|
2017 |
|
2017 |
|
2017 |
|
2017 |
|
2016 |
Total stockholders’
equity |
|
$ |
601,941 |
|
|
$ |
596,140 |
|
|
$ |
587,189 |
|
|
$ |
582,543 |
|
|
$ |
571,903 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
150,501 |
|
|
148,134 |
|
|
148,433 |
|
|
147,815 |
|
|
145,064 |
|
Core
deposit intangible |
|
8,885 |
|
|
9,380 |
|
|
9,887 |
|
|
10,400 |
|
|
10,924 |
|
Tangible stockholders’
equity |
|
$ |
442,555 |
|
|
$ |
438,626 |
|
|
$ |
428,869 |
|
|
$ |
424,328 |
|
|
$ |
415,915 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,416,006 |
|
|
$ |
5,383,800 |
|
|
$ |
5,202,086 |
|
|
$ |
5,196,203 |
|
|
$ |
5,166,917 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
150,501 |
|
|
148,134 |
|
|
148,433 |
|
|
147,815 |
|
|
145,064 |
|
Core
deposit intangible |
|
8,885 |
|
|
9,380 |
|
|
9,887 |
|
|
10,400 |
|
|
10,924 |
|
Tangible assets |
|
$ |
5,256,620 |
|
|
$ |
5,226,286 |
|
|
$ |
5,043,766 |
|
|
$ |
5,037,988 |
|
|
$ |
5,010,929 |
|
Tangible stockholders’
equity to tangible assets |
|
8.42 |
% |
|
8.39 |
% |
|
8.50 |
% |
|
8.42 |
% |
|
8.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Contact:
Michael J. FitzpatrickChief Financial
OfficerOceanFirst Financial
Corp.Tel: (732) 240-4500, ext.
7506Fax: (732) 349-5070Email:
Mfitzpatrick@oceanfirst.com
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