• OceanFirst Financial Corp. Announces First Quarter Financial Results

    来源: Nasdaq GlobeNewswire / 20 4月 2023 15:30:41   America/Chicago

    RED BANK, N.J., April 20, 2023 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $26.9 million, or $0.46 per diluted share, for the quarter ended March 31, 2023, as compared to $24.8 million, or $0.42 per diluted share, for the corresponding prior year period, and $52.3 million, or $0.89 per diluted share, for the prior linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

     For the Three Months Ended,
     March 31, December 31, March 31,
    Performance Ratios (Annualized):
     2023   2022   2022 
    Return on average assets 0.82%  1.62%  0.84%
    Return on average stockholders’ equity 6.77   13.25   6.57 
    Return on average tangible stockholders’ equity(a) 10.00   19.85   9.94 
    Return on average tangible common equity(a) 10.53   20.97   10.52 
    Efficiency ratio 60.78   44.56   61.77 
    Net interest margin 3.34   3.64   3.18 

    (a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

    Core earnings1 for the quarter ended March 31, 2023 was $32.7 million, or $0.55 per diluted share, an increase from $28.8 million, or $0.49 per diluted share, for the corresponding prior year period, and a decrease of $6.9 million from $39.5 million, or $0.67 per diluted share, for the prior linked quarter.

    Core earnings PTPP1 for the quarter ended March 31, 2023 was $46.1 million, or $0.78 per diluted share, as compared to $39.7 million, or $0.67 per diluted share, for the corresponding prior year period, and $56.5 million, or $0.96 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

     For the Three Months Ended,
     March 31, December 31, March 31,
    Core Ratios1(Annualized): 2023   2022   2022 
    Return on average assets 1.00%  1.22%  0.98%
    Return on average tangible stockholders’ equity 12.15   15.01   11.55 
    Return on average tangible common equity 12.80   15.86   12.23 
    Efficiency ratio 56.49   50.78   57.51 
    Core diluted earnings per share$0.55  $0.67  $0.49 
    Core PTPP diluted earnings per share 0.78   0.96   0.67 

    Key developments for the recent quarter are described below:

    • Robust Liquidity Position: The Company enhanced on-balance sheet liquidity by increasing cash and due from banks by $328.2 million with a corresponding increase in deposits of $317.9 million. Excluding a $364.2 million increase in brokered time deposits, deposits decreased less than 1%, reflecting stability in the deposit base. At March 31, 2023, the Company’s loans-to-deposit ratio was 100.5% and the Company had total available liquidity and funding capacity across multiple liquidity sources of $3.6 billion.
    • Strong Balance Sheet Quality: Stockholders’ equity increased to $1.61 billion at March 31, 2023, or 11.88% of total assets, and tangible common equity to tangible assets was 7.95%2, which were adversely impacted this quarter by the increase in on-balance sheet liquidity. Additionally, the fair values of our total debt securities portfolio improved $23.6 million and asset quality remained strong.
    • Solid Margin and Earnings: Net interest margin was 3.34%, an increase from 3.18% in the prior year and a decrease from 3.64% in the prior linked quarter. The current quarter yield on interest earning assets expanded to 4.68% and the cost of funds increased to 1.76%. Costs of funds were impacted by the tightening of liquidity across the industry and, to a lesser extent, the increase in on-balance sheet liquidity. This resulted in net interest income of $98.8 million, an increase of $14.6 million from the prior year and a decrease of $7.7 million from the record prior linked quarter. While down relative to a very strong linked quarter, the current quarter results compare favorably to the preceding three quarters of 2022.

    1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, net loss on sale of investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

    2 Tangible common equity to tangible assets and tangible common equity per common share, non-GAAP financial measures, exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

    Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “In the midst of recent industry events, we were pleased to see the strength of our existing deposit base and confidence from our customers in the safety and soundness of the Company. The Company’s deposits remain at stable levels and asset quality continues to be a source of strength. Further, we’ve deliberately bolstered our liquidity position and optimized our available funding capacity.” Mr. Maher added, “We are well positioned to navigate an uncertain, evolving environment and we are confident in the Company’s ability to prudently manage risk and ability to service our customers’ needs.”

    The Company’s Board of Directors declared its 105th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on May 19, 2023 to common stockholders of record on May 8, 2023. 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 May 15, 2023 to preferred stockholders of record on April 28, 2023.

    Results of Operations
    The current quarter results were impacted by the following matters. Cost of funds were adversely impacted by the tightening of liquidity across the industry and, to a lesser extent, the Company’s decision to increase liquidity as a result of the recent industry events. Also, the Company reviewed its investment securities portfolio and made a strategic decision to sell specific positions in two financial institutions that were adversely impacted or deemed to have an elevated risk profile caused by recent industry events. This resulted in a loss of $4.0 million, net of tax, for sales of investments during the current quarter. The operating results also included strategic investments made to conduct benchmark studies and design detailed strategies to improve future profitability and operational efficiencies.

    Net Interest Income and Margin
    March 31, 2023 vs. March 31, 2022
    Net interest income increased to $98.8 million, from $84.2 million, reflecting an increase in average interest-earning assets and net interest margin.

    Net interest margin increased to 3.34%, from 3.18%. Excluding the impact of purchase accounting accretion and prepayment fees of 0.04% and 0.12% for the respective quarters, net interest margin increased to 3.30% from 3.06%. Net interest margin increased due to the net impact of the rising rate environment on both interest earning assets and liabilities and total growth.

    Average interest-earning assets increased by $1.28 billion for the quarter, primarily due to loan growth. Average loans receivable, net of allowance for loan credit losses, increased by $1.13 billion, primarily concentrated in commercial loan growth.

    The cost of average interest-bearing liabilities increased to 1.76%, from 0.35% for the prior year, as a result of higher costs associated with the expansion in Federal Home Loan Bank (“FHLB”) advances and interest-bearing deposits, particularly time deposits, in a rising rate environment. The total cost of deposits (including non-interest bearing deposits) increased to 0.88% from 0.16% for the prior year. While the cost of deposits have increased, deposit betas are approximately 20%3.

    March 31, 2023 vs. December 31, 2022
    Net interest income decreased by $7.7 million, reflecting a decrease in net interest margin to 3.34%, from 3.64% and, to a lesser extent, the number of days in each period. Excluding the impact of purchase accounting accretion and prepayment fees of 0.04% and 0.10% for the respective quarters, net interest margin decreased to 3.30%, from 3.54%. The compression in net interest margin was primarily attributable to an increase in cost of funds associated with the expansion in FHLB advances and time deposits.

    Average interest-earning assets increased by $404.2 million, primarily due to loan growth and higher securities balances. The yield on average interest-earning assets increased to 4.68%, from 4.46%. The total cost of average interest-bearing liabilities increased to 1.76% from 1.09%, primarily due to higher costs associated with interest-bearing deposits and an increase in average FHLB advances. The current quarter also included a shift in deposit composition from non-interest bearing and low interest-bearing deposits to higher cost time deposits.

    3 Deposit beta measures the change in the interest rates paid for interest-bearing deposit accounts versus the change in the federal funds target rate. Represents the deposit beta for total deposits (interest-bearing and non-interest bearing) for the current rate cycle (since December 31, 2021).

    Provision for Credit Losses
    Provision for credit losses for the quarter ended March 31, 2023 was $3.0 million, as compared to $1.9 million for the corresponding prior year period, and $3.6 million in the prior linked quarter. The provision for credit losses for the quarter was primarily influenced by further slowing of loan prepayment experience and, to a lesser extent, loan growth and modest migrations within risk rating categories.

    Net loan recoveries were $47,000 for the quarter ended March 31, 2023, as compared to $92,000 for the corresponding prior year period, and $5,000 in the prior linked quarter. Refer to “Asset Quality” section for further discussion.

    Non-interest Income4
    March 31, 2023 vs. March 31, 2022
    Other income decreased to $2.1 million, as compared to $8.9 million in the prior year. Other income was impacted by non-core operations of $7.5 million and $2.8 million, for the respective quarters, primarily related to net losses on preferred stock equity investments. The current quarter’s non-core operations included $5.3 million of losses, or $4.0 million, net of tax, related to the sale of investments.

    Excluding non-core operations, other income decreased $2.1 million. This decrease was primarily due to decreases in commercial loan swap income of $2.1 million, income from bankcard services of $1.6 million primarily as a result of the Durbin amendment, which became effective for the Company on July 1, 2022, and income from bank owned life insurance of $822,000. The decrease was partly offset by $2.2 million of title-related fees and service charges related to Trident compared to no activity in the prior year.

    March 31, 2023 vs. December 31, 2022
    Other income included non-core operations of $17.2 million related to a net gain on equity investments in the prior linked quarter, which included a $17.5 million unrealized gain on an additional investment in Auxilior Capital Partners, Inc. Excluding non-core operations, other income for the quarter decreased by $793,000. This decrease was due to fees and service charges of $617,000 primarily as a result of seasonality and market conditions impacting Trident’s performance.

    4 On April 1, 2022, the Company completed its acquisition of a majority interest in Trident Abstract Title Agency, LLC (“Trident”) and its results of operations are included in the consolidated results for the quarter ended March 31, 2023, but are excluded from the results of operations for the period from January 1, 2022 to March 31, 2022. Refer to “Supplemental Information on Trident” for the impact of Trident on the Company’s consolidated results.

    Non-interest Expense4
    March 31, 2023 vs. March 31, 2022
    Operating expenses increased to $61.3 million, as compared to $57.5 million in the prior year. Operating expenses for the quarters were impacted by $92,000 and $2.4 million of non-core operations, respectively.

    Excluding non-core operations, operating expenses increased by $6.1 million. This increase was partly due to $2.1 million of expenses related to Trident compared to no activity in the prior year. Other increases included compensation and benefits expense of $1.9 million primarily related to a mid-year 2022 inflation adjustment and annual merit-related compensation increases, and professional fees of $1.8 million primarily due to the ongoing strategies to improve profitability and operational efficiencies discussed above in “Results of Operations.” The current quarter results were impacted by a one-time recovery of $661,000 for prior year over payments in deposit insurance fund assessments, partly offset by a net increase of approximately $500,000 in deposit insurance fund assessments and OCC assessment and fees from newly enacted rates.

    March 31, 2023 vs. December 31, 2022
    Excluding non-core operations of $387,000 in the prior linked quarter, operating expenses for the quarter increased $1.9 million primarily due to an increase in data processing expense of $1.5 million, primarily driven by one-time recoveries recorded in the prior quarter.

    Income Tax Expense
    The provision for income taxes was $8.7 million for the quarter ended March 31, 2023, as compared to $8.0 million for the same prior year period, and $17.4 million for the prior linked quarter. The effective tax rate was 23.7% for the quarter ended March 31, 2023, as compared to 23.6% for the same prior year period, and 24.6% for the prior linked quarter.

    Financial Condition
    March 31, 2023 vs. December 31, 2022
    Total assets increased by $451.3 million to $13.56 billion, from $13.10 billion, due to higher cash and due from banks and loans, partially offset by lower other assets. Cash and due from banks increased $328.2 million to $496.2 million, from $167.9 million as the Company strategically increased cash on hand. Total loans increased by $121.8 million to $10.04 billion, from $9.92 billion, due to loan originations. Total debt securities increased modestly by $18.8 million, primarily due to purchases earlier in the quarter. Other assets decreased by $22.6 million to $198.4 million, from $221.1 million, primarily due to decrease in market values associated with customer interest rate swap programs.

    Total liabilities increased by $426.4 million to $11.94 billion, from $11.52 billion, due to an increase in funding across deposits and FHLB advances. Deposits increased by $317.9 million to $9.99 billion, from $9.68 billion. Time deposits increased to $2.39 billion, or 23.9% of total deposits, from $1.54 billion, or 15.9% of total deposits, due to increases of $364.2 million in brokered time deposits and $481.0 million in retail time deposits. The increase in deposits aided in reducing the loans-to-deposit ratio to 100.5%, as compared to 102.5%. FHLB advances increased by $135.4 million to $1.35 billion from $1.21 billion to increase cash liquidity reserves.

    Other liabilities decreased by $38.8 million to $307.3 million, from $346.2 million, primarily due to a decrease in the market values associated with customer interest rate swap programs and related collateral received from counterparties.

    Total stockholders’ equity increased to $1.61 billion, as compared to $1.59 billion, reflecting net income available to common stockholders of $26.9 million for the quarter and a net gain on available-for-sale debt securities, which decreased accumulated other comprehensive loss by $6.7 million to $29.3 million, from $36.0 million.

    For the quarter ended March 31, 2023, the Company did not repurchase shares under its stock repurchase program. There were 2,934,438 shares available for repurchase at March 31, 2023 under the existing repurchase program. Stockholders’ equity per common share increased to $27.07, as compared to $26.81. Tangible common equity per common share2 increased to $17.42, as compared to $17.08.

    Asset Quality
    March 31, 2023 vs. December 31, 2022
    The Company's asset quality remained strong, as evidenced by the following credit metrics. The Company’s non-performing loans decreased to $22.4 million, from $23.3 million. The allowance for loan credit losses as a percentage of total non-performing loans was 268.28%, as compared to 244.25%. The level of 30 to 89 days delinquent loans decreased to $11.2 million, from $14.1 million. The Company’s allowance for loan credit losses was 0.60% of total loans, as compared to 0.57%.

    The Company’s asset quality excluding purchased with credit deterioration (“PCD”) loans from prior bank acquisitions were as follows. Non-performing loans decreased to $18.5 million, from $19.3 million. The allowance for loan credit losses as a percentage of total non-performing loans was 325.24%, as compared to 294.10%. The level of 30 to 89 days delinquent loans decreased to $9.0 million, from $10.5 million. The allowance for loan credit losses plus the unamortized credit and PCD marks amounted to $70.7 million, or 0.70% of total loans, as compared to $68.2 million, or 0.69% 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 in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, which can vary from period to period, provides a better comparison of period-to-period operating performance. In addition, a non-GAAP table has been presented excluding the results associated with the acquisition of a majority interest in Trident for better comparison period over period. 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.

    Annual Meeting
    The Annual Meeting of Stockholders will be held on Tuesday, May 23, 2023 at 8:00 a.m. Eastern Time, as previously announced. The meeting will be held virtually through a live webcast. Stockholders as of the record date of April 4, 2023 are invited to participate in the live event. Voting before the meeting is encouraged, even for stockholders planning to participate in the virtual webcast. Votes may be submitted by telephone or online according to the instructions on the proxy card or by mail. A link to the live webcast is available by visiting oceanfirst.com - Investor Relations. Access will begin at 7:45 a.m. Eastern Time to allow time for stockholders to log-in with the control number provided on the proxy card prior to the 8:00 a.m. Eastern Time scheduled start. Eligible stockholders may also vote during the live meeting online at www.virtualshareholdermeeting.com/OCFC2023 by entering the 16-digit control number included on the proxy card or notice. As a reminder, participating in the meeting is not required to vote.

    Conference Call
    As previously announced, the Company will host an earnings conference call on Friday, April 21, 2023 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 948220. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (866) 813-9403, access code 264971, from one hour after the end of the call until July 20, 2023. 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 N.A., founded in 1902, is a $13.6 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, 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 or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, changes in liquidity, including the size and composition of the Company’s deposit portfolio, including the percentage of uninsured deposits in the portfolio, competition, demand for financial services in the Company’s market area, changes in consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees 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, 2022, 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)

     March 31, December 31, March 31,
      2023   2022   2022 
     (Unaudited)   (Unaudited)
    Assets     
    Cash and due from banks$496,193  $167,946  $210,919 
    Debt securities available-for-sale, at estimated fair value 452,195   457,648   546,470 
    Debt securities held-to-maturity, net of allowance for securities credit losses of $1,043 at March 31, 2023, $1,128 at December 31, 2022, and $1,380 at March 31, 2022 (estimated fair value of $1,149,673 at March 31, 2023, $1,110,041 at December 31, 2022 and $1,050,892 at March 31, 2022) 1,245,424   1,221,138   1,099,514 
    Equity investments 101,007   102,037   93,888 
    Restricted equity investments, at cost 115,750   109,278   56,704 
    Loans receivable, net of allowance for loan credit losses of $60,195 at March 31, 2023, $56,824 at December 31, 2022 and $50,598 at March 31, 2022 9,986,949   9,868,718   9,065,679 
    Loans held-for-sale 1,885   690    
    Interest and dividends receivable 47,342   44,704   33,353 
    Other real estate owned       106 
    Premises and equipment, net 126,019   126,705   126,767 
    Bank owned life insurance 262,654   261,603   259,121 
    Assets held for sale 2,719   2,719   5,676 
    Goodwill 506,146   506,146   500,319 
    Core deposit intangible 12,470   13,497   17,005 
    Other assets 198,422   221,067   149,424 
    Total assets$13,555,175  $13,103,896  $12,164,945 
    Liabilities and Stockholders’ Equity     
    Deposits$9,993,095  $9,675,206  $10,056,233 
    Federal Home Loan Bank advances 1,346,566   1,211,166   75,002 
    Securities sold under agreements to repurchase with customers 70,938   69,097   117,782 
    Other borrowings 195,663   195,403   194,396 
    Advances by borrowers for taxes and insurance 31,198   21,405   25,398 
    Other liabilities 307,344   346,155   176,800 
    Total liabilities 11,944,804   11,518,432   10,645,611 
    Stockholders’ equity:     
    OceanFirst Financial Corp. stockholders’ equity 1,609,553   1,584,662   1,519,334 
    Non-controlling interest 818   802    
    Total stockholders’ equity 1,610,371   1,585,464   1,519,334 
    Total liabilities and stockholders’ equity$13,555,175  $13,103,896  $12,164,945 



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

     For the Three Months Ended,
     March 31, December 31, March 31,
      2023   2022   2022 
     |---------------------- (Unaudited) ----------------------|
    Interest income:     
    Loans$121,720  $117,046  $82,468 
    Debt securities 14,286   10,951   7,504 
    Equity investments and other 3,028   2,280   1,011 
    Total interest income 139,034   130,277   90,983 
    Interest expense:     
    Deposits 21,330   13,425   4,041 
    Borrowed funds 18,902   10,364   2,715 
    Total interest expense 40,232   23,789   6,756 
    Net interest income 98,802   106,488   84,227 
    Provision for credit losses 3,013   3,647   1,851 
    Net interest income after provision for credit losses 95,789   102,841   82,376 
    Other income:     
    Bankcard services revenue 1,330   1,437   2,963 
    Trust and asset management revenue 612   551   609 
    Fees and service charges 5,159   5,776   3,060 
    Net gain on sales of loans 20   10   177 
    Net (loss) gain on equity investments (6,801)  17,187   (2,786)
    Net loss from other real estate operations       (2)
    Income from bank owned life insurance 1,281   1,697   2,103 
    Commercial loan swap income 701   519   2,781 
    Other (229)  374   (53)
    Total other income 2,073   27,551   8,852 
    Operating expenses:     
    Compensation and employee benefits 33,920   33,943   30,695 
    Occupancy 5,239   5,027   5,744 
    Equipment 1,205   1,131   1,370 
    Marketing 982   705   616 
    Federal deposit insurance and regulatory assessments 1,749   1,924   1,890 
    Data processing 6,154   4,629   5,736 
    Check card processing 1,281   1,243   982 
    Professional fees 5,098   4,697   3,322 
    Amortization of core deposit intangible 1,027   1,159   1,210 
    Branch consolidation expense, net 70   111   402 
    Merger related expenses 22   276   1,965 
    Other operating expense 4,562   4,883   3,563 
    Total operating expenses 61,309   59,728   57,495 
    Income before provision for income taxes 36,553   70,664   33,733 
    Provision for income taxes 8,654   17,353   7,974 
    Net income 27,899   53,311   25,759 
    Net income attributable to non-controlling interest 16   39    
    Net income attributable to OceanFirst Financial Corp. 27,883   53,272   25,759 
    Dividends on preferred shares 1,004   1,004   1,004 
    Net income available to common stockholders$26,879  $52,268  $24,755 
    Basic earnings per share$0.46  $0.89  $0.42 
    Diluted earnings per share$0.46  $0.89  $0.42 
    Average basic shares outstanding 58,774   58,584   58,739 
    Average diluted shares outstanding 58,918   58,751   58,943 



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

    LOANS RECEIVABLE  At
       March 31, December 31, September 30, June 30, March 31,
        2023   2022   2022   2022   2022 
    Commercial:           
    Commercial real estate - investor  $5,296,661  $5,171,952  $5,007,637  $4,808,965  $4,607,880 
    Commercial real estate - owner-occupied  986,366   997,367   983,784   1,020,873   1,057,246 
    Commercial and industrial   622,201   622,372   652,620   584,464   502,739 
    Total commercial   6,905,228   6,791,691   6,644,041   6,414,302   6,167,865 
    Consumer:           
    Residential real estate   2,881,811   2,861,991   2,813,209   2,758,269   2,687,927 
    Home equity loans and lines and other consumer ("other consumer")  252,773   264,372   261,510   252,314   253,184 
    Total consumer   3,134,584   3,126,363   3,074,719   3,010,583   2,941,111 
    Total loans   10,039,812   9,918,054   9,718,760   9,424,885   9,108,976 
    Deferred origination costs (fees), net  7,332   7,488   7,249   7,864   7,301 
    Allowance for loan credit losses   (60,195)  (56,824)  (53,521)  (52,061)  (50,598)
    Loans receivable, net  $9,986,949  $9,868,718  $9,672,488  $9,380,688  $9,065,679 
    Mortgage loans serviced for others $50,421  $51,736  $53,869  $56,045  $58,089 
     At March 31, 2023 Average Yield          
    Loan pipeline(1):           
    Commercial 7.26% $236,550  $114,232  $339,487  $273,843  $385,986 
    Residential real estate 6.54   61,258   36,958   80,591   104,920   116,554 
    Other consumer 6.94   20,589   14,890   19,395   6,278   12,814 
    Total 7.10% $318,397  $166,080  $439,473  $385,041  $515,354 


     For the Three Months Ended
     March 31, December 31, September 30, June 30, March 31,
     2023  2022   2022   2022   2022 
     Average Yield          
    Loan originations:           
    Commercial 6.58% $200,504  $539,949  $356,726  $645,863  $816,517 
    Residential real estate 6.05   65,580   101,530(2)  129,808   173,365   192,721(2)
    Other consumer 7.18   15,927   42,624   57,254   16,253   12,718 
    Total 6.49% $282,011  $684,103  $543,788  $835,481  $1,021,956 
    Loans sold  $3,861  $2,340  $9,425(3) $  $703(4)


    (1)Loan pipeline includes loans approved but not funded.
    (2)Excludes residential real estate loan pool purchases of $9.9 million and $161.7 million for the three months ended December 31, 2022 and March 31, 2022, respectively.
    (3)Excludes the sale of a small business administration loan of $1.2 million for the three months ended September 30, 2022. 
    (4)Excludes the sale of higher risk commercial loans of $12.0 million for the three months ended March 31, 2022.


    DEPOSITSAt
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Type of Account         
    Non-interest-bearing$1,984,197  $2,101,308  $2,325,547  $2,312,126  $2,444,833 
    Interest-bearing checking 3,697,223   3,829,683   3,909,864   3,696,067   4,287,745 
    Money market 615,993   714,386   749,229   716,782   811,588 
    Savings 1,308,715   1,487,809   1,570,472   1,606,534   1,624,751 
    Time deposits 2,386,967   1,542,020   1,404,357   1,499,975   887,316 
    Total deposits$9,993,095  $9,675,206  $9,959,469  $9,831,484  $10,056,233 



    OceanFirst Financial Corp.
    ASSET QUALITY
    (dollars in thousands)

    ASSET QUALITY

    March 31, December 31, September 30, June 30, March 31,
     2023   2022   2022   2022   2022 
    Non-performing loans:         
    Commercial real estate - investor$13,643  $10,483  $9,866  $2,609  $3,575 
    Commercial real estate - owner-occupied 251   4,025   1,976   8,233   9,632 
    Commercial and industrial 162   331   321   364   2,830 
    Residential real estate 5,650   5,969   5,958   5,846   7,047 
    Other consumer 2,731   2,457   3,377   3,701   3,841 
    Total non-performing loans 22,437   23,265   21,498   20,753   26,925 
    Other real estate owned             106 
    Total non-performing assets$22,437  $23,265  $21,498  $20,753  $27,031 
    Delinquent loans 30 to 89 days$11,232  $14,148  $11,846  $9,558  $18,691 
    Modifications to borrowers experiencing financial difficulty(1)         
    Non-performing (included in total non-performing loans above)$6,556  $6,361  $10,047  $10,493  $11,914 
    Performing 7,619   7,530   6,065   6,946   7,716 
    Total modifications to borrowers experiencing financial difficulty(1)$14,175  $13,891  $16,112  $17,439  $19,630 
    Allowance for loan credit losses$60,195  $56,824  $53,521  $52,061  $50,598 
    Allowance for loan credit losses as a percent of total loans receivable(2) 0.60%  0.57%  0.55%  0.55%  0.56%
    Allowance for loan credit losses as a percent of total non-performing loans(2) 268.28   244.25   248.96   250.86   187.92 
    Non-performing loans as a percent of total loans receivable 0.22   0.23   0.22   0.22   0.30 
    Non-performing assets as a percent of total assets 0.17   0.18   0.17   0.17   0.22 
    Supplemental PCD and non-performing loans         
    PCD loans, net of allowance for loan credit losses$20,513  $27,129  $29,249  $35,227  $37,032 
    Non-performing PCD loans 3,929   3,944   3,043   3,529   3,745 
    Delinquent PCD and non-performing loans 30 to 89 days 2,248   3,657   1,434   1,381   2,749 
    PCD modifications to borrowers experiencing financial difficulty(1) 758   765   715   997   1,033 
    Asset quality, excluding PCD loans(3)         
    Non-performing loans 18,508   19,321   18,455   17,224   23,180 
    Non-performing assets 18,508   19,321   18,455   17,224   23,286 
    Delinquent loans 30 to 89 days (excludes non-performing loans) 8,984   10,491   10,412   8,177   15,942 
    Modifications to borrowers experiencing financial difficulty(1) 13,417   13,126   15,397   16,442   18,597 
    Allowance for loan credit losses as a percent of total non-performing loans(2) 325.24%  294.10%  290.01%  302.26%  218.28%
    Non-performing loans as a percent of total loans receivable 0.18   0.19   0.19   0.18   0.25 
    Non-performing assets as a percent of total assets 0.14   0.15   0.15   0.14   0.19 


    (1)As of March 31, 2023 balance includes both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings. For periods in 2022, the balances only include troubled debt restructurings.
    (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 $10.5 million, $11.4 million, $13.6 million, $15.5 million and $16.9 million at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
    (3)All balances and ratios exclude PCD loans.



    NET LOAN RECOVERIES (CHARGE-OFFS)For the Three Months Ended
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Net loan recoveries (charge-offs):         
    Loan charge-offs$(10) $(138) $(5) $(287) $(143)
    Recoveries on loans 57   143   257   278   235 
    Net loan recoveries (charge-offs)$47  $5  $252  $(9) $92 
    Net loan recoveries (charge-offs) to average total loans (annualized)NM* NM* NM*  % NM*
    Net loan recoveries (charge-offs) detail:         
    Commercial$  $(46) $117  $154  $25 
    Residential real estate 8   9   44   (47)  94 
    Other consumer 39   42   91   (116)  (27)
    Net loan recoveries (charge-offs)$47  $5  $252  $(9) $92 

    * Not meaningful as amounts are net loan recoveries.

     

    OceanFirst Financial Corp.
    ANALYSIS OF NET INTEREST INCOME

     For the Three Months Ended
     March 31, December 31, March 31,
      2023   2022   2022 
    (dollars in thousands)Average
    Balance
     Interest Average
    Yield/
    Cost(1)
     Average
    Balance
     Interest Average
    Yield/
    Cost(1)
     Average
    Balance
     Interest Average
    Yield/
    Cost(1)
    Assets:                 
    Interest-earning assets:                 
    Interest-earning deposits and short-term investments$129,740  $938  2.93% $70,023  $634  3.59% $88,826  $37  0.17%
    Securities(2) 1,955,399   16,376  3.40   1,764,764   12,597  2.83   1,846,452   8,478  1.86 
    Loans receivable, net(3)                 
    Commercial 6,840,006   92,780  5.50   6,715,896   88,991  5.26   6,037,639   58,355  3.92 
    Residential real estate 2,872,049   25,161  3.50   2,841,073   24,532  3.45   2,542,655   21,339  3.36 
    Other consumer 263,404   3,779  5.82   262,911   3,523  5.32   257,024   2,774  4.38 
    Allowance for loan credit losses, net of deferred loan costs and fees (50,554)       (48,776)       (40,457)     
    Loans receivable, net 9,924,905   121,720  4.96   9,771,104   117,046  4.76   8,796,861   82,468  3.79 
    Total interest-earning assets 12,010,044   139,034  4.68   11,605,891   130,277  4.46   10,732,139   90,983  3.43 
    Non-interest-earning assets 1,234,549       1,228,520       1,215,071     
    Total assets$13,244,593      $12,834,411      $11,947,210     
    Liabilities and Stockholders’ Equity:                 
    Interest-bearing liabilities:                 
    Interest-bearing checking$3,863,338   6,269  0.66% $3,989,403   4,911  0.49% $4,377,368   2,149  0.20%
    Money market 705,631   1,759  1.01   738,637   917  0.49   788,063   318  0.16 
    Savings 1,369,118   334  0.10   1,539,175   285  0.07   1,609,415   125  0.03 
    Time deposits 1,826,662   12,968  2.88   1,486,410   7,312  1.95   767,709   1,449  0.77 
    Total 7,764,749   21,330  1.11   7,753,625   13,425  0.69   7,542,555   4,041  0.22 
    FHLB Advances 1,222,791   14,614  4.85   632,207   6,475  4.06   29,433   35  0.48 
    Securities sold under agreements to repurchase 71,898   90  0.51   88,191   41  0.18   117,623   42  0.14 
    Other borrowings 212,159   4,198  8.02   195,167   3,848  7.82   228,522   2,638  4.68 
    Total borrowings 1,506,848   18,902  5.09   915,565   10,364  4.49   375,578   2,715  2.93 
    Total interest-bearing liabilities 9,271,597   40,232  1.76   8,669,190   23,789  1.09   7,918,133   6,756  0.35 
    Non-interest-bearing deposits 2,028,507       2,221,884       2,401,797     
    Non-interest-bearing liabilities 334,812       378,481       99,441     
    Total liabilities 11,634,916       11,269,555       10,419,371     
    Stockholders’ equity 1,609,677       1,564,856       1,527,839     
    Total liabilities and equity$13,244,593      $12,834,411      $11,947,210     
    Net interest income  $98,802     $106,488     $84,227  
    Net interest rate spread(4)     2.92%      3.37%      3.08%
    Net interest margin(5)     3.34%      3.64%      3.18%
    Total cost of deposits (including non-interest-bearing deposits)     0.88%      0.53%      0.16%


    (1)Average yields and costs are annualized.
    (2)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.
    (3)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.
    (4)Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5)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)

     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Selected Financial Condition Data:         
    Total assets$13,555,175  $13,103,896  $12,683,453  $12,438,653  $12,164,945 
    Debt securities available-for-sale, at estimated fair value 452,195   457,648   470,300   507,276   546,470 
    Debt securities held-to-maturity, net of allowance for securities credit losses 1,245,424   1,221,138   1,027,712   1,068,034   1,099,514 
    Equity investments 101,007   102,037   81,722   75,269   93,888 
    Restricted equity investments, at cost 115,750   109,278   77,556   76,047   56,704 
    Loans receivable, net of allowance for loan credit losses 9,986,949   9,868,718   9,672,488   9,380,688   9,065,679 
    Deposits 9,993,095   9,675,206   9,959,469   9,831,484   10,056,233 
    Federal Home Loan Bank advances 1,346,566   1,211,166   514,200   488,750   75,002 
    Securities sold under agreements to repurchase and other borrowings 266,601   264,500   291,203   300,149   312,178 
    Total stockholders’ equity 1,610,371   1,585,464   1,540,216   1,521,432   1,519,334 


     For the Three Months Ended,
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Selected Operating Data:         
    Interest income$139,034  $130,277  $110,499  $99,416  $90,983 
    Interest expense 40,232   23,789   14,534   8,619   6,756 
    Net interest income 98,802   106,488   95,965   90,797   84,227 
    Provision for credit losses 3,013   3,647   1,016   1,254   1,851 
    Net interest income after provision for credit losses 95,789   102,841   94,949   89,543   82,376 
    Other income (excluding activity related to debt and equity investments) 9,571   10,364   11,788   15,619   11,638 
    Net (loss) gain on equity investments (2,193)  17,187   3,362   (8,078)  (2,786)
    Net loss on sale of investments (5,305)            
    Operating expenses (excluding merger related and branch consolidation expense (benefit), net) 61,217   59,341   59,045   57,919   55,128 
    Branch consolidation expense (benefit), net 70   111   (346)  546   402 
    Merger related expenses 22   276   298   196   1,965 
    Income before provision for income taxes 36,553   70,664   51,102   38,423   33,733 
    Provision for income taxes 8,654   17,353   12,298   8,940   7,974 
    Net income 27,899   53,311   38,804   29,483   25,759 
    Net income attributable to non-controlling interest 16   39   193   522    
    Net income attributable to OceanFirst Financial Corp.$27,883  $53,272  $38,611  $28,961  $25,759 
    Net income available to common stockholders$26,879  $52,268  $37,607  $27,957  $24,755 
    Diluted earnings per share$0.46  $0.89  $0.64  $0.47  $0.42 
    Net accretion/amortization of purchase accounting adjustments included in net interest income$1,237  $2,278  $2,004  $2,196  $2,953 


     At or For the Three Months Ended
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Selected Financial Ratios and Other Data(1) (2):         
    Performance Ratios (Annualized):         
    Return on average assets(3) 0.82%  1.62%  1.19%  0.92%  0.84%
    Return on average tangible assets(3) (4) 0.86   1.68   1.24   0.96   0.88 
    Return on average stockholders’ equity(3) 6.77   13.25   9.68   7.31   6.57 
    Return on average tangible stockholders’ equity(3) (4) 10.00   19.85   14.62   11.08   9.94 
    Return on average tangible common equity(3) (4) 10.53   20.97   15.47   11.72   10.52 
    Stockholders’ equity to total assets 11.88   12.10   12.14   12.23   12.49 
    Tangible stockholders’ equity to tangible assets(4) 8.37   8.47   8.38   8.39   8.60 
    Tangible common equity to tangible assets(4) 7.95   8.03   7.92   7.92   8.13 
    Net interest rate spread 2.92   3.37   3.19   3.18   3.08 
    Net interest margin 3.34   3.64   3.36   3.29   3.18 
    Operating expenses to average assets 1.88   1.85   1.87   1.92   1.95 
    Efficiency ratio(5) 60.78   44.56   53.10   59.65   61.77 
    Loans-to-deposits 100.50   102.50   97.60   95.90   90.60 



     At or For the Three Months Ended
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Trust and Asset Management:         
    Wealth assets under administration and management (“AUA/M”)$333,436  $324,066  $273,815  $279,222  $296,818 
    Nest Egg AUA/M 400,227   403,538   402,256   398,344   415,478 
    Total AUA/M 733,663   727,604   676,071   677,566   712,296 
    Per Share Data:         
    Cash dividends per common share$0.20  $0.20  $0.20  $0.17  $0.17 
    Stockholders' equity per common share at end of period 27.07   26.81   26.04   25.73   25.58 
    Tangible common equity per common share at end of period(4) 17.42   17.08   16.30   15.96   15.94 
    Common shares outstanding at end of period 59,486,086   59,144,128   59,138,507   59,130,236   59,388,983 
    Preferred shares outstanding at end of period 57,370   57,370   57,370   57,370   57,370 
    Number of full-service customer facilities: 38   38   38   38   38 
    Quarterly Average Balances         
    Total securities$1,955,399  $1,764,764  $1,748,687  $1,811,869  $1,846,452 
    Loans receivable, net 9,924,905   9,771,104   9,512,447   9,204,583   8,796,861 
    Total interest-earning assets 12,010,044   11,605,891   11,326,782   11,083,892   10,732,139 
    Total goodwill and core deposit intangible 519,282   520,400   521,566   522,666   518,106 
    Total assets 13,244,593   12,834,411   12,517,955   12,251,985   11,947,210 
    Time deposits 1,826,662   1,486,410   1,467,297   937,387   767,709 
    Total deposits (including non-interest-bearing deposits) 9,793,256   9,975,509   10,066,342   9,665,200   9,944,352 
    Total borrowings 1,506,848   915,565   643,294   837,164   375,578 
    Total interest-bearing liabilities 9,271,597   8,669,190   8,380,936   8,174,240   7,918,133 
    Non-interest bearing deposits 2,028,507   2,221,884   2,328,700   2,328,124   2,401,797 
    Stockholders' equity 1,609,677   1,564,856   1,541,755   1,534,721   1,527,839 
    Tangible stockholders’ equity(4) 1,090,395   1,044,456   1,020,189   1,012,055   1,009,733 
              
    Quarterly Yields and Costs         
    Total securities 3.40%  2.83%  2.27%  1.90%  1.86%
    Loans receivable, net 4.96   4.76   4.18   3.95   3.79 
    Total interest-earning assets 4.68   4.46   3.88   3.60   3.43 
    Time deposits 2.88   1.95   1.53   0.97   0.77 
    Total cost of deposits (including non-interest-bearing deposits) 0.88   0.53   0.36   0.18   0.16 
    Total borrowed funds 5.09   4.49   3.27   2.06   2.93 
    Total interest-bearing liabilities 1.76   1.09   0.69   0.42   0.35 
    Net interest spread 2.92   3.37   3.19   3.18   3.08 
    Net interest margin 3.34   3.64   3.36   3.29   3.18 


    (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)Ratios for each period are based on net income available to common stockholders.
    (4)Tangible stockholders’ equity and tangible assets exclude intangible assets related to goodwill and core deposit intangible. Tangible common equity excludes goodwill, core deposit intangible and preferred equity. Refer to “Non-GAAP Reconciliation.”
    (5)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
     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Core Earnings:         
    Net income available to common stockholders(GAAP)$26,879  $52,268  $37,607  $27,957  $24,755 
    Add (less) non-recurring and non-core items:         
    Merger related expenses 22   276   298   196   1,965 
    Branch consolidation expense (benefit), net 70   111   (346)  546   402 
    Net loss (gain) on equity investments(1) 2,193   (17,187)  (3,362)  8,078   2,786 
    Net loss on sale of investments(1) 5,305             
    Income tax (benefit) expense on items (1,797)  4,060   824   (2,132)  (1,141)
    Core earnings(Non-GAAP)$32,672  $39,528  $35,021  $34,645  $28,767 
    Income tax expense$8,654  $17,353  $12,298  $8,940  $7,974 
    Provision for credit losses 3,013   3,647   1,016   1,254   1,851 
    Less: income tax (benefit) expense on non-core items (1,797)  4,060   824   (2,132)  (1,141)
    Core earnings PTPP(Non-GAAP)$46,136  $56,468  $47,511  $46,971  $39,733 
    Core earnings diluted earnings per share$0.55  $0.67  $0.60  $0.59  $0.49 
    Core earnings PTPP diluted earnings per share$0.78  $0.96  $0.81  $0.80  $0.67 
              
    Core Ratios (Annualized):         
    Return on average assets 1.00%  1.22%  1.11%  1.13%  0.98%
    Return on average tangible stockholders’ equity 12.15   15.01   13.62   13.73   11.55 
    Return on average tangible common equity 12.80   15.86   14.40   14.53   12.23 
    Efficiency ratio 56.49   50.78   54.80   54.43   57.51 


    (1) The sale of specific positions in two financial institutions impacted both equity investments and debt securities. On the Consolidated Statements of Income, the losses on sale of equity investments and debt securities are reported within net gain (loss) on equity investments ($4.6 million) and other ($697,000), respectively.


     March 31, December 31, September 30, June 30, March 31,
      2023   2022   2022   2022   2022 
    Tangible Equity:         
    Total stockholders' equity$1,610,371  $1,585,464  $1,540,216  $1,521,432  $1,519,334 
    Less:         
    Goodwill 506,146   506,146   506,146   506,146   500,319 
    Core deposit intangible 12,470   13,497   14,656   15,827   17,005 
    Tangible stockholders' equity 1,091,755   1,065,821   1,019,414   999,459   1,002,010 
    Less:         
    Preferred stock 55,527   55,527   55,527   55,527   55,527 
    Tangible common equity$1,036,228  $1,010,294  $963,887  $943,932  $946,483 
              
    Tangible Assets:         
    Total assets$13,555,175  $13,103,896  $12,683,453  $12,438,653  $12,164,945 
    Less:         
    Goodwill 506,146   506,146   506,146   506,146   500,319 
    Core deposit intangible 12,470   13,497   14,656   15,827   17,005 
    Tangible assets$13,036,559  $12,584,253  $12,162,651  $11,916,680  $11,647,621 
              
    Tangible stockholders' equity to tangible assets 8.37%  8.47%  8.38%  8.39%  8.60%
    Tangible common equity to tangible assets 7.95%  8.03%  7.92%  7.92%  8.13%



    SUPPLEMENTAL INFORMATION ON TRIDENT

     For the Three Months Ended,
     March 31, 2023 December 31, 2022
    GAAP Measures:   
    Net interest income$98,802  $106,488 
    Other income 2,073   27,551 
    Total income 100,875   134,039 
    Less: income attributable to Trident(1) 2,168   2,617 
    Total income, excluding Trident 98,707   131,422 
        
    Total operating expense 61,309   59,728 
    Less: expense attributable to Trident(2) 2,128   2,519 
    Total operating expense, excluding Trident 59,181   57,209 
        
    Efficiency ratio 60.78%  44.56%
    Efficiency ratio, excluding Trident 59.96   43.53 
        
    Core Measures (non-GAAP):   
    Net interest income$98,802  $106,488 
    Core other income 9,571   10,364 
    Total income 108,373   116,852 
    Less: income attributable to Trident(1) 2,168   2,617 
    Total core income, excluding Trident 106,205   114,235 
        
    Core operating expense 61,217   59,341 
    Less: expense attributable to Trident(2) 2,128   2,519 
    Total core operating expense, excluding Trident 59,089   56,822 
        
    Core efficiency ratio 56.49%  50.78%
    Core efficiency ratio, excluding Trident 55.64   49.74 


    (1)Trident title-related activity is primarily included in fees and service charges in the Consolidated Statements of Income.
    (2)Trident operating expenses are primarily included in compensation and employee benefits and other operating expenses in the Consolidated Statements of Income.


    Company Contact:

    Patrick S. Barrett
    Chief Financial Officer
    OceanFirst Financial Corp.
    Tel: (732) 240-4500, ext. 7507
    Email: pbarrett@oceanfirst.com

     


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