OceanFirst Financial Corp. Announces Net Income, Earnings Per Share Growth

TOMS RIVER, N.J., Oct. 21, 2010 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced that net income available to common stockholders increased to $5.2 million for the quarter ended September 30, 2010 as compared to $5.0 million for the quarter ended June 30, 2010, and $4.0 million for the corresponding prior year period. Diluted earnings per share for the quarter ended September 30, 2010 was $0.29, an increase of $0.02 from the prior linked quarter. Additional highlights for the quarter ended September 30, 2010 include:
  • Diluted earnings per share have grown in each of the last three quarters. Return on average stockholders equity was 10.7% for the quarter ended September 30, 2010.
  • Total revenue (i.e. net interest income and total other income) increased to $23.8 million for the quarter ended September 30, 2010 as compared to $23.3 million for the quarter ended June 30, 2010 and $21.2 million for the quarter ended September 30, 2009.
  • Deposits grew $83.5 million during the quarter to $1,623.5 million, including an increase of $102.4 million in core deposits (i.e. all deposits excluding time deposits).
  • Tangible common equity capital increased to 8.96% of assets.

The Company also announced that the Board of Directors declared its fifty-fifth consecutive quarterly cash dividend on common stock of $0.12 per share - covering the three month period ended September 30, 2010, to be paid on November 12, 2010 to shareholders of record on November 1, 2010. 

Chairman and CEO John R. Garbarino reflected on the quarter. "We are pleased with our record of growing our bottom line and increasing earnings per share, and the consequential value we are building for our shareholders. Core deposit growth also continues, with average core deposits now comprising 81.6% of total deposits. Complementing this growth, the Company again fortified its capital position with an increase in tangible common equity to 8.96% of assets." 

Results of Operations

Net income available to common stockholders for the three months ended September 30, 2010 was $5.2 million or $0.29 per diluted share, as compared to net income available to common stockholders of $4.0 million, or $0.34 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2010, net income available to common stockholders was $14.6 million or $0.80 per diluted share, as compared to net income available to common stockholders of $10.5 million or $0.90 per diluted share for the corresponding prior year period. For both the three and nine months ended September 30, 2010 diluted earnings per share reflects the higher number of average diluted shares outstanding from the issuance of additional common share in November 2009. 

Net interest income for the three and nine months ended September 30, 2010 increased to $19.6 million and $58.2 million, respectively, as compared to $16.7 million and $48.5 million, respectively, in the same prior year periods, reflecting greater interest-earning assets and, for the nine months ended September 30, 2010, a higher net interest margin. The net interest margin increased to 3.75% for the nine months ended September 30, 2010 from 3.59% in the same prior year period partly due to the low interest rate environment. For the three months ended September 30, 2010 the net interest margin was unchanged at 3.73%, as compared to the same prior year period. The yield on interest-earning assets decreased to 4.90% and 4.94%, respectively, for the three and nine months ended September 30, 2010, as compared to 5.32% and 5.35%, respectively, in the same prior year periods. The cost of interest-bearing liabilities decreased to 1.32% and 1.33%, respectively, for the three and nine months ended September 30, 2010, as compared to 1.79% and 1.98%, respectively, in the same prior year periods. Average interest-earning assets increased by $306.3 million and $264.2 million, respectively, for the three and nine months ended September 30, 2010, as compared to the same prior year periods. The increase in average interest-earning assets was primarily due to the increase in average mortgage-backed securities which increased $259.3 million and $252.5 million, respectively, for the three and nine months ended September 30, 2010.

The provision for loan losses increased to $1.6 million and $6.0 million, respectively, for the three and nine months ended September 30, 2010, as compared to $1.5 million and $3.5 million, respectively, for the corresponding prior year periods. The increased provisions are primarily due to higher levels of non-performing loans and partially due to higher loan balances. Additionally, for the nine months ended September 30, 2010, net charge-offs increased by $645,000 over the corresponding prior year period.

Other income decreased to $4.2 million and $10.8 million, respectively, for the three and nine months ended September 30, 2010, as compared to $4.5 million and $11.9 million, respectively, in the same prior year periods. Loan servicing income (loss) increased to income of $231,000 for the nine months ended September 30, 2010 from a loss of $102,000 in the same prior year period due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. Fees and service charges increased to $2.8 million and $8.1 million, respectively, for the three and nine months ended September 30, 2010, as compared to $2.7 million and $7.8 million for the corresponding prior year periods. The increase was due to higher fees from merchant services, commercial checking accounts and trust services partly offset by a reduction in private mortgage insurance fee income. This reduction in PMI fee income resulted from a charge of $203,000 for the three and nine months ended September 30, 2010, related to several rescission claims. The net gain on sales of loans increased to $1.2 million for the three months ended September 30, 2010, as compared to $1.1 million for the corresponding prior year period. Although loan sales volume decreased from the prior year period, the gain on sale margin was very strong resulting in the overall increase in gain on sale of loans for the three months ended September 30, 2010. For the nine months ended September 30, 2010, the net gain on the sale of loans sold decreased to $2.2 million, as compared to $3.1 million for the corresponding prior year period due to a decline in the volume of loans sold. The net loss from other real estate operations was $408,000 for the nine months ended September 30, 2010, as compared to a gain of $71,000 in the same prior year period due to current period write-downs in the value of properties previously acquired. Other income decreased $361,000 and $362,000 for the three and nine months ended September 30, 2010, respectively, as compared to the same prior year periods due to the prior year recovery of $367,000 on borrower escrow funds at Columbia Home Loans, LLC ("Columbia"), the Company's mortgage banking subsidiary which was shuttered in the fourth quarter of 2007.

Operating expenses increased to $13.8 million and $39.7 million, respectively, for the three and nine months ended September 30, 2010, as compared to $12.4 million and $37.4 million, respectively, for the corresponding prior year periods.  Compensation and employee benefits costs increased due to higher incentive compensation, salary and stock plan expense. For the nine months ended September 30, 2010, the increase was also due to the reduction in mortgage loan closings from prior year levels. Fewer loan closings in the current year decreased deferred loan expense which is reflected as an increase to compensation expense. Occupancy expense decreased by $570,000 for the nine months ended September 30, 2010, as compared to the corresponding prior year period due to a $556,000 charge in the second quarter of 2009 relating to the termination of all remaining lease obligations of Columbia. Federal deposit insurance expense for the nine months ended September 30, 2010 decreased by $529,000 from the corresponding prior year period primarily due to a special assessment of $869,000 in the second quarter of 2009. General and administrative expense for the three and nine months ended September 30, 2009 included $413,000 and $582,000, respectively, of costs related to the Company's announced, but subsequently terminated, merger with Central Jersey Bancorp. For the three and nine months ended September 30, 2010, the reduction in merger related expenses was offset by higher loan origination and servicing related expenses.

Dividends on preferred stock and discount accretion totaled $537,000 and $1.5 million, respectively, for the three and nine months ended September 30, 2009, as compared to no amounts in the current year periods. The preferred stock was redeemed on December 30, 2009.

Financial Condition

Total assets increased to $2,225.4 million at September 30, 2010, an increase from $2,030.0 at December 31, 2009. Loans receivable, net increased by $36.7 million to $1,666.0 million at September 30, 2010, from $1,629.3 million December 31, 2009, primarily due to increased commercial and commercial real estate lending. Investment securities available for sale increased to $68.9 million at September 30, 2010, as compared to $37.3 million at December 31, 2009, due to third quarter purchases of government agency and municipal securities as the Company invested part of the funds received from strong deposit flows. Mortgage-backed securities available for sale increased to $343.4 million at September 30, 2010, as compared to $213.6 million at December 31, 2009, due to purchases of $162.8 million in mortgage-backed securities issued by U.S. government sponsored enterprises.

The increase in assets was funded by increased deposits, which grew to $1,623.5 million at September 30, 2010 from $1,364.2 million at December 31, 2009. The growth was concentrated in core deposits, which increased $284.3 million. Time deposits decreased $25.0 million as the Bank continued to moderate its pricing for this product. Also, as a result of the increase in deposits, Federal Home Loan Bank advances decreased to $280.0 million at September 30, 2010 from $333.0 million at December 31, 2009. Stockholders' equity increased to $199.4 million at September 30, 2010, as compared to $183.5 million at December 31, 2009 due to net income and a reduction in accumulated other comprehensive loss partly offset by the cash dividend on common stock.

Asset Quality

The Company's non-performing loans totaled $33.8 million at September 30, 2010, an increase from $28.3 million at December 31, 2009, with the largest increase of $2.6 million attributable to one-to-four family mortgage loans. The overall increase is reflective of the weak economic environment. Non-performing loans at September 30, 2010 include $653,000 of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $2.5 million of loans previously held for sale that were also written down to market value. Net loan charge-offs decreased to $153,000 for the three months ended September 30, 2010, as compared to $578,000 for the corresponding prior year period. For the nine months ended September 30, 2010, net loan charge-offs increased to $2.1 million, as compared to $1.5 million for the corresponding prior year period. For the three and nine months ended September 30, 2010 net charge-offs included $75,000 and $1.2 million, respectively, of loans originated by Columbia.

The reserve for repurchased loans, which is included in other liabilities in the Company's consolidated statements of financial condition, was $809,000 at September 30, 2010, as compared to $819,000 at December 31, 2009. There was no provision for repurchased loans and one charge-off of $10,000 during the nine months ended September 30, 2010. At September 30, 2010, there are two outstanding loan repurchase requests on loans with a total principal balance of $325,000 which the Company is evaluating. One of these requests, with a principal balance of $203,000, was resolved with no loss subsequent to September 30, 2010. 

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, October 22, 2010 at 11:00 a.m. Eastern time. The direct dial number for the call is (877) 317-6789. 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 444952, from one hour after the end of the call until November 8, 2010. 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 federally-chartered savings bank with $2.2 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.'s press releases are available by visiting us at www.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the Private Securities 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. 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 the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, 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 and accounting principles and guidelines. These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 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, except per share amounts)
 
  September 30, December 31, September 30,
  2010 2009 2009
  (Unaudited)   (Unaudited)
ASSETS      
       
Cash and due from banks $ 29,632  $ 23,016  $ 21,767
Investment securities available for sale   68,919  37,267  34,547
Federal Home Loan Bank of New York stock, at cost  17,425  19,434  14,878
Mortgage-backed securities available for sale   343,410  213,622  83,001
Loans receivable, net 1,665,997  1,629,284  1,622,531
Mortgage loans held for sale  4,086  5,658  4,960
Interest and dividends receivable  7,085  6,059  6,412
Real estate owned, net    2,242  2,613  1,204
Premises and equipment, net  21,843  22,088  21,226
Servicing asset  5,661  6,515  6,750
Bank Owned Life Insurance  40,594  39,970  39,768
Other assets  18,484    24,502   15,959
       
Total assets  $2,225,378  $2,030,028 $1,873,003
       
LIABILITIES AND STOCKHOLDERS' EQUITY        
Deposits $1,623,516  $1,364,199 $1,357,909
Securities sold under agreements to repurchase  with retail customers    70,874    64,573    72,996
Federal Home Loan Bank advances  280,000  333,000  230,500
Other borrowings  27,500  27,500  27,500
Due to brokers  3,456  40,684 --
Advances by borrowers for taxes and insurance  7,782  7,453  7,823
Other liabilities   12,821   9,083   10,103
       
Total liabilities  2,025,949  1,846,492   1,706,831
       
Stockholders' equity:      
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued at September 30, 2010 and December 31, 2009, 38,263 shares issued at September  30, 2009       --       --        37,345
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772, 33,566,772 and 27,177,372 shares issued and 18,822,556, 18,821,956 and 12,432,556 shares outstanding at September 30, 2010, December 31, 2009 and September 30, 2009, respectively          336          336          272
Additional paid-in capital  260,435  260,130  205,565
Retained earnings  171,085  163,063  163,487
Accumulated other comprehensive loss    (3,413)  (10,753)    (11,184)
Less: Unallocated common stock held by  Employee Stock Ownership Plan     (4,557)     (4,776)         (4,849)
Treasury stock, 14,744,216, 14,744,816 and 14,744,816 shares at September 30, 2010, December 31, 2009 and September 30, 2009, respectively        (224,457)      (224,464)        (224,464)
 Common stock acquired by Deferred Compensation Plan      951   986    981
 Deferred Compensation Plan Liability    (951)   (986)      (981)
Total stockholders' equity   199,429   183,536      166,172
Total liabilities and stockholders' equity $2,225,378   $2,030,028    $1,873,003
 
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 
  For the three months ended September 30, For the nine months ended September 30,
  2010 2009 2010 2009
  (Unaudited) (Unaudited)
Interest income:        
Loans $22,314 $22,618  $66,524  $68,581
Mortgage-backed securities   2,976  817  8,923  2,458
Investment securities and other  438  406    1,164    1,408
Total interest income 25,728 23,841    76,611  72,447
         
Interest expense:         
Deposits  3,781  4,263  10,693  14,136
Borrowed funds  2,379  2,876   7,683    9,794
Total interest expense  6,160  7,139    18,376   23,930
  Net interest income   19,568   16,702      58,235    48,517
         
Provision for loan losses  1,600  1,500   6,000    3,500
Net interest income after provision for loan losses   17,968   15,202      52,235    45,017
         
Other income:        
Loan servicing income (loss)  72  119  231     (102)
Fees and service charges  2,760  2,700  8,117  7,804
Net gain on sales of loans and securities available for sale  1,210  1,094  2,215  3,119
Net (loss) gain from other real estate operations  (45)  67  (408)  71
Income from Bank Owned Life Insurance  220  202  624  634
Other   2    363     6   368
Total other income   4,219    4,545   10,785   11,894
         
Operating expenses:        
Compensation  7,326  6,216    20,907  17,781
Occupancy  1,325  1,398  4,117  4,687
Equipment  568  478  1,581  1,428
Marketing  514  467  1,341  1,171
Federal deposit insurance  663  605  1,983  2,512
Data processing  858  812  2,521  2,506
Legal  279  236  843  1,086
Check card processing  311  287  937  792
Accounting and audit  143  135  465  466
General and administrative   1,773   1,719    5,027    4,948
Total operating expenses 13,760 12,353   39,722  37,377
         
Income before provision for income taxes  8,427  7,394   23,298  19,534
Provision for income taxes   3,189   2,860    8,704   7,448
Net income  5,238  4,534   14,594  12,086
Dividends on preferred stock and warrant accretion  --  537   --   1,539
Net income available to common stockholders $ 5,238 $ 3,997 $ 14,594  $10,547
         
Basic earnings per share $ 0.29 $ 0.34  $ 0.80  $ 0.90
Diluted earnings per share $ 0.29 $ 0.34  $ 0.80  $ 0.90
         
Average basic shares outstanding 18,146 11,724  18,137  11,710
Average diluted shares outstanding 18,194 11,772  18,186  11,758
 
OceanFirst Financial Corp.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
 
  At September 30, 2010 At December 31, 2009 At September 30, 2009
       
STOCKHOLDERS' EQUITY      
Stockholders' equity to total assets   8.96%   9.04%   8.87%
Common shares outstanding (in thousands)  18,823  18,822  12,433
Stockholders' equity per common share  $10.59  $9.75  $10.36
Tangible stockholders' equity per common share  10.59  9.75  10.36
       
ASSET QUALITY      
Non-performing loans:       
Real estate – one-to-four family  $21,776  $19,142  $15,814
Commercial real estate  6,822  5,152  4,922
Construction  368  368  67
Consumer  4,132  3,031  2,416
Commercial   674   627   295
Total non-performing loans  33,772  28,320  23,514
REO, net   2,242   2,613    1,204
Total non-performing assets  $36,014  $30,933   $24,718
       
Delinquent loans 30 to 89 days  $18,376  $15,528   $16,423
       
Allowance for loan losses   $18,593  $14,723   $13,680
Allowance for loan losses as a percent of total loans receivable     1.10%     0.89%     0.83%
Allowance for loan losses as a percent of non-performing loans  55.05  51.99  58.18
Non-performing loans as a percent of total loans receivable  2.00  1.72  1.44
Non-performing assets as a percent of total assets  1.62  1.52  1.32
 
 
  For the three months ended For the nine months ended
  September 30, September 30,
  2010 2009 2010 2009
PERFORMANCE RATIOS (ANNUALIZED)        
Return on average assets 0.94% 0.96% 0.89% 0.85%
Return on average stockholders' equity 10.71 11.22 10.30 10.28
Interest rate spread 3.58 3.53 3.61 3.37
Interest rate margin 3.73 3.73 3.75 3.59
Operating expenses to average assets 2.48 2.62 2.43 2.63
Efficiency ratio 57.85 58.14 57.55 61.87
 
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
     
LOANS RECEIVABLE    
  At September 30, 2010 At December 31, 2009
     
Real estate:    
One-to-four family   $ 960,557  $ 954,736
Commercial real estate, multi-family and land  426,390  396,883
Construction  13,135  9,241
Consumer  211,035  217,290
Commercial    76,877    70,214
Total loans  1,687,994  1,648,364
     
Loans in process   (4,220)  (3,466)
Deferred origination costs, net   4,902   4,767
Allowance for loan losses    (18,593)   (14,723)
     
Total loans, net  1,670,083  1,634,942
     
Less: mortgage loans held for sale   4,086   5,658
Loans receivable, net  $1,665,997  $1,629,284
     
Mortgage loans serviced for others  $ 926,148  $ 952,871
Loan pipeline  129,747   90,320
     
  For the three months ended September 30, For the nine months ended September 30,
  2010  2009 2010 2009
         
Loan originations  $129,360  $122,405 $347,722 $448,091
Loans sold  50,188  61,448  100,341 192,556
Net charge-offs  153  578  2,130  1,485
         
DEPOSITS    
  At September 30, 2010 At December 31, 2009
Type of Account    
     
Non-interest bearing  $ 138,563    $ 107,721
Interest-bearing checking  844,458  615,347
Money market deposit  107,086  96,886
Savings  246,214  232,081
Time deposits    287,195   312,164
   $1,623,516  $1,364,199
 
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
 
  FOR THE THREE MONTHS ENDED SEPTEMBER 30,
  2010 2009
   AVERAGE BALANCE    INTEREST AVERAGE YIELD/ COST  AVERAGE BALANCE    INTEREST AVERAGE YIELD/ COST
  (Dollars in thousands)
Assets            
Interest-earning assets:            
Interest-earning deposits and short-term investments    $ 6,300   $ 4    .25%   $ --   $ --    --%
Investment securities (1)   59,692   156  1.05    55,763   167  1.20
FHLB stock  17,869  278  6.22  15,168  239  6.30
Mortgage-backed securities (1)  344,579  2,976  3.45  85,279   817  3.83
Loans receivable, net (2)  1,670,590  22,314   5.34  1,636,541   22,618  5.53
Total interest-earning assets  2,099,030  25,728   4.90  1,792,751   23,841  5.32
Non-interest-earning assets   118,312       93,544    
Total assets $2,217,342     $1,886,295    
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Transaction deposits $1,180,155  2,365  .80 $ 924,360  2,356  1.02
Time deposits   296,579   1,416  1.91   335,073   1,907  2.28
Total  1,476,734  3,781  1.02  1,259,433  4,263  1.35
Borrowed funds   391,169   2,379  2.43   335,242   2,876  3.43
Total interest-bearing liabilities  1,867,903   6,160  1.32  1,594,675   7,139  1.79
Non-interest-bearing deposits  137,595      113,879    
Non-interest-bearing liabilities   16,253       16,150    
Total liabilities  2,021,751      1,724,704    
Stockholders' equity   195,591       161,591    
Total liabilities and stockholders' equity $2,217,342     $1,886,295    
Net interest income    $19,568     $16,702  
Net interest rate spread (3)      3.58%      3.53%
Net interest margin (4)      3.73%      3.73%
   
  FOR THE NINE MONTHS ENDED SEPTEMBER 30,
  2010 2009
   AVERAGE BALANCE  INTEREST AVERAGE YIELD/ COST  AVERAGE BALANCE    INTEREST AVERAGE YIELD/ COST
  (Dollars in thousands)
Assets            
Interest-earning assets:            
Interest-earning deposits and short-term investments   $ 2,685   $ 5    .25%   $ --   $ --    --%
Investment securities (1)  57,226  423  .99  55,906  756  1.80
FHLB stock  22,091  736  4.44  17,115  652  5.08
Mortgage-backed securities (1)  337,515  8,923  3.52  85,027  2,458  3.85
Loans receivable, net (2)  1,648,991  66,524   5.38  1,646,232   68,581  5.55
Total interest-earning assets  2,068,508  76,611   4.94  1,804,280   72,447  5.35
Non-interest-earning assets   111,795       88,477    
Total assets $2,180,303     $1,892,757    
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Transaction deposits $1,059,780  6,412  .81 $ 885,408  7,513  1.13
Time deposits   302,627   4,281  1.89   349,514   6,623   2.53
Total  1,362,407  10,693  1.05  1,234,922  14,136  1.53
Borrowed funds   485,731   7,683  2.11   373,833   9,794  3.49
Total interest-bearing liabilities  1,848,138  18,376  1.33  1,608,755  23,930  1.98
Non-interest-bearing deposits  125,953      110,379    
Non-interest-bearing liabilities   17,208       16,917    
Total liabilities  1,991,299      1,736,051    
Stockholders' equity   189,004       156,706    
Total liabilities and stockholders' equity $2,180,303     $1,892,757    
Net interest income    $58,235     $48,517  
Net interest rate spread (3)      3.61%      3.37%
Net interest margin (4)      3.75%      3.59%

(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.
CONTACT: OceanFirst Financial Corp.         Michael J. Fitzpatrick, Chief Financial Officer         (732) 240-4500, ext. 7506         Fax: (732) 349-5070         Mfitzpatrick@oceanfirst.com

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