TOMS RIVER, N.J., Oct. 26, 2016 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) , (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share were $0.35 for the three months ended September 30, 2016, as compared to $0.28 for the corresponding prior year quarter.  For the nine months ended September 30, 2016, diluted earnings per share were $0.77, as compared to $0.90 for the corresponding prior year period. 

Merger related charges and deleveraging expenses adversely impacted quarterly operating results by $0.05 and year to date operating results by $0.34 after tax.  On May 2, 2016, the Company completed its acquisition of Cape Bancorp, Inc. ("Cape"), which added $1.5 billion in total assets, including $1.2 billion in loans, and $1.2 billion in deposits.  The results of operations for the three and nine months ended September 30, 2016 include merger related expenses of $1.3 million and $9.9 million, respectively.  In connection with the acquisition, during the second quarter of 2016 the Bank deleveraged the combined balance sheet through the sale of lower-yielding investment securities and the prepayment of existing term borrowings in order to improve the net interest margin, reduce interest rate sensitivity, and increase regulatory capital ratios.  The implementation of this strategy resulted in an expense of $136,000 relating to the prepayment of Federal Home Loan Bank ("FHLB") borrowings and a loss of $12,000 on the sale of investment securities available-for-sale.  Excluding the after-tax impact of merger related expenses and deleveraging costs, core earnings for the three and nine months ended September 30, 2016 were $10.3 million, or $0.40 per diluted share, and $24.4 million, or $1.11 per diluted share, respectively.  (Please refer to Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.)

Highlights for the quarter are described below.

  • Core earnings (as defined above) per share increased 25% for the three months ended September 30, 2016, as compared to the three months ended September 30, 2015, supporting a $0.02 increase in the quarterly dividend, to $0.15 per share.
  • Deposits increased $118.4 million for the quarter, an annualized growth rate of 14.8%, resulting in a loan to deposit ratio at September 30, 2016 of 91.1% and an average cost of deposits for the quarter ended September 30, 2016 of just 0.25%.
  • Cape's core systems were fully integrated on October 15, 2016, providing for the realization of additional cost savings entering the first quarter of 2017. 
  • Risk management activities related to recent acquisitions included selling 63 residential loans with a carrying value of $4.4 million and 72 SBA loans with a carrying value of $8.4 million, which represented the entire SBA portfolio.  One additional pool of commercial loans was designated as held for sale with a targeted closing in the fourth quarter.

On July 13, 2016, the Company announced it had entered into a definitive agreement and plan of merger pursuant to which Ocean Shore Holding Company ("Ocean Shore"), the holding company and parent of Ocean City Home Bank, will merge with and into the Company in a transaction valued at approximately $145.6 million.  Ocean City Home Bank is one of southern New Jersey's oldest and largest community banks with approximately $1.0 billion in total assets, $807 million in total deposits and $791 million in net loans at June 30, 2016.  Pending regulatory and shareholder approvals, the Company expects to close the transaction by the first quarter of 2017 and anticipates full integration of Ocean City Home Bank's operations and  systems in May 2017.

Chief Executive Officer and President Christopher D. Maher commented, "Our year over year growth in core earnings per share of 25%, augmented by the ongoing benefits of the Cape acquisition, was a key driver for the Board of Directors to increase the per share cash dividend by 15%.  We achieved this earnings growth while also reducing our risk profile through the sale of high risk loans."  Mr. Maher added, "Our strong core deposit growth, low average deposit cost and conservative loan to deposit ratio support the exceptional value of our deposit franchise and provides a platform to fund future loan growth."

The Company also announced that the Board of Directors declared its seventy-ninth consecutive quarterly cash dividend on common stock.  The dividend for the quarter ended September 30, 2016 of $0.15 per share will be paid on November 18, 2016 to stockholders of record on November 7, 2016.

Results of Operations

On July 31, 2015, the Company completed its acquisition of Colonial American Bank ("Colonial American"), which added $142.4 million to assets, $121.2 million to loans, and $123.3 million to deposits.  Colonial American's results of operations are included in the consolidated results for the three and nine months ended September 30, 2016, but for 2015 Colonial American is only included in the results of operations for the period from August 1, 2015 through September 30, 2015.

On May 2, 2016, the Company completed its acquisition of Cape and its results of operations from May 2, 2016 through September 30, 2016 are included in the consolidated results for the three and nine months ended September 30, 2016, but are excluded from the results of operations for the corresponding prior year periods.

Net income for the three months ended September 30, 2016, was $9.1 million, or $0.35 per diluted share, as compared to net income of $4.7 million, or $0.28 per diluted share, for the corresponding prior year period. Net income for the nine months ended September 30, 2016, was $17.0 million, or $0.77 per diluted share, as compared to net income of $15.1 million, or $0.90 per diluted share for the corresponding prior year period.  Net income for the three and nine months ended September 30, 2016 includes merger related expenses of $1.3 million and $9.9 million, respectively, as compared to merger related expenses of $1.0 million and $1.3 million, respectively, for the same prior year periods.  Additionally, net income for the nine months ended September 30, 2016, includes a FHLB prepayment fee of $136,000, and a loss on the sale of investment securities available-for-sale of $12,000. Excluding these items, diluted earnings per share increased over the prior year periods due to higher net interest income and other income partially offset by higher operating expenses and provision for loan losses.

Excluding merger related expenses, the FHLB prepayment fee and loss on sale of investment securities, diluted earnings per share increased $0.02 from the prior linked quarter primarily due to the favorable impact of the Cape acquisition.

Net interest income for the three and nine months ended September 30, 2016, increased to $33.9 million and $84.5 million, respectively, as compared to $19.6 million and $56.1 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 $1,388.3 million and $909.8 million, respectively, for the three and nine month ended September 30, 2016, as compared to the same prior year periods.  The averages for the three and nine months ended September 30, 2016, were favorably impacted by $1,233.7 million and $776.7 million, respectively, as a result of the interest-earning assets acquired from Cape and Colonial American ("Acquisition Transactions").  Average loans receivable, net, increased $1,210.2 million and $833.9 million, respectively, for the three and nine months ended September 30, 2016, as compared to the same prior year periods.  The increases attributable to the Acquisition Transactions were $1,198.7 million and $723.9 million for the three and nine months ended September 30, 2016, respectively.  The net interest margin increased to 3.56% and 3.51%, respectively, for the three and nine months ended September 30, 2016, as compared to 3.24% and 3.25%, respectively for the three and nine months ended September 30, 2015.  The yield on average interest-earning assets increased to 3.92% and 3.88%, respectively, for the three and nine months ended September 30, 2016, as compared to 3.63% for both the same prior year periods.  The yields on average interest-earning assets for the three and nine months ended September 30, 2016 benefited from the accretion of purchase accounting adjustments on the Acquisition Transactions of $1.6 million and $3.1 million, respectively; the higher-yielding interest-earning assets acquired from Cape; and the change in the average balance sheet mix in favor of higher-yielding loans receivable at the expense of lower-yielding securities.  For the three and nine months ended September 30, 2016, the cost of average interest-bearing liabilities decreased to 0.43% and 0.46%, respectively, from 0.50% and 0.47%, respectively, in the prior year periods benefitting from the change in mix in favor of lower-cost deposits at the expense of higher-cost borrowings.  The total cost of deposits (including non-interest bearing deposits) was 0.25% for both the three and nine months ended September 30, 2016, as compared to 0.24% and 0.23% for the corresponding prior year periods.

Net interest income for the three months ended September 30, 2016 increased $3.9 million, as compared to the prior linked quarter, as average interest-earning assets increased $403.0 million, of which $261.9 million related to Cape.  The net interest margin decreased to 3.56%, for the three months ended September 30, 2016, from 3.57% for the prior linked quarter.  The yield on average interest-earning assets decreased to 3.92% for the three months ended September 30, 2016, from 3.94% for the prior linked quarter, while the cost of average interest-bearing liabilities decreased to 0.43% for the three months ended September 30, 2016, as compared to 0.47% for the prior linked quarter.

For the three and nine months ended September 30, 2016, the provision for loan losses was $888,000 and $2.1 million, respectively, as compared to $300,000 and $975,000, respectively, for the corresponding prior year periods.  Net charge-offs were $1.9 million and $3.2 million, respectively, for the three and nine months ended September 30, 2016, as compared to net charge-offs of $196,000 and $654,000, respectively, in the corresponding prior year periods.  The increase in net charge-offs for the three and nine months ended September 30, 2016, was primarily due to third quarter charge-offs of $1.6 million on loans sold or held for sale at September 30, 2016, and to a lesser extent, first quarter charge-offs of $886,000 on two non-performing commercial loans.  Of the $1.6 million in third quarter charge-offs, $1.1 million was related to a pool of 58 higher risk commercial loans designated as held for sale at September 30, 2016, with an unpaid principal balance of $22.7 million.  This pool of loans is expected to be sold in the fourth quarter.  Non-performing loans totaled $16.5 million at September 30, 2016, as compared to $15.3 million at June 30, 2016, and $24.4 million at September 30, 2015.  The non-performing loan amount at September 30, 2016 includes $3.2 million of loans held for sale which have been marked down to fair value.

For the three and nine months ended September 30, 2016, other income increased to $5.9 million and $14.2 million, respectively, as compared to $4.2 million and $12.3 million, respectively, in the same prior year periods.  The increases from the prior periods were primarily due to the impact of the Cape acquisition which added $1.3 million and $2.2 million to total other income for the three and nine months ended September 30, 2016, respectively, as compared to the same prior year periods.  Excluding Cape, other income increased $452,000 for the three months ended September 30, 2016, and decreased $396,000 for the nine months ended September 30, 2016, as compared to the same prior year periods.  For the three and nine months ended September 30, 2016, other income included a gain of $125,000 and a loss of $292,000, respectively, attributable to the operations of a hotel, golf and banquet facility acquired as  Other Real Estate Owned ("OREO") in the fourth quarter of 2015.  The Bank is currently engaged in a sales process with qualified buyers for this property.

For the quarter ended September 30, 2016, other income, excluding the impact from Cape, increased $672,000, as compared to the prior linked quarter.  The increase was primarily related to an improvement in OREO operations of $338,000 and an increase of $177,000 in net gains on sales of loans.

Operating expenses increased to $25.0 million and $70.4 million, respectively, for the three and nine months ended September 30, 2016, as compared to $16.1 million and $44.3 million, respectively, in the same prior year periods.  Operating expenses for the three and nine months ended September 30, 2016 include $1.3 million and $9.9 million, respectively, in merger related expenses, as compared to merger related expenses of $1.0 million and $1.3 million, respectively, in the prior year periods.  Excluding merger related expenses, the increases in operating expenses over the prior year were primarily due to the operations of Cape and Colonial American, which added $7.9 million and $13.7 million for the quarter and year-to-date, respectively; the investment in commercial lending which added expenses of $21,000 and $822,000 for the quarter and year-to-date, respectively; the addition of new branches which added expenses of $269,000 and $991,000 for the quarter and year-to-date, respectively; and the FHLB prepayment fee of $136,000.

For the three months ended September 30, 2016, operating expenses, excluding merger related expenses, increased $2.3 million, as compared to the prior linked quarter.  The increase was primarily related to the additional expense from the operations of Cape of $2.2 million.

The provision for income taxes was $4.8 million and $9.2 million, respectively, for the three and nine months ended September 30, 2016, as compared to $2.6 million and $8.1 million, respectively, for the same prior year periods.  The effective tax rate was 34.4% and 35.0%, respectively, for the three and nine months ended September 30, 2016 as compared to 35.5% and 34.9%, respectively, for the same prior year periods and 34.5% in the prior linked quarter.  The variances in the effective tax rate were primarily due to the timing of non-deductible merger related expenses.

Financial Condition

Total assets increased by $1.558 billion to $4.151 billion at September 30, 2016, from $2.593 billion at December 31, 2015, primarily as a result of the acquisition of Cape.  Cash, due from banks and interest-bearing deposits increased by $267.6 million, to $311.6 million at September 30, 2016, from $43.9 million at December 31, 2015.  The increase was primarily due to third quarter cash flows relating to deposit growth, the issuance of subordinated notes and the reduction in loans receivable.  Loans receivable, net, increased by $1.058 billion, to $3.029 billion at September 30, 2016, from $1.971 billion at December 31, 2015.  Excluding the Cape acquisition, loans receivable, net, decreased $99.8 million, partly due to the sale and pending sale, of $30.7 million in higher risk loans.  As part of the acquisitions of Cape and Colonial American, and the purchase of an existing retail branch in the Toms River market in the first quarter of 2016, at September 30, 2016, the Company had outstanding goodwill of $66.5 million and core deposit intangibles of $3.7 million.

Deposits increased by $1.408 billion, to $3.325 billion at September 30, 2016, from $1.917 billion at December 31, 2015, including deposits of $1.248 billion acquired from Cape and $17.0 million acquired through the purchase of an existing retail branch located in the Toms River market.  Excluding the Cape acquisition, deposits increased $159.6 million, while core deposits (all deposits excluding time deposits) increased $178.4 million.  The loan-to-deposit ratio at September 30, 2016 was 91.1%, as compared to 102.8% at December 31, 2015.  The deposit growth funded a decrease in FHLB advances of $73.2 million at September 30, 2016, to $251.1 million at September 30, 2016, from $324.4 million at December 31, 2015.  The increase in other borrowings relates to the September 2016 issuance of $35.0 million in subordinated notes at an initial rate of 5.125% and a stated maturity of September 30, 2026.

Stockholders' equity increased to $417.2 million at September 30, 2016, as compared to $238.4 million at December 31, 2015.  The acquisition of Cape added $165.9 million to stockholder's equity.  At September 30, 2016, there were 244,804 shares available for repurchase under the stock repurchase program adopted in July of 2014.  Tangible stockholders' equity per common share decreased to $13.42 at September 30, 2016, as compared to $13.67 at December 31, 2015, due to the addition of intangible assets in the Cape acquisition.

Asset Quality

The Company's non-performing loans decreased to $16.5 million at September 30, 2016, as compared to $18.3 million at December 31, 2015 and $24.4 million at September 30, 2015.  Non-performing loans do not include $5.8 million of purchased credit-impaired ("PCI") loans acquired from Cape and Colonial American.  The Company's OREO totaled $9.1 million at September 30, 2016, as compared to $8.8 million at December 31, 2015.  The amount includes $7.0 million relating to the hotel, golf and banquet facility located in New Jersey which the Company acquired in the fourth quarter of 2015.  At September 30, 2016, the Company's allowance for loan losses was 0.51% of total loans, a decrease from 0.84% at December 31, 2015.  These ratios exclude existing fair value credit marks of $17.1 million at September 30, 2016 on the Cape and Colonial American loans and $2.2 million at December 31, 2015 on the Colonial American 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 94.61% at September 30, 2016 as compared to 91.51% at December 31, 2015.

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, loss on sale of investment securities available for sale and FHLB prepayment fee, 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.

Conference Call

As previously announced, the Company will host an earnings conference call on Thursday, October 27, 2016 at 9:00 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 10093578 from one hour after the end of the call until January 27, 2017.  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 community bank with $4.2 billion in total assets, $3.1 billion in total loans, $3.3 billion in deposits and 50 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 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, 2015 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, except per share amounts)
               
  September 30,   June 30,   December 31,   September 30,
    2016       2016       2015       2015  
ASSETS (unaudited)   (unaudited)       (unaudited)
               
Cash, due from banks and interest-bearing deposits $ 311,583     $ 66,222     $ 43,946     $ 50,576  
Securities available-for-sale, at estimated fair value   2,497       12,509       29,902       30,108  
Securities held-to-maturity, net (estimated fair value of              
  $478,727 at September 30, 2016, $520,971 at June 30, 2016,              
  $397,763 at December 31, 2015, and $400,852 at              
  at September 30, 2015)   470,642       513,721       394,813       392,932  
Federal Home Loan Bank of New York stock, at cost   18,289       21,128       19,978       15,970  
Loans receivable, net   3,028,696       3,130,046       1,970,703       1,938,972  
Loans held for sale   21,679       5,310       2,697       2,306  
Interest and dividends receivable   9,396       10,143       5,860       5,978  
Other real estate owned   9,107       9,791       8,827       3,262  
Premises and equipment, net   51,243       49,392       28,419       28,721  
Servicing asset   259       664       589       639  
Bank Owned Life Insurance   106,433       105,929       57,549       57,206  
Deferred tax asset   39,391       37,052       16,807       18,298  
Other assets   11,543       14,581       10,900       10,816  
Core deposit intangible   3,722       3,903       256       269  
Goodwill   66,537       67,102       1,822       1,845  
               
  Total assets $ 4,151,017     $ 4,047,493     $ 2,593,068     $ 2,557,898  
               
LIABILITIES AND STOCKHOLDERS' EQUITY              
               
Deposits $ 3,324,681     $ 3,206,262     $ 1,916,678     $ 1,967,771  
Securities sold under agreements to repurchase              
  with retail customers   69,078       67,673       75,872       77,993  
Federal Home Loan Bank advances   251,146       312,603       324,385       233,006  
Other borrowings   56,399       22,500       22,500       27,500  
Advances by borrowers for taxes and insurance   8,287       9,828       7,121       7,808  
Other liabilities   24,182       19,369       8,066       9,132  
               
  Total liabilities   3,733,773       3,638,235       2,354,622       2,323,210  
               
Stockholders' equity:              
Preferred stock, $.01 par value, $1,000 liquidation              
  preference, 5,000,000 shares authorized, no shares issued                          
Common stock, $.01 par value, 55,000,000 shares authorized,              
  33,566,772 shares issued and 25,850,956, 25,748,898, 17,286,557 and 17,276,677, shares outstanding at September 30, 2016,              
  June 30, 2016,  December 31, 2015,              
  and September 30, 2015, respectively   336       336       336       336  
Additional paid-in capital   308,979       308,460       269,757       269,332  
Retained earnings   236,472       230,895       229,140       226,115  
Accumulated other comprehensive loss   (5,611 )     (5,798 )     (6,241 )     (6,326 )
Less:  Unallocated common stock held by              
  Employee Stock Ownership Plan   (2,832 )     (2,903 )     (3,045 )     (3,116 )
  Treasury stock, 7,715,816, 7,817,874, 16,280,215,              
  and 16,290,095 shares at September 30, 2016, June 30, 2016,  December 31, 2015, and September 30, 2015,              
  respectively   (120,100 )     (121,732 )     (251,501 )     (251,653 )
Common stock acquired by Deferred Compensation Plan   (310 )     (305 )         (314 )     (311 )
Deferred Compensation Plan Liability   310       305           314       311  
  Total stockholders' equity   417,244       409,258       238,446       234,688  
               
  Total liabilities and stockholders' equity $ 4,151,017     $ 4,047,493     $ 2,593,068     $ 2,557,898  

       
OceanFirst Financial Corp . CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share amounts)
       
       
  For the Three Months Ended, For the Nine Months Ended  
  September 30, June 30, September 30, September 30, September 30,  
  2016 2016 2015 2016 2015  
  -------------(unaudited)------------------ ------------(unaudited)------------  
Interest income:            
Loans $ 34,607   $ 30,521   $ 19,976   $ 86,163   $ 56,553    
Mortgage-backed securities   1,700     1,708     1,460     4,823     4,602    
Investment securities and other   1,000     912     534     2,535     1,560    
Total interest income   37,307     33,141     21,970     93,521     62,715    
             
Interest expense:            
Deposits   2,083     1,771     1,162     5,125     3,084    
Borrowed funds   1,289     1,356     1,233     3,888     3,490    
Total interest expense   3,372     3,127     2,395     9,013     6,574    
             
Net interest income   33,935     30,014     19,575     84,508     56,141    
             
Provision for loan losses   888     662     300     2,113     975    
Net interest income after provision            
for loan losses   33,047     29,352     19,275     82,395     55,166    
             
Other income:            
Bankcard services revenue   1,347     1,211     929     3,409     2,611    
Wealth management revenue   608     621     501     1,779     1,657    
Fees and service charges   2,916     2,502     2,091     7,235     6,042    
Loan servicing income   26     95     75     177     186    
Net loss on sale of investment securities available for sale       (12 )       (12 )      
Net gain on sale of loan servicing                       111    
Net gain on sales of loans available for sale   347     170     260     696     637    
Net loss from other real estate operations   (63 )   (313 )   (59 )   (782 )   (111 )  
Income from Bank Owned Life Insurance   659     542     348     1,520     1,158    
Other   56     67     7     133     18    
Total other income   5,896     4,883     4,152     14,155     12,309    
             
Operating expenses:            
Compensation and employee benefits   13,558     11,432     8,269     33,456     23,508    
Occupancy   2,315     2,011     1,508     5,952     4,204    
Equipment   1,452     1,184     951     3,605     2,562    
Marketing   479     543     398     1,273     1,087    
Federal deposit insurance   743     723     541     1,995     1,545    
Data processing   2,140     1,881     1,193     5,286     3,382    
Check card processing   623     505     490     1,548     1,388    
Professional fees   681     700     390     1,879     1,324    
Other operating expense   1,543     2,217     1,369     5,036     4,005    
Federal Home Loan Bank prepayment fee       136         136        
Amortization of core deposit intangible   181     125     8     319     8    
Merger related expense   1,311     7,189     1,030     9,902     1,264    
Total operating expenses   25,026     28,646     16,147     70,387     44,277    
             
Income before provision for income taxes   13,917     5,589     7,280     26,163     23,198    
Provision for income taxes   4,789     1,928     2,582     9,169     8,105    
Net income $ 9,128   $ 3,661   $ 4,698   $ 16,994   $ 15,093    
             
Basic earnings per share $ 0.36   $ 0.16   $ 0.28   $ 0.79   $ 0.91    
Diluted earnings per share $ 0.35   $ 0.16   $ 0.28   $ 0.77   $ 0.90    
             
Average basic shares outstanding   25,435     22,478     16,733     21,624     16,522    
Average diluted shares outstanding   25,889     22,880     16,953     21,990     16,746    

   
OceanFirst Financial Corp. SELECTED LOAN AND DEPOSIT DATA(dollars in thousands)
   
LOANS RECEIVABLE At
  September 30,2016 June 30,2016 March 31,2016 December 31,2015 September 30,2015
           
Commercial:          
Commercial and industrial $ 185,633   $ 222,355   $ 141,364   $ 144,788   $ 129,379  
Commercial real estate - owner-occupied   493,157     523,662     308,666     307,509     317,438  
Commercial real estate - investor   1,014,699     1,011,354     536,754     510,936     486,625  
Total commercial   1,693,489     1,757,371     986,784     963,233     933,442  
           
Consumer:          
Residential mortgage   1,061,752     1,090,781     792,753     791,249     787,211  
Residential construction   46,813     48,266     54,259     50,757     51,580  
Home equity loans and lines   251,421     258,398     190,621     192,368     193,587  
Other consumer   1,273     1,586     570     792     719  
Total consumer   1,361,259     1,399,031     1,038,203     1,035,166     1,033,097  
Total loans   3,054,748     3,156,402     2,024,987     1,998,399     1,966,539  
           
Loans in process   (13,842 )   (13,119 )   (15,033 )   (14,206 )   (14,145 )
Deferred origination costs, net   3,407     3,441     3,253     3,232     3,216  
Allowance for loan losses   (15,617 )   (16,678 )   (16,214 )   (16,722 )   (16,638 )
Loans receivable, net $ 3,028,696    $ 3,130,046    $ 1,996,993    $ 1,970,703    $ 1,938,972  
             
Mortgage loans serviced for others $ 143,657   $ 145,903   $ 152,653   $ 158,244   $ 164,488  
Loan pipeline (1): At September 30, 2016   Average Yield          
Commercial   4.19 % $ 64,976   $ 48,897   $ 57,571   $ 53,785   $ 71,944  
Residential mortgage            
and construction   3.75     39,252     30,520     28,528     31,860     39,894  
Home equity loans and lines   4.51     5,099     5,594     8,082     5,481     8,859  
Total   4.04   $ 109,327   $ 85,011   $ 94,181   $ 91,126   $ 120,697  

  For the Three Months Ended,
  September 30, June 30, March 31, December 31, September 30,
    2016     2016     2016     2015     2015  
Loan originations: Average Yield          
Commercial   3.97 % $ 63,310   $ 59,543   $ 58,005   $ 72,534   $ 70,378  
Residential mortgage and            
and construction   3.65     41,170     40,295     34,361     43,616     35,994  
Home equity loans and lines   4.30     11,007     10,067     10,915     10,431     13,841  
Total   3.89   $ 115,487   $ 109,905   $ 103,281   $ 126,581   $ 120,213  
             
Loans sold   $ 17,787 (2) $ 10,303   $ 8,901   $ 9,784   $ 11,063  

(1) Loan pipeline includes pending loan applications and loans approved but not funded(2) Excludes the sale of credit-impaired loans of $12.8 million
DEPOSITS At
  September 30,2016 June 30,2016 March 31,2016 December 31,2015 September 30,2015
Type of Account          
Non-interest-bearing $ 512,957   $ 554,709   $ 351,743   $ 337,143   $ 362,079  
Interest-bearing checking   1,451,083     1,310,290     860,468     859,927     883,940  
Money market deposit   400,054     366,942     163,885     153,196     151,657  
Savings   489,173     489,132     327,845     310,989     310,009  
Time deposits   471,414     485,189     267,420     255,423     260,086  
  $ 3,324,681   $ 3,206,262   $ 1,971,361   $ 1,916,678   $ 1,967,771  

OceanFirst Financial Corp.    
ASSET QUALITY    
(dollars in thousands)  
                 
      September 30, June 30, March 31, December 31, September 30,  
        2016     2016     2016     2015     2015    
ASSET QUALITY                
Non-performing loans:                
Commercial and industrial     $ 1,152   $ 964   $ 909   $ 123   $ 115    
Commercial real estate - owner-occupied       5,213     4,363     4,354     7,684     15,666    
Commercial real estate - investor       1,675     1,675     940     3,112     1,391    
Residential mortgage       7,017     7,102     8,788     5,779     5,481    
Home equity loans and lines       1,450     1,226     1,202     1,574     1,738    
Other consumer                   2     3    
Total non-performing loans       16,507     15,330     16,193     18,274     24,394    
Other real estate owned       9,107     9,791     9,029     8,827     3,262    
Total non-performing assets     $ 25,614   $ 25,121   $ 25,222   $ 27,101   $ 27,656    
                 
Purchased credit-impaired ("PCI") loans     $ 5,836   $ 9,673   $ 376   $ 461   $ 1,019    
                 
Delinquent loans 30 to 89 days     $ 8,553   $ 15,643   $ 6,996   $ 9,087   $ 8,025    
                 
Troubled debt restructurings:                
Non-performing (included in total non-                
performing loans above)     $ 3,520   $ 2,990   $ 4,775   $ 4,918   $ 3,819    
Performing       26,396     28,173     26,689     26,344     26,935    
Total troubled debt restructurings     $ 29,916   $ 31,163   $ 31,464   $ 31,262   $ 30,754    
                 
Allowance for loan losses     $ 15,617   $ 16,678   $ 16,214   $ 16,722   $ 16,638    
Allowance for loan losses as a percent of total                
loans receivable (1)       0.51 %   0.53 %   0.80 %   0.84 %   0.85 %  
Allowance for loan losses as a percent of total                
non-performing loans       94.61     108.79     100.13     91.51     68.21    
Non-performing loans as a percent of total                
loans receivable       0.54     0.48     0.80     0.91     1.24    
Non-performing assets as a percent of total assets       0.62     0.62     0.97     1.05     1.08    
                 
(1)  The loans acquired from 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 $17,051, $27,281, $2,013, $2,202 and $3,046 at September 30, 2016, June 30, 2016, March 31, 2016, December 31, 2015 and September 30, 2015, respectively.  
                 
   
NET CHARGE-OFFS  
      For the three months ended  
      September 30, June 30, March 31, December 31, September 30,  
        2016     2016     2016     2015     2015    
Net Charge-offs:                
Loan charge-offs     $ (2,116 ) $ (223 ) $ (1,172 ) $ (236 ) $ (210 )  
Recoveries on loans       167     25     101     19     14    
Net loan charge-offs     $ (1,949 ) $ (198 ) $ (1,071 ) $ (217 ) $ (196 )  
Net loan charge-offs to average total loans (annualized)       0.25 %   0.03 %   0.21 %   0.04 %   0.04 %  
                 
Net charge-off detail - (loss) recovery:                
Commercial     $ (1,707 ) $ (84 ) $ (1,073 ) $ 12   $ (47 )  
Residential mortgage and construction       (161 )   (69 )   (24 )   (117 )   (51 )  
Home equity loans and lines       (83 )   (45 )   28     (109 )   (98 )  
Other consumer       2         (2 )   (3 )      
Net loans charged-off     $ (1,949 ) $ (198 ) $ (1,071 ) $ (217 ) $ (196 )  
                 
   
Note:  Included in net loan charge-offs for the three months ended September 30, 2016 is $1,627 relating to credit-impaired loans sold or held-for-sale.  

   
  OceanFirst Financial Corp. ANALYSIS OF NET INTEREST INCOME
  FOR THE THREE MONTHS ENDED,
  SEPTEMBER 30, 2016 JUNE 30, 2016 SEPTEMBER 30, 2015
  AVERAGEBALANCE INTEREST AVERAGE YIELD/COST AVERAGEBALANCE INTEREST AVERAGE YIELD/COST AVERAGEBALANCE INTEREST AVERAGE YIELD/COST
  (dollars in thousands)
Assets                  
Interest-earning assets:                  
Interest-earning deposits and                  
short-term  investments $ 168,045   $ 139     0.33 % $ 40,567   $ 41     0.41 % $ 55,047   $ 17     0.12 %
Securities (1) and FHLB stock   533,809     2,561     1.91     571,463     2,579     1.82     468,707     1,977     1.67  
Loans receivable, net (2):                  
Commercial   1,723,520     20,970     4.84     1,471,159     17,783     4.86     885,769     9,980     4.47  
Residential   1,118,435     10,874     3.87     1,076,557     10,225     3.82     810,103     7,939     3.89  
Home equity   255,919     2,745     4.27     236,937     2,498     4.24     193,483     2,050     4.20  
Other   1,163     18     6.16     1,011     15     5.97     513     7     5.41  
Allowance for loan loss net of                  
deferred loan fees   (13,346 )           (13,146 )           (14,410 )        
Loans receivable, net   3,085,691     34,607     4.46     2,772,518     30,521     4.43     1,875,458     19,976     4.23  
Total interest- earning assets   3,787,545     37,307     3.92     3,384,548     33,141     3.94     2,399,212     21,970     3.63  
Non-interest-earning assets   316,290         262,554         122,269      
Total assets $ 4,103,835       $ 3,647,102       $ 2,521,481      
Liabilities and Stockholders' Equity                  
Interest-bearing liabilities:                  
Interest-bearing checking $ 1,425,350     583     0.16   $ 1,166,298     503     0.17   $ 870,115     291     0.13  
Money market   386,490     295     0.30     298,530     180     0.24     142,063     65     0.18  
Savings   488,749     49     0.04     434,438     41     0.04     306,928     27     0.03  
Time deposits   477,496     1,156     0.96     417,301     1,047     1.01     244,325     779     1.26  
Total   2,778,085     2,083     0.30     2,316,567     1,771     0.31     1,563,431     1,162     0.29  
Securities sold under agreements                  
to repurchase   68,540     24     0.14     76,907     26     0.14     78,516     30     0.15  
FHLB advances   264,213     1,067     1.61     287,171     1,201     1.68     249,623     998     1.59  
Other borrowings   26,207     198     3.01     22,500     129     2.31     27,500     205     2.96  
Total interest-bearing liabilities   3,137,045     3,372     0.43     2,703,145     3,127     0.47     1,919,070     2,395     0.50  
Non-interest-bearing deposits   521,088         529,230         354,411      
Non-interest-bearing liabilities   31,536         26,033         13,827      
Total liabilities   3,689,669         3,258,408         2,287,308      
Stockholders' equity   414,166         388,694         234,173      
Total liabilities and                  
     stockholders' equity $ 4,103,835       $ 3,647,102       $ 2,521,481      
Net interest income   $ 33,935       $ 30,014       $ 19,575    
Net interest rate spread (3)       3.49 %       3.47 %       3.13 %
Net interest margin (4)       3.56 %       3.57 %       3.24 %
Total cost of deposits (including                  
non-interest-bearing deposits)       0.25 %       0.25 %       0.24 %

(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.
   
  FOR THE NINE MONTHS ENDED,
  SEPTEMBER 30, 2016   SEPTEMBER 30, 2015
  AVERAGEBALANCE INTEREST AVERAGE YIELD/COST       AVERAGEBALANCE INTEREST AVERAGE YIELD/COST
  (dollars in thousands)
Assets                  
Interest-earning assets:                  
Interest-earning deposits and                  
short-term  investments $ 86,007   $ 209     0.32 %       $ 37,409   $ 29     0.10 %
Securities (1) and FHLB stock   517,051     7,149     1.85           489,671     6,133     1.67  
Loans receivable, net (2):                  
Commercial   1,390,196     49,750     4.78           805,961     27,034     4.50  
Residential   1,009,012     29,139     3.86           793,512     23,469     3.95  
Home equity   228,172     7,233     4.23           194,743     6,027     4.14  
Other   893     41     6.13           461     23     6.67  
Allowance for loan loss net of                  
deferred loan fees   (13,379 )                 (13,654 )        
Loans receivable, net   2,614,894     86,163     4.40           1,781,023     56,553     4.25  
Total interest-earning assets   3,217,952     93,521     3.88           2,308,103     62,715     3.63  
Non-interest-earning assets   236,399               115,577      
Total assets $ 3,454,351             $ 2,423,680      
Liabilities and Stockholders' Equity                  
Interest-bearing liabilities:                  
Interest-bearing checking $ 1,181,110     1,391     0.16         $ 864,054     673     0.10  
Money market   280,836     546     0.26           122,038     111     0.12  
Savings   413,388     117     0.04           304,799     75     0.03  
Time deposits   386,505     3,071     1.06           220,827     2,225     1.35  
Total   2,261,839     5,125     0.30           1,511,718     3,084     0.27  
Securities sold under agreements to                  
repurchase   76,289     78     0.14           71,054     73     0.14  
FHLB advances   272,405     3,351     1.64           254,189     2,810     1.48  
Other borrowings   23,846     459     2.57           27,500     607     2.95  
Total interest-bearing liabilities   2,634,379     9,013     0.46           1,864,461     6,574     0.47  
Non-interest-bearing deposits   448,459               319,797      
Non-interest-bearing liabilities   23,650               14,407      
Total liabilities   3,106,488               2,198,665      
Stockholders' equity   347,863               225,015      
                   
Total liabilities and stockholders'                  
equity $ 3,454,351             $ 2,423,680      
Net interest income   $ 84,508             $ 56,141    
Net interest rate spread (3)       3.42 %             3.16 %
Net interest margin (4)       3.51 %             3.25 %
Total cost of deposits (including                  
non-interest-bearing deposits)       0.25 %             0.23 %

(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)
           
  September 30, June 30, March 31, December 31,   September 30,  
    2016     2016     2016    2015    2015  
   
Selected Financial Condition Data:          
Total assets $ 4,151,017   $   4,047,493   $   2,588,447   $   2,593,068   $   2,557,898  
Securities available-for-sale, at estimated fair value     2,497       12,509       30,085       29,902       30,108  
Securities held-to-maturity, net     470,642       513,721       375,616       394,813       392,932  
Federal Home Loan Bank of New York stock     18,289       21,128       16,645       19,978       15,970  
Loans receivable, net     3,028,696       3,130,046       1,996,993       1,970,703       1,938,972  
Loans held-for-sale     21,679       5,310       3,386       2,697       2,306  
Deposits     3,324,681       3,206,262       1,971,360       1,916,678       1,967,771  
Federal Home Loan Bank advances     251,146       312,603       251,917       324,385       233,006  
Securities sold under agreements to repurchase          
  and other borrowings     125,477       90,173       106,413         98,372         105,493  
Stockholders' equity     417,244       409,258       241,076       238,446       234,688  

  For the Three Months Ended
  September 30, June 30, March 31, December 31, September 30,
    2016     2016     2016     2015     2015  
Selected Operating Data:          
Interest income $ 37,307   $ 33,141   $ 23,073   $ 23,149   $ 21,970  
Interest expense   3,372     3,127     2,514     2,461     2,395  
Net interest income   33,935     30,014     20,559     20,688     19,575  
Provision for loan losses   888     662     563     300     300  
Net interest income after provision for loan losses   33,047     29,352     19,996     20,388     19,275  
Other income   5,896     4,883     3,376     4,118     4,152  
Operating expenses   23,715     21,457     15,314     15,885     15,117  
Merger related expenses   1,311     7,189     1,402     614     1,030  
Income before provision for income taxes   13,917     5,589     6,656     8,007     7,280  
Provision for income taxes   4,789     1,928     2,451     2,777     2,582  
Net income $ 9,128   $ 3,661   $ 4,205   $ 5,230   $ 4,698  
Diluted earnings per share $ 0.35   $ 0.16   $ 0.25   $ 0.31   $ 0.28  
           
Net accretion/amortization of purchase accounting          
adjustments included in net interest income $ 1,637   $ 1,267   $ 164   $ 177   $ 140  

  At or For the Three Months Ended
  September 30, June 30, March 31, December 31, September 30,
    2016     2016     2016     2015     2015  
Selected Financial Ratios and Other Data(1):          
           
Performance Ratios (Annualized):          
Return on average assets (2)   0.88 %   0.40 %   0.65 %   0.80 %   0.74 %
Return on average stockholders' equity (2)   8.77     3.79     7.05     8.77     7.96  
Return on average tangible stockholders' equity (2) (3)   10.58     4.32     7.59     8.86     8.02  
Stockholders' equity to total assets   10.05     10.11     9.31     9.19     9.18  
Tangible stockholders' equity to tangible assets (3)   8.50     8.51     9.23     9.12     9.10  
Net interest rate spread   3.49     3.47     3.25     3.25     3.13  
Net interest margin   3.56     3.57     3.34     3.35     3.24  
Operating expenses to average assets (2)   2.43     3.16     2.58     2.53     2.54  
Efficiency ratio (2) (4)   62.83     82.09     69.84     66.51     68.05  
           

  For the Nine Months Ended September 30,
      2016       2015    
Performance Ratios (Annualized):          
Return on average assets (2)     0.66 %     0.83 %  
Return on average stockholders' equity (2)     6.52       8.97    
Return on average tangible stockholders' equity (2) (3)     7.39       8.99    
Net interest rate spread     3.42       3.16    
Net interest margin     3.51       3.25    
Operating expenses to average assets (2)     2.72       2.45    
Efficiency ratio (2) (4)     71.34       64.69    
           

  At or For the Three Months Ended
  September 30, June 30, March 31, December 31, September 30,
    2016     2016     2016     2015     2015  
Wealth Management:          
Assets under administration $ 221,612   $ 221,277   $ 203,723   $ 229,039   $ 205,087  
   
Per Share Data:          
Cash dividends per common share $ 0.13   $ 0.13   $ 0.13   $ 0.13   $ 0.13  
Stockholders' equity per common share at end of  period          
    16.14     15.89     13.89     13.79     13.58  
Tangible stockholders' equity per common share          
at end of period (3)   13.42     13.14     13.75     13.67     13.46  
           
Number of full-service customer facilities:     50     50     28     27     27  
   
Quarterly Average Balances          
Total securities $ 533,809   $ 571,463   $ 445,696   $ 456,486   $ 468,707  
Loans, receivable, net   3,085,691     2,772,518     1,981,101     1,960,099     1,875,458  
Total interest-earning assets   3,787,545     3,384,548     2,475,298     2,457,812     2,399,212  
Total assets   4,103,835     3,647,102     2,605,017     2,587,109     2,521,481  
Interest-bearing transaction deposits   2,300,589     1,899,266     1,372,357     1,371,415     1,319,106  
Time deposits   477,496     417,301     263,722     256,378     244,325  
Total borrowed funds   358,960     386,578     372,240     357,171     355,639  
Total interest-bearing liabilities   3,137,045     2,703,145     2,008,319     1,984,964     1,919,070  
Non-interest bearing deposits   521,088     529,230     343,371     349,473     354,411  
Stockholder's equity   414,166     388,694     239,999     236,498     234,173  
Total deposits   3,299,173     2,845,797     1,979,450     1,977,266     1,917,842  
           
Quarterly Yields          
Total securities   1.91 %   1.82 %   1.81 %   1.73 %   1.67 %
Loans, receivable, net   4.46     4.43     4.27     4.28     4.23  
Total interest-earning assets   3.92     3.94     3.75     3.74     3.63  
Interest-bearing transaction deposits   0.16     0.15     0.12     0.11     0.12  
Time deposits   0.96     1.01     1.33     1.29     1.26  
Borrowed funds   1.43     1.41     1.34     1.38     1.38  
Total interest-bearing liabilities   0.43     0.47     0.50     0.49     0.50  
Net interest spread   3.49     3.47     3.25     3.25     3.13  
Net interest margin   3.56     3.57     3.34     3.34     3.24  
Total deposits   0.25     0.25     0.26     0.24     0.24  

(1) With the exception of end of quarter ratios, all ratios are based on average daily balances.(2) Performance ratios for each period include merger related expenses.  Refer to Other Items - Non-GAAP Reconciliation for impact of merger related 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
  September 30, June 30, March 31, December 31, September 30,
    2016     2016     2016     2015     2015  
Core earnings:          
Net income $ 9,128   $ 3,661   $ 4,205   $ 5,230   $ 4,698  
Add:  Merger related expenses   1,311     7,189     1,402     614     1,030  
Loss on sale of investment securities available          
for sale       12              
Federal Home Loan Bank prepayment fee       136              
Less:  Income tax benefit on items   (172 )   (2,311 )   (171 )   (173 )   (316 )
Core earnings $ 10,267   $ 8,687   $ 5,436   $ 5,671   $ 5,412  
Core diluted earnings per share $ 0.40   $ 0.38   $ 0.32   $ 0.33   $ 0.32  
           
Core ratios:          
Return on average assets   1.00 %   0.96 %   0.84 %   0.87 %   0.85 %
Return on average tangible stockholder's equity   11.90     10.26     9.19     9.60     9.24  
           

COMPUTATION OF TOTAL TANGIBLE EQUITY TO TOTAL TANGIBLE ASSETS
  September 30,2016 June 30,2016 March 31,2016 December 31,2015 September 30,2015
Total stockholders' equity $ 417,244   $ 409,258   $ 241,076   $ 238,446   $ 234,688  
Less:          
Goodwill   66,537     67,102     2,081     1,822     1,845  
Core deposit intangible   3,722     3,903     310     256     269  
Tangible stockholders' equity $ 346,985   $ 338,253   $ 238,685   $ 236,368   $ 232,574  
           
Total Assets $ 4,151,017   $ 4,047,493   $ 2,588,447   $ 2,593,068   $ 2,557,898  
Less:          
Goodwill   66,537     67,102     2,081     1,822     1,845  
Core deposit intangible   3,722     3,903     310     256     269  
Tangible assets $ 4,080,758   $ 3,976,488   $ 2,586,056   $ 2,590,990   $ 2,555,784  
           
Tangible stockholders' equity to tangible assets   8.50 %   8.51 %   9.23 %   9.12 %   9.10 %
           
           

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of the total consideration paid (in thousands):
  At May 2, 2016
  CapeBook Value PurchaseAccounting Adjustments EstimatedFair Value
Total Purchase Price:     $ 196,403  
       
Assets acquired:      
Cash and cash equivalents $ 30,025   $   $ 30,025  
Securities and Federal Home Loan Bank Stock   218,577     361     218,938  
Loans:   1,169,568         1,169,568  
Specific credit fair value on credit impaired loans       (4,925 )   (4,925 )
General credit fair value       (20,533 )   (20,533 )
Interest rate fair value       1,888     1,888  
Reverse allowance for loan losses       9,931     9,931  
Reverse net deferred fees, premiums and discounts       1,824     1,824  
Premises and equipment   27,972     (6,249 )   21,723  
Other real estate owned   2,343     (347 )   1,996  
Deferred tax asset   9,407     12,257     21,664  
Other assets   61,793         61,793  
Core deposit intangible   831     2,887     3,718  
Total assets acquired   1,520,516     (2,906 )   1,517,610  
       
Liabilities assumed:      
Deposits   (1,247,688 )   (679 )   (1,248,367 )
Borrowings   (123,587 )   (879 )   (124,466 )
Other liabilities   (7,611 )   (5,224 ) (a)   (12,835 )
Total liabilities assumed   (1,378,886 )   (6,782 )   (1,385,668 )
Net assets acquired   141,630     (9,688 )   131,942  
Goodwill recorded in the merger     $ 64,461  
       
       
(a) Represents accrued liability related to the Pension Plan.
 

 
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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