OceanFirst Financial Corp. Announces Quarterly And Annual Financial Results

TOMS RIVER, N.J., Jan. 25, 2018 (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 $0.30 for the quarter ended December 31, 2017, as compared to $0.22 for the corresponding prior year quarter.  For the year ended December 31, 2017, diluted earnings per share were $1.28, as compared to $0.98 for the corresponding prior year period. 

The results of operations for the quarter and year ended December 31, 2017 included merger related expenses, branch consolidation expenses, and additional income tax expense from the revaluation of deferred tax assets as a result of the reduction in the corporate income tax rate related to the recently enacted Tax Cuts and Jobs Act ("Tax Reform"), and for the year ended December 31, 2017, also included the acceleration of stock award expense due to the retirement of a director. These items decreased net income, net of tax benefit, for the quarter and year ended December 31, 2017 by $4.9 million and $13.7 million, respectively.  Excluding these items, core earnings for the quarter and year ended December 31, 2017 were $14.9 million, or $0.45 per diluted share, and $56.2 million, or $1.70 per diluted share, respectively.  (Please refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of merger related expenses, branch consolidation expenses, additional income tax expense related to the recently enacted Tax Reform, and certain other incurred expenses and quantification of core earnings).

Highlights are described below:
  • Deposits increased $155.0 million for the year, while the cost of deposits increased only four basis points, to 0.29%. The loan to deposit ratio at December 31, 2017 was 91.3%.
  • Total loans increased $160.9 million for the year, with $123.1 million of the growth relating to commercial lending.
  • As a result of the tax rate reduction associated with the recently enacted Tax Reform, the Company will reinvest part of the anticipated benefit in its workforce by raising the minimum hourly pay rate to $15.00 and increasing the number of shares available in the employee stock ownership program by 300,000 shares.

Chairman and Chief Executive Officer Christopher D. Maher said, "We are pleased to report 2017 results which included record core earnings of $56.2 million and core diluted earnings per share of $1.70.  Core expenses decreased again in the fourth quarter, further benefiting from the branch consolidations completed earlier in the year, and lowering our efficiency ratio to 53.7%."  Mr. Maher added,  "The merger with Sun Bancorp, Inc. remains on target to close on January 31, 2018 and we look forward to welcoming their stockholders, customers and employees into our OceanFirst family."

On June 30, 2017, the Company announced a definitive agreement and plan of merger with Sun Bancorp, Inc. ("Sun") (NASDAQ:SNBC) (the "merger"). On October 24 and 25, 2017, Sun and the Company received their respective requisite stockholder approvals for the merger.  Regulatory approval of the merger was received from the Federal Reserve Bank of Philadelphia on October 17, 2017. The regulatory approval for the transaction by the Office of the Comptroller of the Currency was received on December 4, 2017 and included approval to convert the Bank to a national bank charter. Subject to other customary closing conditions, the Company expects to close the transaction on January 31, 2018, and anticipates full integration of Sun's branches and core operating systems in the second quarter of 2018. The Company expects to consolidate 17 branches in the second quarter, primarily as a result of the merger. These initiatives will allow the Company to continue to invest in commercial banking and electronic delivery channels while meeting the efficiency targets established in connection with the recent acquisitions.

The Company also announced that the Company's Board of Directors declared its eighty-fourth consecutive quarterly cash dividend on common stock.  The dividend, for the quarter ended December 31, 2017, of $0.15 per share will be paid on February 16, 2018 to stockholders of record on February 5, 2018.

Board of Directors Appointments

On January 24, 2018, the Company's Board of Directors announced the appointment of John K. Lloyd to its Board of Directors effective immediately and to the OceanFirst Bank Board of Directors effective at the time of the Sun Merger.  Mr. Lloyd is the Co-CEO of Hackensack Meridian Health, the largest most comprehensive and integrated health network in New Jersey.  Prior to the merger of Meridian Health and Hackensack University Health Network in July 2016, Mr. Lloyd was President and CEO of Meridian Health since 1997.  In addition to his significant experience in healthcare and leadership skills from more than 35 years as a CEO, Mr. Lloyd has served on the boards for other companies and charitable organizations.  The Company also announced that Dorothy F. McCrosson will retire from the Board of Directors of the Company and OceanFirst Bank upon the expiration of her term at the 2018 Annual Meeting of Stockholders in order to devote more time to her law practice, personal business and family.  On December 20, 2017, the Company's Board of Directors approved the appointment of Anthony Coscia and Grace Torres, each being a member of the Board of Directors of Sun, to the Company's and Bank's Boards of Directors upon the closing of the Sun Merger, as previously disclosed.

Results of Operations

On May 2, 2016, the Company completed its acquisition of Cape Bancorp, Inc. ("Cape") and its results of operations are included in the consolidated results for the quarter and year ended December 31, 2017, but are excluded from the results for the period from January 1, 2016 to May 1, 2016.

On November 30, 2016, the Company completed its acquisition of Ocean Shore Holding Company ("Ocean Shore") and its results of operations are included in the consolidated results for the quarter and year ended December 31, 2017, but are excluded from the results of operations for the period from January 1, 2016 to November 30, 2016.

Net income for the quarter ended December 31, 2017, was $10.0 million, or $0.30 per diluted share, as compared to $6.1 million, or $0.22 per diluted share, for the corresponding prior year period. Net income for the year ended December 31, 2017, was $42.5 million, or $1.28 per diluted share, as compared to $23.0 million, or $0.98 per diluted share, for the corresponding prior year period.  Net income for the quarter and year ended December 31, 2017 included merger related expenses, branch consolidation expenses, and additional income tax expense related to the recently enacted Tax Reform, and for the year ended December 31, 2017, also included the acceleration of stock award expense due to the retirement of a director. These items decreased net income, net of tax benefit, for the quarter and year ended December 31, 2017, by $4.9 million and $13.7 million, respectively. Net income for the quarter and year ended December 31, 2016 included merger related expenses of $4.5 million and $11.8 million, respectively. Excluding these items, net income for the quarter and year ended December 31, 2017 increased over the prior year periods primarily due to the acquisitions of Cape and Ocean Shore ("Acquisition Transactions"). In addition, in the first quarter of 2017 the Company adopted Accounting Standards Update ("ASU") 2016-09 "Compensation - Stock Compensation" which resulted in decreases in income tax expense for the quarter and year ended December 31, 2017, of $125,000 and $1.8 million, respectively.

Net interest income for the quarter and year ended December 31, 2017 increased to $42.5 million and $169.2 million, respectively, as compared to $35.8 million and $120.3 million for the same prior year periods, reflecting an increase in interest-earning assets and a higher net interest margin.  Average interest-earning assets increased $741.1 million and $1.370 billion, respectively, for the quarter and year ended December 31, 2017, as compared to the same prior year periods, and were favorably impacted by the interest-earning assets acquired in the Acquisition Transactions. The net interest margin for the quarter and year ended December 31, 2017 increased to 3.42% and 3.50%, respectively, from 3.40% and 3.47%, respectively, for the same prior year periods. The yields on average interest-earning assets increased to 3.86% and 3.91%, respectively, for the quarter and year ended December 31, 2017, from 3.79% and 3.85%, respectively, for the same prior year periods. For the quarter and the year ended December 31, 2017, the cost of average interest-bearing liabilities increased to 0.54% and 0.50%, respectively, from 0.48% and 0.47%, respectively, in the corresponding prior year periods.  The total cost of deposits (including non-interest bearing deposits) was 0.32% and 0.29%, respectively, for the quarter and year ended December 31, 2017, as compared to 0.26% and 0.25%, respectively, for the corresponding prior year periods.

Net interest income for the quarter ended December 31, 2017, decreased $551,000, as compared to the prior linked quarter, as net interest margin decreased to 3.42% for the quarter ended December 31, 2017, from 3.50% for the prior linked quarter, partly due to the decrease in accretion of purchase accounting adjustments. Total loans increased $94.1 million for the quarter ended December 31, 2017 with a significant amount of this growth occurring late in the quarter.  The growth was primarily funded from cash and short-term investments.  The improved asset mix will benefit net interest income in the first quarter of 2018.

For the quarter and year ended December 31, 2017, the provision for loan losses was $1.4 million and $4.4 million, respectively, as compared to $510,000 and $2.6 million, respectively, for the corresponding prior year periods, and $1.2 million in the prior linked quarter.  Net loan charge-offs were $2.3 million and $3.9 million, respectively, for the quarter and year ended December 31, 2017, as compared to net loan charge-offs of $944,000 and $4.2 million, respectively, in the corresponding prior year periods, and $1.1 million in the prior linked quarter. Net charge-offs for the quarter ended December 31, 2017 included $880,000 of specific reserves established in prior periods on non-performing loans, which were separately identified in the allowance for loan losses. Non-performing loans totaled $20.9 million at December 31, 2017, as compared to $15.1 million at September 30, 2017, and $13.6 million at December 31, 2016. The increase was primarily attributable to one commercial loan relationship, which entered non-performing status in the fourth quarter of 2017. Subsequent to December 31, 2017, the Bank received a significant payment from this borrower.

For the quarter and year ended December 31, 2017, other income increased to $6.7 million and $27.1 million, respectively, as compared to $6.3 million and $20.4 million, respectively, for the corresponding prior year periods. The increases were primarily due to the Acquisition Transactions, which added $1.2 million and $6.1 million, respectively, to other income for the quarter and year ended December 31, 2017, as compared to the same prior year periods. Excluding the Acquisition Transactions, other income decreased for the quarter ended December 31, 2017, primarily due to an increase in the net loss from other real estate operations of $676,000, of which $500,000 related to a write-down attributable to the operations of a hotel, golf and banquet facility, a decrease in bank card related fees of $238,000, and a decrease in the net gain on the sale of loans available for sale (included in other income) of $215,000, as compared to the same prior year period. The decrease was partially offset by rental income of $460,000 for November and December 2017 on the Company's newly acquired corporate headquarters. The building will continue to be occupied by the former owner through February 2018. For the year ended December 31, 2017, excluding the Acquisition Transactions, the increase in other income was primarily due to higher deposit fees of $1.3 million and the rental income of $460,000, partially offset by a decrease of $912,000 in the net gain on the sale of loans available for sale (included in other income), as compared to the same prior year period.

For the quarter ended December 31, 2017, other income decreased $614,000, as compared to the prior linked quarter. The decrease was primarily due to an increase in the net loss from other real estate operations of $1.1 million including $500,000 related to a write-down attributable to the operations of a hotel, golf and banquet facility. The Bank is currently engaged in a sales process with qualified buyers for this property. The decrease in other real estate operations was partially offset by the rental income of $460,000.

Operating expenses decreased to $27.7 million for the quarter ended December 31, 2017, as compared to $32.5 million in the same prior year period. Operating expenses for the quarter ended December 31, 2017 include $1.3 million in merger related and branch consolidation expenses, as compared to $6.6 million in the prior year period.  Excluding the impact of merger and branch consolidation expenses, operating expenses increased over the prior year period, primarily due to increases in compensation and employee benefits expense, occupancy expense and equipment expense.

Operating expenses increased to $126.5 million, for the year ended December 31, 2017, as compared to $102.9 million, in the same prior year period. Operating expenses for the year ended December 31, 2017 included $14.5 million in merger related and branch consolidation expenses, as compared to $16.5 million in the prior year period. Excluding the impact of merger and branch consolidation expenses, the increase in operating expenses over the prior year was primarily due to the Acquisition Transactions, which added $16.0 million for the year ended December 31, 2017. Excluding the Acquisition Transactions, the increase in operating expense was primarily due to increases in compensation and employee benefits expense, equipment expense, marketing expense, data processing expense and professional fees.

For the quarter ended December 31, 2017, operating expenses, excluding merger and branch consolidation expenses, decreased $1.1 million, as compared to the prior linked quarter.  The decrease was primarily due to lower compensation and employee benefits expense, marketing expense and data processing expense, partially offset by the increase in occupancy and equipment expense due to the purchase of the new corporate headquarters on November 1, 2017.

The provision for income taxes was $10.2 million and $22.9 million, respectively, for the quarter and year ended December 31, 2017, as compared to $3.0 million and $12.2 million, respectively, for the same prior year periods.  The effective tax rate was 50.6% and 35.0%, respectively, for the quarter and year ended December 31, 2017, as compared to 33.0% and 34.5%, respectively, for the same prior year periods and 30.8% in the prior linked quarter. During the fourth quarter of 2017, Tax Reform was enacted which reduced the statutory tax rate for corporations from 35% to 21% effective in 2018. Excluding non-deductible merger related expenses, the Company anticipates its effective tax rate to be approximately 19% in 2018. Authoritative accounting guidance required the Company to revalue its deferred tax assets and liabilities at December 31, 2017, resulting in additional income tax expense of $3.6 million, which increased the effective tax rate by 18.1% and 5.6%, respectively, for the quarter and year ended December 31, 2017. Effective January 1, 2017, the Company adopted ASU 2016-09 "Compensation - Stock Compensation," which decreased income tax expense by $125,000 and $1.8 million, for the quarter and year ended December 31, 2017, respectively, as compared to the prior year periods. Under the ASU, the tax benefits of exercised stock options and vested stock awards are recognized as a benefit to income tax expense in the reporting period in which they occur. The tax benefit relating to the Company's stock plans was $62,000 for the year ended December 31, 2016, which was recorded directly into stockholders equity. The elevated tax benefit for the quarter and year ended December 31, 2017, was related to the exercise of options assumed in the Acquisition Transactions and the increase in the Company's stock price. Excluding the impact of Tax Reform and ASU 2016-09, the effective tax rate was 33.1% and 32.2%, respectively, for the quarter and year ended December 31, 2017.  The lower effective tax rate for the year ended December 31, 2017, as compared to the same prior year period, was primarily due to the deductibility of merger related expenses and an increase in tax exempt income.

Financial Condition

Total assets increased by $249.1 million to $5.416 billion at December 31, 2017, from $5.167 billion at December 31, 2016. Cash and due from banks decreased by $191.8 million, to $109.6 million at December 31, 2017, from $301.4 million at December 31, 2016, as these funds were deployed into higher-yielding securities and to fund loan growth. Loans receivable, net, increased by $162.3 million, to $3.966 billion at December 31, 2017, from $3.803 billion at December 31, 2016.  Premises and equipment, net, increased by $30.4 million at December 31, 2017, as compared to December 31, 2016, due to the acquisition of an office building in Red Bank, New Jersey for $42.5 million, partially offset by the consolidation of 15 branches during the year ended December 31, 2017. The premises and equipment at these locations were written down to their net realizable value and the remaining balance was reclassified to assets held for sale. Deferred tax assets decreased by $37.0 million to $1.9 million at December 31, 2017, from $38.9 million at December 31, 2016, and other assets increased by $31.9 million to $41.9 million at December 31, 2017, from $10.0 million at December 31, 2016. In response to Tax Reform, the Company implemented certain tax strategies prior to year end which reduced the deferred tax asset and increased income taxes receivable.

Deposits increased by $155.0 million, to $4.343 billion at December 31, 2017, from $4.188 billion at December 31, 2016. The loan-to-deposit ratio at December 31, 2017 was 91.3%, as compared to 90.8% at December 31, 2016. Deposits per branch averaged $94.4 million at December 31, 2017, as compared to $68.7 million at December 31, 2016.

Stockholders' equity increased to $601.9 million at December 31, 2017, as compared to $571.9 million at December 31, 2016. At December 31, 2017, there were 1.8 million shares available for repurchase under the Company's stock repurchase programs. During the year ended December 31, 2017, the Company did not repurchase any shares under these repurchase programs. Tangible stockholders' equity per common share increased to $13.58 at December 31, 2017, as compared to $12.94 at December 31, 2016.

Asset Quality

The Company's non-performing loans increased to $20.9 million at December 31, 2017, as compared to $13.6 million at December 31, 2016. The increase was primarily due to the addition of three commercial loan relationships totaling $12.6 million, including one large relationship in the fourth quarter of 2017. Although this loan was performing prior to the fourth quarter of 2017, the Bank has included this loan relationship in classified assets since 2011. An increase in non-performing residential mortgage loans in the first quarter of 2017 was offset by bulk sales of non-performing residential loans in the second, third and fourth quarters of 2017, totaling $8.5 million. Non-performing loans do not include $1.7 million of purchased credit-impaired ("PCI") loans acquired in the Acquisition Transactions. The Company's other real estate owned totaled $8.2 million at December 31, 2017, as compared to $9.8 million at December 31, 2016. At both December 31, 2017 and December 31, 2016, the Company's allowance for loan losses was 0.40% of total loans. These ratios exclude existing fair value credit marks of $17.5 million and $26.0 million at December 31, 2017 and December 31, 2016, respectively, on the Ocean Shore, Cape and Colonial American Bank loans.  These loans were acquired at fair value with no related allowance for loan losses.  The allowance for loan losses as a percent of total non-performing loans was 75.35% at December 31, 2017 as compared to 111.92% at December 31, 2016. The decrease was due to the addition of one large loan relationship in the fourth quarter of 2017 with no related loss allocation included in the allowance for loan losses.

Explanation of Non-GAAP Financial Measures

Reported amounts are presented in accordance with generally accepted accounting principles in the United States ("GAAP").  The Company's management believes that the supplemental non-GAAP information, which consists of reported net income excluding merger related expenses, branch consolidation expenses, additional income tax expense related to the recently enacted Tax Reform and accelerated stock award expense relating to a director retirement, which can vary from period to period, provides a better comparison of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company's financial condition and therefore, such information is useful to investors.  These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.  Please refer to Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Immaterial Correction of an Error

During the fourth quarter of 2017, management identified an immaterial correction of an error related to the classification of certain equity securities with no stated maturities that were acquired in a previous business combination that were inappropriately classified as held to maturity in the 2016 consolidated financial statements.  In order to correct this immaterial error, management has revised the 2016 consolidated financial statements and footnotes to report these securities as available for sale.

Annual Meeting

The Company also announced today that its Annual Meeting of Stockholders will be held on Thursday, May 31, 2018 at 6:00 p.m. Eastern time, at the OceanFirst Bank Administrative Offices located at 110 West Front Street, Red Bank, New Jersey. The record date for stockholders to vote at the Annual Meeting is April 10, 2018.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, January 26, 2018 at 11 a.m. Eastern time.  The direct dial number for the call is (888) 338-7143.  For those unable to participate in the conference call, a replay will be available.  To access the replay, dial (877) 344-7529, Replay Conference Number 10115166 from one hour after the end of the call until April 26, 2018.  The conference call, as well as the replay, are also available (listen-only) by Internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a $5.4 billion community bank with branches located throughout central and southern New Jersey.  OceanFirst Bank delivers commercial and residential financing solutions, wealth management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.

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

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence.  The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to:  changes in interest rates, general economic conditions, levels of unemployment in the Bank's lending area, real estate market values in the Bank's lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area,  accounting principles and guidelines and the Bank's ability to successfully integrate acquired operations.  These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

 
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)
     
    December 31, 2017   September 30, 2017   December 31, 2016
    (unaudited)   (unaudited)    
Assets            
Cash and due from banks   $ 109,613     $ 255,258     $ 301,373  
Securities available-for-sale, at estimated fair value   90,281     75,847     20,775  
Securities held-to-maturity, net (estimated fair value of $761,660 at December 31, 2017, $737,783 at September 30, 2017, and $589,568 at December 31, 2016)   764,062     733,983     589,912  
Federal Home Loan Bank of New York stock, at cost   19,724     18,472     19,313  
Loans receivable, net   3,965,773     3,870,109     3,803,443  
Loans held-for-sale   241     338     1,551  
Interest and dividends receivable   14,254     13,627     11,989  
Other real estate owned   8,186     9,334     9,803  
Premises and equipment, net   101,776     64,350     71,385  
Bank Owned Life Insurance   134,847     134,298     132,172  
Deferred tax asset   1,922     29,795     38,880  
Assets held for sale   4,046     5,241     360  
Other assets   41,895     15,634     9,973  
Core deposit intangible   8,885     9,380     10,924  
Goodwill   150,501     148,134     145,064  
Total assets   $ 5,416,006     $ 5,383,800     $ 5,166,917  
Liabilities and Stockholders' Equity            
Deposits   $ 4,342,798     $ 4,350,259     $ 4,187,750  
Securities sold under agreements to repurchase with retail customers   79,668     75,326     69,935  
Federal Home Loan Bank advances   288,691     259,186     250,498  
Other borrowings   56,519     56,466     56,559  
Advances by borrowers for taxes and insurance   11,156     14,371     14,030  
Other liabilities   35,233     32,052     16,242  
Total liabilities   4,814,065     4,787,660     4,595,014  
Total stockholders' equity   601,941     596,140     571,903  
Total liabilities and stockholders' equity   $ 5,416,006     $ 5,383,800     $ 5,166,917  
                         

 
OceanFirst Financial Corp .
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
 
    For the Three Months Ended,   For the Year Ended
    December 31,   September 30,   December 31,   December 31,
    2017   2017   2016   2017   2016
    |--------------------- (unaudited) ---------------------|   (unaudited)    
Interest income:                    
Loans   $ 42,909     $ 43,329     $ 36,799     $ 170,588     $ 122,962  
Mortgage-backed securities   2,919     2,738     1,874     11,108     6,697  
Investment securities and other   2,078     1,963     1,231     7,133     3,766  
Total interest income   47,906     48,030     39,904     188,829     133,425  
Interest expense:                    
Deposits   3,515     3,126     2,392     12,336     7,517  
Borrowed funds   1,886     1,848     1,758     7,275     5,646  
Total interest expense   5,401     4,974     4,150     19,611     13,163  
Net interest income   42,505     43,056     35,754     169,218     120,262  
Provision for loan losses   1,415     1,165     510     4,445     2,623  
Net interest income after provision for loan losses   41,090     41,891     35,244     164,773     117,639  
Other income:                    
Bankcard services revenue   1,764     1,785     1,424     6,965     4,833  
Wealth management revenue   528     541     545     2,150     2,324  
Fees and services charges   3,891     3,702     3,346     15,058     10,758  
Net (loss) gain from other real estate operations   (678 )   432     (74 )   (874 )   (856 )
Income from Bank Owned Life Insurance   863     881     710     3,299     2,230  
Other   377     18     306     474     1,123  
Total other income   6,745     7,359     6,257     27,072     20,412  
Operating expenses:                    
Compensation and employee benefits   13,961     14,673     13,649     60,100     47,105  
Occupancy   2,693     2,556     2,380     10,657     8,332  
Equipment   1,763     1,605     1,499     6,769     5,104  
Marketing   433     775     609     2,678     1,882  
Federal deposit insurance   485     713     830     2,564     2,825  
Data processing   2,040     2,367     2,291     8,849     7,577  
Check card processing   922     871     662     3,561     2,210  
Professional fees   1,094     846     969     3,995     2,848  
Other operating expense   2,548     2,667     2,640     10,810     7,676  
Amortization of core deposit intangible   495     507     304     2,039     623  
Federal Home Loan Bank advance prepayment fee                   136  
Branch consolidation expenses   (734 )   1,455         6,205      
Merger related expenses   1,993     1,698     6,632     8,293     16,534  
Total operating expenses   27,693     30,733     32,465     126,520     102,852  
Income before provision for income taxes   20,142     18,517     9,036     65,325     35,199  
Provision for income taxes   10,186     5,700     2,984     22,855     12,153  
Net income   $ 9,956     $ 12,817     $ 6,052     $ 42,470     $ 23,046  
Basic earnings per share   $ 0.31     $ 0.40     $ 0.22     $ 1.32     $ 1.00  
Diluted earnings per share   $ 0.30     $ 0.39     $ 0.22     $ 1.28     $ 0.98  
Average basic shares outstanding   32,225     32,184     27,461     32,113     23,093  
Average diluted shares outstanding   33,168     33,106     28,128     33,125     23,526  
                               

 
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
 
LOANS RECEIVABLE     At
      December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Commercial:                      
Commercial and industrial     $ 187,645     $ 183,510     $ 193,759     $ 205,720     $ 152,810  
Commercial real estate - owner-occupied   569,624     555,429     557,734     533,052     534,365  
Commercial real estate - investor   1,187,482     1,134,416     1,122,186     1,113,964     1,134,507  
Total commercial     1,944,751     1,873,355     1,873,679     1,852,736     1,821,682  
Consumer:                      
Residential mortgage     1,694,282     1,678,092     1,667,831     1,639,611     1,651,695  
Residential construction     54,643     51,266     55,750     59,009     51,159  
Home equity loans and lines     281,143     277,909     282,402     285,149     289,110  
Other consumer     1,295     1,426     1,335     1,560     1,566  
Total consumer     2,031,363     2,008,693     2,007,318     1,985,329     1,993,530  
Total loans     3,976,114     3,882,048     3,880,997     3,838,065     3,815,212  
Deferred origination costs, net   5,380     4,645     4,365     3,686     3,414  
Allowance for loan losses     (15,721 )   (16,584 )   (16,557 )   (16,151 )   (15,183 )
Loans receivable, net     $ 3,965,773     $ 3,870,109     $ 3,868,805     $ 3,825,600     $ 3,803,443  
Mortgage loans serviced for others   $ 121,662     $ 121,886     $ 131,284     $ 132,973     $ 137,881  
  At December 31, 2017 Average Yield                    
Loan pipeline (1):                      
Commercial 4.66 %   $ 53,859     $ 58,189     $ 61,287     $ 73,793     $ 99,060  
Residential mortgage and construction 3.77     43,482     44,510     64,510     57,600     38,486  
Home equity loans and lines 4.75     7,412     8,826     11,194     7,879     6,522  
Total 4.30 %   $ 104,753     $ 111,525     $ 136,991     $ 139,272     $ 144,068  

  For the Three Months Ended  
  December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016  
  Average Yield                      
Loan originations:                        
Commercial 4.48 %   $ 141,346   $ 97,420   $ 115,048   $ 106,896   $ 105,062  
Residential mortgage and construction 3.72     73,729   80,481   79,610   64,452   62,087  
Home equity loans and lines 4.94     18,704   17,129   20,539   12,500   11,790  
Total 4.28 %   $ 233,779   $ 195,030   $ 215,197   $ 183,848   $ 178,939  
Loans sold     $ 1,422 (2 ) $ 991 (3 ) $ 865 (4 ) $ 1,907   $ 12,098 (5 )
                                   
(1) Loan pipeline includes pending loan applications and loans approved but not funded
(2) Excludes the sale of under-performing residential loans of $5.8 million
(3) Excludes the sale of under-performing residential loans of $3.5 million
(4) Excludes the sale of under-performing residential loans of $4.3 million
(5) Excludes the sale of under-performing loans of $21.0 million

DEPOSITS   At
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Type of Account                    
Non-interest-bearing   $ 756,513     $ 781,043     $ 770,057     $ 806,728     $ 782,504  
Interest-bearing checking   1,954,358     1,892,832     1,727,828     1,629,589     1,626,713  
Money market deposit   363,656     384,106     378,538     448,093     458,911  
Savings   661,167     668,370     677,939     681,853     672,519  
Time deposits   607,104     623,908     622,547     632,400     647,103  
    $ 4,342,798     $ 4,350,259     $ 4,176,909     $ 4,198,663     $ 4,187,750  
                                         

 
 
OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
 
ASSET QUALITY December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Non-performing loans:                  
Commercial and industrial $ 503     $ 63     $ 68     $ 231     $ 441  
Commercial real estate - owner-occupied 5,962     923     943     2,383     2,414  
Commercial real estate - investor 8,281     8,720     5,608     5,118     521  
Residential mortgage 4,190     3,551     7,936     11,993     8,126  
Home equity loans and lines 1,929     1,864     1,706     1,954     2,064  
Total non-performing loans 20,865     15,121     16,261     21,679     13,566  
Other real estate owned 8,186     9,334     8,898     8,774     9,803  
Total non-performing assets $ 29,051     $ 24,455     $ 25,159     $ 30,453     $ 23,369  
Purchased credit-impaired loans $ 1,712     $ 4,867     $ 4,969     $ 7,118     $ 7,575  
Delinquent loans 30 to 89 days $ 20,796     $ 24,548     $ 25,224     $ 18,516     $ 22,598  
Troubled debt restructurings:                  
Non-performing (included in total non-performing loans above) $ 8,821     $ 270     $ 1,251     $ 3,547     $ 3,471  
Performing 33,313     35,808     34,130     26,974     27,042  
Total troubled debt restructurings $ 42,134     $ 36,078     $ 35,381     $ 30,521     $ 30,513  
Allowance for loan losses $ 15,721     $ 16,584     $ 16,557     $ 16,151     $ 15,183  
Allowance for loan losses as a percent of total loans receivable (1) 0.40 %   0.42 %   0.42 %   0.42 %   0.40 %
Allowance for loan losses as a percent of total non-performingloans 75.35     109.68     101.82     74.50     111.92  
Non-performing loans as a percent of total loans receivable 0.52     0.39     0.42     0.56     0.35  
Non-performing assets as a percent of total assets 0.54     0.45     0.48     0.59     0.45  
(1) The loans acquired from Ocean Shore, Cape, and Colonial American were recorded at fair value.  The net credit mark on these loans, not reflected in the allowance for loan losses, was $17,531, $19,810, $21,794, $24,002, and $25,973 at December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017, and December 31, 2016, respectively.

NET CHARGE-OFFS   For the Three Months Ended
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Net Charge-offs:                    
Loan charge-offs   $ (2,523 )   $ (1,357 )   $ (1,299 )   $ (205 )   $ (979 )
Recoveries on loans   245     219     540     473     35  
Net loan (charge-offs) recoveries   $ (2,278 )   $ (1,138 )   $ (759 )   $ 268     $ (944 )
Net loan charge-offs to average total loans (annualized)   0.23 %   0.12 %   0.08 %   NM*     0.11 %
Net charge-off detail - (loss) recovery:                    
Commercial   $ (1,036 )   $ 68     $ (81 )   $ 311     $ (510 )
Residential mortgage and construction   (1,262 )   (1,156 )   (716 )   (49 )   (233 )
Home equity loans and lines   28     (51 )   39     24     (194 )
Other consumer   (8 )   1     (1 )   (18 )   (7 )
Net loan (charge-offs) recoveries   $ (2,278 )   $ (1,138 )   $ (759 )   $ 268     $ (944 )
                                         
Note:  Included in net loan charge-offs for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, and December 31, 2016 are $1,124, $907, $925 and $535, respectively, relating to under-performing loans sold or held-for-sale.
 
* Not meaningful
 

 
 
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
 
  For the Three Months Ended
  December 31, 2017   September 30, 2017   December 31, 2016
(dollars in thousands) Average Balance   Interest   Average Yield/ Cost   Average Balance   Interest   Average Yield/ Cost   Average Balance   Interest   Average Yield/ Cost
Assets:                                  
Interest-earning assets:                                  
Interest-earning deposits and short-term investments $ 155,987     $ 391     0.99 %   $ 183,514     $ 438     0.95 %   $ 359,804     $ 484     0.54 %
Securities (1) and FHLB stock 874,910     4,606     2.09     817,867     4,263     2.07     545,302     2,621     1.91  
Loans receivable, net (2)                                  
Commercial 1,887,319     22,087     4.64     1,865,970     22,423     4.77     1,717,502     21,016     4.87  
Residential 1,743,334     17,552     3.99     1,737,739     17,588     4.02     1,314,667     12,857     3.89  
Home Equity 278,294     3,243     4.62     279,900     3,289     4.66     262,372     2,907     4.41  
Other 1,086     27     9.86     1,112     29     10.35     1,149     19     6.58  
Allowance for loan loss net of deferred loan fees (11,993 )           (12,370 )           (12,987 )        
Loans Receivable, net 3,898,040     42,909     4.37     3,872,351     43,329     4.44     3,282,703     36,799     4.46  
Total interest-earning assets 4,928,937     47,906     3.86     4,873,732     48,030     3.91     4,187,809     39,904     3.79  
Non-interest-earning assets 475,927             460,795             368,965          
Total assets $ 5,404,864             $ 5,334,527             $ 4,556,774          
Liabilities and Stockholders' Equity:                                  
Interest-bearing liabilities:                                  
Interest-bearing checking $ 1,944,223     1,447     0.30 %   $ 1,852,421     1,173     0.25 %   $ 1,538,706     723     0.19 %
Money market 385,720     322     0.33     389,035     299     0.30     424,613     312     0.29  
Savings 662,318     59     0.04     672,548     59     0.03     549,032     74     0.05  
Time deposits 619,087     1,687     1.08     620,308     1,595     1.02     527,817     1,283     0.97  
Total 3,611,348     3,515     0.39     3,534,312     3,126     0.35     3,040,168     2,392     0.31  
Securities sold under agreements to repurchase 74,661     39     0.21     74,285     30     0.16     72,063     24     0.13  
FHLB Advances 261,018     1,146     1.74     264,652     1,153     1.73     250,829     1,120     1.78  
Other borrowings 56,475     701     4.92     56,502     665     4.67     56,397     614     4.33  
Total interest-bearing liabilities 4,003,502     5,401     0.54     3,929,751     4,974     0.50     3,419,457     4,150     0.48  
Non-interest-bearing deposits 760,552             781,047             622,882          
Non-interest-bearing liabilities 38,880             32,360             42,773          
Total liabilities 4,802,934             4,743,158             4,085,112          
Stockholders' equity 601,930             591,369             471,662          
Total liabilities and equity $ 5,404,864             $ 5,334,527             $ 4,556,774          
Net interest income     $ 42,505             $ 43,056             $ 35,754      
Net interest rate spread (3)         3.32 %           3.41 %           3.31 %
Net interest margin (4)         3.42 %           3.50 %           3.40 %
Total cost of deposits (including non-interest-bearing deposits)         0.32 %           0.29 %           0.26 %
                                         
(1)  Amounts are recorded at average amortized cost.
(2)  Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.
(3)  Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(4)  Net interest margin represents net interest income divided by average interest-earning assets.
 

(continued)
    For the Year Ended
    December 31, 2017   December 31, 2016
(dollars in thousands)   Average Balance   Interest   Average Yield/ Cost   Average Balance   Interest   Average Yield/ Cost
Assets:                        
Interest-earning assets:                        
Interest-earning deposits and short-term investments   $ 179,960     $ 1,449     0.81 %   $ 154,830     $ 693     0.45 %
Securities (1) and FHLB stock   796,392     16,792     2.11     524,152     9,770     1.86  
Loans receivable, net (2)                        
Commercial   1,858,842     87,706     4.72     1,472,421     70,768     4.81  
Residential   1,726,020     69,784     4.04     1,085,991     41,996     3.87  
Home Equity   282,128     13,003     4.61     236,769     10,139     4.28  
Other   1,156     95     8.22     957     59     6.17  
Allowance for loan loss net of deferred loan fees   (12,251 )           (13,280 )        
Loans Receivable, net   3,855,895     170,588     4.42     2,782,858     122,962     4.42  
Total interest-earning assets   4,832,247     188,829     3.91     3,461,840     133,425     3.85  
Non-interest-earning assets   459,926             269,622          
Total assets   $ 5,292,173             $ 3,731,462          
Liabilities and Stockholders' Equity:                        
Interest-bearing liabilities:                        
Interest-bearing checking   $ 1,796,370     4,533     0.25 %   $ 1,266,135     2,114     0.17 %
Money market   410,373     1,213     0.30     316,977     858     0.27  
Savings   672,315     345     0.05     447,484     191     0.04  
Time deposits   625,847     6,245     1.00     422,026     4,354     1.03  
Total   3,504,905     12,336     0.35     2,452,622     7,517     0.31  
Securities sold under agreements to repurchase   74,712     121     0.16     75,227     102     0.14  
FHLB Advances   258,870     4,486     1.73     266,981     4,471     1.67  
Other borrowings   56,457     2,668     4.73     32,029     1,073     3.35  
Total interest-bearing liabilities   3,894,944     19,611     0.50     2,826,859     13,163     0.47  
Non-interest-bearing deposits   776,344             497,166          
Non-interest-bearing Liabilities   31,004             28,454          
Total liabilities   4,702,292             3,352,479          
Stockholders' equity   589,881             378,983          
Total liabilities and equity   $ 5,292,173             $ 3,731,462          
Net interest income       $ 169,218             $ 120,262      
Net interest rate spread (3)           3.41 %           3.38 %
Net interest margin (4)           3.50 %           3.47 %
Total cost of deposits (including non-interest-bearing deposits)           0.29 %           0.25 %
                             
(1)  Amounts are recorded at average amortized cost.
(2)  Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.
(3)  Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(4)  Net interest margin represents net interest income divided by average interest-earning assets.
 

 
OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
 
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Selected Financial Condition Data:                    
Total assets   $ 5,416,006     $ 5,383,800     $ 5,202,086     $ 5,196,203     $ 5,166,917  
Securities available-for-sale, at estimated fair value   90,281     75,847     70,823     55,692     20,775  
Securities held-to-maturity, net   764,062     733,983     711,650     687,098     589,912  
Federal Home Loan Bank of New York stock   19,724     18,472     20,358     19,253     19,313  
Loans receivable, net   3,965,773     3,870,109     3,868,805     3,825,600     3,803,443  
Loans held-for-sale   241     338     168     283     1,551  
Deposits   4,342,798     4,350,259     4,176,909     4,198,663     4,187,750  
Federal Home Loan Bank advances   288,691     259,186     277,541     250,021     250,498  
Securities sold under agreements to repurchase and other borrowings   136,187     131,792     131,673     133,798     126,494  
Stockholders' equity   601,941     596,140     587,189     582,543     571,903  

 
    For the Three Months Ended
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Selected Operating Data:                    
Interest income   $ 47,906     $ 48,030     $ 46,879     $ 46,014     $ 39,904  
Interest expense   5,401     4,974     4,705     4,531     4,150  
Net interest income   42,505     43,056     42,174     41,483     35,754  
Provision for loan losses   1,415     1,165     1,165     700     510  
Net interest income after provision for loan losses   41,090     41,891     41,009     40,783     35,244  
Other income   6,745     7,359     6,973     5,995     6,257  
Operating expenses   26,434     27,580     28,527     29,481     25,833  
Branch consolidation expenses   (734 )   1,455     5,451     33      
Merger related expenses   1,993     1,698     3,155     1,447     6,632  
Income before provision for income taxes   20,142     18,517     10,849     15,817     9,036  
Provision for income taxes   10,186     5,700     3,170     3,799     2,984  
Net income   $ 9,956     $ 12,817     $ 7,679     $ 12,018     $ 6,052  
Diluted earnings per share   $ 0.30     $ 0.39     $ 0.23     $ 0.36     $ 0.22  
Net accretion/amortization of purchase accounting adjustments included in net interest income   $ 1,956     $ 2,227     $ 1,899     $ 2,175     $ 1,385  
                                         

    (continued)
    At or For the Three Months Ended
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Selected Financial Ratios and Other Data (1):                    
                     
Performance Ratios (Annualized):                    
Return on average assets (2)   0.73 %   0.95 %   0.59 %   0.94 %   0.53 %
Return on average stockholders' equity (2)   6.56     8.60     5.25     8.42     5.10  
Return on average tangible stockholders' equity (2) (3)   8.89     11.74     7.19     11.50     6.48  
Stockholders' equity to total assets   11.11     11.07     11.29     11.21     11.07  
Tangible stockholders' equity to tangible assets (3)   8.42     8.39     8.50     8.42     8.30  
Net interest rate spread   3.32     3.41     3.48     3.47     3.31  
Net interest margin   3.42     3.50     3.57     3.56     3.40  
Operating expenses to average assets (2)   2.03     2.29     2.86     2.41     2.83  
Efficiency ratio (2) (4)   56.23     60.96     75.55     65.21     77.28  
Loans to deposits   91.32     88.96     92.62     91.11     90.82  

 
    At or For the Year Ended December 31,
    2017   2016
Performance Ratios:        
Return on average assets (2)   0.80 %   0.62 %
Return on average stockholders' equity (2)   7.20     6.08  
Return on average tangible stockholders' equity (2) (3)   9.82     7.13  
Net interest rate spread   3.41     3.38  
Net interest margin   3.50     3.47  
Operating expenses to average assets (2)   2.39     2.76  
Efficiency ratio (2) (4)   64.46     73.11  

    (continued)
    At or For the Three Months Ended
    December 31,   September 30,   June 30,   March 31,   December 31,
    2017   2017   2017   2017   2016
Wealth Management:                    
Assets under administration   $ 233,185     $ 225,904     $ 214,479     $ 215,593     $ 218,336  
Per Share Data:                    
Cash dividends per common share   $ 0.15     $ 0.15     $ 0.15     $ 0.15     $ 0.15  
Stockholders' equity per common share at end of  period   18.47     18.30     18.05     17.94     17.80  
Tangible stockholders' equity per common share at end of period (3)   13.58     13.47     13.18     13.07     12.94  
Number of full-service customer facilities:   46     46     51     61     61  
Quarterly Average Balances                    
Total securities   $ 874,910     $ 817,867     $ 786,964     $ 703,712     $ 545,302  
Loans, receivable, net   3,898,040     3,872,351     3,840,916     3,811,136     3,282,703  
Total interest-earning assets   4,928,937     4,873,732     4,741,900     4,729,013     4,187,809  
Total assets   5,404,864     5,334,527     5,215,636     5,211,071     4,556,774  
Interest-bearing transaction deposits   2,992,261     2,914,004     2,819,175     2,788,452     2,512,351  
Time deposits   619,087     620,308     624,020     640,269     527,817  
Total borrowed funds   392,154     395,439     389,321     383,082     379,289  
Total interest-bearing liabilities   4,003,502     3,929,751     3,832,516     3,811,803     3,419,457  
Non-interest bearing deposits   760,552     781,047     772,739     791,036     622,882  
Stockholder's equity   601,930     591,369     587,121     578,833     471,662  
Total deposits   4,371,900     4,315,359     4,215,934     4,219,757     3,663,050  
Quarterly Yields                    
Total securities   2.09 %   2.07 %   2.07 %   2.23 %   1.91 %
Loans, receivable, net   4.37     4.44     4.45     4.44     4.46  
Total interest-earning assets   3.86     3.91     3.97     3.95     3.79  
Interest-bearing transaction deposits   0.25     0.21     0.20     0.18     0.18  
Time deposits   1.08     1.02     0.96     0.93     0.97  
Borrowed funds   1.91     1.87     1.85     1.85     1.84  
Total interest-bearing liabilities   0.54     0.50     0.49     0.48     0.48  
Net interest spread   3.32     3.41     3.48     3.47     3.31  
Net interest margin   3.42     3.50     3.57     3.56     3.40  
Total deposits   0.32     0.29     0.28     0.27     0.26  
                               
(1)  With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)  Performance ratios for each period may include merger related expenses, branch consolidation expenses, accelerated stock award expense, and income tax expense related to Tax Reform. Refer to Other Items - Non-GAAP Reconciliation for impact of these expenses.
(3)  Tangible stockholders' equity and tangible assets exclude intangible assets relating to goodwill and core deposit intangible.
(4)  Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
 

 
OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)
 
NON-GAAP RECONCILIATION
 
    For the Three Months Ended
    December 31,  2017   September 30, 2017   June 30, 2017   March 31, 2017   December 31, 2016
Core earnings:                    
Net income   $ 9,956     $ 12,817     $ 7,679     $ 12,018     $ 6,052  
Add:  Merger related expenses   1,993     1,698     3,155     1,447     6,632  
 Branch consolidation expenses   (734 )   1,455     5,451     33      
 Accelerated stock award expense               242      
 Income tax expense related to Tax Reform   3,643                  
Less:  Income tax expense (benefit) on items   2     (1,084 )   (3,012 )   (587 )   (2,108 )
Core earnings   $ 14,860     $ 14,886     $ 13,273     $ 13,153     $ 10,576  
Core diluted earnings per share   $ 0.45     $ 0.45     $ 0.40     $ 0.40     $ 0.38  
                     
Core ratios (annualized):                    
Return on average assets   1.09 %   1.11 %   1.02 %   1.02 %   0.92 %
Return on average tangible stockholders' equity   13.27     13.63     12.42     12.56     11.33  
Efficiency ratio   53.67     54.71     58.04     61.58     61.49  

 
COMPUTATION OF TOTAL TANGIBLE EQUITY TO TOTAL TANGIBLE ASSETS
 
    December 31,   September 30,   June 30,   March 31,   December 31,
    2017   2017   2017   2017   2016
Total stockholders' equity   $ 601,941     $ 596,140     $ 587,189     $ 582,543     $ 571,903  
Less:                    
Goodwill   150,501     148,134     148,433     147,815     145,064  
Core deposit intangible   8,885     9,380     9,887     10,400     10,924  
Tangible stockholders' equity   $ 442,555     $ 438,626     $ 428,869     $ 424,328     $ 415,915  
                     
Total assets   $ 5,416,006     $ 5,383,800     $ 5,202,086     $ 5,196,203     $ 5,166,917  
Less:                    
Goodwill   150,501     148,134     148,433     147,815     145,064  
Core deposit intangible   8,885     9,380     9,887     10,400     10,924  
Tangible assets   $ 5,256,620     $ 5,226,286     $ 5,043,766     $ 5,037,988     $ 5,010,929  
Tangible stockholders' equity to tangible assets   8.42 %   8.39 %   8.50 %   8.42 %   8.30 %
                               

Company Contact:

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

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