Oceanfirst financial corp (OCFC)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Interest income
Loans

89,944

70,298

69,715

70,917

69,001

65,319

64,497

63,135

56,598

42,909

43,329

42,608

41,742

36,799

34,607

30,521

21,035

21,141

19,976

18,548

18,029

17,844

17,944

17,530

17,246

17,368

17,403

17,428

17,664

18,526

18,716

19,121

19,805

20,449

20,357

21,024

21,164

22,314

22,226

Mortgage-backed securities

3,844

3,552

3,761

3,946

4,041

3,947

4,105

4,297

3,685

2,919

2,738

2,791

2,660

1,874

1,700

1,708

1,415

1,449

1,460

1,519

1,623

1,709

1,642

1,731

1,763

1,864

1,865

2,026

1,648

1,891

2,065

2,235

2,318

2,330

2,500

2,667

2,563

2,976

3,185

Debt securities, equity investments and other

4,419

3,225

3,411

3,547

3,380

3,091

2,780

2,646

2,554

2,078

1,963

1,480

1,612

1,231

1,000

912

623

558

534

509

517

515

556

637

736

728

716

707

740

772

733

693

740

637

586

546

564

438

396

Total interest income

98,207

77,075

76,887

78,410

76,422

72,357

71,382

70,078

62,837

47,906

48,030

46,879

46,014

39,904

37,307

33,141

23,073

23,148

21,970

20,576

20,169

20,068

20,142

19,898

19,745

19,960

19,984

20,161

20,052

21,189

21,514

22,049

22,863

23,416

23,443

24,237

24,291

25,728

25,807

Interest expense
Deposits

13,936

10,214

9,817

9,762

8,639

7,068

5,799

5,247

4,464

3,515

3,126

2,914

2,781

2,392

2,083

1,771

1,271

1,217

1,162

967

955

1,011

1,010

986

1,096

1,102

1,107

1,175

1,325

1,587

1,907

2,035

2,018

2,297

2,502

2,693

2,909

3,781

3,480

Borrowed funds

4,626

3,507

3,678

3,811

3,395

3,449

4,079

3,384

2,662

1,886

1,848

1,791

1,750

1,758

1,289

1,356

1,243

1,243

1,233

1,176

1,081

1,033

1,032

753

584

606

1,333

1,442

1,538

1,585

1,607

1,624

1,740

1,846

1,869

1,899

2,045

2,379

2,630

Total interest expense

18,562

13,721

13,495

13,573

12,034

10,517

9,878

8,631

7,126

5,401

4,974

4,705

4,531

4,150

3,372

3,127

2,514

2,460

2,395

2,143

2,036

2,044

2,042

1,739

1,680

1,708

2,440

2,617

2,863

3,172

3,514

3,659

3,758

4,143

4,371

4,592

4,954

6,160

6,110

Net interest income

79,645

63,354

63,392

64,837

64,388

61,840

61,504

61,447

55,711

42,505

43,056

42,174

41,483

35,754

33,935

30,014

20,559

20,688

19,575

18,433

18,133

18,024

18,100

18,159

18,065

18,252

17,544

17,544

17,189

18,017

18,000

18,390

19,105

19,273

19,072

19,645

19,337

19,568

19,697

Credit loss expense

9,969

355

305

356

620

506

907

706

1,371

1,415

1,165

1,165

700

510

888

662

563

300

300

300

375

825

1,000

275

530

200

700

800

1,100

3,100

1,400

1,700

1,700

2,000

1,850

2,200

1,700

1,600

2,200

Net interest income after credit loss expense

69,676

62,999

63,087

64,481

63,768

61,334

60,597

60,741

54,340

41,090

41,891

41,009

40,783

35,244

33,047

29,352

19,996

20,388

19,275

18,133

17,758

17,199

17,100

17,884

17,535

18,052

16,844

16,744

16,089

14,917

16,600

16,690

17,405

17,273

17,222

17,445

17,637

17,968

17,497

Other income
Bankcard services revenue

2,481

2,641

2,658

2,679

2,285

2,511

2,425

2,373

1,919

1,764

1,785

1,837

1,579

1,424

1,347

1,211

851

926

929

899

783

876

914

897

791

910

943

921

810

-

852

-

-

-

-

-

-

-

-

Net loss on sale of investment securities available-for-sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-12

-

-

-

-

-

-

591

348

-

-

0

42

-

-

-

226

-

-

-

-

-

-

-

Loan servicing income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

56

-

75

59

52

123

239

226

228

220

200

172

156

129

130

141

138

135

96

100

96

72

113

Net gain on sale of loan servicing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

30

81

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on Sale of Mortgage Loans

173

1

0

7

8

14

31

6

617

26

17

15

42

-

-

170

179

-

260

185

193

195

226

219

132

286

316

735

-174

3,523

40

-47

-50

937

697

609

759

1,210

502

Net unrealized gain on equity investments

155

-63

89

133

108

80

-70

-71

-138

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss from other real estate operations

-150

-95

-108

-121

-6

-837

-1,582

-981

-412

-678

432

105

-733

-74

-63

-313

-406

-39

-59

-72

21

-227

-24

-107

-32

-49

-188

74

2

-

-

-

-

-141

-80

-36

-366

-45

-28

Net gain on sales and other than temporary impairment loss on investment securities available-for-sale (note 3)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,218

947

972

-

-148

-

-

-

-

Bank Owned Life Insurance Income

1,575

1,375

1,431

1,293

1,321

1,292

1,337

1,335

1,141

863

881

783

772

710

659

542

319

343

348

364

446

380

382

377

338

338

419

332

315

361

376

295

306

323

317

284

248

220

208

Commercial loan swap income

4,050

-

-

-

472

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

25

2,656

2,237

724

310

253

836

486

556

351

1

10

12

-369

429

67

10

940

7

18

-7

114

0

1

1

29

1

2

17

8

1

1

2

-

2

2

-

2

2

Total other income

13,697

11,231

11,543

9,879

9,512

8,749

8,285

8,883

8,910

6,745

7,359

6,973

5,995

6,257

5,896

4,883

3,376

4,117

4,152

4,171

3,986

4,619

5,286

4,830

3,842

3,996

4,436

4,617

3,409

3,990

4,878

4,545

4,311

4,214

3,731

3,897

3,459

4,219

3,598

Operating expenses
Compensation and employee benefits

29,885

22,518

21,276

23,704

22,414

18,946

19,694

23,244

21,251

13,961

14,673

15,328

16,138

13,649

13,558

11,432

8,466

8,438

8,269

7,700

7,539

7,865

7,746

8,131

7,685

7,748

7,397

7,039

6,578

6,632

7,347

6,794

6,837

6,784

7,137

7,114

7,042

7,326

7,051

Occupancy

5,276

4,071

4,159

4,399

4,530

4,333

4,443

4,572

4,567

2,693

2,556

2,641

2,767

2,380

2,315

2,011

1,626

1,518

1,508

1,242

1,454

1,355

1,327

1,364

1,464

1,459

1,364

1,376

1,363

1,177

1,279

1,314

1,304

1,287

1,279

1,305

1,195

1,325

1,328

Equipment

1,943

1,775

2,062

1,936

1,946

2,315

2,067

2,034

1,903

1,763

1,605

1,703

1,698

1,499

1,452

1,184

969

1,163

951

813

798

875

879

768

756

721

675

690

638

740

662

635

595

634

511

644

647

568

537

Marketing

769

840

562

1,137

930

940

1,021

893

561

433

775

730

740

609

479

543

251

429

398

415

274

359

294

610

532

491

444

447

250

401

451

435

346

554

456

420

336

514

523

Federal deposit insurance and regulatory assessments

667

296

297

802

832

856

927

1,000

930

485

713

705

661

830

743

723

529

527

541

506

498

510

534

538

546

543

538

536

524

527

533

522

531

526

563

723

741

663

686

Data processing

4,177

4,078

3,398

3,684

3,654

3,318

3,125

3,667

3,176

2,040

2,367

2,046

2,396

2,291

2,140

1,881

1,265

1,349

1,193

1,101

1,088

1,071

1,111

987

1,070

994

1,067

962

973

894

914

881

943

920

886

904

883

858

833

Legal

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

207

171

256

279

267

Check card processing

1,276

1,557

1,639

1,322

1,438

1,305

799

1,116

989

922

871

815

953

662

623

505

420

427

490

423

475

476

518

494

446

480

454

423

411

394

425

337

299

273

320

284

320

311

309

Professional fees

2,302

3,641

2,580

1,408

1,709

1,217

1,066

1,397

1,283

1,094

846

1,095

960

969

681

700

498

541

390

539

395

665

704

523

375

777

358

703

611

637

731

526

652

1,489

129

173

140

143

179

Other operating expense

3,802

3,815

3,902

3,882

3,369

3,581

3,366

3,546

3,016

2,548

2,667

2,951

2,644

2,639

1,543

2,217

1,277

1,479

1,369

1,469

1,167

1,220

1,318

1,415

1,233

1,268

1,357

1,424

1,317

1,341

1,497

1,423

1,433

1,187

1,643

1,647

1,568

1,773

1,547

Amortization of core deposit intangible

1,578

998

1,009

1,015

1,005

983

995

1,001

832

495

507

513

524

304

181

125

13

-

8

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Federal Home Loan Bank prepayment fee

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

136

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Branch consolidation expense

2,594

268

1,696

6,695

391

240

1,368

1,719

-176

-734

1,455

5,451

33

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Merger related expenses

8,527

3,742

777

931

5,053

1,048

662

6,715

18,486

1,993

1,698

3,155

1,447

6,632

1,311

7,189

1,402

614

1,030

184

50

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total operating expenses

62,796

47,599

43,357

50,915

47,271

39,082

39,533

50,904

56,818

27,693

30,733

37,133

30,961

32,464

25,026

28,646

16,716

16,498

16,147

14,392

13,738

14,396

14,431

14,830

14,107

19,325

13,654

13,600

12,665

12,743

13,839

12,867

12,940

13,020

13,131

13,385

13,128

13,760

13,260

Income before provision for income taxes

20,577

26,631

31,273

23,445

26,009

31,001

29,349

18,720

6,432

20,142

18,517

10,849

15,817

9,037

13,917

5,589

6,656

8,007

7,280

7,912

8,006

7,422

7,955

7,884

7,270

2,723

7,626

7,761

6,833

6,164

7,639

8,368

8,776

8,467

7,822

7,957

7,968

8,427

7,835

Provision for income taxes

4,044

3,181

6,302

4,465

4,836

4,269

5,278

3,018

1,005

10,186

5,700

3,170

3,799

2,985

4,789

1,928

2,451

2,778

2,582

2,779

2,744

2,491

2,790

2,767

2,563

784

2,658

2,774

2,397

2,123

2,680

2,995

3,129

3,009

2,748

2,854

2,862

3,189

2,884

Net Income (Loss) Attributable to Parent

16,533

23,450

24,971

18,980

21,173

26,732

24,071

15,702

5,427

9,956

12,817

7,679

12,018

6,052

9,128

3,661

4,205

5,229

4,698

5,133

5,262

4,931

5,165

5,117

4,707

1,939

4,968

4,987

4,436

4,041

4,959

5,373

5,647

5,458

5,074

5,103

5,106

5,238

4,951

Basic earnings per share (in dollars per share)

0.28

0.47

0.50

0.37

0.43

0.59

0.50

0.33

0.12

0.30

0.40

0.24

0.38

0.23

0.36

0.16

0.25

0.31

0.28

0.31

0.32

0.29

0.31

0.31

0.28

0.12

0.29

0.29

0.26

0.24

0.28

0.30

0.31

0.30

0.28

0.28

0.28

0.29

0.27

Diluted earnings per share (in dollars per share)

0.27

0.47

0.49

0.37

0.42

0.57

0.50

0.32

0.12

0.30

0.39

0.23

0.36

0.22

0.35

0.16

0.25

0.30

0.28

0.31

0.32

0.30

0.31

0.30

0.28

0.11

0.29

0.29

0.26

0.23

0.28

0.30

0.31

0.30

0.28

0.28

0.28

0.29

0.27

Weighted Average Number of Shares Outstanding, Basic

59,876

49,960

50,491

50,687

49,526

47,809

47,685

47,718

43,880

32,245

32,184

32,122

31,901

27,553

25,435

22,478

16,906

16,790

16,733

16,401

16,476

16,501

16,623

16,740

16,884

16,847

17,047

17,105

17,285

17,406

17,561

17,889

18,064

18,194

18,227

18,181

18,162

18,146

18,135

Weighted Average Number of Shares Outstanding, Diluted

60,479

50,578

50,966

51,290

50,150

48,506

48,572

48,704

44,846

33,166

33,106

33,138

33,090

28,217

25,889

22,880

17,118

17,061

16,953

16,593

16,637

16,612

16,704

16,822

17,050

16,950

17,210

17,144

17,324

17,657

17,621

17,930

18,108

18,242

18,276

18,231

18,211

18,194

18,183

Trust and asset management revenue
Other income

515

478

557

569

498

524

573

595

553

528

541

565

516

545

608

621

550

529

501

629

528

553

579

608

540

591

628

528

427

-

388

369

-

-

-

-

-

-

-

Fees and service charges
Other income

4,873

4,710

4,679

4,595

4,516

4,912

4,735

5,140

4,674

3,891

3,702

3,658

3,807

3,428

2,916

2,597

1,817

2,353

2,091

2,059

1,889

2,105

2,379

2,261

1,844

1,667

2,117

1,811

1,856

113

1,873

2,613

2,943

-907

2,847

2,938

2,722

2,760

2,801