OceanFirst Financial Corp OCFC Income Statement

Oceanfirst financial corp (OCFC)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Interest income
Loans
300,874	279,931	274,952	269,734	261,952	249,549	227,139	205,971	185,444	170,588	164,478	155,756	143,669	122,962	107,304	92,673	80,700	77,694	74,397	72,365	71,347	70,564	70,088	69,547	69,445	69,863	71,021	72,334	74,027	76,168	78,091	79,732	81,635	82,994	84,859	86,728	0	0	0
Mortgage-backed securities
15,103	15,300	15,695	16,039	16,390	16,034	15,006	13,639	12,133	11,108	10,063	9,025	7,942	6,697	6,272	6,032	5,843	6,051	6,311	6,493	6,705	6,845	7,000	7,223	7,518	7,403	7,430	7,630	7,839	8,509	8,948	9,383	9,815	10,060	10,706	11,391	0	0	0
Debt securities, equity investments and other
14,602	13,563	13,429	12,798	11,897	11,071	10,058	9,241	8,075	7,133	6,286	5,323	4,755	3,766	3,093	2,627	2,224	2,118	2,075	2,097	2,225	2,444	2,657	2,817	2,887	2,891	2,935	2,952	2,938	2,938	2,803	2,656	2,509	2,333	2,134	1,944	0	0	0
Total interest income
330,579	308,794	304,076	298,571	290,239	276,654	252,203	228,851	205,652	188,829	180,827	170,104	156,366	133,425	116,669	101,332	88,767	85,863	82,783	80,955	80,277	79,853	79,745	79,587	79,850	80,157	81,386	82,916	84,804	87,615	89,842	91,771	93,959	95,387	97,699	100,063	0	0	0
Interest expense
Deposits
43,729	38,432	35,286	31,268	26,753	22,578	19,025	16,352	14,019	12,336	11,213	10,170	9,027	7,517	6,342	5,421	4,617	4,301	4,095	3,943	3,962	4,103	4,194	4,291	4,480	4,709	5,194	5,994	6,854	7,547	8,257	8,852	9,510	10,401	11,885	12,863	0	0	0
Borrowed funds
15,622	14,391	14,333	14,734	14,307	13,574	12,011	9,780	8,187	7,275	7,147	6,588	6,153	5,646	5,131	5,075	4,895	4,733	4,523	4,322	3,899	3,402	2,975	3,276	3,965	4,919	5,898	6,172	6,354	6,556	6,817	7,079	7,354	7,659	8,192	8,953	0	0	0
Total interest expense
59,351	52,823	49,619	46,002	41,060	36,152	31,036	26,132	22,206	19,611	18,360	16,758	15,180	13,163	11,473	10,496	9,512	9,034	8,618	8,265	7,861	7,505	7,169	7,567	8,445	9,628	11,092	12,166	13,208	14,103	15,074	15,931	16,864	18,060	20,077	21,816	0	0	0
Net interest income
271,228	255,971	254,457	252,569	249,179	240,502	221,167	202,719	183,446	169,218	162,467	153,346	141,186	120,262	105,196	90,836	79,255	76,829	74,165	72,690	72,416	72,348	72,576	72,020	71,405	70,529	70,294	70,750	71,596	73,512	74,768	75,840	77,095	77,327	77,622	78,247	0	0	0
Credit loss expense
10,985	1,636	1,787	2,389	2,739	3,490	4,399	4,657	5,116	4,445	3,540	3,263	2,760	2,623	2,413	1,825	1,463	1,275	1,800	2,500	2,475	2,630	2,005	1,705	2,230	2,800	5,700	6,400	7,300	7,900	6,800	7,250	7,750	7,750	7,350	7,700	0	0	0
Net interest income after credit loss expense
260,243	254,335	252,670	250,180	246,440	237,012	216,768	198,062	178,330	164,773	158,927	150,083	138,426	117,639	102,783	89,011	77,792	75,554	72,365	70,190	69,941	69,718	70,571	70,315	69,175	67,729	64,594	64,350	64,296	65,612	67,968	68,590	69,345	69,577	70,272	70,547	0	0	0
Other income
Bankcard services revenue
10,459	10,263	10,133	9,900	9,594	9,228	8,481	7,841	7,305	6,965	6,625	6,187	5,561	4,833	4,335	3,917	3,605	3,537	3,487	3,472	3,470	3,478	3,512	3,541	3,565	3,584	3,526	0	0	-	0	-	-	-	-	-	-	-	-
Net loss on sale of investment securities available-for-sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	0	-	-	-	-	-	-	-
Loan servicing income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	272	-	309	473	640	816	913	874	820	748	657	587	556	538	544	510	469	427	364	381	0	0	0
Net gain on sale of loan servicing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Sale of Mortgage Loans
181	16	29	60	59	668	680	666	675	100	0	0	0	-	-	793	808	-	833	799	833	772	863	953	1,469	1,163	4,400	4,124	3,342	3,466	880	1,537	2,193	3,002	3,275	3,080	0	0	0
Net unrealized gain on equity investments
314	267	410	251	47	-199	-279	-209	-138	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net loss from other real estate operations
-474	-330	-1,072	-2,546	-3,406	-3,812	-3,653	-1,639	-553	-874	-270	-765	-1,183	-856	-821	-817	-576	-149	-337	-302	-337	-390	-212	-376	-195	-161	0	0	0	-	-	-	-	-623	-527	-475	0	0	0
Net gain on sales and other than temporary impairment loss on investment securities available-for-sale (note 3)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,989	0	0	-	0	-	-	-	-
Bank Owned Life Insurance Income
5,674	5,420	5,337	5,243	5,285	5,105	4,676	4,220	3,668	3,299	3,146	2,924	2,683	2,230	1,863	1,552	1,374	1,501	1,538	1,572	1,585	1,477	1,435	1,472	1,427	1,404	1,427	1,384	1,347	1,338	1,300	1,241	1,230	1,172	1,069	960	0	0	0
Commercial loan swap income
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
5,642	5,927	3,524	2,123	1,885	2,131	2,229	1,394	918	374	-346	82	139	137	1,446	1,024	975	958	132	125	108	116	31	32	33	49	28	28	27	12	6	7	0	-	0	0	-	0	0
Total other income
46,350	42,165	39,683	36,425	35,429	34,827	32,823	31,897	29,987	27,072	26,584	25,121	23,031	20,412	18,272	16,528	15,816	16,426	16,928	18,062	18,721	18,577	17,954	17,104	16,891	16,458	16,452	16,894	16,822	17,724	17,948	16,801	16,153	15,301	15,306	15,173	0	0	0
Operating expenses
Compensation and employee benefits
97,383	89,912	86,340	84,758	84,298	83,135	78,150	73,129	65,213	60,100	59,788	58,673	54,777	47,105	41,894	36,605	32,873	31,946	31,373	30,850	31,281	31,427	31,310	30,961	29,869	28,762	27,646	27,596	27,351	27,610	27,762	27,552	27,872	28,077	28,619	28,533	0	0	0
Occupancy
17,905	17,159	17,421	17,705	17,878	17,915	16,275	14,388	12,457	10,657	10,344	10,103	9,473	8,332	7,470	6,663	5,894	5,722	5,559	5,378	5,500	5,510	5,614	5,651	5,663	5,562	5,280	5,195	5,133	5,074	5,184	5,184	5,175	5,066	5,104	5,153	0	0	0
Equipment
7,716	7,719	8,259	8,264	8,362	8,319	7,767	7,305	6,974	6,769	6,505	6,352	5,833	5,104	4,768	4,267	3,896	3,725	3,437	3,365	3,320	3,278	3,124	2,920	2,842	2,724	2,743	2,730	2,675	2,632	2,526	2,375	2,384	2,436	2,370	2,396	0	0	0
Marketing
3,308	3,469	3,569	4,028	3,784	3,415	2,908	2,662	2,499	2,678	2,854	2,558	2,371	1,882	1,702	1,621	1,493	1,516	1,446	1,342	1,537	1,795	1,927	2,077	1,914	1,632	1,542	1,549	1,537	1,633	1,786	1,791	1,776	1,766	1,726	1,793	0	0	0
Federal deposit insurance and regulatory assessments
2,062	2,227	2,787	3,417	3,615	3,713	3,342	3,128	2,833	2,564	2,909	2,939	2,957	2,825	2,522	2,320	2,103	2,072	2,055	2,048	2,080	2,128	2,161	2,165	2,163	2,141	2,125	2,120	2,106	2,113	2,112	2,142	2,343	2,553	2,690	2,813	0	0	0
Data processing
15,337	14,814	14,054	13,781	13,764	13,286	12,008	11,250	9,629	8,849	9,100	8,873	8,708	7,577	6,635	5,688	4,908	4,731	4,453	4,371	4,257	4,239	4,162	4,118	4,093	3,996	3,896	3,743	3,662	3,632	3,658	3,630	3,653	3,593	3,531	3,478	0	0	0
Legal
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
Check card processing
5,794	5,956	5,704	4,864	4,658	4,209	3,826	3,898	3,597	3,561	3,301	3,053	2,743	2,210	1,975	1,842	1,760	1,815	1,864	1,892	1,963	1,934	1,938	1,874	1,803	1,768	1,682	1,653	1,567	1,455	1,334	1,229	1,176	1,197	1,235	1,224	0	0	0
Professional fees
9,931	9,338	6,914	5,400	5,389	4,963	4,840	4,620	4,318	3,995	3,870	3,705	3,310	2,848	2,420	2,129	1,968	1,865	1,989	2,303	2,287	2,267	2,379	2,033	2,213	2,449	2,309	2,682	2,505	2,546	3,398	2,796	2,443	1,931	585	635	0	0	0
Other operating expense
15,401	14,968	14,734	14,198	13,862	13,509	12,476	11,777	11,182	10,810	10,901	9,777	9,043	7,676	6,516	6,342	5,594	5,484	5,225	5,174	5,120	5,186	5,234	5,273	5,282	5,366	5,439	5,579	5,578	5,694	5,540	5,686	5,910	6,045	6,631	6,535	0	0	0
Amortization of core deposit intangible
4,600	4,027	4,012	3,998	3,984	3,811	3,323	2,835	2,347	2,039	1,848	1,522	1,134	623	327	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Federal Home Loan Bank prepayment fee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Branch consolidation expense
11,253	9,050	9,022	8,694	3,718	3,151	2,177	2,264	5,996	6,205	6,939	5,484	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merger related expenses
13,977	10,503	7,809	7,694	13,478	26,911	27,856	28,892	25,332	8,293	12,932	12,545	16,579	16,534	10,516	10,235	3,230	1,878	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total operating expenses
204,667	189,142	180,625	176,801	176,790	186,337	174,948	166,148	152,377	126,520	131,291	125,584	117,097	102,852	86,886	78,007	63,753	60,775	58,673	56,957	57,395	57,764	62,693	61,916	60,686	59,244	52,662	52,847	52,114	52,389	52,666	51,958	52,476	52,664	53,404	53,533	0	0	0
Income before provision for income taxes
101,926	107,358	111,728	109,804	105,079	85,502	74,643	63,811	55,940	65,325	54,220	49,620	44,360	35,199	34,169	27,532	29,855	31,205	30,620	31,295	31,267	30,531	25,832	25,503	25,380	24,943	28,384	28,397	29,004	30,947	33,250	33,433	33,022	32,214	32,174	32,187	0	0	0
Provision for income taxes
17,992	18,784	19,872	18,848	17,401	13,570	19,487	19,909	20,061	22,855	15,654	14,743	13,501	12,153	11,946	9,739	10,590	10,883	10,596	10,804	10,792	10,611	8,904	8,772	8,779	8,613	9,952	9,974	10,195	10,927	11,813	11,881	11,740	11,473	11,653	11,789	0	0	0
Net Income (Loss) Attributable to Parent
83,934	88,574	91,856	90,956	87,678	71,932	55,156	43,902	35,879	42,470	38,566	34,877	30,859	23,046	22,223	17,793	19,265	20,322	20,024	20,491	20,475	19,920	16,928	16,731	16,601	16,330	18,432	18,423	18,809	20,020	21,437	21,552	21,282	20,741	20,521	20,398	0	0	0
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
2,119	2,102	2,148	2,164	2,190	2,245	2,249	2,217	2,187	2,150	2,167	2,234	2,290	2,324	2,308	2,201	2,209	2,187	2,211	2,289	2,268	2,280	2,318	2,367	2,287	2,174	1,971	1,712	0	-	0	0	-	-	-	-	-	-	-
Fees and service charges
Other income
18,857	18,500	18,702	18,758	19,303	19,461	18,440	17,407	15,925	15,058	14,595	13,809	12,748	10,758	9,683	8,858	8,320	8,392	8,144	8,432	8,634	8,589	8,151	7,889	7,439	7,451	5,897	5,653	6,455	7,542	6,522	7,496	7,821	7,600	11,267	11,221	0	0	0