News Column

OceanFirst Financial Corp. Announces Stronger Quarterly Earnings and Loan Growth

July 24, 2014

TOMS RIVER, N.J., July 24, 2014 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp.(Nasdaq:OCFC), (the "Company"), the holding company for OceanFirst Bank (the "Bank"), today announced that diluted earnings per share increased to $0.30 for the quarter ended June 30, 2014, as compared to $0.29 for the corresponding prior year quarter. For the six months ended June 30, 2014, diluted earnings per share increased to $0.58, as compared to $0.55 for the corresponding prior year period.

Highlights for the quarter included:

• Higher earnings were driven by loan portfolio growth of $60.9 million.• Commercial loans outstanding increased $35.3 million, the fourth consecutive quarter of double digit growth. • Non-performing loans decreased $4.6 million and net charge-offs fell by $253,000, 48% from the linked quarter.

The Company also announced completion of its 2012 share repurchase program and the authorization of the Board to repurchase 5% of the Company's outstanding common stock, up to an additional 867,923 shares (the "Repurchase Program").         

Chairman and Chief Executive Officer, John R. Garbarino stated, "The fourth consecutive quarter of double digit commercial loan growth has reaffirmed our strategic decision to add resources in this area, and with the robust loan pipeline we anticipate continued strong loan growth. Additionally, the renewal of our common stock Repurchase Program underscores our commitment to efficiently manage capital for our shareholders in the near term, as our plans for longer term growth continue to develop." 

The Board of Directors also declared the Company's seventieth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended June 30, 2014 of $0.12 per share will be paid on August 15, 2014 to shareholders of record on August 4, 2014. 

Results of Operations

Net income for the three months ended June 30, 2014 increased to $5.1 million, or $0.30 per diluted share, as compared to net income of $5.0 million, or $0.29 per diluted share for the corresponding prior year period.  Net income for the six months ended June 30, 2014 increased to $9.8 million, or $0.58 per diluted share, as compared to net income of $9.4 million, or $0.55 per diluted share for the corresponding prior year period. The increases were primarily due to higher net interest income and a reduction in the provision for loan losses, partly offset by higher operating expenses. Additionally, earnings per share benefited from the reduction in average shares outstanding.

Net interest income for the three and six months ended June 30, 2014 increased to $18.2 million and $36.2 million, respectively, as compared to $17.5 million and $34.7 million, respectively, for the same prior year periods, reflecting an increase in the net interest margin partly offset by lower interest-earning assets. The net interest margin increased to 3.35% and 3.36%, respectively, for the three and six months ended June 30, 2014 from 3.21% and 3.19% for the same prior year periods. The yield on average interest-earning assets decreased to 3.67% for both the three and six months ended June 30, 2014, as compared to 3.69% for both prior year periods. Despite the two basis point decline, the asset yield benefited from a shift in the mix of interest-earning assets as average loans receivable, net increased $87.8 million and $60.6 million, respectively, for the three and six months ended June 30, 2014, while average interest-earning securities decreased $96.4 million and $49.6 million, respectively, as compared to the same prior year periods. The cost of average interest-bearing liabilities decreased to 0.39% and 0.38%, respectively, for the three and six months ended June 30, 2014, as compared to0.56% and 0.59%, respectively, for the same prior year periods.  The decrease was partly due to the prepayment of $159.0 million of Federal Home Loan Bank ("FHLB") advances with a weighted average cost of 2.31% in the fourth quarter of 2013. Average interest-earning assets decreased $18.0 million and $22.2 million, respectively, for the three and six months ended June 30, 2014, as compared to the same prior year periods, as excess liquidity was allowed to run-off.

For the three and six months ended June 30, 2014, the provision for loan losses was $275,000 and $805,000, respectively, as compared to $800,000 and $1.9 million, respectively, for the corresponding prior year periods.  The decreases for the three and six months ended June 30, 2014 were primarily due to reductions in net charge-offs of $201,000 and $791,000, respectively, as compared to the same prior year periods.  Non-performing loans decreased $4.7 million at June 30, 2014, as compared to December 31, 2013, and by $5.2 million, as compared to June 30, 2013.

For the three and six months ended June 30, 2014, other income increased to $4.8 million and $8.7 million, respectively, as compared to $4.6 million and $7.9 million, respectively, in the same prior year periods. For the three and six months ended June 30, 2014, wealth management revenue increased $80,000 and $193,000, respectively, as compared to the same prior year periods, partly due to an increase in assets under administration to $229.3 million at June 30, 2014 from $175.8 million at June 30, 2013. For the three and six months ended June 30, 2014, fees and service charges increased $467,000 and $578,000, respectively, as compared to the same prior year periods primarily due to higher deposit fees from a revised fee and product structure. For the three and six months ended June 30, 2014, the net gain on the sale of loans amounted to $219,000 and $351,000, respectively, as compared to $735,000 and $561,000, respectively, in the same prior year periods.  The gain on the sale of loans for the six months ended June 30, 2013 was adversely impacted by a provision of $975,000 added to the reserve for repurchased loans and loss sharing obligations, as compared to no provision in the current period. The prior year provision was related to loans sold to the Federal Home Loan Bank as part of its Mortgage Partnership Finance program. Compared to prior periods, the gain on sale of loans was adversely impacted by decreases in the gain-on-sale margin and reductions in loans sold to $10.9 million and $21.2 million, respectively, for the three and six months ended June 30, 2014, as compared to $32.3 million and $69.1 million, respectively, for the corresponding prior year periods, as increasing longer-term interest rates reduced one-to-four family loan refinance activity. For both the three and six months ended June 30, 2014, the Company recognized a gain of $348,000 on the sale of equity securities, as compared to a gain of $42,000 in the corresponding prior year periods.

Operating expenses amounted to $14.8 million and $29.0 million, respectively, for the three and six months ended June 30, 2014, as compared to $13.6 million and $26.2 million, respectively, in the same prior year periods. Compensation and employee benefits expense increased $1.1 million and $2.2 million, respectively, for the three and six months ended June 30, 2014, as compared to the same prior year periods, primarily due to personnel additions in revenue producing areas. Additionally, compensation and employee benefits expense for the three and six months ended June 30, 2014 includes $196,000 in non-recurring severance related expenses due to the Company's strategic decision to improve efficiency in the residential mortgage loan area. The related personnel reduction is expected to lower compensation and benefits expense by $650,000 annually. Marketing expenses increased $163,000 and $445,000, respectively, as compared to the same prior year periods, primarily due to a promotional campaign to attract retail checking accounts and incent bankcard usage. The promotion resulted in the acquisition of approximately 1,400 new checking relationships for the year-to-date. These increases were partly offset by reductions in professional fees of $180,000 and $416,000, respectively, for the three and six months ended June 30, 2014, as compared to the corresponding prior year periods.

The provision for income taxes was $2.8 million and $5.3 million, respectively, for the three and six months ended June 30, 2014, as compared to $2.8 million and $5.2 million, respectively, for the same prior year periods. The effective tax rate was 35.1% and 35.2%, respectively, for the three and six months ended June 30, 2014, as compared to 35.7% and 35.4%, respectively, in the same prior year periods.

Financial Condition

Total assets increased by $79.4 million to $2,329.1 million at June 30, 2014, from $2,249.7 million at December 31, 2013. Loans receivable, net, increased by $90.4 million, to $1,631.8 million at June 30, 2014 from $1,541.5 million at December 31, 2013, primarily due to growth in commercial loans of $62.8 million and in residential construction loans, net of loans in process, which increased $11.6 million. Additionally, on June 30, 2014 the Company purchased a pool of performing, locally originated, one-to-four family, non-conforming mortgage loans for $20.6 million.

Deposits decreased by $41.3 million, to $1,705.5 million at June 30, 2014, from $1,746.8 million at December 31, 2013, despite strong growth in retail and business checking accounts. All of the decrease was related to a reduction in government deposits. Non-interest-bearing deposit accounts increased $63.6 million during the first half of 2014 due to a revised fee and product structure. To fund loan growth, FHLB advances increased $130.0 million, to $305.0 million at June 30, 2014, from $175.0 million at December 31, 2013. Stockholders' equity increased to $215.8 million at June 30, 2014, as compared to $214.4 million at December 31, 2013. Net income for the period was partly offset by the repurchase of 301,766 shares of common stock for $5.0 million (average cost per share of $16.64) and the cash dividend on common stock. At June 30, 2014, there were no shares available for repurchase under the stock repurchase program adopted in the fourth quarter of 2012, although 867,923 shares are available for repurchase under the Repurchase Program announced today. Tangible stockholders' equity per common share was $12.59 at June 30, 2014, as compared to $12.33 at December 31, 2013.

Asset Quality

The Company's non-performing loans totaled $40.7 million at June 30, 2014, a $4.7 million decrease from December 31, 2013.  Net loan charge-offs decreased to $799,000 for the six months ended June 30, 2014, as compared to $1.6 million for the corresponding prior year period. 

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, July 25, 2014 at 11:00 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 10048830 from one hour after the end of the call until October 31, 2014. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

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

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions 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, 2013 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)
       
 June 30,March 31,December 31,
  2014 2014 2013
ASSETS (unaudited) (unaudited)  
       
Cash and due from banks $ 43,817 $ 36,746 $ 33,958
Securities available-for-sale, at estimated fair value  32,303  39,261  43,836
Securities held-to-maturity, net (estimated fair value of $485,124 at June 30, 2014, $498,383 at March 31, 2014, and $495,082 at December 31, 2013, respectively) 478,389 496,111 495,599
Federal Home Loan Bank of New York stock, at cost  20,246  17,011  14,518
Loans receivable, net 1,631,819 1,570,969  1,541,460
Mortgage loans held for sale  1,295  1,153  785
Interest and dividends receivable  5,317  5,361  5,380
Other real estate owned  4,968  4,457  4,345
Premises and equipment, net  24,430  23,963  23,684
Servicing asset  3,772  3,965  4,178
Bank Owned Life Insurance  55,286  54,909  54,571
Deferred tax asset  15,417  15,191  15,239
Other assets  12,082  12,614   12,158
       
Total assets$2,329,141$2,281,711$2,249,711
       
LIABILITIES AND STOCKHOLDERS' EQUITY

 
     
Deposits$1,705,510$1,720,131$1,746,763
Securities sold under agreements to repurchase with retail customers  62,341 66,226 68,304
Federal Home Loan Bank advances  305,000  232,300  175,000
Other borrowings  27,500  27,500  27,500
Due to brokers  —  1,522  —
Advances by borrowers for taxes and insurance  6,896  6,892  6,471
Other liabilities  6,053  10,950   11,323
       
 Total liabilities 2,113,300 2,065,521  2,035,361
       
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 17,144,693, 17,358,459 and 17,387,049 shares outstanding at

June 30, 2014, March 31, 2014 and December 31, 2013, respectively
 

 336
336 336
Additional paid-in capital  264,592  264,289  263,319
Retained earnings  211,819  208,732  206,201
Accumulated other comprehensive loss  (6,902)    (6,575)   (6,619)
Less: Unallocated common stock held by Employee Stock Ownership Plan (3,458) (3,544) (3,616)
Treasury stock, 16,422,079, 16,208,313 and 16,179,723 shares at June 30, 2014, March 31, 2014 and December 31, 2013, respectively   (250,546) (247,048) (245,271)
Common stock acquired by Deferred Compensation Plan  (315)    (324)  (665)
Deferred Compensation Plan Liability  315   324   665
Total stockholders' equity   215,841  216,190   214,350
Total liabilities and stockholders' equity$2,329,141$2,281,711$2,249,711
 
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
 
   For the Three Months Ended,  For the Six Months Ended,
  June 30, March 31,June 30, June 30,   June 30,  
  2014 2014 2013 2014  2013
  (unaudited)  (unaudited)
           
Interest income:          
 Loans$17,530$17,246$17,428$34,776  $35,091
 Mortgage-backed securities   1,731  1,763  2,026  3,494  3,675
 Investment securities and other   637   736  707   1,373   1,447
 Total interest income  19,898  19,745 20,161  39,643  40,213
           
Interest expense:           
 Deposits  986  1,096  1,175  2,082  2,501
 Borrowed funds   753   584  1,442   1,337   2,979
 Total interest expense   1,739   1,680  2,617   3,419   5,480
 

 Net interest income
 

 18,159
 

 18,065
 

17,544
 

 36,224
 

  34,733
           
Provision for loan losses   275   530   800   805   1,900
 Net interest income after provision for loan losses  17,884 17,535 16,744 35,419 32,833
           
Other income:          
 Bankcard services revenue  897  791  921  1,689  1,731
 Wealth management revenue  608  540  528  1,148  955
 Fees and service charges  2,278  1,857  1,811  4,134  3,556
 Loan servicing income  226  228  172  454  328
 Net gain on sales of loans available for sale  219  132  735  351  561
 Net gain on sales of investment securities available for sale  348  —  42  348  42
 Net (loss) gain from other real estate operations  (107)  (32)  74  (139)    77
 Income from Bank Owned Life Insurance  377  338  332  715  647
 Other   1   1  2   2    18
 Total other income   4,847    3,855  4,617   8,702   7,915
           
Operating expenses:          
 Compensation and employee benefits  8,131  7,685  7,039  15,816   13,617
 Occupancy  1,364  1,464  1,376  2,828   2,739
 Equipment   768   756  690  1,524   1,328
 Marketing  610  532  447  1,142   697
 Federal deposit insurance   538   546  536  1,083   1,060
 Data processing   987   1,070  962  2,057   1,935
 Check card processing   494   446  423  940   834
 Professional fees   523   375  703  898   1,314
  Other operating expense   1,432   1,246  1,424   2,679   2,630
 Total operating expenses  14,847  14,120 13,600  28,967  26,154
           
 Income before provision for income taxes  7,884  7,270  7,761  15,154  14,594
Provision for income taxes   2,767   2,563  2,774   5,330   5,170
 Net income $ 5,117 $ 4,707 $ 4,987 $ 9,824  $ 9,424
           
Basic earnings per share $ 0.31 $ 0.28 $ 0.29 $ 0.58  $ 0.55
Diluted earnings per share $ 0.30 $ 0.28 $ 0.29 $ 0.58  $ 0.55
           
Average basic shares outstanding  16,740  16,884 17,105  16,812  17,194
Average diluted shares outstanding  16,822  17,050 17,144  16,946  17,233
 
OceanFirst Financial Corp.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
       
  At June 30, At March 31, At December 31,
  2014 2014 2013
       
STOCKHOLDERS' EQUITY      
Stockholders' equity to total assets    9.27%  9.47%  9.53%
Common shares outstanding (in thousands)  17,145  17,358  17,387
Stockholders' equity per common share  $12.59  $12.45  $12.33
Tangible stockholders' equity per common share  12.59  12.45  12.33
       
ASSET QUALITY      
Non-performing loans:      
 Real estate – one-to-four family  $25,313  $27,486  $28,213
 Commercial real estate  12,094  13,675  12,304
 Consumer  3,128  3,731  4,328
 Commercial and industrial    164   429   515
 Total non-performing loans  40,699  45,321  45,360
Other real estate owned   4,968   4,457   4,345
 Total non-performing assets  $45,667  $49,778  $49,705
       
Delinquent loans 30 to 89 days  $ 8,923  $ 9,137  $ 9,147
       
Troubled debt restructurings:      
 Non-performing (included in total non-performing loans above) $ 7,047  $10,217 $ 9,663
 Performing   23,000   21,435   21,456
 Total troubled debt restructurings  $30,047  $31,652  $31,119
       
Allowance for loan losses  $20,936  $20,934  $20,930
Allowance for loan losses as a percent of total loans receivable 1.26% 1.31% 1.33%
Allowance for loan losses as a percent of total non-performing loans  51.44  46.19  46.14
Non-performing loans as a percent of total loans receivable  2.44  2.83  2.88
Non-performing assets as a percent of total assets  1.96  2.18  2.21
       
WEALTH MANAGEMENT      
Assets under administration  $229,289  $216,508  $216,144
     
  For the Three Months Ended, For the Six Months Ended,
 June 30, March 31,June 30,June 30,June 30,
  2014 2014 2013 2014 2013
PERFORMANCE RATIOS (ANNUALIZED)          
Return on average assets  0.90%  0.83%  0.87%  0.86%  0.82%
Return on average stockholders' equity  9.45  8.72  9.06  9.09   8.56
Interest rate spread  3.28  3.31  3.13  3.29  3.10
Interest rate margin  3.35  3.36  3.21  3.36  3.19
Operating expenses to average assets  2.60  2.49  2.36  2.55  2.27
Efficiency ratio  64.54  64.42  61.37 64.48 61.33
 
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
         
LOANS RECEIVABLE        
   June 30, 2014March 31, 2014December 31, 2013
         
Real estate:        
One-to-four family  $766,761$748,647$751,370
Commercial real estate, multi-family and land   577,061 550,808 528,945
Residential construction   46,092 37,852 30,821
Consumer   201,839 199,926 200,683
Commercial and industrial   75,215 66,196 60,545
Total loans   1,666,968 1,603,429 1,572,364
         
Loans in process    (16,374)  (13,991)  (12,715)
Deferred origination costs, net   3,456 3,618 3,526
Allowance for loan losses    (20,936)  (20,934)  (20,930)
         
Total loans, net   1,633,114 1,572,122 1,542,245
         
Less: mortgage loans held for sale   1,295 1,153 785
Loans receivable, net  $1,631,819$1,570,969$1,541,460
         
Mortgage loans serviced for others  $786,095$794,530$806,810
Loan pipeline: Average Yield      
Commercial 4.26%$69,535 46,813$58,992
Construction/permanent 3.91% 6,369 9,753 9,955
One-to-four family 4.27% 19,792 19,729 18,827
Consumer 4.39% 5,045 7,118 5,496
   $100,741$83,413$93,270
     
  For the Three Months Ended, For the Six Months Ended,
 June 30, 2014March 31, 2014June 30, 2013June 30, 2014June 30, 2013
Loan originations:          
Commercial$46,909$52,482$29,256$99,391$47,694
Construction/permanent 13,163 10,416 5,609 23,579 9,199
One-to-four family 32,252 27,738 58,442 59,990 112,127
Consumer 15,893 13,379 15,582 29,272 26,712
 Total$108,217$104,015$108,889$212,232$195,732
           
Loans sold$10,936$10,270$32,343$21,206$69,134
Net charge-offs 273 526 474 799 1,590
       
DEPOSITS      
 June 30, 2014March 31, 2014December 31, 2013
Type of Account      
Non-interest-bearing$271,208$218,124$207,608
Interest-bearing checking 817,085 865,023 913,753
Money market deposit 107,365 123,701 116,947
Savings 295,133 297,739 290,512
Time deposits 214,719 215,544 217,943
 $1,705,510$1,720,131$1,746,763
 
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
  
 FOR THE THREE MONTHS ENDED,
 JUNE 30, 2014MARCH 31, 2014JUNE 30, 2013
   

AVERAGE

BALANCE
 

 

INTEREST
AVERAGE

YIELD/

COST
 

AVERAGE

BALANCE
 

 

INTEREST
AVERAGE

YIELD/

COST
 

AVERAGE

BALANCE
 

 

INTEREST
AVERAGE

YIELD/

COST
  (dollars in thousands)
Assets                  
Interest-earning assets:                  
 Interest-earning deposits and short-term investments $  26,563 $ 4 0.06% $ 29,332 $ 6 0.08% $ 36,601 $ 19 0.21%
 Securities (1) and FHLB stock  552,851  2,364  1.71  562,350  2,493  1.77  648,697  2,714  1.67
 Loans receivable, net (2)  1,588,815  17,530  4.41  1,557,281  17,246  4.43  1,500,980  17,428  4.64
 Total interest-earning assets  2,168,229  19,898  3.67  2,148,963  19,745  3.68  2,186,278  20,161  3.69
Non-interest-earning assets   118,551       115,855       119,416    
 Total assets$2,286,780    $2,264,818      $2,305,694    
Liabilities and Stockholders' Equity                  
Interest-bearing liabilities:                  
 Transaction deposits$1,257,291   247  0.08$1,322,358   363  0.11  $1,318,230   438  0.13
 Time deposits   215,148     739  1.37   215,710   733  1.36   215,917     737  1.37
 Total  1,472,439  986  0.27  1,538,068  1,096  0.29  1,534,147  1,175  0.31
 Borrowed funds   330,933   753  0.91   283,256   584  0.82   326,720  1,442  1.77
 Total interest-bearing liabilities  1,803,372  1,739  0.39  1,821,324  1,680  0.37  1,860,867  2,617  0.56
Non-interest-bearing deposits  252,395      210,867      208,915    
Non-interest-bearing liabilities   14,530       16,690       15,719    
 Total liabilities  2,070,297      2,048,881      2,085,501    
Stockholders' equity     216,483       215,937       220,193    
  Total liabilities and stockholders' equity$2,286,780    $2,264,818      $2,305,694    
Net interest income    $18,159      $18,065      $17,544  
Net interest rate spread (3)      3.28%      3.31%       3.13%
Net interest margin (4)      3.35%      3.36%      3.21%
     
   FOR THE SIX MONTHS ENDED,
   JUNE 30, 2014JUNE 30, 2013
    AVERAGE BALANCE  INTEREST AVERAGE YIELD/COST AVERAGE BALANCE INTEREST AVERAGE YIELD/COST
    (dollars in thousands)
Assets              
Interest-earning assets:              
 Interest-earning deposits and short-term investments   $ 27,940  $ 10  0.07% $ 61,140 $ 45 0.15%
 Securities (1) and FHLB stock    557,573  4,857  1.74  607,178  5,077  1.67
 Loans receivable, net (2)    1,573,135  34,776  4.42  1,512,501  35,091  4.64
 Total interest-earning assets    2,158,648  39,643  3.67  2,180,819  40,213  3.69
Non-interest-earning assets     117,212       118,786    
 Total assets  $2,275,860      $2,299,605    
Liabilities and Stockholders' Equity              
Interest-bearing liabilities:              
 Transaction deposits  $1,289,760   610  0.09  $1,324,466   1,003  0.15
 Time deposits     215,427   1,472  1.37   218,544   1,498  1.37
 Total    1,505,187  2,082  0.28  1,543,010  2,501  0.32
 Borrowed funds     307,227   1,337  0.87   323,202   2,979  1.84
 Total interest-bearing liabilities    1,812,414   3,419  0.38  1,866,212   5,480  0.59
Non-interest-bearing deposits    231,631      196,990    
Non-interest-bearing liabilities     15,604       16,279    
 Total liabilities    2,059,649      2,079,481    
Stockholders' equity       216,211       220,124    
  Total liabilities and stockholders' equity  $2,275,860      $2,299,605    
Net interest income      $36,224      $34,733  
Net interest rate spread (3)         3.29%       3.10%
Net interest margin (4)        3.36%       3.19%
               
(1) Amounts are recorded at average amortized cost.
(2) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.
(3) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average interest-earning assets.

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

Source: OceanFirst Financial Corp.


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Source: GlobeNewswire


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