OceanFirst Financial Corp. (OCFC) Financial Statements (2024 and earlier)

Company Profile

Business Address 975 HOOPER AVE
TOMS RIVER, NJ 08753-8396
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments153,718167,946204,9491,272,134120,544120,792
Cash and cash equivalents153,718167,946204,9491,272,134120,544120,792
Total current assets:153,718167,946204,9491,272,134120,544120,792
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization1,3041,5321,4951,6941,534
Operating lease, right-of-use asset18,97919,05517,44222,55518,682
Property, plant and equipment      111,209
Intangible assets, net (including goodwill)515,659519,643518,534523,987390,239355,413
Goodwill506,146506,146500,319500,319374,632338,442
Intangible assets, net (excluding goodwill)9,51313,49718,21523,66815,60716,971
Deferred income tax assets     50,067
Total noncurrent assets:535,942540,230537,471548,236460,522466,622
Other undisclosed assets12,848,59312,395,72010,997,1969,627,9437,665,0796,928,740
TOTAL ASSETS:13,538,25313,103,89611,739,61611,448,3138,246,1457,516,154
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt317,5381,278,597118,769128,454431,463341,837
Total current liabilities:317,5381,278,597118,769128,454431,463341,837
Noncurrent Liabilities
Other undisclosed liabilities11,558,77010,239,83510,104,2949,835,7296,661,5636,134,959
Total liabilities:11,876,30811,518,43210,223,0639,964,1837,093,0266,476,796
Equity
Equity, attributable to parent, including:1,661,1631,584,6621,516,5531,484,1301,153,1191,039,358
Preferred stock1111  
Common stock613612611609519483
Treasury stock, value(69,106)(69,106)(61,710)(25,651)(36,903)(10,837)
Additional paid in capital1,161,7551,154,8211,146,7811,137,715840,691757,963
Accumulated other comprehensive income (loss)(20,862)(35,982)(2,821)621(1,208)(3,450)
Retained earnings592,542540,507442,306378,268358,668305,056
Other undisclosed equity, attributable to parent(3,780)(6,191)(8,615)(7,433)(8,648)(9,857)
Equity, attributable to noncontrolling interest782802    
Total equity:1,661,9451,585,4641,516,5531,484,1301,153,1191,039,358
TOTAL LIABILITIES AND EQUITY:13,538,25313,103,89611,739,61611,448,3138,246,1457,516,154

Income Statement (P&L) ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues521,865390,386315,237349,221279,931249,549
Net investment income521,865390,386315,237349,221279,931249,549
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(17,678)  (59,404)(1,636)(3,490)
Gross profit:504,187390,386315,237289,817278,295246,059
Operating expenses(248,912)(234,881)(226,860)(246,431)(189,142)(186,337)
Other operating income, net
(Noninterest Income, Other Operating Income)
1,2129531,1596185,9272,131
Operating income:256,487156,45889,53644,00495,08061,853
Nonoperating income6,02113,69110,91214,5395,0901,293
Investment income, nonoperating7417,0654,0958,080  
Bank owned life insurance income5,2806,5786,8326,4245,4205,105
Profit (loss) from real estate operations  48(15)35(330)(3,812)
Interest and debt expense(238,243)(53,698)(36,754)(66,657)(52,823)(36,152)
Income (loss) from continuing operations before equity method investments, income taxes:24,265116,45163,694(8,114)47,34726,994
Other undisclosed income from continuing operations before income taxes112,50077,47178,54789,15660,01158,508
Income from continuing operations before income taxes:136,765193,922142,24181,042107,35885,502
Income tax expense(32,700)(46,565)(32,165)(17,733)(18,784)(13,570)
Income from continuing operations:104,065147,357110,07663,30988,57471,932
Income before gain (loss) on sale of properties:110,07663,30988,57471,932
Net income:104,065147,357110,07663,30988,57471,932
Net income (loss) attributable to noncontrolling interest(36)(754)    
Net income attributable to parent:104,029146,603110,07663,30988,57471,932
Preferred stock dividends and other adjustments(4,016)(4,016)(4,016)(2,097)  
Net income available to common stockholders, diluted:100,013142,587106,06061,21288,57471,932

Comprehensive Income ($ in thousands)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:104,065147,357110,07663,30988,57471,932
Other comprehensive income (loss)15,120(33,161)(3,442)1,8292,2421,752
Comprehensive income:119,185114,196106,63465,13890,81673,684
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(36)(754)    
Comprehensive income, net of tax, attributable to parent:119,149113,442106,63465,13890,81673,684

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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