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)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments457,747496,193167,946170,668189,019210,919
Cash and cash equivalents457,747496,193167,946170,668189,019210,919
Total current assets:457,747496,193167,946170,668189,019210,919
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization1,4201,4741,5321,3471,3961,446
Operating lease, right-of-use asset20,04420,08119,05519,47420,46714,249
Intangible assets, net (including goodwill)517,622518,616519,643520,802521,973517,324
Goodwill506,146506,146506,146506,146506,146500,319
Intangible assets, net (excluding goodwill)11,47612,47013,49714,65615,82717,005
Total noncurrent assets:539,086540,171540,230541,623543,836533,019
Other undisclosed assets12,542,07012,518,81112,395,72011,971,16211,705,79811,421,007
TOTAL ASSETS:13,538,90313,555,17513,103,89612,683,45312,438,65312,164,945
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt74,45270,9381,278,59796,289105,495117,782
Total current liabilities:74,45270,9381,278,59796,289105,495117,782
Noncurrent Liabilities
Other undisclosed liabilities11,838,16811,873,86610,239,83511,046,94810,811,72610,527,829
Total liabilities:11,912,62011,944,80411,518,43211,143,23710,917,22110,645,611
Equity
Equity, attributable to parent, including:1,625,4351,609,5531,584,6621,539,2531,520,4881,519,334
Preferred stock111111
Common stock613613612612612612
Treasury stock, value(69,106)(69,106)(69,106)(69,106)(69,106)(63,854)
Additional paid in capital1,159,3941,158,0071,154,8211,153,0721,151,3631,149,503
Accumulated other comprehensive loss(30,348)(29,315)(35,982)(38,496)(29,093)(15,170)
Retained earnings569,867554,941540,507499,967474,114456,251
Other undisclosed equity, attributable to parent(4,986)(5,588)(6,191)(6,797)(7,403)(8,009)
Equity, attributable to noncontrolling interest848818802963944 
Total equity:1,626,2831,610,3711,585,4641,540,2161,521,4321,519,334
TOTAL LIABILITIES AND EQUITY:13,538,90313,555,17513,103,89612,683,45312,438,65312,164,945

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

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Revenues128,283117,112117,046100,30990,73482,468
Net investment income129,104121,720117,046100,14190,73182,468
Cost of revenue
(Provision for Loan, Lease, and Other Losses)
(1,229)(3,013)   (1,851)
Gross profit:127,054114,099117,046100,30990,73480,617
Operating expenses(62,930)(61,309)(59,728)(58,997)(58,661)(57,495)
Other operating income (expense), net
(Noninterest Income, Other Operating Income)
481(229)374396236(53)
Operating income:64,60552,56157,69241,70832,30923,069
Nonoperating income1,1821,9822,2162,8273,7664,882
Investment income, nonoperating 7015191,4712,2942,781
Bank owned life insurance income1,1821,2811,6971,3561,4222,103
Interest and debt expense(57,987)(40,232)(23,789)(14,534)(8,619)(6,756)
Income (loss) from continuing operations before equity method investments, income taxes:7,80014,31136,11930,00127,45621,195
Other undisclosed income from continuing operations before income taxes29,07822,24234,54521,10110,96712,538
Income from continuing operations before income taxes:36,87836,55370,66451,10238,42333,733
Income tax expense(8,996)(8,654)(17,353)(12,298)(8,940)(7,974)
Income from continuing operations:27,88227,89953,31138,80429,48325,759
Income before gain (loss) on sale of properties:38,80429,48325,759
Net income:27,88227,89953,31138,80429,48325,759
Net income (loss) attributable to noncontrolling interest(85)(16)(39)(193)(522) 
Net income attributable to parent:27,79727,88353,27238,61128,96125,759
Preferred stock dividends and other adjustments(1,004)(1,004)(1,004)(1,004)(1,004)(1,004)
Net income available to common stockholders, diluted:26,79326,87952,26837,60727,95724,755

Comprehensive Income ($ in thousands)

9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
6/30/2022
Q2
3/31/2022
Q1
Net income:27,88227,89953,31138,80429,48325,759
Other comprehensive income (loss)(1,033)6,6672,514(9,403)(13,923)(12,349)
Comprehensive income:26,84934,56655,82529,40115,56013,410
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(85)(16)(39)(193)(522) 
Comprehensive income, net of tax, attributable to parent:26,76434,55055,78629,20815,03813,410

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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