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
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments167,946204,9491,272,134120,544120,792109,613
Cash and cash equivalents167,946204,9491,272,134120,544120,792109,613
Total current assets:167,946204,9491,272,134120,544120,792109,613
Noncurrent Assets
Finance lease, right-of-use asset, after accumulated amortization1,5321,4951,6941,534
Operating lease, right-of-use asset19,05517,44222,55518,682
Property, plant and equipment     111,209101,776
Intangible assets, net (including goodwill)519,643518,534523,987390,239355,413159,386
Goodwill506,146500,319500,319374,632338,442150,501
Intangible assets, net (excluding goodwill)13,49718,21523,66815,60716,9718,885
Deferred income tax assets    50,067
Total noncurrent assets:540,230537,471548,236460,522466,622261,162
Other undisclosed assets12,395,72010,997,1969,627,9437,665,0796,928,7405,045,231
TOTAL ASSETS:13,103,89611,739,61611,448,3138,246,1457,516,1545,416,006
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt1,278,597118,769128,454431,463341,837176,626
Total current liabilities:1,278,597118,769128,454431,463341,837176,626
Noncurrent Liabilities
Other undisclosed liabilities10,239,83510,104,2949,835,7296,661,5636,134,9594,637,439
Total liabilities:11,518,43210,223,0639,964,1837,093,0266,476,7964,814,065
Equity
Equity, attributable to parent, including:1,584,6621,516,5531,484,1301,153,1191,039,358601,941
Preferred stock111   
Common stock612611609519483336
Treasury stock, value(69,106)(61,710)(25,651)(36,903)(10,837)(15,967)
Additional paid in capital1,154,8211,146,7811,137,715840,691757,963354,377
Accumulated other comprehensive income (loss)(35,982)(2,821)621(1,208)(3,450)(5,349)
Retained earnings540,507442,306378,268358,668305,056271,023
Other undisclosed equity, attributable to parent(6,191)(8,615)(7,433)(8,648)(9,857)(2,479)
Equity, attributable to noncontrolling interest802     
Total equity:1,585,4641,516,5531,484,1301,153,1191,039,358601,941
TOTAL LIABILITIES AND EQUITY:13,103,89611,739,61611,448,3138,246,1457,516,1545,416,006

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

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues390,386315,237349,221279,931249,549187,796
Net investment income390,386315,237349,221279,931249,549170,588
Cost of revenue  (59,404)(1,636)(3,490)(4,445)
Provision for loan, lease, and other losses  (59,404)(1,636)(3,490)
Financial services costs(4,445)
Gross profit:390,386315,237289,817278,295246,059183,351
Operating expenses(234,881)(226,860)(246,431)(189,142)(186,337)(126,520)
Other operating income, net
(Noninterest Income, Other Operating Income)
9531,1596185,9272,131474
Operating income:156,45889,53644,00495,08061,85357,305
Nonoperating income13,69110,91214,5395,0901,2932,425
Investment income, nonoperating7,0654,0958,080   
Bank owned life insurance income6,5786,8326,4245,4205,1053,299
Profit (loss) from real estate operations 48(15)35(330)(3,812)(874)
Interest and debt expense(53,698)(36,754)(66,657)(52,823)(36,152)(19,611)
Income (loss) from continuing operations before equity method investments, income taxes:116,45163,694(8,114)47,34726,99440,119
Other undisclosed income from continuing operations before income taxes77,47178,54789,15660,01158,50825,206
Income from continuing operations before income taxes:193,922142,24181,042107,35885,50265,325
Income tax expense(46,565)(32,165)(17,733)(18,784)(13,570)(22,855)
Income from continuing operations:147,357110,07663,30988,57471,93242,470
Income before gain (loss) on sale of properties:110,07663,30988,57471,93242,470
Net income:147,357110,07663,30988,57471,93242,470
Net loss attributable to noncontrolling interest(754)     
Net income attributable to parent:146,603110,07663,30988,57471,93242,470
Preferred stock dividends and other adjustments(4,016)(4,016)(2,097)   
Net income available to common stockholders, diluted:142,587106,06061,21288,57471,93242,470

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:147,357110,07663,30988,57471,93242,470
Other comprehensive income (loss)(33,161)(3,442)1,8292,2421,752400
Comprehensive income:114,196106,63465,13890,81673,68442,870
Comprehensive loss, net of tax, attributable to noncontrolling interest(754)     
Comprehensive income, net of tax, attributable to parent:113,442106,63465,13890,81673,68442,870

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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