$OCFC

OCEANFIRST FINANCIAL CORP

CIK:0001004702|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans	$ 178,982	$ 135,478	$ 324,306	$ 268,497
Debt securities	26,633	15,950	46,443	33,220
Equity investments and other	3,989	3,397	7,146	6,811
Total interest income	209,604	154,825	377,895	308,528
Interest expense:
Deposits	68,308	52,273	122,003	103,319
Borrowed funds	20,566	14,916	38,715	30,921
Total interest expense	88,874	67,189	160,718	134,240
Net interest income	120,730	87,636	217,177	174,288
Provision for credit losses	4,002	3,039	6,740	8,379
Net interest income after provision for credit losses	116,728	84,597	210,437	165,909
Other income (loss):
Bankcard services revenue	1,772	1,619	3,401	3,082
Net gain on sales of loans	38	1,177	10	2,035
Net (loss) gain on equity investments	(347)	488	(701)	693
Net gain (loss) from other real estate operations	1,203	(260)	1,039	(276)
Income from bank owned life insurance	2,471	1,786	4,345	3,638
Commercial loan swap income	1,654	207	1,999	827
Other	34	1,373	234	2,526
Total other income	10,598	11,733	17,346	22,986
Operating expenses:
Compensation and employee benefits	50,202	40,242	89,686	76,982
Occupancy	7,333	5,454	13,165	10,951
Equipment	1,111	869	2,032	1,790
Marketing	1,894	1,541	2,857	2,649
Federal deposit insurance and regulatory assessments	4,130	2,898	7,345	5,881
Data processing	7,655	6,808	14,707	13,455
Check card processing	1,097	1,156	2,195	2,326
Professional fees	3,405	4,336	6,627	6,761
Amortization of intangibles	2,586	906	3,434	1,846
Merger related expenses	42,765	0	46,915	0
Restructuring (release) charges	(71)	0	57	0
Other operating expenses	7,752	7,264	14,242	13,127
Total operating expenses	129,859	71,474	203,262	135,768
(Loss) Income before provision for income taxes	(2,533)	24,856	24,521	53,127
Provision for income taxes	496	5,771	7,044	12,579
Net (loss) income	(3,029)	19,085	17,477	40,548
Net income (loss) attributable to non-controlling interest	0	39	0	(7)
Net (loss) income attributable to OceanFirst Financial Corp.	(3,029)	19,046	17,477	40,555
Dividends on preferred shares	0	1,004	0	2,008
Loss on redemption of preferred stock	0	1,842	0	1,842
Net (loss) income available to common stockholders, basic	(3,029)	16,200	17,477	36,705
Net (loss) income available to common stockholders, diluted	$ (3,029)	$ 16,200	$ 17,477	$ 36,705
Basic (loss) earnings per share (in dollars per share)	$ (0.04)	$ 0.28	$ 0.27	$ 0.63
Diluted (loss) earnings per share (in dollars per share)	$ (0.04)	$ 0.28	$ 0.27	$ 0.63
Average basic shares outstanding (in shares)	70,239	57,738	63,630	57,889
Average diluted shares outstanding (in shares)	70,239	57,740	63,638	57,891
Trust and asset management revenue
Other income (loss):
Revenue	$ 384	$ 374	$ 817	$ 780
Fees and service charges
Other income (loss):
Revenue	$ 3,389	$ 4,969	$ 6,202	$ 9,681

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ 17,477	$ 40,548
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	5,736	5,083
Allocation of ESOP stock	611	566
Stock compensation	3,871	2,546
Net excess tax expense on stock compensation	194	195
Amortization of servicing asset	460	163
Net (discount) premium amortization in excess of discount accretion on securities	(6,337)	82
Net amortization of deferred costs on borrowings	310	239
Amortization of intangibles	3,434	1,846
Net accretion of purchase accounting adjustments	(1,238)	(691)
Net amortization of deferred fees/costs and premiums/discounts on loans	(3,633)	(4,668)
Provision for credit losses	6,740	8,379
Net (gain) loss on sale of OREO and fixed assets	(19)	24
Net loss on sales of AFS securities	0	56
Net loss (gain) on equity investments	701	(693)
Net gain on sales of loans	(10)	(2,035)
Proceeds from sales of residential loans held for sale	2,714	249,458
Net residential loans originated for sale	3,064	(241,956)
Net write (up) down of OREO	(1,256)	194
Increase in cash surrender value of bank owned life insurance	(4,394)	(3,638)
Decrease in interest and dividends receivable	1,230	1,882
Shares issued to OceanFirst Foundation	5,000	0
Deferred tax provision (benefit)	1,170	(39)
Decrease in other assets	44,213	33,053
Decrease in other liabilities	(18,789)	(63,797)
Total adjustments	43,772	(13,751)
Net cash provided by (used in) operating activities	61,249	26,797
Cash flows from investing activities:
Net increase in loans receivable	(132,004)	(56,273)
Proceeds from sale of loans	1,201,786	0
Proceeds from sales of non-performing loans	2,037	6,361
Purchase of loan pools, net of discount	0	(24,297)
Purchase of debt securities AFS	(326,796)	(51,661)
Purchase of debt securities HTM	(979,556)	0
Purchase of equity investments	(3,481)	(3,220)
Proceeds from maturities and calls of debt securities AFS	6,559	3,250
Proceeds from maturities and calls of debt securities HTM	17,860	27,004
Proceeds from sales of debt securities available-for-sale	157,792	5,444
Proceeds from calls and sales of equity investments	32,486	0
Principal repayments on debt securities AFS	105,383	139,898
Principal repayments on debt securities HTM	64,201	51,515
Proceeds from bank owned life insurance	1,531	2,662
Proceeds from the redemption of restricted equity investments	295,634	127,306
Purchases of restricted equity investments	(329,057)	(125,210)
Capitalized improvements to OREO	(434)	0
Proceeds from sale of OREO	1,920	402
Purchases of premises and equipment	(4,530)	(3,249)
Cash received, net of cash consideration paid for acquisition	305,707	0
Net cash provided by investing activities	417,038	99,932
Cash flows from financing activities:
(Decrease) increase in deposits	(646,907)	166,102
Increase in short-term borrowings	6,865	885
Net repayment of FHLB advances	171,500	(133,924)
Increase in advances by borrowers for taxes and insurance	(53,651)	(4,272)
Exercise of stock options	2,323	136
Payment of employee taxes withheld from stock awards and phantom stock units	(4,367)	(1,383)
Purchase of treasury stock	(6,994)	(24,308)
Net proceeds from capital raise	214,843	0
Dividends paid	(22,972)	(25,345)
Redemption of preferred stock	0	(57,370)
Distributions to non-controlling interest	0	(266)
Net cash used in financing activities	(339,360)	(79,745)
Net increase in cash and due from banks and restricted cash	138,927	46,984
Cash and due from banks and restricted cash at beginning of period	135,130	123,615
Cash and due from banks and restricted cash at end of period	274,057	170,599
Supplemental Disclosure of Cash Flow Information:
Cash and due from banks at beginning of period	135,130	123,615
Restricted cash at beginning of period	0	0
Cash and due from banks and restricted cash at beginning of period	135,130	123,615
Cash and due from banks at end of period	274,057	170,599
Restricted cash at end of period	0	0
Cash and due from banks and restricted cash at end of period	274,057	170,599
Cash paid during the period for:
Interest	152,477	133,527
Income taxes	17,614	12,957
Non-cash activities:
Accretion of unrealized loss on securities reclassified to held-to-maturity	189	291
Net loan charge-offs	2,215	2,854
Shares issued to OceanFirst foundation	5,000	0
Transfer of loans receivable to OREO	3,398	6,487
Transfer of loans receivable to loans held-for-sale	2,037	6,361
Non-cash assets acquired:
Securities	1,560,476	0
Loans	4,991,257	0
Loans held for sale	1,201,786	0
Other assets	539,570	0
Goodwill and other intangible assets, net	97,356	0
Total non-cash assets acquired	8,390,445	0
Liabilities assumed:
Deposits	7,443,951	0
Borrowings	400,135	0
Other liabilities	316,478	0
Total liabilities assumed	$ 8,160,564	$ 0

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 274,057	$ 135,130
Debt securities available-for-sale, at estimated fair value	2,067,668	1,231,827
Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026 and $811 at December 31, 2025 (estimated fair value of $2,803,466 at June 30, 2026 and $825,790 at December 31, 2025)	2,862,196	881,568
Equity investments	75,965	91,882
Restricted equity investments, at cost	180,711	129,329
Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026 and $83,726 at December 31, 2025	16,086,532	10,970,666
Loans held-for-sale	0	5,768
Interest and dividends receivable	91,497	49,010
Other real estate owned	13,453	10,266
Premises and equipment, net	126,609	112,743
Core deposit intangible	503,910	270,301
Goodwill	529,836	517,481
Intangibles	90,613	9,046
Other assets	366,963	149,300
Total assets	23,270,010	14,564,317
Liabilities and Stockholders’ Equity
Deposits	17,760,073	10,964,405
FHLB advances	1,732,373	1,397,179
Securities sold under agreements to repurchase with customers	61,329	54,434
Other borrowings	493,216	255,233
Advances by borrowers for taxes and insurance	112,876	21,245
Other liabilities	699,063	209,271
Total liabilities	20,858,930	12,901,767
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued at June 30, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	1,843,530	1,118,331
Retained earnings	657,121	662,616
Accumulated other comprehensive loss	(3,376)	(2,159)
Less: Unallocated common stock held by ESOP	(681)	(1,301)
Treasury stock, 5,654,162 and 5,551,858 shares at June 30, 2026 and December 31, 2025, respectively	(116,979)	(115,562)
Total stockholders’ equity	2,411,080	1,662,550
Total liabilities and stockholders’ equity	23,270,010	14,564,317
Voting Common Stock
Stockholders’ equity:
Common stock	1,017	625
Non-Voting Common-Equivalent Stock
Stockholders’ equity:
Common stock	$ 30,448	$ 0