OCEANFIRST FINANCIAL CORP

Listed Company

OCFCCIK 0001004702NasdaqLarge AcceleratedNational Commercial BanksDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$70.98M

Total Assets

$14.56B

Equity

$1.66B

Shares Out

57.40M

Op. Cash Flow

$87.21M

Business

OCEANFIRST FINANCIAL CORP is a bank holding company that operates principally through its wholly owned subsidiary, OceanFirst Bank N.A., providing commercial banking and specialty finance services. The Company’s main products and services include commercial real estate and commercial loans, residential mortgage lending, consumer loans, deposit accounts, mortgage-backed and other securities investing, bankcard and trust services, mortgage banking and loan servicing, and commercial loan swap programs. Key business segments include investor-owned commercial real estate lending, owner-occupied commercial and industrial lending, residential mortgage lending, consumer lending, investment and treasury activities, and specialty finance through recent acquisitions. The Bank distributes products through branch offices, commercial loan production offices, digital channels, deposit production facilities, and regional specialty lending platforms across central and southern New Jersey and major metropolitan areas between Massachusetts and Virginia.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans	557	545	522	390	315
Debt securities	72	78	59	34	22
Equity investments and other	14	19	27	6	5
Total interest income	642	642	608	431	342
Deposits	216	242	172	31	25
Borrowed funds	66	66	66	23	12
Total interest expense	282	308	238	54	—
Net interest income	360	334	370	377	305
Provision for credit losses	16	8	18	8	−12
Net interest income after provision for credit losses	344	326	352	370	317
Bankcard services revenue	7	6	6	9	13
Net gain on sales of loans	4	2	428,000	358,000	3
Net gain (loss) on equity investments	916,000	4	−4	10	7
Net loss from other real estate operations	−285,000	−20,000	0	48,000	−15,000
Income from bank owned life insurance	8	8	5	7	7
Commercial loan swap income	4	879,000	741,000	7	4
Other	3	5	1	953,000	1
Total other income	45	50	34	59	52
Compensation and employee benefits	159	138	136	132	120
Occupancy	23	21	21	21	20
Equipment	4	4	5	5	5
Marketing	6	5	4	3	2
Federal deposit insurance and regulatory assessments	12	11	11	7	6
Data processing	28	24	25	23	22
Check card processing	5	4	5	5	5
Professional fees	15	9	18	13	11
Amortization of intangibles	4	3	4	5	—
Branch consolidation expense, net	0	0	70,000	713,000	12
Merger related expenses	4	2	22,000	3	2
Restructuring charges	12	0	0	—	—
Other operating expense	26	23	20	18	16
Total operating expenses	296	246	249	235	227
Income before provision for income taxes	93	131	137	194	142
Provision for income taxes	21	30	33	47	32
Net income	71	100	104	147	110
Net income attributable to non-controlling interest	49,000	325,000	36,000	754,000	0
Net income attributable to OceanFirst Financial Corp.	71	100	104	147	110
Dividends on preferred shares	2	4	4	4	4
Loss on redemption of preferred stock	2	0	0	—	—
Net income available to common stockholders, basic	67	96	100	143	106
Net income available to common stockholders, diluted	67	96	100	143	106
Basic earnings per share (in dollars per share)	1.17	1.65	1.7	2.43	1.79
Diluted earnings per share (in dollars per share)	1.17	1.65	1.7	2.42	1.78
Average basic shares outstanding (in shares)	57	58	59	59	59
Average diluted shares outstanding (in shares)	57	58	59	59	60

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	135	124	154	168	205
Debt securities available-for-sale, at estimated fair value (encumbered $897,491 at December 31, 2025 and $470,844 at December 31, 2024)	1,232	828	754	458	568
Debt securities held-to-maturity, net of allowance for securities credit losses of $811 at December 31, 2025 and $967 at December 31, 2024 (estimated fair value of $825,790 at December 31, 2025 and $952,917 at December 31, 2024) (encumbered $543,425 at December 31, 2025 and $599,200 at December 31, 2024)	882	1,046	1,160	1,221	1,139
Equity investments (encumbered $4,975 at December 31, 2025 and $0 at December 31, 2024)	92	84	100	102	101
Restricted equity investments, at cost	129	109	94	109	53
Loans receivable, net of allowance for loan credit losses of $83,726 at December 31, 2025 and $73,607 at December 31, 2024	10,971	10,055	10,137	9,869	8,583
Loans held-for-sale	6	21	5	—	—
Interest and dividends receivable	49	46	52	45	33
Other real estate owned	10	2	0	0	106,000
Premises and equipment, net	113	115	121	127	126
Bank owned life insurance	270	270	266	262	259
Goodwill	517	523	506	506	500
Intangibles	9	13	10	13	18
Other assets	149	186	180	221	147
Total assets	14,564	13,421	13,538	13,104	11,740
Deposits	10,964	10,066	10,435	9,675	9,733
FHLB advances	1,397	1,073	849	1,211	0
Securities sold under agreements to repurchase with customers	54	61	73	69	119
Other borrowings	255	198	196	195	229
Advances by borrowers for taxes and insurance	21	23	22	21	20
Other liabilities	209	298	301	346	122
Total liabilities	12,902	11,718	11,876	11,518	10,223
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, 0 and 57,370 shares issued at December 31, 2025 and December 31, 2024, respectively.	0	1,000	1,000	1,000	1,000
Common stock, $0.01 par value, 150,000,000 shares authorized, 62,942,427 and 62,673,192 shares issued at December 31, 2025 and December 31, 2024, respectively; and 57,390,569 and 58,554,871 shares outstanding at December 31, 2025 and December 31, 2024, respectively	625,000	613,000	613,000	612,000	611,000
Additional paid-in capital	1,118	1,168	1,162	1,155	1,147
Retained earnings	663	642	593	541	442
Accumulated other comprehensive loss	−2	−16	−21	−36	−3
Less: Unallocated common stock held by ESOP	−1	−3	−4	−6	−9
Treasury stock, 5,551,858 and 4,118,321 shares at December 31, 2025 and December 31, 2024, respectively	−116	−91	−69	−69	−62
OceanFirst Financial Corp. stockholders equity	1,663	1,702	1,661	1,585	1,517
Non-controlling interest	0	1	782,000	802,000	0
Total stockholders equity	1,663	1,703	1,662	1,585	1,517
Total liabilities and stockholders equity	14,564	13,421	13,538	13,104	11,740

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of premises and equipment	10	11	12	12	9
Allocation of ESOP stock	1	1	2	3	2
Stock compensation	5	6	6	7	5
Net excess tax expense on stock compensation	195,000	365,000	243,000	216,000	93,000
Net accretion of purchase accounting adjustments	−1	−3	−6	−10	−14
Amortization of servicing asset	480,000	308,000	90,000	77,000	72,000
Net (discount) premium amortization in excess of discount accretion on securities	−4	870,000	3	7	8
Net amortization of deferred costs on borrowings	338,000	626,000	598,000	548,000	824,000
Net amortization of deferred fees/costs and premiums/discounts on loans	−9	−3	−1	—	—
Net write-down of fixed assets held-for-sale to net realizable value	0	0	459,000	1	8
Net loss (gain) on sale of fixed assets	2,000	−131,000	−26,000	−38,000	0
Net (gain) loss on equity investments	−916,000	−4	4	−10	−7
Net gain on sales of loans	−4	−2	−428,000	−358,000	−3
Net loss on sale of available-for-sale securities	34,000	106,000	697,000	0	0
Proceeds from sales of residential loans held for sale	504	270	58	13	103
Residential loans originated for sale	−485	−284	−63	−13	−54
Write down of other real estate owned	198,000	0	0	—	—
Increase in value of bank owned life insurance	−7	−7	−5	−7	—
Net (gain) loss on sale of assets held for sale	0	−855,000	233,000	−2	−318,000
(Increase) decrease in interest and dividends receivable	−3	6	−7	−12	3
Deferred tax provision (benefit)	3	−337,000	3	2	4
Net loss on disposal of controlling interest in Trident	4	0	0	—	—
Decrease (increase) in other assets	29	−3	35	−80	33
Decrease in other liabilities	−48	−8	−45	179	−35
Total adjustments	16	−8	20	103	50
Net cash provided by operating activities	87	92	124	250	160
Net (increase) decrease in loans receivable	−914	199	−244	−1,127	−556
Purchases of loan pools	−27	−84	−36	−172	−302
Discounts received (premiums paid) on purchased loan pools	3	8	−1	−866,000	—
Proceeds from sale of loans	9	0	0	—	—
Purchase of debt securities available-for-sale	−810	−257	−303	−69	−510
Purchase of debt securities held-to-maturity	0	−7	−66	−250	−447
Purchase of equity investments	−8	−3	−8	−9	−86
Proceeds from maturities and calls of debt securities available-for-sale	10	20	22	104	104
Proceeds from maturities and calls of debt securities held-to-maturity	53	22	19	30	38
Proceeds from sales of debt securities available-for-sale	142	7	1	30	3
Proceeds from sales of equity investments	365,000	23	5	19	99
Principal repayments on debt securities available-for-sale	270	162	926,000	—	—
Principal repayments on debt securities held-to-maturity	115	100	108	135	216
Proceeds from bank owned life insurance	7	3	385,000	4	13
Proceeds from the redemption of restricted equity investments	336	81	129	235	2
Purchases of restricted equity investments	−357	−96	−113	−291	−3
Proceeds from sales of other real estate owned	912,000	0	0	—	—
Proceeds from sales of assets held-for-sale	0	883,000	4	8	4
Purchases of premises and equipment	−8	−8	−8	−16	−42
Proceeds from disposal of premises and equipment	0	3	0	0	—
Proceeds from disposal of controlling interest in Trident	3	0	0	—	—
Net cash consideration paid for acquisition	0	−69	0	—	0
Net cash (used in) provided by investing activities	−1,176	106	−488	−1,321	−1,478
Net increase (decrease) in deposits	858	−367	760	−57	408
(Decrease) increase in short-term borrowings	−6	−13	4	−50	−10
Net proceeds (repayment) from FHLB advances	325	224	−363	1,211	—
Net proceeds from issuance of subordinated notes	182	0	0	0	0
Repayments of other borrowings	−125	0	0	−35	−8
(Decrease) increase in advances by borrowers for taxes and insurance	−2	624,000	1	1	3
Exercise of stock options	717,000	571,000	702,000	424,000	2
Payment of employee taxes withheld from stock awards	−1	−2	−2	−2	−1
Purchase of treasury stock	−25	−21	0	−7	−36
Dividends paid	−48	−51	−51	−48	−45
Redemption of preferred stock	−57	0	0	—	—
Distributions to non-controlling interest	−315,000	0	−55,000	−782,000	0
Net cash provided by (used) in financing activities	1,100	−229	349	1,014	224
Net increase (decrease) in cash and due from banks and restricted cash	12	−30	−14	−57	−1,094
Interest	279	320	225	50	37
Income taxes	21	34	29	25	51
Accretion of unrealized loss on securities reclassified to held-to-maturity	487,000	413,000	503,000	590,000	667,000
Net loan charge-offs	5	2	8	−340,000	—
Transfer of premises and equipment to assets held-for-sale	0	0	1	3	4
Transfer of securities from held-to-maturity to available-for-sale	0	500,000	0	0	—
Transfer of loans receivable to other real estate owned	10	0	0	0	0
Transfer of loans receivable to loans held-for-sale	9	0	0	13	0
Settlement of preexisting loan receivable from Spring Garden	0	97	0	0	—
Loans	0	140	0	0	0
Premises and equipment	0	157,000	0	18,000	0
Other real estate owned	0	2	0	0	—
Other assets	0	1	0	81,000	0
Goodwill and other intangible assets, net	0	24	0	6	0
Total non-cash assets acquired	0	167	0	7	0
Other liabilities	0	4	0	44	0
Total lease and other liabilities	0	4	0	45	—
Total liabilities assumed	0	4	0	45	0

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