For the year ending 2025-12-31.
| Income Statement | 2025-12-31 | 2024-12-31 | ||
|---|---|---|---|---|
| Loans | 556,894 | 545,243 | ||
| Debt securities | 72,057 | 77,749 | ||
| Equity investments and other | 13,503 | 19,181 | ||
| Total interest income | 642,454 | 642,173 | ||
| Deposits | 216,180 | 242,133 | ||
| Revenue | - | 23,536 | ||
| Net gain (loss) on equity investments | - | 4,225 | ||
| Net (loss) gain from other real estate operations | - | -20 | ||
| Bankcard services revenue | - | 6,197 | ||
| Borrowed funds | 66,051 | 66,005 | ||
| Commercial loan swap income | - | 879 | ||
| Total interest expense | 282,231 | 308,138 | ||
| Other | - | 5,107 | ||
| Net interest income | 360,223 | 334,035 | ||
| Income from bank owned life insurance | - | 7,905 | ||
| Provision for credit losses | 16,171 | 7,689 | ||
| Net gain on sales of loans | - | 2,358 | ||
| Net interest income after provision for credit losses | 344,052 | 326,346 | ||
| Total other income | 44,701 | 50,187 | ||
| Compensation and employee benefits | 159,353 | 138,341 | ||
| Occupancy | 22,874 | 20,811 | ||
| Equipment | 3,597 | 4,250 | ||
| Marketing | 5,653 | 5,165 | ||
| Federal deposit insurance and regulatory assessments | 11,599 | 10,955 | ||
| Data processing | 27,723 | 24,280 | ||
| Check card processing | 4,582 | 4,412 | ||
| Professional fees | 15,090 | 9,483 | ||
| Amortization of intangibles | 3,634 | 3,333 | ||
| Branch consolidation expense, net | 0 | - | ||
| Merger related expenses | 4,253 | 1,779 | ||
| Restructuring charges | 11,526 | - | ||
| Other operating expense | 26,353 | 23,068 | ||
| Total operating expenses | 296,237 | 245,877 | ||
| Income before provision for income taxes | 92,516 | 130,656 | ||
| Provision for income taxes | 21,489 | 30,266 | ||
| Net income | 71,027 | 100,390 | ||
| Net income attributable to non-controlling interest | 49 | 325 | ||
| Net income attributable to oceanfirst financial corp | 70,978 | 100,065 | ||
| Dividends on preferred shares | 2,008 | 4,016 | ||
| Loss on redemption of preferred stock | 1,842 | - | ||
| Net income available to common stockholders, basic | 67,128 | 96,049 | ||
| Basic EPS | 1.17 | 1.65 | ||
| Diluted EPS | 1.17 | 1.65 | ||
| Basic Average Shares | 57,419,000 | 58,296,000 | ||
| Diluted Average Shares | 57,425,000 | 58,297,000 | ||
OCEANFIRST FINANCIAL CORP (OCFC)
OCEANFIRST FINANCIAL CORP (OCFC)