Parent-Only Financial Information

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

The following condensed statements of financial condition at December 31, 2019 and 2018 and condensed statements of operations and cash flows for the years ended December 31, 2019, 2018 and 2017 for OceanFirst Financial Corp. (parent company only) reflect the Company’s investment in its wholly-owned subsidiaries, the Bank and OceanFirst Risk Management, Inc., using the equity method of accounting.

Condensed Statement of Financial Condition

(in thousands)



	December 31,
	2019		2018
Assets:
Cash and due from banks	$	5,442	$	3,930
Advances to subsidiary Bank	27,878		14,026
Investment securities	1,000		1,000
ESOP loan receivable	9,271		10,431
Investment in subsidiaries	1,206,479		1,107,539
Other assets	327		234
Total assets	$	1,250,397	$	1,137,160
Liabilities and Stockholders’ Equity:
Borrowings	$	94,848	$	94,134
Other liabilities	2,430		3,668
Stockholders’ equity	1,153,119		1,039,358
Total liabilities and stockholders’ equity	$	1,250,397	$	1,137,160

Condensed Statements of Operations

(in thousands)



	For the Year Ended December 31,
	2019		2018		2017
Dividend income – subsidiary Bank	$	79,000	$	32,000	$	32,000
Interest and dividend income – investment securities	63		63		63
Interest income – advances to subsidiary Bank	426		525		280
Interest income – ESOP loan receivable	321		321		321
Other income	—		15		—
Total income	79,810		32,924		32,664
Interest expense – borrowings	5,402		4,997		2,592
Operating expenses	2,686		2,397		1,788
Income before income taxes and undistributed earnings of subsidiary Bank	71,722		25,530		28,284
Benefit for income taxes	924		846		973
Income before undistributed earnings of subsidiary Bank	72,646		26,376		29,257
Undistributed earnings of subsidiary Bank	15,928		45,556		13,213
Net Income	$	88,574	$	71,932	$	42,470

Condensed Statements of Cash Flows

(in thousands)



	For the Year Ended December 31,
	2019			2018			2017
Cash flows from operating activities:
Net income	$	88,574		$	71,932		$	42,470
(Increase) decrease in advances to subsidiary Bank	(13,852		)	15,262			(23,371		)
Undistributed earnings of subsidiary Bank	(15,928		)	(45,556		)	(13,213		)
Amortization of deferred costs on borrowings	261			262			121
Net amortization of purchase accounting adjustments	453			395			—
Change in other assets and other liabilities	(184		)	4,076			607
Net cash provided by operating activities	59,324			46,371			6,614
Cash flows from investing activities:
Increase in ESOP loan receivable	—			(8,400		)	—
Repayments on ESOP loan receivable	1,160			1,020			234
Net cash provided by (used in) investing activities	1,160			(7,380		)	234
Cash flows from financing activities:
Dividends paid	(34,241		)	(29,564		)	(19,286		)
Purchase of treasury stock	(26,066		)	(10,837		)	—
Exercise of stock options	1,335			5,324			3,354
Net cash used in financing activities	(58,972		)	(35,077		)	(15,932		)
Net increase (decrease) in cash and due from banks	1,512			3,914			(9,084		)
Cash and due from banks at beginning of year	3,930			16			9,100
Cash and due from banks at end of year	$	5,442		$	3,930		$	16