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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans $ 90,731 $ 77,048 $ 173,199 $ 154,956
Debt securities 7,473 5,984 14,977 11,339
Equity investments and other 1,212 309 2,223 1,920
Total interest income 99,416 83,341 190,399 168,215
Interest expense:        
Deposits 4,317 6,325 8,358 14,821
Borrowed funds 4,302 3,000 7,017 5,774
Total interest expense 8,619 9,325 15,375 20,595
Net interest income 90,797 74,016 175,024 147,620
Credit loss expense (benefit) 1,254 (6,460) 3,105 (7,080)
Net interest income after credit loss expense (benefit) 89,543 80,476 171,919 154,700
Other income:        
Bankcard services revenue 3,310 3,591 6,273 6,643
Net gain on sales of loans 3 1,279 180 3,195
Net (loss) gain on equity investments (8,078) 576 (10,864) 8,863
Net gain (loss) from other real estate operations 50 (1) 48 (9)
Income from bank owned life insurance 1,422 1,716 3,525 3,131
Commercial loan swap income 2,294 73 5,075 1,184
Other 236 169 183 895
Total other income 7,541 11,803 16,393 32,638
Operating expenses:        
Compensation and employee benefits 33,153 29,912 63,848 58,278
Occupancy 4,758 5,314 10,502 10,375
Equipment 1,336 1,306 2,706 2,884
Marketing 971 625 1,587 1,059
Federal deposit insurance and regulatory assessments 1,788 1,099 3,678 2,963
Data processing 6,170 4,402 11,906 8,433
Check card processing 1,515 1,303 2,497 2,675
Professional fees 2,472 2,391 5,794 5,228
Amortization of core deposit intangible 1,178 1,361 2,388 2,756
Branch consolidation expense, net 546 26 948 1,037
Merger related expenses 196 446 2,161 827
Other operating expense 4,578 3,485 8,141 6,838
Total operating expenses 58,661 51,670 116,156 103,353
Income before provision for income taxes 38,423 40,609 72,156 83,985
Provision for income taxes 8,940 10,054 16,914 20,733
Net income 29,483 30,555 55,242 63,252
Net income attributable to non-controlling interest 522 0 522 0
Net income attributable to OceanFirst Financial Corp. 28,961 30,555 54,720 63,252
Dividends on preferred shares 1,004 1,004 2,008 2,008
Net income available to common stockholders $ 27,957 $ 29,551 $ 52,712 $ 61,244
Basic earnings per share (in dollars per share) $ 0.48 $ 0.49 $ 0.90 $ 1.02
Diluted earnings per share (in dollars per share) $ 0.47 $ 0.49 $ 0.89 $ 1.02
Average basic shares outstanding (in shares) 58,894 59,701 58,823 59,776
Average diluted shares outstanding (in shares) 58,995 59,966 58,975 60,040
Trust and asset management revenue        
Other income:        
Other income $ 658 $ 591 $ 1,267 $ 1,190
Fees and service charges        
Other income:        
Other income $ 7,646 $ 3,809 $ 10,706 $ 7,546