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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 100,141 $ 78,889 $ 273,340 $ 233,845
Debt securities 8,479 5,040 23,456 16,379
Equity investments and other 1,879 1,491 4,102 3,411
Total interest income 110,499 85,420 300,898 253,635
Interest expense:        
Deposits 9,238 5,379 17,596 20,200
Borrowed funds 5,296 2,909 12,313 8,683
Total interest expense 14,534 8,288 29,909 28,883
Net interest income 95,965 77,132 270,989 224,752
Credit loss expense (benefit) 1,016 (3,179) 4,121 (10,259)
Net interest income after credit loss expense (benefit) 94,949 80,311 266,868 235,011
Other income:        
Bankcard services revenue 1,509 3,409 7,782 10,052
Net gain (loss) on sales of loans 168 (15) 348 3,180
Net gain (loss) on equity investments 3,362 (466) (7,502) 8,397
Net gain (loss) from other real estate operations 0 (3) 48 (12)
Income from bank owned life insurance 1,356 1,640 4,881 4,771
Commercial loan swap income 1,471 1,588 6,546 2,772
Other 396 173 579 1,068
Total other income 15,150 9,883 31,543 42,521
Operating expenses:        
Compensation and employee benefits 34,124 30,730 97,972 89,008
Occupancy 5,288 5,005 15,790 15,380
Equipment 1,150 1,124 3,856 4,008
Marketing 655 496 2,242 1,555
Federal deposit insurance and regulatory assessments 1,757 1,459 5,435 4,422
Data processing 6,560 5,363 18,466 13,796
Check card processing 1,231 1,337 3,728 4,012
Professional fees 2,502 3,089 8,296 8,317
Amortization of core deposit intangible 1,171 1,354 3,559 4,110
Branch consolidation (benefit) expense, net (346) 4,014 602 5,051
Merger related expenses 298 225 2,459 1,052
Other operating expense 4,607 4,477 12,748 11,315
Total operating expenses 58,997 58,673 175,153 162,026
Income before provision for income taxes 51,102 31,521 123,258 115,506
Provision for income taxes 12,298 7,354 29,212 28,087
Net income 38,804 24,167 94,046 87,419
Net income attributable to non-controlling interest 193 0 715 0
Net income attributable to OceanFirst Financial Corp. 38,611 24,167 93,331 87,419
Dividends on preferred shares 1,004 1,004 3,012 3,012
Net income available to common stockholders 37,607 23,163 90,319 84,407
Net income available to common stockholders $ 37,607 $ 23,163 $ 90,319 $ 84,407
Basic earnings per share (in dollars per share) $ 0.64 $ 0.40 $ 1.54 $ 1.42
Diluted earnings per share (in dollars per share) $ 0.64 $ 0.39 $ 1.53 $ 1.41
Average basic shares outstanding (in shares) 58,681 59,311 58,777 59,619
Average diluted shares outstanding (in shares) 58,801 59,515 58,918 59,862
Trust and asset management revenue        
Other income:        
Other income $ 568 $ 584 $ 1,835 $ 1,774
Fees and service charges        
Other income:        
Other income $ 6,320 $ 2,973 $ 17,026 $ 10,519