XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Loans $ 121,720 $ 82,468
Debt securities 14,286 7,504
Equity investments and other 3,028 1,011
Total interest income 139,034 90,983
Interest expense:    
Deposits 21,330 4,041
Borrowed funds 18,902 2,715
Total interest expense 40,232 6,756
Net interest income 98,802 84,227
Provision for credit losses 3,013 1,851
Net interest income after provision for credit losses 95,789 82,376
Other income:    
Bankcard services revenue 1,330 2,963
Net gain on sales of loans 20 177
Net loss on equity investments (6,801) (2,786)
Net loss from other real estate operations 0 (2)
Income from bank owned life insurance 1,281 2,103
Commercial loan swap income 701 2,781
Other (229) (53)
Total other income 2,073 8,852
Operating expenses:    
Compensation and employee benefits 33,920 30,695
Occupancy 5,239 5,744
Equipment 1,205 1,370
Marketing 982 616
Federal deposit insurance and regulatory assessments 1,749 1,890
Data processing 6,154 5,736
Check card processing 1,281 982
Professional fees 5,098 3,322
Amortization of core deposit intangible 1,027 1,210
Branch consolidation expense, net 70 402
Merger related expenses 22 1,965
Other operating expense 4,562 3,563
Total operating expenses 61,309 57,495
Income before provision for income taxes 36,553 33,733
Provision for income taxes 8,654 7,974
Net income 27,899 25,759
Net income attributable to non-controlling interest 16 0
Net income attributable to OceanFirst Financial Corp. 27,883 25,759
Dividends on preferred shares 1,004 1,004
Net income available to common stockholders 26,879 24,755
Net income available to common stockholders $ 26,879 $ 24,755
Basic earnings per share (in dollars per share) $ 0.46 $ 0.42
Diluted earnings per share (in dollars per share) $ 0.46 $ 0.42
Average basic shares outstanding (in shares) 58,774 58,739
Average diluted shares outstanding (in shares) 58,918 58,943
Trust and asset management revenue    
Other income:    
Other income $ 612 $ 609
Fees and service charges    
Other income:    
Other income $ 5,159 $ 3,060