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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loans $ 137,121 $ 121,720
Debt securities 19,861 14,286
Equity investments and other 4,620 3,028
Total interest income 161,602 139,034
Interest expense:    
Deposits 59,855 21,330
Borrowed funds 15,523 18,902
Total interest expense 75,378 40,232
Net interest income 86,224 98,802
Provision for credit losses 591 3,013
Net interest income after provision for credit losses 85,633 95,789
Other income:    
Bankcard services revenue 1,416 1,330
Net gain on sales of loans 357 20
Net gain (loss) on equity investments 1,923 (6,801)
Income from bank owned life insurance 1,862 1,281
Commercial loan swap income 138 701
Other 1,591 (229)
Total other income 12,286 2,073
Operating expenses:    
Compensation and employee benefits 32,759 33,920
Occupancy 5,199 5,239
Equipment 1,130 1,205
Marketing 990 982
Federal deposit insurance and regulatory assessments 3,135 1,749
Data processing 5,956 6,154
Check card processing 1,050 1,281
Professional fees 2,732 5,098
Amortization of core deposit intangible 844 1,027
Branch consolidation expense, net 0 70
Merger related expenses 0 22
Other operating expense 4,877 4,562
Total operating expenses 58,672 61,309
Income before provision for income taxes 39,247 36,553
Provision for income taxes 10,637 8,654
Net income 28,610 27,899
Net (loss) income attributable to non-controlling interest (57) 16
Net income attributable to OceanFirst Financial Corp. 28,667 27,883
Dividends on preferred shares 1,004 1,004
Net income available to common stockholders, basic 27,663 26,879
Net income available to common stockholders, diluted $ 27,663 $ 26,879
Basic earnings per share (in dollars per share) $ 0.47 $ 0.46
Diluted earnings per share (in dollars per share) $ 0.47 $ 0.46
Average basic shares outstanding (in shares) 58,789 58,774
Average diluted shares outstanding (in shares) 58,791 58,918
Trust and asset management revenue    
Other income:    
Revenue $ 526 $ 612
Fees and service charges    
Other income:    
Revenue $ 4,473 $ 5,159