Parent-Only Financial Information

12 Months Ended

Dec. 31, 2011

Parent-Only Financial Information [Abstract]

Parent-Only Financial Information

(17) Parent-Only Financial Information

The following condensed statements of financial condition at December 31, 2011 and 2010 and condensed statements of operations and cash flows for the years ended December 31, 2011, 2010 and 2009 for OceanFirst Financial Corp. (parent company only) reflects the Company's investment in its wholly-owned subsidiary, the Bank, using the equity method of accounting.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

(in thousands)

	December 31,
	2011		2010
Assets
Cash and due from banks	$	7	$	7
Advances to subsidiary Bank		18,096		20,879
Investment securities		4,510		316
ESOP loan receivable		4,243		4,400
Investment in subsidiary Bank		214,910		201,200
Other assets		2,618		2,090
Total assets	$	244,384	$	228,892
Liabilities and Stockholders' Equity
Borrowings	$	27,500	$	27,500
Other liabilities		35		141
Stockholders' equity		216,849		201,251
Total liabilities and stockholders' equity	$	244,384	$	228,892

CONDENSED STATEMENTS OF OPERATIONS

(in thousands)

	Year Ended December 31,
	2011			2010			2009
Dividend income – subsidiary Bank	$	13,800		$	—		$	7,200
Dividend income – investment securities		23			15			15
Other-than-temporary impairment losses and loss on sale – investment securities		(148	)		—			(4	)
Interest income – advances to subsidiary Bank		50			64			69
Interest income – ESOP loan receivable		364			375			386
Total dividend and interest income		14,089			454			7,666
Interest expense – borrowings		750			784			928
Operating expenses		1,353			1,439			2,174
Income (loss) before income taxes and undistributed earnings of subsidiary Bank		11,986			(1,769	)		4,564
Benefit for income taxes		635			619			923
Income (loss) before undistributed earnings of subsidiary Bank		12,621			(1,150	)		5,487
Undistributed earnings of subsidiary Bank		8,120			21,528			10,166
Net Income	$	20,741		$	20,378		$	15,653

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended December 31,
	2011			2010			2009
Cash flows from operating activities:
Net income	$	20,741		$	20,378		$	15,653
Decrease (increase) in advances to subsidiary Bank		2,783			10,918			(30,409	)
Undistributed earnings of subsidiary Bank		(8,120	)		(21,528	)		(10,166	)
Other-than-temporary impairment losses and loss on sale of investment securities		148			—			4
Change in other assets and other liabilities		(745	)		(619	)		(1,006	)
Net cash provided by (used in) operating activities		14,807			9,149			(25,924	)
Cash flows from investing activities:
Proceeds from sale of investment securities		—			—			1,822
Purchase of investment securities		(4,072	)		—			—
Investment in subsidiary Bank		—			—			(19,132	)
Repayments on ESOP loan receivable		157			147			136
Net cash (used in) provided by investing activities		(3,915	)		147			(17,174	)
Cash flows from financing activities:
Dividends paid – common stock		(8,789	)		(8,764	)		(9,417	)
Dividends paid – preferred stock		—			—			(1,828	)
Repurchase shares of common stock		(2,147	)		—			—
Proceeds from issuance of preferred stock and warrants		—			—			38,263
Redemption of warrants and preferred stock		—			(431	)		(38,263	)
(Expenses ) proceeds from common stock issuance		—			(108	)		54,248
Exercise of stock options		44			7			95
Net cash (used in) provided by financing activities		(10,892	)		(9,296	)		43,098
Net increase in cash and due from banks		—			—			—
Cash and due from banks at beginning of year		7			7			7
Cash and due from banks at end of year	$	7		$	7		$	7