XML 43 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 19,920us-gaap_NetIncomeLoss $ 16,330us-gaap_NetIncomeLoss $ 20,020us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization of premises and equipment 2,916us-gaap_DepreciationAndAmortization 2,832us-gaap_DepreciationAndAmortization 2,626us-gaap_DepreciationAndAmortization
Allocation of ESOP stock 570us-gaap_AllocatedShareBasedCompensationExpense 538us-gaap_AllocatedShareBasedCompensationExpense 480us-gaap_AllocatedShareBasedCompensationExpense
Stock awards 928us-gaap_ShareBasedCompensation 671us-gaap_ShareBasedCompensation 591us-gaap_ShareBasedCompensation
Amortization of servicing asset 1,016us-gaap_ServicingAssetAtAmortizedValueAmortization1 1,385us-gaap_ServicingAssetAtAmortizedValueAmortization1 1,633us-gaap_ServicingAssetAtAmortizedValueAmortization1
Net premium amortization in excess of discount accretion on securities 2,816us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 3,667us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 3,466us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Net premium amortization of deferred fees and discounts on loans 63us-gaap_OtherNoncashExpense 501us-gaap_OtherNoncashExpense 819us-gaap_OtherNoncashExpense
Provision for loan losses 2,630us-gaap_ProvisionForLoanAndLeaseLosses 2,800us-gaap_ProvisionForLoanAndLeaseLosses 7,900us-gaap_ProvisionForLoanAndLeaseLosses
Provision for repurchased loans and loss sharing obligations   975ocfc_ProvisionForRepurchasedLoans 750ocfc_ProvisionForRepurchasedLoans
Deferred tax provision (benefit) 103us-gaap_DeferredIncomeTaxExpenseBenefit (1,750)us-gaap_DeferredIncomeTaxExpenseBenefit 649us-gaap_DeferredIncomeTaxExpenseBenefit
Net (gain) loss on sales of other real estate owned (46)us-gaap_GainsLossesOnSalesOfOtherRealEstate 105us-gaap_GainsLossesOnSalesOfOtherRealEstate (295)us-gaap_GainsLossesOnSalesOfOtherRealEstate
Net gain on sales of loans (772)us-gaap_GainLossOnSalesOfLoansNet (2,138)us-gaap_GainLossOnSalesOfLoansNet (4,718)us-gaap_GainLossOnSalesOfLoansNet
Net gain on sales of investment securities available for sale (1,031)us-gaap_MarketableSecuritiesRealizedGainLoss (46)us-gaap_MarketableSecuritiesRealizedGainLoss (226)us-gaap_MarketableSecuritiesRealizedGainLoss
Proceeds from sale of mortgage servicing rights 3,155us-gaap_ProceedsFromSaleOfMortgageServicingRightsMSR    
Net gain on sale of loan servicing (408)ocfc_GainLossOnSaleOfLoanServicing    
Proceeds from sales of mortgage loans held-for-sale 39,641us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale 106,719us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale 176,903us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale
Mortgage loans originated for sale (42,571)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (99,614)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (170,999)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale
Purchase of Bank Owned Life Insurance     (10,000)ocfc_PaymentsToAcquireBankOwnedLifeInsurance
Proceeds from Bank Owned Life Insurance     158us-gaap_ProceedsFromLifeInsurancePolicies
Increase in value of Bank Owned Life Insurance (1,477)us-gaap_BankOwnedLifeInsuranceIncome (1,404)us-gaap_BankOwnedLifeInsuranceIncome (1,338)us-gaap_BankOwnedLifeInsuranceIncome
(Increase) decrease in interest and dividends receivable (126)us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable 596us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable 456us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable
Decrease in other assets 130us-gaap_IncreaseDecreaseInOtherOperatingAssets 2,031us-gaap_IncreaseDecreaseInOtherOperatingAssets 937us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase in other liabilities 124us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 1,260us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 1,076us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Total adjustments 7,661us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 19,128us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities 10,868us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
Net cash provided by operating activities 27,581us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 35,458us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 30,888us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:      
Net (increase) decrease in loans receivable (152,852)us-gaap_PaymentsForProceedsFromLoansAndLeases (24,917)us-gaap_PaymentsForProceedsFromLoansAndLeases 27,050us-gaap_PaymentsForProceedsFromLoansAndLeases
Purchase of loans receivable (20,574)us-gaap_PaymentsToAcquireLoansReceivable    
Proceeds from sale of non-performing loans 19,058ocfc_ProceedsFromSaleOfNonPerformingLoans    
Proceeds from sales of investment securities available-for-sale 8,439us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 1,244us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 1,221us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Purchase of investment securities available-for-sale (20,547)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (28,292)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (74,390)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Purchase of investment securities held-to-maturity (5,003)us-gaap_PaymentsToAcquireHeldToMaturitySecurities (847)us-gaap_PaymentsToAcquireHeldToMaturitySecurities  
Purchase of mortgage-backed securities available-for-sale   (127,582)us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale (94,663)us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsAvailableForSale
Purchase of mortgage-backed securities held-to-maturity (35,203)us-gaap_PaymentsToAcquireMortgageBackedSecuritiesMBSCategorizedAsHeldToMaturity    
Proceeds from maturities of investment securities available-for-sale 35,005us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 45,395us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 28,049us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from maturities of investment securities held-to-maturity 7,711us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities 3,725us-gaap_ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities  
Principal repayments on mortgage-backed securities available-for-sale   75,460us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS 118,372us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
Principal repayments on mortgage-backed securities held-to-maturity 57,199us-gaap_ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment 24,017us-gaap_ProceedsFromMaturitiesRepaymentsAndCallsOfTradingSecuritiesHeldforinvestment  
(Increase) decrease in Federal Home Loan Bank of New York stock (4,652)us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock 2,543us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock 1,099us-gaap_PaymentsForProceedsFromFederalHomeLoanBankStock
Net proceeds from sale and acquisition of other real estate owned 4,016us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans 2,116us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans 3,105us-gaap_ProceedsFromSaleOfWhollyOwnedRealEstateAndRealEstateAcquiredInSettlementOfLoans
Purchases of premises and equipment (3,970)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (4,283)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (2,600)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash (used in) provided by investing activities (111,373)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (31,421)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 7,243us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:      
(Decrease) increase in deposits (26,628)us-gaap_IncreaseDecreaseInDeposits 27,092us-gaap_IncreaseDecreaseInDeposits 13,588us-gaap_IncreaseDecreaseInDeposits
Increase (decrease) in short-term borrowings 24,746us-gaap_ProceedsFromRepaymentsOfShortTermDebt 112,513us-gaap_ProceedsFromRepaymentsOfShortTermDebt (5,310)us-gaap_ProceedsFromRepaymentsOfShortTermDebt
Proceeds from Federal Home Loan Bank advances 215,000us-gaap_ProceedsFromFederalHomeLoanBankAdvances 70,000us-gaap_ProceedsFromFederalHomeLoanBankAdvances  
Repayments of Federal Home Loan Bank advances (110,000)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings (225,000)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings (41,000)us-gaap_RepaymentsOfFederalHomeLoanBankBorrowings
(Increase) decrease in advances by borrowers for taxes and insurance (148)us-gaap_IncreaseDecreaseInRestrictedCash (915)us-gaap_IncreaseDecreaseInRestrictedCash 273us-gaap_IncreaseDecreaseInRestrictedCash
Exercise of stock options 349us-gaap_ProceedsFromStockOptionsExercised 65us-gaap_ProceedsFromStockOptionsExercised 419us-gaap_ProceedsFromStockOptionsExercised
Purchase of treasury stock (9,178)us-gaap_PaymentsForRepurchaseOfCommonStock (8,108)us-gaap_PaymentsForRepurchaseOfCommonStock (11,897)us-gaap_PaymentsForRepurchaseOfCommonStock
Dividends paid (8,241)us-gaap_PaymentsOfDividendsCommonStock (8,239)us-gaap_PaymentsOfDividendsCommonStock (8,579)us-gaap_PaymentsOfDividendsCommonStock
Tax benefit (expense) of stock plans 51us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (31)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities (608)us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash provided by (used in) financing activities 85,951us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (32,623)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (53,114)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase (decrease) in cash and due from banks 2,159us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (28,586)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (14,983)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and due from banks at beginning of year 33,958us-gaap_CashAndDueFromBanks 62,544us-gaap_CashAndDueFromBanks 77,527us-gaap_CashAndDueFromBanks
Cash and due from banks at end of year 36,117us-gaap_CashAndDueFromBanks 33,958us-gaap_CashAndDueFromBanks 62,544us-gaap_CashAndDueFromBanks
Supplemental disclosure of cash flow information:      
Interest 7,243us-gaap_InterestPaid 9,969us-gaap_InterestPaid 14,151us-gaap_InterestPaid
Income taxes 11,801us-gaap_IncomeTaxesPaid 8,136us-gaap_IncomeTaxesPaid 9,018us-gaap_IncomeTaxesPaid
Non-cash investing activities:      
Reclassification of securities available-for-sale to held-to-maturity   536,010ocfc_SecuritiesTransferredFromAvailableForSaleToHeldToMaturity  
Accretion of unrealized loss on securities reclassified to held-to-maturity 1,218ocfc_AccretionOfUnrealizedLossOnSecuritiesReclassifiedToHeldToMaturity 206ocfc_AccretionOfUnrealizedLossOnSecuritiesReclassifiedToHeldToMaturity  
Loans charged-off, net 7,243ocfc_NetLoansChargedOff 2,380ocfc_NetLoansChargedOff 5,620ocfc_NetLoansChargedOff
Transfer of loans receivable to other real estate owned $ 4,289us-gaap_TransferToOtherRealEstate $ 3,356us-gaap_TransferToOtherRealEstate $ 4,050us-gaap_TransferToOtherRealEstate