Parent-Only Financial Information

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent-Only Financial Information

(18) Parent-Only Financial Information

The following condensed statements of financial condition at December 31, 2015 and 2014 and condensed statements of operations and cash flows for the years ended December 31, 2015, 2014 and 2013 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,
	2015		2014
Assets
Cash and due from banks	$	7	$	7
Advances to subsidiary Bank		16,196		22,776
Investment securities		1,000		—
ESOP loan receivable		3,503		3,707
Investment in subsidiary Bank		239,486		219,221
Other assets		866		229
Total assets	$	261,058	$	245,940
Liabilities and Stockholders’ Equity
Borrowings	$	22,500	$	27,500
Other liabilities		112		181
Stockholder’s equity		238,446		218,259
Total liabilities and stockholders’ equity	$	261,058	$	245,940

CONDENSED STATEMENTS OF OPERATIONS

(in thousands)

	Years Ended December 31,
	2015		2014		2013
Dividend income – subsidiary Bank	$	16,000	$	16,000	$	16,000
Interest and dividend income – investment securities		3		279		287
Net gain on sales of investment securities available-for-sale		—		1,031		46
Interest income – advances to subsidiary Bank		51		44		40
Interest income – ESOP loan receivable		306		322		336
Total income		16,360		17,676		16,709
Interest expense – borrowings		736		767		766
Operating expenses		1,452		1,365		1,358
Income before income taxes and undistributed earnings of subsidiary Bank		14,172		15,544		14,585
Benefit for income taxes		634		229		567
Income before undistributed earnings of subsidiary Bank		14,806		15,773		15,152
Undistributed earnings of subsidiary Bank		5,516		4,147		1,178
Net Income	$	20,322	$	19,920	$	16,330

CONDENSED STATEMENTS OF CASH FLOWS

(in thousands)

	Years Ended December 31,
	2015			2014			2013
Cash flows from operating activities:
Net income	$	20,322		$	19,920		$	16,330
Decrease (increase) in advances to subsidiary Bank		6,580			(6,023	)		3,264
Undistributed earnings of subsidiary Bank		(5,516	)		(4,147	)		(1,178	)
Net (gain) on sales of investment securities available for sale		—			(1,031	)		(46	)
Change in other assets and other liabilities		(707	)		373			(547	)
Net cash provided by operating activities		20,679			9,092			17,823
Cash flows from investing activities:
Proceeds from sale of investment securities available-for-sale		—			8,439			1,244
Purchase of investment securities		(1,000	)		(651	)		(2,964	)
Repayments on ESOP loan receivable		204			190			179
Cash consideration for acquisition		(127	)		—			—
Net cash (used in) provided by investing activities		(923	)		7,978			(1,541	)
Cash flows from financing activities:
Decrease in borrowings		(5,000	)		—			—
Dividends paid		(8,693	)		(8,241	)		(8,239	)
Purchase of treasury stock		(6,459	)		(9,178	)		(8,108	)
Exercise of stock options		396			349			65
Net cash used in financing activities		(19,756	)		(17,070	)		(16,282	)
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