Subsequent Event

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Event

Note 10. Subsequent Event

On January 5, 2016, the Company announced an agreement to acquire Cape Bancorp (“Cape”), headquartered in Cape May Court House, New Jersey, in a transaction valued at approximately $195 million. Under the terms of the agreement, Cape stockholders were entitled to receive $2.25 in cash and 0.6375 shares of OceanFirst common stock, for each share of Cape common stock. The total number of shares issued in the transaction was approximately 8,283,000. The transaction closed on May 2, 2016.

Cape operated twenty-two full-service banking offices and five loan offices and held approximately $1.6 billion in total assets, $1.2 billion in total loans and $1.1 billion in total deposits.