2023 Q3 Form 10-Q Financial Statement

#000100470223000133 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $158.4M $150.1M
YoY Change 43.36% 50.98%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.200M $3.987M
YoY Change 1.57% -0.99%
% of Gross Profit
Operating Expenses $64.48M $62.93M
YoY Change 9.3% 7.28%
Operating Profit
YoY Change
Interest Expense $67.41M $57.99M
YoY Change 363.84% 572.78%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $26.99M $36.88M
YoY Change -47.18% -4.02%
Income Tax $6.459M $8.996M
% Of Pretax Income 23.93% 24.39%
Net Earnings $20.67M $26.79M
YoY Change -46.47% -7.49%
Net Earnings / Revenue 13.05% 17.85%
Basic Earnings Per Share $0.33 $0.45
Diluted Earnings Per Share $0.33 $0.45
COMMON SHARES
Basic Shares Outstanding 59.42M shares 59.49M shares
Diluted Shares Outstanding 59.11M shares 59.15M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $408.9M $457.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $142.0M $124.1M
YoY Change 11.05% -16.45%
Goodwill $506.1M $506.1M
YoY Change 0.0% 0.0%
Intangibles $10.49M $11.48M
YoY Change -28.43% -27.49%
Long-Term Investments
YoY Change
Other Assets $3.000M $3.608M
YoY Change -6.72% -15.36%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $13.50B $13.54B
YoY Change 6.42% 8.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $21.00M $21.08M
YoY Change 2.79% -0.65%
Deferred Revenue
YoY Change
Short-Term Debt $83.00M $74.45M
YoY Change -13.8% -29.43%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $104.0M $74.45M
YoY Change 409.06% 250.89%
LONG-TERM LIABILITIES
Long-Term Debt $196.0M $195.9M
YoY Change 0.56% 0.65%
Other Long-Term Liabilities $421.0M $392.2M
YoY Change 11.27% 42.31%
Total Long-Term Liabilities $617.0M $588.2M
YoY Change 7.63% 25.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.0M $74.45M
Total Long-Term Liabilities $617.0M $588.2M
Total Liabilities $11.86B $11.91B
YoY Change 6.43% 9.13%
SHAREHOLDERS EQUITY
Retained Earnings $577.7M $569.9M
YoY Change 15.55% 20.2%
Common Stock $1.161B $1.160B
YoY Change 0.68% 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.637B $1.625B
YoY Change
Total Liabilities & Shareholders Equity $13.50B $13.54B
YoY Change 6.42% 8.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $20.67M $26.79M
YoY Change -46.47% -7.49%
Depreciation, Depletion And Amortization $4.200M $3.987M
YoY Change 1.57% -0.99%
Cash From Operating Activities $54.80M $71.89M
YoY Change -34.53% 4.65%
INVESTING ACTIVITIES
Capital Expenditures $1.400M $2.564M
YoY Change -118.91% -163.39%
Acquisitions
YoY Change
Other Investing Activities $10.10M -$5.407M
YoY Change -104.43% -97.79%
Cash From Investing Activities $8.700M -$7.971M
YoY Change -103.7% -96.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -112.4M -102.4M
YoY Change -184.31% -164.66%
NET CHANGE
Cash From Operating Activities 54.80M 71.89M
Cash From Investing Activities 8.700M -7.971M
Cash From Financing Activities -112.4M -102.4M
Net Change In Cash -48.90M -38.49M
YoY Change 166.47% 74.74%
FREE CASH FLOW
Cash From Operating Activities $54.80M $71.89M
Capital Expenditures $1.400M $2.564M
Free Cash Flow $53.40M $69.32M
YoY Change -41.39% -4.7%

Facts In Submission

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Basis of Presentation<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements include: the accounts of OceanFirst Financial Corp. (the “Company”); its wholly-owned subsidiaries, OceanFirst Bank N.A. (the “Bank”) and OceanFirst Risk Management, Inc.; the Bank’s direct and indirect wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc., OceanFirst Management Corp., OceanFirst Realty Corp., Casaba Real Estate Holdings Corporation, and Country Property Holdings, Inc; and a majority controlling interest in Trident. Certain other subsidiaries were dissolved in 2022 and are included in the consolidated financial statements for previous periods. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the full year 2023 or any other period. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.</span></div>
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59451000 shares
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59300000 shares
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59371000 shares
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393000 shares
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408000 shares
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58894000 shares
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58988000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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58823000 shares
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CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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101000 shares
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CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
160455000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
207267000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
193962000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
264248000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
246252000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis
683778000 usd
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
636455000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
8891000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
545000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
443125000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
36827000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
452016000 usd
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
37372000 usd
CY2023Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
290963000 usd
CY2023Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
8410000 usd
CY2023Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
754284000 usd
CY2023Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
107872000 usd
CY2023Q2 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
1045247000 usd
CY2023Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
116282000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
299854000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsAggregateLosses
8955000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
1197409000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerAggregateLosses
144699000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
1497263000 usd
CY2023Q2 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionAggregateLosses
153654000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
184141000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
11497000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
273507000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
34260000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
457648000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
45757000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
485346000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
27725000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
538583000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
HeldToMaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
88042000 usd
CY2022Q4 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
1023929000 usd
CY2022Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
115767000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
669487000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsAggregateLosses
39222000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
812090000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerAggregateLosses
122302000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
1481577000 usd
CY2022Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleAndHeldToMaturitySecuritiesContinuousUnrealizedLossPositionAggregateLosses
161524000 usd
CY2023Q2 ocfc Equity Investments
EquityInvestments
96500000 usd
CY2022Q4 ocfc Equity Investments
EquityInvestments
102000000 usd
CY2023Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-559000 usd
CY2022Q2 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-8078000 usd
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-7360000 usd
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-10864000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-854000 usd
CY2022Q2 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-231000 usd
us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-5462000 usd
us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
1351000 usd
CY2023Q2 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
295000 usd
CY2022Q2 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-7847000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-1898000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-12215000 usd
CY2023Q2 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
10083630000 usd
CY2022Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
9918054000 usd
CY2023Q2 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
8267000 usd
CY2022Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
7488000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
61791000 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
56824000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss
10030106000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss
9868718000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
361276000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
2298536000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
2043369000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
1036916000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
892775000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
2390771000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Revolving
FinancingReceivableExcludingAccruedInterestRevolving
1059987000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
10083630000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
2268186000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
2092038000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
1070645000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
942045000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
465426000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
2131413000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Revolving
FinancingReceivableExcludingAccruedInterestRevolving
948301000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
9918054000 usd
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
60195000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
1719000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
206000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
83000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
61791000 usd
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
50598000 usd
CY2022Q2 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
1472000 usd
CY2022Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
287000 usd
CY2022Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
278000 usd
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
52061000 usd
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
56824000 usd
us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
5043000 usd
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
216000 usd
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
140000 usd
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
61791000 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
48850000 usd
us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
3128000 usd
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
430000 usd
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
513000 usd
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
52061000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
206000 usd
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
216000 usd
CY2023Q2 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
22758000 usd
CY2022Q4 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
23265000 usd
CY2022 ocfc Number Of Loans Financing Receivable Past Due
NumberOfLoansFinancingReceivablePastDue
1 loan
CY2022Q4 ocfc Financing Receivable Commitments To Lend Additional Funds On Non Accrual Loans
FinancingReceivableCommitmentsToLendAdditionalFundsOnNonAccrualLoans
14000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
10083630000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
9918054000 usd
us-gaap Financing Receivable Excluding Accrued Interest Modified Period
FinancingReceivableExcludingAccruedInterestModifiedPeriod
898000 usd
CY2023Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
13500000 usd
CY2022Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
13900000 usd
ocfc Non Accrual Troubled Debt Restructurings
NonAccrualTroubledDebtRestructurings
6200000 usd
CY2022 ocfc Non Accrual Troubled Debt Restructurings
NonAccrualTroubledDebtRestructurings
6400000 usd
CY2023Q2 ocfc Specific Reserves On Nonaccrual Troubled Debt Restructurings
SpecificReservesOnNonaccrualTroubledDebtRestructurings
436000 usd
CY2022Q4 ocfc Specific Reserves On Nonaccrual Troubled Debt Restructurings
SpecificReservesOnNonaccrualTroubledDebtRestructurings
590000 usd
CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Modified Past12 Months
FinancingReceivableExcludingAccruedInterestModifiedPast12Months
7300000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Modified Past12 Months
FinancingReceivableExcludingAccruedInterestModifiedPast12Months
7500000 usd
CY2023Q2 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
1854136000 usd
CY2022Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
2101308000 usd
CY2023Q2 us-gaap Interest Bearing Domestic Deposit Checking
InterestBearingDomesticDepositChecking
3537834000 usd
CY2022Q4 us-gaap Interest Bearing Domestic Deposit Checking
InterestBearingDomesticDepositChecking
3829683000 usd
CY2023Q2 us-gaap Deposits Money Market Deposits
DepositsMoneyMarketDeposits
770440000 usd
CY2022Q4 us-gaap Deposits Money Market Deposits
DepositsMoneyMarketDeposits
714386000 usd
CY2023Q2 us-gaap Deposits Savings Deposits
DepositsSavingsDeposits
1229897000 usd
CY2022Q4 us-gaap Deposits Savings Deposits
DepositsSavingsDeposits
1487809000 usd
CY2023Q2 us-gaap Time Deposits
TimeDeposits
2766030000 usd
CY2022Q4 us-gaap Time Deposits
TimeDeposits
1542020000 usd
CY2023Q2 us-gaap Deposits
Deposits
10158337000 usd
CY2022Q4 us-gaap Deposits
Deposits
9675206000 usd
CY2023Q2 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
310600000 usd
CY2022Q4 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
117700000 usd
CY2023Q2 ocfc Time Deposits Brokered
TimeDepositsBrokered
1420000000 usd
CY2022Q4 ocfc Time Deposits Brokered
TimeDepositsBrokered
873400000 usd
CY2023Q2 us-gaap Advances From Federal Home Loan Banks
AdvancesFromFederalHomeLoanBanks
1091666000 usd
CY2022Q4 us-gaap Advances From Federal Home Loan Banks
AdvancesFromFederalHomeLoanBanks
1211166000 usd
CY2023Q2 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
74452000 usd
CY2022Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
69097000 usd
CY2023Q2 us-gaap Other Borrowings
OtherBorrowings
195925000 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
195403000 usd
CY2023Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1362043000 usd
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1475666000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
2700000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-1200000 usd
CY2023Q2 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1524747000 usd
CY2023Q2 us-gaap Credit Risk Derivative Assets At Fair Value
CreditRiskDerivativeAssetsAtFairValue
109651000 usd
CY2023Q2 us-gaap Credit Risk Derivative Liabilities At Fair Value
CreditRiskDerivativeLiabilitiesAtFairValue
110869000 usd
CY2022Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
1468245000 usd
CY2022Q4 us-gaap Credit Risk Derivative Assets At Fair Value
CreditRiskDerivativeAssetsAtFairValue
113420000 usd
CY2023Q2 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
0 usd
CY2022Q4 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
40000 usd
CY2023Q2 us-gaap Securities Received As Collateral
SecuritiesReceivedAsCollateral
112500000 usd
CY2022Q4 us-gaap Securities Received As Collateral
SecuritiesReceivedAsCollateral
104500000 usd
CY2023Q2 us-gaap Credit Risk Derivative Liabilities At Fair Value
CreditRiskDerivativeLiabilitiesAtFairValue
110900000 usd
CY2022Q4 us-gaap Credit Risk Derivative Liabilities At Fair Value
CreditRiskDerivativeLiabilitiesAtFairValue
113500000 usd
ocfc Number Of Finance Leases
NumberOfFinanceLeases
1 lease
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20044000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
19055000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1420000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1532000 usd
CY2023Q2 ocfc Leases Right Of Use Asset
LeasesRightOfUseAsset
21464000 usd
CY2022Q4 ocfc Leases Right Of Use Asset
LeasesRightOfUseAsset
20587000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21080000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
20053000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1811000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1934000 usd
CY2023Q2 ocfc Leases Liability
LeasesLiability
22891000 usd
CY2022Q4 ocfc Leases Liability
LeasesLiability
21987000 usd
CY2023Q2 ocfc Future Rent And Estimated Lease Termination Liability
FutureRentAndEstimatedLeaseTerminationLiability
6800000 usd
CY2022Q4 ocfc Future Rent And Estimated Lease Termination Liability
FutureRentAndEstimatedLeaseTerminationLiability
7700000 usd
ocfc Lease Number Of Option To Renew
LeaseNumberOfOptionToRenew
1 renewalterm
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M4D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y10M13D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2022Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P6Y7M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0286
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0286
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0563
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0563
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1174000 usd
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1440000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2319000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2698000 usd
CY2023Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
54000 usd
CY2022Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
50000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
112000 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
99000 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
26000 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
26000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
52000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
52000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
1254000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
1516000 usd
us-gaap Lease Cost
LeaseCost
2483000 usd
us-gaap Lease Cost
LeaseCost
2849000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1121000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1249000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2260000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
2411000 usd
CY2023Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
26000 usd
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
26000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
52000 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
52000 usd
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
62000 usd
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
51000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
123000 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
102000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
175000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
2311000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
350000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
4334000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
350000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
4274000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
350000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
3648000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
FinanceLeaseLiabilityPaymentsDueInRollingYearFive
350000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
2489000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive
559000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
6400000 usd
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2134000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23456000 usd
CY2023Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
323000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2376000 usd
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1811000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
21080000 usd
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001004702-23-000133-index-headers.html Edgar Link pending
0001004702-23-000133-index.html Edgar Link pending
0001004702-23-000133.txt Edgar Link pending
0001004702-23-000133-xbrl.zip Edgar Link pending
exhibit311q223.htm Edgar Link pending
exhibit312q223.htm Edgar Link pending
exhibit320q223.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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ocfc-20230630.htm Edgar Link pending
ocfc-20230630.xsd Edgar Link pending
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ocfc-20230630_cal.xml Edgar Link unprocessable
ocfc-20230630_def.xml Edgar Link unprocessable
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ocfc-20230630_htm.xml Edgar Link completed
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ocfc-20230630_lab.xml Edgar Link unprocessable