2013 Q2 Form 10-Q Financial Statement

#000119312513328126 Filed on August 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $20.16M $22.05M
YoY Change -8.56% -9.03%
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 $1.100M $1.100M
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $13.72M $12.87M
YoY Change 6.66% -3.87%
Operating Profit
YoY Change
Interest Expense $2.617M $3.659M
YoY Change -28.48% -20.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $7.761M $8.368M
YoY Change -7.25% 5.17%
Income Tax $2.774M $2.995M
% Of Pretax Income 35.74% 35.79%
Net Earnings $4.987M $5.373M
YoY Change -7.18% 5.29%
Net Earnings / Revenue 24.74% 24.37%
Basic Earnings Per Share $0.29 $0.30
Diluted Earnings Per Share $0.29 $0.30
COMMON SHARES
Basic Shares Outstanding 17.11M shares 17.89M shares
Diluted Shares Outstanding 17.14M shares 17.93M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
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 $23.02M $22.39M
YoY Change 2.79% 1.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.306B $2.288B
YoY Change 0.79% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $71.00M $67.00M
YoY Change 5.97% -8.22%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.00M $67.00M
YoY Change 5.97% -8.22%
LONG-TERM LIABILITIES
Long-Term Debt $28.00M $28.00M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $10.00M $10.00M
YoY Change 0.0% 150.0%
Total Long-Term Liabilities $38.00M $38.00M
YoY Change 0.0% 18.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.00M $67.00M
Total Long-Term Liabilities $38.00M $38.00M
Total Liabilities $2.089B $2.069B
YoY Change 1.0% 2.11%
SHAREHOLDERS EQUITY
Retained Earnings $203.4M $193.4M
YoY Change 5.17%
Common Stock $336.0K $336.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $241.7M $233.2M
YoY Change 3.66%
Treasury Stock Shares 15.96M shares 15.36B shares
Shareholders Equity $216.3M $218.8M
YoY Change
Total Liabilities & Shareholders Equity $2.306B $2.288B
YoY Change 0.79% 2.17%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $4.987M $5.373M
YoY Change -7.18% 5.29%
Depreciation, Depletion And Amortization $1.100M $1.100M
YoY Change 0.0% 0.0%
Cash From Operating Activities $7.500M $7.200M
YoY Change 4.17% 500.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$800.0K
YoY Change 75.0% 33.33%
Acquisitions
YoY Change
Other Investing Activities -$39.70M -$25.60M
YoY Change 55.08% -201.59%
Cash From Investing Activities -$41.00M -$26.50M
YoY Change 54.72% -207.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.500M 21.00M
YoY Change -78.57% -174.47%
NET CHANGE
Cash From Operating Activities 7.500M 7.200M
Cash From Investing Activities -41.00M -26.50M
Cash From Financing Activities 4.500M 21.00M
Net Change In Cash -29.00M 1.700M
YoY Change -1805.88% -170.83%
FREE CASH FLOW
Cash From Operating Activities $7.500M $7.200M
Capital Expenditures -$1.400M -$800.0K
Free Cash Flow $8.900M $8.000M
YoY Change 11.25% 344.44%

Facts In Submission

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dei Trading Symbol
TradingSymbol
OCFC
dei Entity Registrant Name
EntityRegistrantName
OCEANFIRST FINANCIAL CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001004702
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Diluted
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><u>Note 8. Recent Accounting Pronouncements</u></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Accounting Standards Update No.&#xA0;2013-02, &#x201C;Comprehensive Income &#x2013; Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income&#x201D; requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under Generally Accepted Accounting Principles (&#x201C;GAAP&#x201D;) to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The standard is effective prospectively for reporting periods, including interim periods, beginning after December&#xA0;15, 2012. For the three and six months ended June&#xA0;30, 2013, the Company had a minor reclassification out of accumulated other comprehensive income and into net income which was not considered significant.</font></p> </div>
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ocfc Check Card Processing
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12
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EarningsPerShareDiluted
0.30
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369000
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ProvisionForLoanAndLeaseLosses
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EquipmentExpense
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InterestExpenseBorrowings
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InterestExpense
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AllowanceForLoanAndLeaseLossesWriteOffs
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ProvisionForLoanLeaseAndOtherLosses
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FederalDepositInsuranceCorporationPremiumExpense
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InterestExpenseDeposits
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LaborAndRelatedExpense
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OperatingExpenses
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IncomeTaxExpenseBenefit
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OccupancyNet
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ProvisionForRepurchasedLoans
100000
CY2012Q2 ocfc Other Comprehensive Income Reclassification Adjustments For Gains Included In Income
OtherComprehensiveIncomeReclassificationAdjustmentsForGainsIncludedInIncome
134000
CY2012Q2 ocfc Unallocated Incentive Award Shares And Shares Held By Deferred Compensation Plan
UnallocatedIncentiveAwardSharesAndSharesHeldByDeferredCompensationPlan
95000 shares
CY2012Q2 ocfc Check Card Processing
CheckCardProcessing
337000
CY2012Q2 ocfc Average Balances Of Impaired Loans
AverageBalancesOfImpairedLoans
29369000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2013Q2 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
39000 shares
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CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2013Q2 us-gaap Interest Income Expense Net
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CY2013Q2 us-gaap Interest Income Expense After Provision For Loan Loss
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CY2013Q2 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
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CY2013Q2 us-gaap Management Fees Revenue
ManagementFeesRevenue
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CY2013Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
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CY2013Q2 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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332000
CY2013Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
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CY2013Q2 us-gaap Servicing Fees Net
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172000
CY2013Q2 us-gaap Interest And Dividend Income Securities Other
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707000
CY2013Q2 us-gaap Fees And Commissions
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CY2013Q2 us-gaap Marketable Securities Realized Gain Loss
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42000
CY2013Q2 us-gaap Noninterest Income
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4741000
CY2013Q2 us-gaap Information Technology And Data Processing
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CY2013Q2 us-gaap Other Tax Expense Benefit
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CY2013Q2 us-gaap Other Cost And Expense Operating
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CY2013Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
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CY2013Q2 us-gaap Equipment Expense
EquipmentExpense
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CY2013Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
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CY2013Q2 us-gaap Marketing Expense
MarketingExpense
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CY2013Q2 us-gaap Interest Expense
InterestExpense
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CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2013Q2 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2013Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
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CY2013Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
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InterestExpenseDeposits
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ProfessionalFees
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LaborAndRelatedExpense
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OperatingExpenses
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IncomeTaxExpenseBenefit
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CY2013Q2 ocfc Provision For Repurchased Loans
ProvisionForRepurchasedLoans
CY2013Q2 ocfc Other Comprehensive Income Reclassification Adjustments For Gains Included In Income
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25000
CY2013Q2 ocfc Recoveries
Recoveries
CY2013Q2 ocfc Reserve For Loan Repurchases Loss On Loans Repurchased
ReserveForLoanRepurchasesLossOnLoansRepurchased
CY2013Q2 ocfc Unallocated Incentive Award Shares And Shares Held By Deferred Compensation Plan
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94000 shares
CY2013Q2 ocfc Number Of Loan Repurchase Requests
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5
CY2013Q2 ocfc Check Card Processing
CheckCardProcessing
423000
CY2013Q2 ocfc Average Balances Of Impaired Loans
AverageBalancesOfImpairedLoans
37549000

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