$OCFC
OCEANFIRST FINANCIAL CORP

2016 Q2 Form 10-Q Financial Statement

#000119312516676764 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $33.14M $20.58M
YoY Change 61.07% 3.41%
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 $1.200M $800.0K
YoY Change 50.0% -20.0%
% of Gross Profit
Operating Expenses $21.46M $14.21M
YoY Change 51.02% -4.19%
Operating Profit
YoY Change
Interest Expense $3.127M $2.143M
YoY Change 45.92% 23.23%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.589M $7.912M
YoY Change -29.36% 0.36%
Income Tax $1.928M $2.779M
% Of Pretax Income 34.5% 35.12%
Net Earnings $3.661M $5.133M
YoY Change -28.68% 0.31%
Net Earnings / Revenue 11.05% 24.95%
Basic Earnings Per Share $0.16 $0.31
Diluted Earnings Per Share $0.16 $0.31
COMMON SHARES
Basic Shares Outstanding 22.48M shares 16.40M shares
Diluted Shares Outstanding 22.88M shares 16.59M shares

Balance Sheet

Concept 2016 Q2 2015 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 $49.39M $24.93M
YoY Change 98.11% 2.05%
Goodwill $67.10M
YoY Change
Intangibles $3.903M
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.00M $15.00M
YoY Change 146.67% 0.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.047B $2.395B
YoY Change 68.99% 2.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $68.00M $72.00M
YoY Change -5.56% 16.13%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.00M $72.00M
YoY Change -5.56% 16.13%
LONG-TERM LIABILITIES
Long-Term Debt $23.00M $28.00M
YoY Change -17.86% 0.0%
Other Long-Term Liabilities $29.00M $17.00M
YoY Change 70.59% 30.77%
Total Long-Term Liabilities $52.00M $45.00M
YoY Change 15.56% 9.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.00M $72.00M
Total Long-Term Liabilities $52.00M $45.00M
Total Liabilities $3.638B $2.174B
YoY Change 67.39% 2.85%
SHAREHOLDERS EQUITY
Retained Earnings $230.9M $223.6M
YoY Change 3.24% 5.58%
Common Stock $308.8M $267.6M
YoY Change 15.4% 79538.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $121.7M $259.9M
YoY Change -53.17% 3.74%
Treasury Stock Shares 7.818M shares 16.84M shares
Shareholders Equity $409.3M $221.5M
YoY Change
Total Liabilities & Shareholders Equity $4.047B $2.395B
YoY Change 68.99% 2.83%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $3.661M $5.133M
YoY Change -28.68% 0.31%
Depreciation, Depletion And Amortization $1.200M $800.0K
YoY Change 50.0% -20.0%
Cash From Operating Activities $8.000M $11.20M
YoY Change -28.57% 409.09%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$800.0K
YoY Change -37.5% -33.33%
Acquisitions
YoY Change
Other Investing Activities $118.2M -$9.900M
YoY Change -1293.94% -75.97%
Cash From Investing Activities $117.8M -$10.70M
YoY Change -1200.93% -74.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -93.80M 5.000M
YoY Change -1976.0% -89.38%
NET CHANGE
Cash From Operating Activities 8.000M 11.20M
Cash From Investing Activities 117.8M -10.70M
Cash From Financing Activities -93.80M 5.000M
Net Change In Cash 32.00M 5.500M
YoY Change 481.82% -21.43%
FREE CASH FLOW
Cash From Operating Activities $8.000M $11.20M
Capital Expenditures -$500.0K -$800.0K
Free Cash Flow $8.500M $12.00M
YoY Change -29.17% 252.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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119600000
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CY2015Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
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129057000
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3232000
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256846000
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435267000
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10522000
CY2015Q4 ocfc Available For Sale And Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Aggregate Losses
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706000
CY2015Q4 ocfc Specific Reserves On Nonaccrual Troubled Debt Restructurings
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262000
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3626000
CY2015Q4 ocfc Available For Sale Securities And Held To Maturity Securities Gross Unrealized Loss
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11228000
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11228000
CY2015Q4 ocfc Loans And Leases Receivable Impaired Troubled Debt Restructuring Performing Loan Amount
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26300000
CY2015Q4 ocfc Available For Sale Securities And Held To Maturity Securities Estimated Fair Value
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427665000
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377000
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638000
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4242000
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0
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288000
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689000
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5416000
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1504000
us-gaap Earnings Per Share Diluted
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0.63
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10917000
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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231000
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810000
us-gaap Available For Sale Securities Gross Realized Gains
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0
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4288000
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8000
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1398000
us-gaap Interest Income Securities Mortgage Backed
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3142000
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2189000
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77571000
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762000
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15239000
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23285000
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2636000
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15918000
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35891000
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44000
us-gaap Occupancy Net
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us-gaap Payments To Acquire Loans Receivable
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30997000
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522000
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-1311000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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20000 shares
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98000
us-gaap Investment Advisory Management And Administrative Fees
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1157000
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us-gaap Income Tax Expense Benefit
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15811000
us-gaap Noninterest Income
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112000
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70000
us-gaap Treasury Stock Value Acquired Cost Method
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4452000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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16613000 shares
us-gaap Weighted Average Number Of Shares Employee Stock Ownership Plan Shares Not Committed To Be Released
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386000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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16433000 shares
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165000
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111000
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165000
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675000
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934000
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28144000
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638000
ocfc Average Balances Of Impaired Loans
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39800000
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263000
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111000
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8000
ocfc Unallocated Incentive Award Shares And Shares Held By Deferred Compensation Plan
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37000 shares
ocfc Credit And Debit Card Revenue
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1682000
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458000
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644000
ocfc Check Card Processing
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ocfc Provision Benefit For Loan And Lease Losses
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675000
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381000
us-gaap Increase Decrease In Advance Payments By Borrowers For Taxes And Insurance
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1778000
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24496000
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us-gaap Cash Acquired In Excess Of Payments To Acquire Business
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477000
dei Entity Registrant Name
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OCEANFIRST FINANCIAL CORP
us-gaap Deferred Compensation Arrangement With Individual Shares Issued
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20000 shares
us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Additions
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1040000
us-gaap Equipment Expense
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2153000
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dei Document Type
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10-Q
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
301000
dei Entity Central Index Key
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0001004702
us-gaap Fees And Commissions Depositor Accounts
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4319000
us-gaap Basis Of Accounting
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><u>Note 1. Basis of Presentation</u></b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The accompanying unaudited consolidated financial statements include the accounts of OceanFirst Financial Corp. (the &#x201C;Company&#x201D;) and its wholly-owned subsidiary, OceanFirst Bank (the &#x201C;Bank&#x201D;), and its subsidiaries.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016. 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 period. Actual results could differ from these estimates.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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 &#x201C;SEC&#x201D;).</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company&#x2019;s Annual Report to Stockholders on Form 10-K for the year ended December 31, 2015.</p> </div>
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349000
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dei Document Period End Date
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2016-06-30
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1431000
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87000
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301000
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2016
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0
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2131000
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104000
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8309000
dei Entity Filer Category
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Accelerated Filer
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126000
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138000
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16727000
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-12000
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5481000
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4664000
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19635000
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45361000
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7866000
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12951000
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3493000
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756000
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212156000
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31037000
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443000
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282000 shares
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5000
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37000
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87000
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536000000

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