XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.19.1

Business Combination (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Business Combinations [Abstract] |
Schedule of Merger Related Expenses | The following table summarizes the merger related expenses for the years ended December 31, 2018, 2017 and 2016 is as follows:
| For the Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (in thousands)
Data processing fees | $ | 6,017 |  |  | $ | 3,956 |  |  | $ | 4,844 |
Professional fees | 4,414 |  |  | 2,771 |  |  | 5,982 |
Employee severance payments | 15,660 |  |  | 1,177 |  |  | 5,457 |
Other/miscellaneous fees | 820 |  |  | 389 |  |  | 251 |
Merger related expenses | $ | 26,911 |  |  | $ | 8,293 |  |  | $ | 16,534 |
Schedule of Estimated Fair Value of the Assets Acquired and the Liabilities Assumed as Date of Acquisition | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Sun, net of the total consideration paid (in thousands):
|  | At January 31, 2018
|  | Sun Book Value |  | Purchase Accounting Adjustments |  | Estimated Fair Value
Total Purchase Price: |  |  |  |  |  | $ | 474,930 |
Assets acquired: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 68,632 |  |  | $ | — |  |  | $ | 68,632 |
Securities |  | 254,522 |  |  | — |  |  | 254,522 |
Loans |  | 1,541,868 |  |  | (24,523 | ) |  | 1,517,345 |
Accrued interest receivable |  | 5,621 |  |  | — |  |  | 5,621 |
Bank Owned Life Insurance |  | 85,238 |  |  | — |  |  | 85,238 |
Deferred tax asset |  | 55,710 |  |  | 1,864 |  |  | 57,574 |
Other assets |  | 49,561 |  |  | (6,359 | ) |  | 43,202 |
Core deposit intangible |  | — |  |  | 11,897 |  |  | 11,897 |
Total assets acquired |  | 2,061,152 |  |  | (17,121 | ) |  | 2,044,031 |
Liabilities assumed: |  |  |  |  |  |
Deposits |  | (1,614,910 | ) |  | (1,163 | ) |  | (1,616,073 | )
Borrowings |  | (142,567 | ) |  | 14,840 |  |  | (127,727 | )
Other liabilities |  | (14,372 | ) |  | 1,130 |  |  | (13,242 | )
Total liabilities assumed |  | (1,771,849 | ) |  | 14,807 |  |  | (1,757,042 | )
Net assets acquired |  | $ | 289,303 |  |  | $ | (2,314 | ) |  | $ | 286,989 |
Goodwill recorded in the merger |  |  |  |  |  | $ | 187,941 |
Business Acquisition, Pro Forma Information |
| Sun Actual from January 31, 2018 to December 31, 2018 |  | Cape Actual from May 2, 2016 to December 31, 2016 |  | Ocean Shore Actual from December 1, 2016 to December 31, 2016 |  | Pro forma Year ended December 31, 2018 |  | Pro forma Year ended December 31, 2017 |  | Pro forma Year ended December 31, 2016
(in thousands, except per share amounts) | (Unaudited)
Net interest income | $ | 63,889 |  |  | $ | 34,565 |  |  | $ | 3,109 |  |  | $ | 246,642 |  |  | $ | 242,508 |  |  | $ | 236,852 |
Provision for loan losses | 1,215 |  |  | 498 |  |  | — |  |  | 3,490 |  |  | 2,914 |  |  | 2,718 |
Non-interest income | 7,961 |  |  | 3,503 |  |  | 349 |  |  | 35,642 |  |  | 38,960 |  |  | 39,150 |
Non-interest expense | 35,184 |  |  | 19,258 |  |  | 1,337 |  |  | 203,733 |  |  | 191,342 |  |  | 226,782 |
Provision (benefit) for income taxes | 7,090 |  |  | 6,947 |  |  | (60 | ) |  | 12,911 |  |  | 23,675 |  |  | (40,177 | )
Net income | $ | 28,361 |  |  | $ | 12,311 |  |  | $ | 1,397 |  |  | $ | 62,150 |  |  | $ | 63,537 |  |  | $ | 86,679 |
Fully diluted earnings per share |  |  |  |  |  |  | $ | 1.27 |  |  | $ | 1.32 |  |  | $ | 1.84 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expense for the core deposit intangible over the next five years is as follows (in thousands):
For the Year Ended December 31, |  | Amortization Expense
2019 |  | $ | 3,583 |
2020 |  | 3,156 |
2021 |  | 2,730 |
2022 |  | 2,303 |
2023 |  | 1,876 |
Thereafter |  | 3,323 |
Total |  | $ | 16,971 |

X
- Definition Schedule of Merger Related Expenses [Table Text Block] + References No definition available. + Details
Name: | ocfc_ScheduleofMergerRelatedExpensesTableTextBlock
Namespace Prefix: | ocfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration