XML 49 R37.htm IDEA: XBRL DOCUMENT
v3.19.1

Borrowed Funds (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Debt Disclosure [Abstract] |
Summary of Borrowed Funds | Borrowed funds are summarized as follows (in thousands):
|  | December 31,
|  | 2018 |  | 2017
|  | Amount |  | Weighted Average Rate |  | Amount |  | Weighted Average Rate
Federal Home Loan Bank advances |  | $ | 449,383 |  |  | 2.15 | % |  | $ | 288,691 |  |  | 1.74 | %
Securities sold under agreements to repurchase |  | 61,760 |  |  | 0.30 |  |  | 79,668 |  |  | 0.21 |
Other borrowings |  | 99,530 |  |  | 5.24 |  |  | 56,519 |  |  | 4.48 |
|  | $ | 610,673 |  |  | 2.47 | % |  | $ | 424,878 |  |  | 1.82 | %
Summary of Federal Home Loan Bank Advances and Securities Sold Under Agreements to Repurchase | Information concerning FHLB advances and securities sold under agreements to repurchase (“reverse repurchase agreements”) is summarized as follows (in thousands):
|  | FHLB Advances |  | Reverse Repurchase Agreements
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Average balance |  | $ | 382,464 |  |  | $ | 258,870 |  |  | $ | 66,340 |  |  | $ | 74,712 |
Maximum amount outstanding at any month end |  | 675,802 |  |  | 291,615 |  |  | 82,463 |  |  | 80,945 |
Average interest rate for the year |  | 2.06 | % |  | 1.73 | % |  | 0.25 | % |  | 0.16 | %
Amortized cost of collateral: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | $ | — |  |  | $ | — |  |  | $ | 75,425 |  |  | $ | 58,020 |
Estimated fair value of collateral: |  |  |  |  |  |  |  |
Mortgage-backed securities |  | — |  |  | — |  |  | 74,144 |  |  | 58,007 |
Contractual Maturities of FHLB Advances and Reverse Repurchase Agreements | FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2018 as follows (in thousands):
|  | FHLB Advances |  | Reverse Repurchase Agreements
For the Year Ended December 31, |  |  |  |
2019 |  | $ | 280,077 |  |  | $ | 61,760 |
2020 |  | 89,770 |  |  | — |
2021 |  | 24,743 |  |  | — |
2022 |  | 54,793 |  |  | — |
2023 |  | — |  |  | — |
Total |  | $ | 449,383 |  |  | $ | 61,760 |
Schedule of Other Borrowings | The other borrowings at December 31, 2018 include the following (in thousands):
Type of Debt |  | Stated Value |  | Carrying Value |  | Interest Rate |  | Maturity
Subordinated debt |  | $ | 35,000 |  |  | $ | 34,281 |  |  | 5.125 | % | (1) | September 30, 2026
Trust preferred |  | 5,000 |  |  | 5,000 |  |  | 3 month LIBOR plus 165 basis points |  |  | August 1, 2036
Trust preferred |  | 7,500 |  |  | 7,500 |  |  | 3 month LIBOR plus 166 basis points |  |  | November 1, 2036
Trust preferred |  | 10,000 |  |  | 10,000 |  |  | 3 month LIBOR plus 175 basis points |  |  | September 1, 2037
Trust preferred |  | 30,000 |  |  | 22,361 |  |  | 3 month LIBOR plus 135 basis points |  |  | March 15, 2036
Trust preferred |  | 10,000 |  |  | 7,571 |  |  | 3 month LIBOR plus 153 basis points |  |  | June 30, 2037
Trust preferred |  | 10,000 |  |  | 7,422 |  |  | 3 month LIBOR plus 139 basis points |  |  | October 1, 2037
Capital lease |  | 3,263 |  |  | 3,263 |  |  | 7.990 | % |  | August 30, 2025
Capital lease |  | 2,132 |  |  | 2,132 |  |  | 5.625 | % |  | June 30, 2029
(1) | Adjusts to a floating rate of 392 basis points over 3 month LIBOR on September 30, 2021.
Interest Expense on Borrowings | Interest expense on borrowings for the years ended December 31, 2018, 2017, and 2016 is as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2018 |  | 2017 |  | 2016
Federal Home Loan Bank advances |  | $ | 7,885 |  |  | $ | 4,486 |  |  | $ | 4,471 |
Securities sold under agreements to repurchase |  | 168 |  |  | 121 |  |  | 102 |
Other borrowings |  | 5,521 |  |  | 2,668 |  |  | 1,073 |
|  | $ | 13,574 |  |  | $ | 7,275 |  |  | $ | 5,646 |

X
- Definition Interest Expense On Borrowings Table [Text Block] + References No definition available. + Details
Name: | ocfc_InterestExpenseOnBorrowingsTableTextBlock
Namespace Prefix: | ocfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Federal Home Loan Bank Advances and Securities sold Under Agreements To Repurchase Table [Text Block] + References No definition available. + Details
Name: | ocfc_ScheduleOfFederalHomeLoanBankAdvancesAndSecuritiesSoldUnderAgreementsToRepurchaseTableTextBlock
Namespace Prefix: | ocfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Summary Of Borrowed Funds [Table Text Block] + References No definition available. + Details
Name: | ocfc_SummaryOfBorrowedFundsTableTextBlock
Namespace Prefix: | ocfc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration