XML 13 R21.htm IDEA: XBRL DOCUMENT
v3.19.3

Business Combinations (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Business Acquisition [Line Items] |
Business Acquisition, Pro Forma Information | The following table presents financial information regarding the former Capital Bank operations included in the Consolidated Statements of Income from the date of the acquisition (January 31, 2019) through September 30, 2019. In addition, the table provides unaudited condensed pro forma financial information assuming the Capital Bank acquisition had been completed as of January 1, 2019 for the nine months ended September 30, 2019 and as of January 1, 2018 for the nine months ended September 30, 2018. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings or the impact of conforming certain accounting policies of the acquired company to the Company’s policies that may have occurred as a result of the integration and consolidation of Capital Bank’s operations. The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects.
(in thousands) | Capital Bank Actual from February 1, 2019 to September 30, 2019 |  | Sun Actual from February 1, 2018 to September 30, 2018 |  | Pro forma Nine Months Ended September 30, 2019 |  | Pro forma Nine Months Ended September 30, 2018
Net interest income | $ | 12,700 |  |  | $ | 47,619 |  |  | $ | 194,365 |  |  | $ | 199,415 |
Provision for loan losses | 280 |  |  | 884 |  |  | 1,281 |  |  | 2,564 |
Non-interest income | 991 |  |  | 5,654 |  |  | 31,046 |  |  | 28,432 |
Non-interest expense | 11,035 |  |  | 26,150 |  |  | 143,338 |  |  | 172,621 |
Provision (benefit) for income taxes | 499 |  |  | 5,510 |  |  | 15,620 |  |  | 10,423 |
Net income | $ | 1,877 |  |  | $ | 20,729 |  |  | $ | 65,172 |  |  | $ | 42,239 |
Fully diluted earnings per share |  |  |  |  | $ | 1.27 |  |  | $ | 0.83 |
Sun Bancorp, Inc. |
Business Acquisition [Line Items] |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | 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
| Fair Value
Total Purchase Price: | $ | 474,930 |
Assets acquired: |
Cash and cash equivalents | $ | 68,632 |
Securities | 254,522 |
Loans | 1,517,345 |
Accrued interest receivable | 5,621 |
Bank Owned Life Insurance | 85,238 |
Deferred tax asset | 57,597 |
Other assets | 43,202 |
Core deposit intangible | 11,897 |
Total assets acquired | 2,044,054 |
Liabilities assumed: |
Deposits | (1,616,073 | )
Borrowings | (127,727 | )
Other liabilities | (13,242 | )
Total liabilities assumed | (1,757,042 | )
Net assets acquired | $ | 287,012 |
Goodwill recorded in the merger | $ | 187,918 |
Capital Bank |
Business Acquisition [Line Items] |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Capital Bank, net of total consideration paid (in thousands):
| At January 31, 2019
| Estimated Fair Value
Total Purchase Price: | $ | 76,834 |
Assets acquired: |
Cash and cash equivalents | $ | 59,748 |
Securities | 103,775 |
Loans | 307,778 |
Accrued interest receivable | 1,390 |
Bank Owned Life Insurance | 10,460 |
Deferred tax asset | 3,829 |
Other assets | 5,107 |
Core deposit intangible | 2,662 |
Total assets acquired | 494,749 |
Liabilities assumed: |
Deposits | (449,018 | )
Other liabilities | (5,015 | )
Total liabilities assumed | (454,033 | )
Net assets acquired | $ | 40,716 |
Goodwill recorded in the merger | $ | 36,118 |

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_BusinessAcquisitionLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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
- 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
- Details
Name: | us-gaap_BusinessAcquisitionAxis=ocfc_SunBancorpInc.Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_BusinessAcquisitionAxis=ocfc_CapitalBankMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |