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Parent-Only Financial Information | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent-Only Financial Information | Parent-Only Financial Information The following condensed statements of financial condition at December 31, 2021 and 2020 and condensed statements of operations and cash flows for the years ended December 31, 2021, 2020 and 2019 for OceanFirst Financial Corp. (parent company only) reflect the Company’s investment in its wholly-owned subsidiaries, the Bank, and OceanFirst Risk Management, Inc., using the equity method of accounting. Condensed Statement of Financial Condition (in thousands)
|  | December 31,
|  | 2021 |  | 2020
Assets: |  |  |  |
Cash and due from banks |  | $ | 8,803 |  |  | $ | 7,187 |
Advances to Bank |  | 63,480 |  |  | 101,304 |
Equity securities |  | 87,622 |  |  | 93,207 |
ESOP loan receivable |  | 9,231 |  |  | 8,071 |
Investment in subsidiaries |  | 1,575,549 |  |  | 1,502,867 |
Other assets |  | 2,781 |  |  | 10,180 |
Total assets |  | $ | 1,747,466 |  |  | $ | 1,722,816 |
Liabilities and Stockholders’ Equity: |  |  |  |
Borrowings |  | $ | 227,237 |  |  | $ | 233,371 |
Other liabilities |  | 3,676 |  |  | 5,315 |
Stockholders’ equity |  | 1,516,553 |  |  | 1,484,130 |
Total liabilities and stockholders’ equity |  | $ | 1,747,466 |  |  | $ | 1,722,816 |
Condensed Statements of Operations (in thousands)
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Dividend income – subsidiary Bank |  | $ | 40,000 |  |  | $ | 54,000 |  |  | $ | 79,000 |
Interest and dividend income – debt and equity securities |  | 2,070 |  |  | 949 |  |  | 63 |
Interest income – advances to subsidiary Bank |  | 298 |  |  | 403 |  |  | 426 |
Interest income – ESOP loan receivable |  | 289 |  |  | 301 |  |  | 321 |
Net gain on equity investments |  | 7,499 |  |  | 20,460 |  |  | — |
Total income |  | 50,156 |  |  | 76,113 |  |  | 79,810 |
Interest expense – borrowings |  | 11,102 |  |  | 10,592 |  |  | 5,402 |
Operating expenses |  | 3,307 |  |  | 3,382 |  |  | 2,686 |
Income before income taxes and undistributed earnings of subsidiary Bank |  | 35,747 |  |  | 62,139 |  |  | 71,722 |
Benefit (Provision) for income taxes |  | 1,018 |  |  | (2,901) |  |  | 924 |
Income before undistributed earnings of subsidiary Bank |  | 36,765 |  |  | 59,238 |  |  | 72,646 |
Undistributed earnings of subsidiary Bank |  | 73,311 |  |  | 4,071 |  |  | 15,928 |
Net income |  | $ | 110,076 |  |  | $ | 63,309 |  |  | $ | 88,574 |
Condensed Statements of Cash Flows (in thousands)
|  | For the Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 110,076 |  |  | $ | 63,309 |  |  | $ | 88,574 |
Decrease (increase) in advances to subsidiary Bank |  | 37,824 |  |  | (73,426) |  |  | (13,852) |
Undistributed earnings of subsidiary Bank |  | (73,311) |  |  | (4,071) |  |  | (15,928) |
Net gain on equity investments |  | (7,499) |  |  | (20,460) |  |  | — |
Net premium amortization in excess of discount accretion on securities |  | 755 |  |  | — |  |  | — |
Amortization of deferred costs on borrowings |  | 824 |  |  | 576 |  |  | 261 |
Net amortization of purchase accounting adjustments |  | 542 |  |  | 638 |  |  | 453 |
Change in other assets and other liabilities |  | 7,359 |  |  | 648 |  |  | (184) |
Net cash provided by (used in) operating activities |  | 76,570 |  |  | (32,786) |  |  | 59,324 |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from sales of equity investments |  | 98,791 |  |  | 15,339 |  |  | — |
Purchase of equity investments |  | (86,462) |  |  | (95,228) |  |  | — |
Increase in ESOP loan receivable |  | (3,200) |  |  | — |  |  | — |
Repayments on ESOP loan receivable |  | 2,040 |  |  | 1,200 |  |  | 1,160 |
Net cash provided by (used in) investing activities |  | 11,169 |  |  | (78,689) |  |  | 1,160 |
Cash flows from financing activities: |  |  |  |  |  |
Net proceeds from issuance of subordinated notes |  | — |  |  | 122,180 |  |  | — |
Repayments of other borrowings |  | (7,500) |  |  | (7,999) |  |  | — |
Dividends paid |  | (44,510) |  |  | (42,917) |  |  | (34,241) |
Purchase of treasury stock |  | (36,059) |  |  | (14,814) |  |  | (26,066) |
Net proceeds from the issuance of preferred stock |  | — |  |  | 55,529 |  |  | — |
Exercise of stock options |  | 1,946 |  |  | 1,241 |  |  | 1,335 |
Net cash provided by (used in) financing activities |  | (86,123) |  |  | 113,220 |  |  | (58,972) |
Net increase in cash and due from banks |  | 1,616 |  |  | 1,745 |  |  | 1,512 |
Cash and due from banks at beginning of year |  | 7,187 |  |  | 5,442 |  |  | 3,930 |
Cash and due from banks at end of year |  | $ | 8,803 |  |  | $ | 7,187 |  |  | $ | 5,442 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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