XML 12 R2.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 214,171 $ 153,718
Debt securities available-for-sale, at estimated fair value 911,753 753,892
Debt securities held-to-maturity, net of allowance for securities credit losses of $902 at September 30, 2024 and $1,133 at December 31, 2023 (estimated fair value of $1,007,781 at September 30, 2024 and $1,068,438 at December 31, 2023) 1,075,131 1,159,735
Equity investments 95,688 100,163
Restricted equity investments, at cost 98,545 93,766
Loans receivable, net of allowance for loan credit losses of $69,066 at September 30, 2024 and $67,137 at December 31, 2023 9,963,598 10,136,721
Loans held-for-sale 23,036 5,166
Interest and dividends receivable 48,821 51,874
Premises and equipment, net 116,087 121,372
Bank owned life insurance 269,138 266,498
Assets held for sale 0 28
Goodwill 506,146 506,146
Core deposit intangible 7,056 9,513
Other assets 159,313 179,661
Total assets 13,488,483 13,538,253
Liabilities and Stockholders’ Equity    
Deposits 10,116,167 10,434,949
Federal Home Loan Bank (“FHLB”) advances 891,860 848,636
Securities sold under agreements to repurchase with customers 81,163 73,148
Other borrowings 419,927 196,456
Advances by borrowers for taxes and insurance 27,282 22,407
Other liabilities 257,576 300,712
Total liabilities 11,793,975 11,876,308
Stockholders’ equity:    
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, and 57,370 shares issued at both September 30, 2024 and December 31, 2023 1 1
Common stock, $0.01 par value, 150,000,000 shares authorized, 62,515,415 and 62,182,767 shares issued at September 30, 2024 and December 31, 2023, respectively; and 58,397,094 and 59,447,684 shares outstanding at September 30, 2024 and December 31, 2023, respectively 613 613
Additional paid-in capital 1,166,218 1,161,755
Retained earnings 632,476 592,542
Accumulated other comprehensive loss (12,185) (20,862)
Less: Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") (2,852) (3,780)
Treasury stock, 4,118,321 and 2,735,083 shares at September 30, 2024 and December 31, 2023, respectively (90,617) (69,106)
OceanFirst Financial Corp. stockholders’ equity 1,693,654 1,661,163
Non-controlling interest 854 782
Total stockholders’ equity 1,694,508 1,661,945
Total liabilities and stockholders’ equity $ 13,488,483 $ 13,538,253