XML 43 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Parent-Only Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Parent-Only Financial Information | Parent-Only Financial Information The following condensed statements of financial condition at December 31, 2024 and 2023 and condensed statements of operations and cash flows for the years ended December 31, 2024, 2023 and 2022 for OceanFirst Financial Corp. (parent company only) reflect the Company’s investment in its wholly-owned subsidiaries, the Bank, and OceanFirst Risk Management, Inc., and non-wholly owned subsidiary, Trident, using the equity method of accounting. Condensed Statement of Financial Condition (in thousands)
|  | December 31,
|  | 2024 |  | 2023
Assets: |  |  |  |
Cash and due from banks |  | $ | 13,214 |  |  | $ | 12,083 |
Advances to Bank |  | 98,321 |  |  | 67,289 |
Equity securities |  | 77,327 |  |  | 93,387 |
ESOP loan receivable |  | 2,871 |  |  | 4,241 |
Investment in subsidiaries |  | 1,704,037 |  |  | 1,672,406 |
Goodwill |  | 5,827 |  |  | 5,827 |
Other assets |  | 1,817 |  |  | 6,059 |
Total assets |  | $ | 1,903,414 |  |  | $ | 1,861,292 |
Liabilities and Stockholders’ Equity: |  |  |  |
Borrowings |  | $ | 196,124 |  |  | $ | 194,771 |
Other liabilities |  | 4,533 |  |  | 4,576 |
Total liabilities |  | 200,657 |  |  | 199,347 |
OceanFirst Financial Corp. stockholders’ equity |  | 1,701,650 |  |  | 1,661,163 |
Non-controlling interest |  | 1,107 |  |  | 782 |
Total stockholders’ equity |  | 1,702,757 |  |  | 1,661,945 |
Total liabilities and stockholders’ equity |  | $ | 1,903,414 |  |  | $ | 1,861,292 |
Condensed Statements of Operations (in thousands)
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Dividend income – subsidiaries |  | $ | 86,350 |  |  | $ | 97,043 |  |  | $ | 73,011 |
Interest and dividend income – debt and equity securities |  | 3,319 |  |  | 2,981 |  |  | 2,387 |
Interest income – advances to subsidiary Bank |  | 4,423 |  |  | 2,182 |  |  | 562 |
Interest income – ESOP loan receivable |  | 138 |  |  | 183 |  |  | 227 |
Net gain (loss) on equity investments |  | 4,225 |  |  | (3,732) |  |  | 7,973 |
Total income |  | 98,455 |  |  | 98,657 |  |  | 84,160 |
Interest expense – borrowings |  | 13,840 |  |  | 13,569 |  |  | 10,861 |
Operating expenses |  | 4,875 |  |  | 4,050 |  |  | 4,258 |
Income before income taxes and undistributed earnings of subsidiaries |  | 79,740 |  |  | 81,038 |  |  | 69,041 |
Benefit for income taxes |  | 1,226 |  |  | 3,807 |  |  | 959 |
Income before undistributed earnings of subsidiaries |  | 80,966 |  |  | 84,845 |  |  | 70,000 |
Undistributed earnings of subsidiaries |  | 19,424 |  |  | 19,220 |  |  | 77,357 |
Net income |  | 100,390 |  |  | 104,065 |  |  | 147,357 |
Net income attributable to non-controlling interest |  | 325 |  |  | 36 |  |  | 754 |
Net income attributable to OceanFirst Financial Corp. |  | $ | 100,065 |  |  | $ | 104,029 |  |  | $ | 146,603 |
Condensed Statements of Cash Flows (in thousands)
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 100,390 |  |  | $ | 104,065 |  |  | $ | 147,357 |
(Increase) decrease in advances to subsidiary Bank |  | (31,032) |  |  | (34,449) |  |  | 30,640 |
Undistributed earnings of subsidiary Bank |  | (19,424) |  |  | (19,220) |  |  | (77,357) |
Net (gain) loss on equity investments |  | (4,225) |  |  | 3,732 |  |  | (7,973) |
Net premium amortization in excess of discount accretion on securities |  | 584 |  |  | 981 |  |  | 1,185 |
Amortization of deferred costs on borrowings |  | 626 |  |  | 598 |  |  | 548 |
Net amortization of purchase accounting adjustments |  | 727 |  |  | 704 |  |  | 684 |
Change in other assets and other liabilities |  | 4,199 |  |  | (3,995) |  |  | 2,336 |
Net cash provided by operating activities |  | 51,845 |  |  | 52,416 |  |  | 97,420 |
Cash flows from investing activities: |  |  |  |  |  |
Proceeds from sales of equity investments |  | 22,783 |  |  | 4,822 |  |  | 6,482 |
Purchase of equity investments |  | (3,082) |  |  | (7,661) |  |  | (7,207) |
Repayments on ESOP loan receivable |  | 1,370 |  |  | 2,510 |  |  | 2,480 |
Cash consideration for acquisition, net of cash received |  | — |  |  | — |  |  | (7,084) |
Net cash provided by (used in) investing activities |  | 21,071 |  |  | (329) |  |  | (5,329) |
Cash flows from financing activities: |  |  |  |  |  |
Repayments of other borrowings |  | — |  |  | — |  |  | (35,000) |
Dividends paid |  | (50,880) |  |  | (51,274) |  |  | (47,511) |
Purchase of treasury stock |  | (21,476) |  |  | — |  |  | (7,396) |
Exercise of stock options |  | 571 |  |  | 702 |  |  | 424 |
Distributions to non-controlling interest |  | — |  |  | (55) |  |  | (788) |
Net cash used in financing activities |  | (71,785) |  |  | (50,627) |  |  | (90,271) |
Net increase in cash and due from banks |  | 1,131 |  |  | 1,460 |  |  | 1,820 |
Cash and due from banks at beginning of year |  | 12,083 |  |  | 10,623 |  |  | 8,803 |
Cash and due from banks at end of year |  | $ | 13,214 |  |  | $ | 12,083 |  |  | $ | 10,623 |

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

X
- 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration