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Parent-Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Statement of Financial Condition | 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 |
Schedule of Condensed Statements of Operations | 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 |
Schedule of Condensed Statements of Cash Flows | 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 |

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