updated 1/20/2011 4:45:53 PM ET 2011-01-20T21:45:53

TOMS RIVER, N.J., Jan. 20, 2011 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank (the "Bank"), today announced a record $20.4 million of net income for the year 2010. Income available to common stockholders increased to $5.8 million for the quarter ended December 31, 2010, as compared to $5.2 million for the prior linked quarter, and $1.9 million for the corresponding prior year period. Diluted earnings per share for the quarter ended December 31, 2010 was $0.32, an increase of $0.03 from the prior linked quarter. For the year, diluted earnings per share increased 14.3%, to $1.12, from $0.98 in 2009. Additional highlights for the quarter and year just concluded:

  • Earnings per share has grown in each of the last four quarters. Return on average stockholders' equity was 11.54% for the quarter ended December 31, 2010.
  • Driven by 10.9% year over year balance sheet growth, total revenue for 2010 (i.e., net interest income and total other income) also was a record $92.4 million.
  • Year-end deposits grew 22.0% to $1,664.0 million with core deposits (i.e., all deposits except time deposits) comprising yet another record 82.9% of total deposits.

The Company also announced that the Board of Directors declared its fifty-sixth consecutive quarterly cash dividend on common stock. The dividend for the quarter ended December 31, 2010 was declared in the amount of $0.12 per share to be paid on February 11, 2011 to shareholders of record on January 31, 2011. 

Chairman and CEO John R. Garbarino observed, "Our record setting bottom line was driven by strong core deposit growth and healthy margins throughout the year. Diligently managing our capital in recent periods with these record earnings, prudent dividend payouts and strong, double digit returns on equity has significantly enhanced the value proposition for our shareholders."

Results of Operations

Net income available to common stockholders for the three months ended December 31, 2010 was $5.8 million or $0.32 per diluted share, as compared to net income available to common stockholders of $1.9 million, or $0.12 per diluted share, for the corresponding prior year period. For the year ended December 31, 2010, net income available to common stockholders was $20.4 million, or $1.12 per diluted share, as compared to net income available to common stockholders of $12.5 million, or $0.98 per diluted share, for the corresponding prior year period. For both the quarter and year ended December 31, 2010, diluted earnings per share reflects the higher number of average diluted shares outstanding from the issuance of additional common shares in November 2009. For the quarter and year ended December 31, 2010 diluted earnings per share includes $922,000, or $0.05 per share, relating to a reduction in the state tax valuation allowance.

Net interest income for the quarter and year ended December 31, 2010 increased to $18.9 million and $77.1 million, respectively, as compared to $16.9 million and $65.5 million, respectively, in the same prior year periods, reflecting greater interest-earning assets and, for the year ended December 31, 2010, a higher net interest margin. The net interest margin increased to 3.69% for the year ended December 31, 2010 from 3.63% in the same prior year period partly due to the low interest rate environment. For the quarter ended December 31, 2010 the net interest margin decreased to 3.52% as compared to 3.73% in the prior linked quarter and 3.76% in the same prior year period. The decrease in net interest margin from the prior linked quarter and prior year was due to the investment of strong deposit flows into interest-earning deposits and investment securities at a modest net interest spread. Additionally, high loan refinance volume caused yields on loans and mortgage-backed securities to reset downward. The yield on interest-earning assets decreased to 4.62% and 4.86%, respectively, for the quarter and year ended December 31, 2010, as compared to 5.19% and 5.31%, respectively, in the same prior year periods. The cost of interest-bearing liabilities decreased to 1.23% and 1.30%, respectively, for the quarter and year ended December 31, 2010, as compared to 1.63% and 1.89%, respectively, in the same prior year periods. Average interest-earning assets increased by $341.1 million and $283.4 million, respectively, for the quarter and year ended December 31, 2010, as compared to the same prior year periods. The increase in average interest-earning assets was primarily due to the increase in average mortgage-backed securities, which increased $221.3 million, or 198.8%, and $244.6 million, or 266.9%, respectively, for the quarter and year ended December 31, 2010, as compared to the same prior year periods. The increase was also due, to a lesser extent, to an increase in average investment securities, which increased $34.7 million and $9.7 million, respectively, for the quarter and year ended December 31, 2010, as compared to the same prior year periods.

For the quarter ended December 31, 2010, the provision for loan losses decreased to $2.0 million as compared to $2.2 million for the corresponding prior year period. For the year ended December 31, 2010, the provision for loan losses increased to $8.0 million, as compared to $5.7 million for the corresponding prior year period. The increased provision for the year ended December 31, 2010 is primarily due to higher levels of non-performing loans and partially due to higher loan balances.

Other income increased to $4.5 million for the quarter ended December 31, 2010, as compared to $3.7 million in the same prior year period. For the year ended December 31, 2010, other income decreased to $15.3 million as compared to $15.6 million in the same prior year period. Loan servicing income (loss) increased to income of $292,000 for the year ended December 31, 2010 from a loss of $18,000 in the same prior year period due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. Fees and service charges increased to $3.1 million and $11.2 million, respectively, for the quarter and year ended December 31, 2010, as compared to $2.7 million and $10.5 million for the corresponding prior year periods. The increase was due to higher fees from merchant services, commercial checking accounts and trust services. Additionally, loan prepayment income increased by $209,000 and $104,000 for the quarter and year ended December 31, 2010 as compared to the same prior year periods. For the year ended December 31, 2010, the increase in fees and service charges was partly offset by a reduction in private mortgage insurance fee income of $146,000 related to several rescission claims. The net gain on sales of loans increased to $1.4 million for the quarter ended December 31, 2010, as compared to $772,000 for the corresponding prior year period due to an increase in the volume of loans sold and a strong gain on sale margin. For the year ended December 31, 2010, the net gain on the sale of loans sold decreased to $3.7 million, as compared to $3.9 million for the corresponding prior year period due to a decline in the volume of loans sold. The net loss from other real estate operations was $292,000 and $701,000, respectively, for the quarter and year ended December 31, 2010, as compared to losses of $74,000 and $2,000, respectively, in the same prior year periods due to current period write-downs in the value of properties previously acquired. Other income decreased $371,000 for the year ended December 31, 2010, as compared to the same prior year period due to the prior year recovery of $367,000 on borrower escrow funds at Columbia Home Loans, LLC ("Columbia"), the Company's mortgage banking subsidiary, which was shuttered in the fourth quarter of 2007.

Operating expenses increased to $13.9 million, or 5.8%, and $53.6 million, or 6.1%, respectively, for the quarter and year ended December 31, 2010, as compared to $13.2 million and $50.5 million, respectively, for the corresponding prior year periods. These increases were primarily due to compensation and employee benefits costs, which increased due to higher incentive compensation, salary and stock plan expense. For the year ended December 31, 2010, the increase was also due to the reduction in mortgage loan closings from prior year levels. Fewer loan closings in the current year decreased deferred loan expense which is reflected as an increase to compensation expense. Occupancy expense decreased by $490,000 for the year ended December 31, 2010, as compared to the corresponding prior year period due to a $556,000 charge in the second quarter of 2009 relating to the termination of all remaining lease obligations of Columbia. Federal deposit insurance expense for the year ended December 31, 2010 decreased by $394,000 from the corresponding prior year period primarily due to a special assessment of $869,000 in the second quarter of 2009, partly offset by additional insurance on higher deposit balances. Federal deposit insurance increased by $136,000 for the quarter ended December 31, 2010, as compared to the same prior year quarter due to higher deposit balances. Merger related expenses for the quarter and year ended December 31, 2009 totaled $703,000 and $1.3 million, respectively, which related to the Company's announced, but subsequently terminated, merger with Central Jersey Bancorp. General and administrative expense increased for the year ended December 31, 2010, over the corresponding prior year period partly due to higher loan related expenses.

The provision for income taxes was $1.7 million and $10.4 million, respectively, for the quarter and year ended December 31, 2010, as compared to $1.7 million and $9.2 million, respectively, for the same prior year periods. The effective tax rate decreased to 22.7% and 33.8%, respectively, for the quarter and year ended December 31, 2010, as compared to 32.4% and 36.9%, respectively, in the same prior year periods. The decrease in the effective tax rate was due to the fourth quarter 2010 reduction in the state tax valuation allowance of $922,000.

Dividends on preferred stock and warrant accretion totaled $1.6 million and $3.2 million, respectively, for the quarter and year ended December 31, 2009, as compared to no amounts in the current year periods. The preferred stock was redeemed on December 30, 2009.

Financial Condition

Total assets increased by $221.3 million, or 10.9%, to $2,251.3 million at December 31, 2010, from $2,030.0 million at December 31, 2009. Loans receivable, net increased by $31.5 million, or 1.9%, to $1,660.8 million at December 31, 2010, from $1,629.3 million at December 31, 2009, primarily due to increased commercial and commercial real estate lending. Investment securities available for sale increased by 146.6%, to $91.9 million at December 31, 2010, as compared to $37.3 million at December 31, 2009, due to purchases of government agency and municipal securities as the Company invested the funds received from strong deposit flows. Mortgage-backed securities available for sale increased by 59.7%, to $341.2 million at December 31, 2010 as compared to $213.6 million at December 31, 2009, due to purchases of $193.0 million in mortgage-backed securities and collateralized mortgage obligations issued by U.S. government sponsored enterprises.

The increase in assets was funded by increased deposits, which grew by 22.0% to $1,664.0 million at December 31, 2010 from $1,364.2 million at December 31, 2009. The growth was concentrated in core deposits, which increased $326.8 million. Time deposits decreased $27.0 million as the Bank continued to moderate its pricing for this product. Also, as a result of the increase in deposits, Federal Home Loan Bank advances decreased to $265.0 million at December 31, 2010 from $333.0 million at December 31, 2009. Stockholders' equity increased 9.7%, to $201.3 million at December 31, 2010, as compared to $183.5 million at December 31, 2009 due to net income and a reduction in accumulated other comprehensive loss partly offset by the cash dividend on common stock.

Asset Quality

The Company's non-performing loans totaled $37.5 million at December 31, 2010, an increase from $28.3 million at December 31, 2009, with the largest increase of $7.4 million attributable to one-to-four family mortgage loans. The overall increase is reflective of the weak economic environment. Non-performing loans at December 31, 2010 include $664,000 of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $2.2 million of loans previously held for sale that were also written down to market value. Net loan charge-offs decreased to $893,000 for the three months ended December 31, 2010, as compared to $1.2 million for the corresponding prior year period. For the year ended December 31, 2010, net loan charge-offs increased to $3.0 million, as compared to $2.6 million for the corresponding prior year period. For the quarter and year ended December 31, 2010 net charge-offs included $11,000 and $1.2 million, respectively, of loans originated by Columbia.

The reserve for repurchased loans, which is included in other liabilities in the Company's consolidated statements of financial condition, was $809,000 at December 31, 2010, as compared to $819,000 at December 31, 2009. There was no provision for repurchased loans and one charge-off of $10,000 during the year ended December 31, 2010. At December 31, 2010, there was one outstanding loan repurchase request on a loan with a total principal balance of $122,000 which the Company is contesting. 

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, January 21, 2011 at 11:00 a.m. Eastern time. The direct dial number for the call is (877) 317-6789. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 447081, from one hour after the end of the call until February 7, 2011. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

Annual Meeting

The Company also announced today that its Annual Meeting of Stockholders will be held on Thursday, May 5, 2011 at 10:00 a.m. Eastern time, at the Crystal Point Yacht Club located at 3900 River Road at the intersection of State Highway 70, Point Pleasant, New Jersey. The record date for shareholders entitled to vote at the Annual Meeting is March 9, 2011.

OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.'s press releases are available by visiting us at www.oceanfirst.com .

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines. These risks and uncertainties are further discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake – and specifically disclaims any obligation – to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

OceanFirst Financial Corp. 
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)
     
  December 31, December 31,
  2010 2009
     
ASSETS    
     
Cash and due from banks $31,455 $23,016
Investment securities available for sale 91,918 37,267
Federal Home Loan Bank of New York stock, at cost 16,928 19,434
Mortgage-backed securities available for sale 341,175 213,622
Loans receivable, net 1,660,788 1,629,284
Mortgage loans held for sale 6,674 5,658
Interest and dividends receivable 6,446 6,059
Real estate owned, net  2,295 2,613
Premises and equipment, net 22,488 22,088
Servicing asset 5,653 6,515
Bank Owned Life Insurance 40,815 39,970
Other assets 24,695 24,502
     
 Total assets $2,251,330 $2,030,028
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Deposits $1,663,968 $1,364,199
Securities sold under agreements to repurchase with retail customers 67,864 64,573
Federal Home Loan Bank advances 265,000 333,000
Other borrowings 27,500 27,500
Due to brokers -- 40,684
Advances by borrowers for taxes and insurance 6,947 7,453
Other liabilities 18,800 9,083
     
Total liabilities 2,050,079 1,846,492
     
Stockholders' equity:    
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued at December 31, 2010 -- --
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 18,822,556 and

18,821,956 shares outstanding at December 31, 2010 and December 31, 2009, respectively
336 336
 Additional paid-in capital 260,739 260,130
 Retained earnings 174,677 163,063
 Accumulated other comprehensive loss (5,560) (10,753)
 Less: Unallocated common stock held by Employee Stock Ownership Plan (4,484) (4,776)
 Treasury stock, 14,744,216 and 14,744,816 shares at December 31, 2010 and December 31, 2009, respectively (224,457) (224,464)
 Common stock acquired by Deferred Compensation Plan 946 986
 Deferred Compensation Plan Liability (946) (986)
Total stockholders' equity 201,251 183,536
Total liabilities and stockholders' equity $2,251,330 $2,030,028
 
 
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
         
         
  For the three months For the years
   ended December 31,   ended December 31, 
  2010 2009 2010 2009
     (Unaudited)     
         
Interest income:        
 Loans $21,656 $22,015 $88,180 $90,595
 Mortgage-backed securities  2,581 1,054 11,503 3,512
 Investment securities and other 520 345 1,684 1,754
 Total interest income 24,757 23,414 101,367 95,861
         
Interest expense:         
 Deposits 3,648 3,896 14,340 18,032
 Borrowed funds 2,229 2,572 9,913 12,366
 Total interest expense 5,877 6,468 24,253 30,398
 Net interest income        
  18,880 16,946 77,114 65,463
         
Provision for loan losses 2,000 2,200 8,000 5,700
Net interest income after provision for loan losses 16,880 14,746 69,114 59,763
         
Other income:        
 Loan servicing income (loss) 61 84 292 (18)
 Fees and service charges 3,096 2,702 11,214 10,506
 Net gain on sales of loans and securities available for sale 1,442 772 3,657 3,891
 Net loss from other real estate operations (292) (74) (701) (2)
 Income from Bank Owned Life Insurance 220 202 845 836
 Other  -- 8 5 376
 Total other income 4,527 3,694 15,312 15,589
         
Operating expenses:        
 Compensation 7,241 6,233 28,148 24,014
 Occupancy 1,384 1,304 5,501 5,991
 Equipment 615 713 2,196 2,141
 Marketing 404 596 1,745 1,767
 Federal deposit insurance 723 587 2,705 3,099
 Data processing 905 883 3,426 3,388
 Legal 223 131 1,066 1,464
 Check card processing 313 288 1,250 1,079
 Accounting and audit 159 223 624 689
 Merger related expenses  -- 703 -- 1,285
 General and administrative 1,959 1,506 6,986 5,627
 Total operating expenses 13,926 13,167 53,647 50,544
         
 Income before provision for income taxes 7,481 5,273 30,779 24,808
Provision for income taxes 1,697 1,706 10,401 9,155
 Net income 5,784 3,567 20,378 15,653
Dividends on preferred stock and warrant accretion  -- 1,637  -- 3,170
 Net income available to common stockholders $5,784 $1,930 $20,378 $12,483
         
Basic earnings per share $0.32 $0.12 $1.12 $0.98
Diluted earnings per share $0.32 $0.12 $1.12 $0.98
         
Average basic shares outstanding 18,156 15,769 18,142 12,737
Average diluted shares outstanding 18,205 15,817 18,191 12,784
 
 
OceanFirst Financial Corp. 
SELECTED CONSOLIDATED FINANCIAL DATA 
(in thousands, except per share amounts)
     
  At December 31, At December 31,
  2010 2009
     
STOCKHOLDERS' EQUITY    
Stockholders' equity to total assets  8.94% 9.04%
Common shares outstanding (in thousands) 18,823 18,822
Stockholders' equity per common share $10.69 $9.75
Tangible stockholders' equity per common share 10.69 9.75
     
ASSET QUALITY    
Non-performing loans:    
Real estate – one-to-four family $26,577 $19,142
Commercial real estate 5,849 5,152
Construction 368 368
Consumer 4,626 3,031
Commercial 117 627
Total non-performing loans 37,537 28,320
REO, net 2,295 2,613
Total non-performing assets $39,832 $30,933
     
Delinquent loans 30 to 89 days $14,421 $15,528
     
Allowance for loan losses $19,700 $14,723
Allowance for loan losses as a percent of total loans receivable 1.17%  0.89%
Allowance for loan losses as a percent of non-performing loans 52.48 51.99
Non-performing loans as a percent of total loans receivable 2.23 1.72
Non-performing assets as a percent of total assets 1.77 1.52
     
     
  For the three months ended For the years ended
  December 31, December 31,
  2010 2009 2010 2009
PERFORMANCE RATIOS (ANNUALIZED)        
Return on average assets 1.02% 0.75% 0.93% 0.82%
Return on average stockholders' equity 11.54 7.17 10.62 9.35
Interest rate spread 3.39 3.56 3.56 3.42
Interest rate margin 3.52 3.76 3.69 3.63
Operating expenses to average assets 2.46 2.75 2.44 2.66
Efficiency ratio 59.50 63.79 58.04 62.36
 
 
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
     
LOANS RECEIVABLE    
  At December 31, 2010 At December 31, 2009
     
Real estate:    
One-to-four family $955,063 $954,736
Commercial real estate, multi-family and land 435,127 396,883
Construction 13,748 9,241
Consumer 205,725 217,290
Commercial 76,692 70,214
Total loans 1,686,355 1,648,364
     
Loans in process (4,055) (3,466)
Deferred origination costs, net 4,862 4,767
Allowance for loan losses (19,700) (14,723)
     
Total loans, net 1,667,462 1,634,942
     
Less: mortgage loans held for sale 6,674 5,658
Loans receivable, net $1,660,788 $1,629,284
     
Mortgage loans serviced for others $913,778 $952,871
Loan pipeline 84,113 90,320
     
     
  For the three months ended For the years ended
  December 31, December 31,
  2010 2009 2010 2009
         
Loan originations $156,637 $126,438 $504,359 $574,529
Loans sold 63,978 40,209 164,319 232,765
Net charge-offs 893 1,157 3,023 2,642
     
DEPOSITS    
  At December 31, 2010 At December 31, 2009
Type of Account    
Non-interest-bearing $126,429 $107,721
Interest-bearing-checking 920,324 615,347
Money market deposit 108,421 96,886
Savings 223,650 232,081
Time deposits 285,144 312,164
  $1,663,968 $1,364,199
 
 
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
             
  FOR THE THREE MONTHS ENDED DECEMBER 31,
  2010 2009
      AVERAGE     AVERAGE
  AVERAGE   YIELD/ AVERAGE   YIELD/
  BALANCE INTEREST  COST BALANCE INTEREST  COST
  (Dollars in thousands)
Assets            
Interest-earning assets:            
Interest-earning deposits and short-term investments $37,500 $23 .25% $ -- $ --  --%
Investment securities (1) 90,430 204 .90 55,720 131 .94
FHLB stock 17,121 293 6.85 14,419 214 5.94
Mortgage-backed securities (1) 332,642 2,581 3.10 111,340 1,054 3.79
Loans receivable, net (2) 1,666,352 21,656 5.20 1,621,475 22,015 5.43
Total interest-earning assets 2,144,045 24,757 4.62 1,802,954 23,414 5.19
Non-interest-earning assets 118,481     111,963    
Total assets $2,262,526     $1,914,917    
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Transaction deposits $1,252,819 2,336 .75 $951,843 2,196 .92
Time deposits 286,386 1,312 1.83 319,700 1,700 2.13
Total 1,539,205 3,648 .95 1,271,543 3,896 1.23
Borrowed funds 371,088 2,229 2.40 317,636 2,572 3.24
Total interest-bearing liabilities 1,910,293 5,877 1.23 1,589,179 6,468 1.63
Non-interest-bearing deposits 132,282     111,825    
Non-interest-bearing liabilities 19,415     14,791    
Total liabilities 2,061,990     1,715,795    
Stockholders' equity 200,536     199,122    
 Total liabilities and stockholders' equity $2,262,526     $1,914,917    
Net interest income   $18,880     $16,946  
Net interest rate spread (3)     3.39%     3.56%
Net interest margin (4)     3.52%     3.76%
             
   
   
  FOR THE YEARS ENDED DECEMBER 31,
  2010 2009
      AVERAGE     AVERAGE
  AVERAGE   YIELD/ AVERAGE    YIELD/
  BALANCE INTEREST  COST BALANCE INTEREST  COST
  (Dollars in thousands)
Assets            
Interest-earning assets:            
Interest-earning deposits and short-term investments $11,252 $28 .25% $ -- $ --  --%
Investment securities (1) 65,595 628 .96 55,859 888 1.59
FHLB stock 20,838 1,028 4.93 16,435 866 5.27
Mortgage-backed securities (1) 336,286 11,503 3.42 91,660 3,512 3.83
Loans receivable, net (2) 1,653,367 88,180 5.33 1,639,992 90,595 5.52
Total interest-earning assets 2,087,338 101,367 4.86 1,803,946 95,861 5.31
Non-interest-earning assets 113,689     94,397    
Total assets $2,201,027     $1,898,343    
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Transaction deposits $1,108,449 8,747 .79 $903,848 9,709 1.07
Time deposits 298,534 5,593 1.87 341,999 8,323 2.43
Total 1,406,983 14,340 1.02 1,245,847 18,032 1.45
Borrowed funds 456,835 9,913 2.17 359,668 12,366 3.44
Total interest-bearing liabilities 1,863,818 24,253 1.30 1,605,515 30,398 1.89
Non-interest-bearing deposits 127,535     110,740    
Non-interest-bearing liabilities 17,764     14,691    
Total liabilities 2,009,117     1,730,946    
Stockholders' equity 191,910     167,397    
 Total liabilities and stockholders' equity $2,201,027     $1,898,343    
Net interest income   $77,114     $65,463  
Net interest rate spread (3)     3.56%     3.42%
Net interest margin (4)     3.69%     3.63%
             
(1) Amounts are recorded at average amortized cost. 
(2) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.
(3) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
CONTACT: Michael J. Fitzpatrick
         Chief Financial Officer
         OceanFirst Financial Corp.
         Tel: (732) 240-4500, ext. 7506
         Fax: (732) 349-5070
         Email: Mfitzpatrick@oceanfirst.com

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Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com