v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loans $ 135,478 $ 136,049 $ 268,497 $ 273,170
Debt securities 15,950 19,039 33,220 38,900
Equity investments and other 3,397 4,338 6,811 8,958
Total interest income 154,825 159,426 308,528 321,028
Interest expense:        
Deposits 52,273 60,071 103,319 119,926
Borrowed funds 14,916 17,092 30,921 32,615
Total interest expense 67,189 77,163 134,240 152,541
Net interest income 87,636 82,263 174,288 168,487
Provision for credit losses 3,039 3,114 8,379 3,705
Net interest income after provision for credit losses 84,597 79,149 165,909 164,782
Other income (loss):        
Bankcard services revenue 1,619 1,571 3,082 2,987
Net gain on sales of loans 1,177 420 2,035 777
Net gain on equity investments 488 887 693 2,810
Net loss from other real estate operations (260) 0 (276) 0
Income from bank owned life insurance 1,786 1,726 3,638 3,588
Commercial loan swap income 207 241 827 379
Other 1,373 706 2,526 2,297
Total other income 11,733 10,985 22,986 23,271
Operating expenses:        
Compensation and employee benefits 40,242 33,136 76,982 65,895
Occupancy 5,454 5,175 10,951 10,374
Equipment 869 1,068 1,790 2,198
Marketing 1,541 1,175 2,649 2,165
Federal deposit insurance and regulatory assessments 2,898 2,685 5,881 5,820
Data processing 6,808 6,018 13,455 11,974
Check card processing 1,156 1,075 2,326 2,125
Professional fees 4,336 2,161 6,761 4,893
Amortization of intangibles 906 810 1,846 1,654
Other operating expenses 7,264 5,317 13,127 10,194
Total operating expenses 71,474 58,620 135,768 117,292
Income before provision for income taxes 24,856 31,514 53,127 70,761
Provision for income taxes 5,771 7,082 12,579 17,719
Net income 19,085 24,432 40,548 53,042
Net income (loss) attributable to non-controlling interest 39 59 (7) 2
Net income attributable to OceanFirst Financial Corp. 19,046 24,373 40,555 53,040
Dividends on preferred shares 1,004 1,004 2,008 2,008
Loss on redemption of preferred stock 1,842 0 1,842 0
Net income available to common stockholders, basic 16,200 23,369 36,705 51,032
Net income available to common stockholders, diluted $ 16,200 $ 23,369 $ 36,705 $ 51,032
Basic earnings per share (in dollars per share) $ 0.28 $ 0.40 $ 0.63 $ 0.87
Diluted earnings per share (in dollars per share) $ 0.28 $ 0.40 $ 0.63 $ 0.87
Average basic shares outstanding (in shares) 57,738 58,356 57,889 58,489
Average diluted shares outstanding (in shares) 57,740 58,357 57,891 58,490
Trust and asset management revenue        
Other income (loss):        
Revenue $ 374 $ 419 $ 780 $ 945
Fees and service charges        
Other income (loss):        
Revenue $ 4,969 $ 5,015 $ 9,681 $ 9,488