OceanFirst Financial Corp. (OCFC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Oceanfirst Financial Corp. has a market cap of $238.29 million; its shares were traded at around $12.66 with a P/E ratio of 13.19 and P/S ratio of 2.14. The dividend yield of Oceanfirst Financial Corp. stocks is 3.79%.OCFC is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC.
Interest expense for the three months ended March 31, 2010 was $6.1 million, compared to $8.7 million for the three months ended March 31, 2009. The cost of interest-bearing liabilities decreased to 1.35% for the three months ended March 31, 2010, as compared to 2.16% in the same prior year period. Average interest-bearing liabilities increased by $192.7 million for the three months ended March 31, 2010, as compared to the same prior year period. The increase was primarily in average borrowed funds which increased $126.4 million and average transaction deposits which increased $120.2 million partly offset by a decrease in average time deposits of $53.9 million. The additional borrowings were used to fund the increase in mortgage-backed securities.
For the three months ended March 31, 2010, the provision for loan losses was $2.2 million, compared to $800,000 in the same prior year period primarily due to the increase in non-performing loans and net charge-offs. Non-performing loans increased $4.0 million at March 31, 2010 to $32.3 million from $28.3 million at December 31, 2009. Loans receivable, net increased modestly during the first three months of 2010 while net charge-offs for the three months ended March 31, 2010 were $1.3 million, as compared to $446,000 in the same prior year period. Net charge-offs for the three months ended March 31, 2010 included $844,000 relating to loans originated by Columbia, the Companys mortgage banking subsidiary which has since been shuttered.
Other income decreased to $3.0 million for the three months ended March 31, 2010, as compared to $3.2 million in the same prior year period. Loan servicing income was $46,000 for the three months ended March 31, 2010 as compared to a loan servicing loss of $230,000 for the three months ended March 31, 2009 due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. The net gain on sales of loans and securities available for sale decreased to $503,000 for the three months ended March 31, 2010, as compared to $673,000 for the three months ended March 31, 2009 due to a decline in the volume of loans sold. The net loss from other real estate operations was $335,000 for the three months ended March 31, 2010, as compared to a net loss of $1,000 in the same prior year period due to write-downs in the value of properties previously acquired.
At March 31, 2010, the Company had outstanding overnight borrowings from the FHLB of $135.1 million, as compared to $87.0 million in overnight borrowings at December 31, 2009. The Company utilizes the overnight line to fund short-term liquidity needs. The Company had total FHLB borrowings, including overnight borrowings, of $521.1 million at March 31, 2010, an increase from $333.0 million at December 31, 2009.
At March 31, 2010, the Bank exceeded all of its regulatory capital requirements with tangible capital of $188.2 million, or 8.5% of total adjusted assets, which is above the required level of $33.1 million or 1.5%; core capital of $188.2 million or 8.5% of total adjusted assets, which is above the required level of $88.4 million, or 4.0% and risk-based capital of $199.3 million, or 14.2% of risk-weighted assets, which is above the required level of $112.7 million or 8.0%. The Bank is considered a well-capitalized institution under the OTS Prompt Corrective Action Regulations.
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Oceanfirst Financial Corp. has a market cap of $238.29 million; its shares were traded at around $12.66 with a P/E ratio of 13.19 and P/S ratio of 2.14. The dividend yield of Oceanfirst Financial Corp. stocks is 3.79%.OCFC is in the portfolios of Private Capital of Private Capital Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Deposit balances increased $16.9 million to $1.381 billion at March 31, 2010 from $1.364 billion at December 31, 2009. Core deposits, defined as all deposits excluding time deposits, increased $25.2 million partly offset by a $8.3 million decrease in time deposits as the Bank continued to moderate its pricing for this product. Federal Home Loan Bank advances increased by $188.1 million to $521.1 million at March 31, 2010, as compared to $333.0 million at December 31, 2009 and were primarily used to fund the increase in mortgage-backed securities.Interest expense for the three months ended March 31, 2010 was $6.1 million, compared to $8.7 million for the three months ended March 31, 2009. The cost of interest-bearing liabilities decreased to 1.35% for the three months ended March 31, 2010, as compared to 2.16% in the same prior year period. Average interest-bearing liabilities increased by $192.7 million for the three months ended March 31, 2010, as compared to the same prior year period. The increase was primarily in average borrowed funds which increased $126.4 million and average transaction deposits which increased $120.2 million partly offset by a decrease in average time deposits of $53.9 million. The additional borrowings were used to fund the increase in mortgage-backed securities.
For the three months ended March 31, 2010, the provision for loan losses was $2.2 million, compared to $800,000 in the same prior year period primarily due to the increase in non-performing loans and net charge-offs. Non-performing loans increased $4.0 million at March 31, 2010 to $32.3 million from $28.3 million at December 31, 2009. Loans receivable, net increased modestly during the first three months of 2010 while net charge-offs for the three months ended March 31, 2010 were $1.3 million, as compared to $446,000 in the same prior year period. Net charge-offs for the three months ended March 31, 2010 included $844,000 relating to loans originated by Columbia, the Companys mortgage banking subsidiary which has since been shuttered.
Other income decreased to $3.0 million for the three months ended March 31, 2010, as compared to $3.2 million in the same prior year period. Loan servicing income was $46,000 for the three months ended March 31, 2010 as compared to a loan servicing loss of $230,000 for the three months ended March 31, 2009 due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. The net gain on sales of loans and securities available for sale decreased to $503,000 for the three months ended March 31, 2010, as compared to $673,000 for the three months ended March 31, 2009 due to a decline in the volume of loans sold. The net loss from other real estate operations was $335,000 for the three months ended March 31, 2010, as compared to a net loss of $1,000 in the same prior year period due to write-downs in the value of properties previously acquired.
At March 31, 2010, the Company had outstanding overnight borrowings from the FHLB of $135.1 million, as compared to $87.0 million in overnight borrowings at December 31, 2009. The Company utilizes the overnight line to fund short-term liquidity needs. The Company had total FHLB borrowings, including overnight borrowings, of $521.1 million at March 31, 2010, an increase from $333.0 million at December 31, 2009.
At March 31, 2010, the Bank exceeded all of its regulatory capital requirements with tangible capital of $188.2 million, or 8.5% of total adjusted assets, which is above the required level of $33.1 million or 1.5%; core capital of $188.2 million or 8.5% of total adjusted assets, which is above the required level of $88.4 million, or 4.0% and risk-based capital of $199.3 million, or 14.2% of risk-weighted assets, which is above the required level of $112.7 million or 8.0%. The Bank is considered a well-capitalized institution under the OTS Prompt Corrective Action Regulations.
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