Parent-Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statement of Financial Condition

(in thousands)

	December 31,
	2022		2021
Assets:
Cash and due from banks	$	10,623	$	8,803
Advances to Bank	32,840		63,480
Equity securities	95,261		87,622
ESOP loan receivable	6,751		9,231
Investment in subsidiaries	1,630,199		1,575,549
Goodwill	5,827		—
Other assets	1,760		2,781
Total assets	$	1,783,261	$	1,747,466
Liabilities and Stockholders’ Equity:
Borrowings	$	193,469	$	227,237
Other liabilities	4,328		3,676
OceanFirst Financial Corp. stockholders’ equity	1,584,662		1,516,553
Non-controlling interest	802		—
Total stockholders’ equity	1,585,464		1,516,553
Total liabilities and stockholders’ equity	$	1,783,261	$	1,747,466

Condensed Statements of Operations

Condensed Statements of Operations

(in thousands)

	For the Year Ended December 31,
	2022		2021		2020
Dividend income – subsidiaries	$	73,011	$	40,000	$	54,000
Interest and dividend income – debt and equity securities	2,387		2,070		949
Interest income – advances to subsidiary Bank	562		298		403
Interest income – ESOP loan receivable	227		289		301
Net gain on equity investments	7,973		7,499		20,460
Total income	84,160		50,156		76,113
Interest expense – borrowings	10,861		11,102		10,592
Operating expenses	4,258		3,307		3,382
Income before income taxes and undistributed earnings of subsidiaries	69,041		35,747		62,139
Benefit (provision) for income taxes	959		1,018		(2,901)
Income before undistributed earnings of subsidiaries	70,000		36,765		59,238
Undistributed earnings of subsidiaries	77,357		73,311		4,071
Net income	147,357		110,076		63,309
Net income attributable to non-controlling interest	754		—		—
Net income attributable to OceanFirst Financial Corp.	$	146,603	$	110,076	$	63,309

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(in thousands)

	For the Year Ended December 31,
	2022		2021		2020
Cash flows from operating activities:
Net income	$	147,357	$	110,076	$	63,309
Decrease (increase) in advances to subsidiary Bank	30,640		37,824		(73,426)
Undistributed earnings of subsidiary Bank	(77,357)		(73,311)		(4,071)
Net gain on equity investments	(7,973)		(7,499)		(20,460)
Net premium amortization in excess of discount accretion on securities	1,185		755		—
Amortization of deferred costs on borrowings	548		824		576
Net amortization of purchase accounting adjustments	684		542		638
Change in other assets and other liabilities	2,336		7,359		648
Net cash provided by (used in) operating activities	97,420		76,570		(32,786)
Cash flows from investing activities:
Proceeds from sales of equity investments	6,482		98,791		15,339
Purchase of equity investments	(7,207)		(86,462)		(95,228)
Increase in ESOP loan receivable	—		(3,200)		—
Repayments on ESOP loan receivable	2,480		2,040		1,200
Cash consideration for acquisition, net of cash received	(7,084)		—		—
Net cash (used in) provided by investing activities	(5,329)		11,169		(78,689)
Cash flows from financing activities:
Net proceeds from issuance of subordinated notes	—		—		122,180
Repayments of other borrowings	(35,000)		(7,500)		(7,999)
Dividends paid	(47,511)		(44,510)		(42,917)
Purchase of treasury stock	(7,396)		(36,059)		(14,814)
Net proceeds from the issuance of preferred stock	—		—		55,529
Exercise of stock options	424		1,946		1,241
Distributions to non-controlling interest	(788)		—		—
Net cash (used in) provided by financing activities	(90,271)		(86,123)		113,220
Net increase in cash and due from banks	1,820		1,616		1,745
Cash and due from banks at beginning of year	8,803		7,187		5,442
Cash and due from banks at end of year	$	10,623	$	8,803	$	7,187