QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 22-3412577 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
NJ | 07701 | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, $0.01 par value per share | OCFC | NASDAQ | ||||||||||||
Depositary Shares (each representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock) | OCFCP | NASDAQ |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||||||||
Non-accelerated Filer | Smaller Reporting Company | ||||||||||||||||
Emerging Growth Company |
PAGE | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | Consolidated Financial Statements (unaudited) | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
FINANCIAL SUMMARY(1) | At or for the Quarters Ended | ||||||||||||||||
(dollars in thousands, except per share amounts) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
SELECTED FINANCIAL CONDITION DATA: | |||||||||||||||||
Total assets | $ | 13,555,175 | $ | 13,103,896 | $ | 12,164,945 | |||||||||||
Loans receivable, net of allowance for loan credit losses | 9,986,949 | 9,868,718 | 9,065,679 | ||||||||||||||
Deposits | 9,993,095 | 9,675,206 | 10,056,233 | ||||||||||||||
Total stockholders’ equity | 1,610,371 | 1,585,464 | 1,519,334 | ||||||||||||||
SELECTED OPERATING DATA: | |||||||||||||||||
Net interest income | 98,802 | 106,488 | 84,227 | ||||||||||||||
Provision for credit losses | 3,013 | 3,647 | 1,851 | ||||||||||||||
Other income | 2,073 | 27,551 | 8,852 | ||||||||||||||
Operating expenses | 61,309 | 59,728 | 57,495 | ||||||||||||||
Net income | 27,899 | 53,311 | 25,759 | ||||||||||||||
Net income attributable to OceanFirst Financial Corp. | 27,883 | 53,272 | 25,759 | ||||||||||||||
Net income available to common stockholders | 26,879 | 52,268 | 24,755 | ||||||||||||||
Diluted earnings per share | 0.46 | 0.89 | 0.42 | ||||||||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||||||||
Stockholders’ equity per common share at end of period | 27.07 | 26.81 | 25.58 | ||||||||||||||
Cash dividend per share | 0.20 | 0.20 | 0.17 | ||||||||||||||
Dividend payout ratio per common share | 43.48 | % | 22.47 | % | 40.48 | % | |||||||||||
Stockholders’ equity to total assets | 11.88 | 12.10 | 12.49 | ||||||||||||||
Return on average assets (2) (3) (4) | 0.82 | 1.62 | 0.84 | ||||||||||||||
Return on average stockholders’ equity (2) (3) (4) | 6.77 | 13.25 | 6.57 | ||||||||||||||
Net interest rate spread (5) | 2.92 | 3.37 | 3.08 | ||||||||||||||
Net interest margin (2) (6) | 3.34 | 3.64 | 3.18 | ||||||||||||||
Operating expenses to average assets (2) (4) | 1.88 | 1.85 | 1.95 | ||||||||||||||
Efficiency ratio (4) (7) | 60.78 | 44.56 | 61.77 | ||||||||||||||
Loans-to-deposits ratio (8) | 100.50 | 102.50 | 90.60 | ||||||||||||||
ASSET QUALITY: | |||||||||||||||||
Non-performing loans (9) | $ | 22,437 | $ | 23,265 | $ | 26,925 | |||||||||||
Non-performing assets (9) | 22,437 | 23,265 | 27,031 | ||||||||||||||
Allowance for loan credit losses as a percent of total loans receivable (8) (10) | 0.60 | % | 0.57 | % | 0.56 | % | |||||||||||
Allowance for loan credit losses as a percent of total non-performing loans (9) (10) | 268.28 | 244.25 | 187.92 | ||||||||||||||
Non-performing loans as a percent of total loans receivable (8) (9) | 0.22 | 0.23 | 0.30 | ||||||||||||||
Non-performing assets as a percent of total assets (9) | 0.17 | 0.18 | 0.22 |
FINANCIAL SUMMARY | At or for the Quarters Ended | ||||||||||
(dollars in thousands, except per share amounts) | September 30, 2017 | June 30, 2017 | September 30, 2016 | ||||||||
SELECTED FINANCIAL CONDITION DATA: | |||||||||||
Total assets | $ | 5,383,912 | $ | 5,202,200 | $ | 4,151,017 | |||||
Loans receivable, net | 3,870,109 | 3,868,805 | 3,028,696 | ||||||||
Deposits | 4,350,259 | 4,176,909 | 3,324,681 | ||||||||
Stockholders’ equity | 596,252 | 587,303 | 417,244 | ||||||||
SELECTED OPERATING DATA: | |||||||||||
Net interest income | 43,056 | 42,174 | 33,935 | ||||||||
Provision for loan losses | 1,165 | 1,165 | 888 | ||||||||
Other income | 7,359 | 6,973 | 5,896 | ||||||||
Operating expenses | 30,733 | 37,133 | 25,026 | ||||||||
Net income | 12,817 | 7,679 | 9,128 | ||||||||
Diluted earnings per share | 0.39 | 0.23 | 0.35 | ||||||||
SELECTED FINANCIAL RATIOS: | |||||||||||
Stockholders’ equity per common share | 18.31 | 18.05 | 16.14 | ||||||||
Tangible stockholders’ equity per common share (1) | 13.47 | 13.19 | 13.42 | ||||||||
Cash dividend per share | 0.15 | 0.15 | 0.13 | ||||||||
Stockholders’ equity to total assets | 11.07 | % | 11.29 | % | 10.05 | % | |||||
Tangible stockholders’ equity to total tangible assets (1) | 8.39 | 8.51 | 8.50 | ||||||||
Return on average assets (2) (3) | 0.95 | 0.59 | 0.88 | ||||||||
Return on average stockholders’ equity (2) (3) | 8.60 | 5.25 | 8.77 | ||||||||
Return on average tangible stockholders’ equity (1) (2) (3) | 11.74 | 7.19 | 10.58 | ||||||||
Net interest rate spread | 3.41 | 3.48 | 3.49 | ||||||||
Net interest margin | 3.50 | 3.57 | 3.56 | ||||||||
Operating expenses to average assets (2) (3) | 2.29 | 2.86 | 2.43 | ||||||||
Efficiency ratio (3) (4) | 60.96 | 75.55 | 62.83 | ||||||||
Loan to deposit ratio | 88.96 | 92.62 | 91.10 | ||||||||
ASSET QUALITY: | |||||||||||
Non-performing loans | $ | 15,121 | $ | 16,261 | $ | 16,507 | |||||
Non-performing assets | 24,455 | 25,159 | 25,614 | ||||||||
Allowance for loan losses as a percent of total loans receivable | 0.42 | % | 0.42 | % | 0.51 | % | |||||
Allowance for loan losses as a percent of total non-performing loans | 109.68 | 101.82 | 94.61 | ||||||||
Non-performing loans as a percent of total loans receivable | 0.39 | 0.42 | 0.54 | ||||||||
Non-performing assets as a percent of total assets | 0.45 | 0.48 | 0.62 |
(9) Non-performing assets consist of non-performing loans and real estate acquired through foreclosure. Non-performing loans generally consist of all loans 90 days or more past due and other loans in the process of foreclosure. It is the Company’s policy to cease accruing interest on all such loans and to reverse previously accrued interest. (10) Loans acquired from prior bank acquisitions were recorded at fair value. The net unamortized credit and purchased with credit deterioration (“PCD”) marks on these loans, not reflected in the allowance for loan credit losses, was $10.5 million, $11.4 million, and $16.9 million at March 31, 2023, December 31, 2022 and March 31, 2022, respectively. 5 |
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest | Average Yield/ Cost (1) | Average Balance | Interest | Average Yield/ Cost (1) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-earning deposits and short-term investments | $ | 129,740 | $ | 938 | 2.93 | % | $ | 88,826 | $ | 37 | 0.17 | % | |||||||||||||||||||||||
Securities (2) | 1,955,399 | 16,376 | 3.40 | 1,846,452 | 8,478 | 1.86 | |||||||||||||||||||||||||||||
Loans receivable, net (3) | |||||||||||||||||||||||||||||||||||
Commercial | 6,840,006 | 92,780 | 5.50 | 6,037,639 | 58,355 | 3.92 | |||||||||||||||||||||||||||||
Residential real estate | 2,872,049 | 25,161 | 3.50 | 2,542,655 | 21,339 | 3.36 | |||||||||||||||||||||||||||||
Home equity loans and lines and other consumer (“other consumer”) | 263,404 | 3,779 | 5.82 | 257,024 | 2,774 | 4.38 | |||||||||||||||||||||||||||||
Allowance for loan credit losses, net of deferred loan costs and fees | (50,554) | — | — | (40,457) | — | — | |||||||||||||||||||||||||||||
Loans receivable, net | 9,924,905 | 121,720 | 4.96 | 8,796,861 | 82,468 | 3.79 | |||||||||||||||||||||||||||||
Total interest-earning assets | 12,010,044 | 139,034 | 4.68 | 10,732,139 | 90,983 | 3.43 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 1,234,549 | 1,215,071 | |||||||||||||||||||||||||||||||||
Total assets | $ | 13,244,593 | $ | 11,947,210 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 3,863,338 | 6,269 | 0.66 | % | $ | 4,377,368 | 2,149 | 0.20 | % | |||||||||||||||||||||||||
Money market | 705,631 | 1,759 | 1.01 | 788,063 | 318 | 0.16 | |||||||||||||||||||||||||||||
Savings | 1,369,118 | 334 | 0.10 | 1,609,415 | 125 | 0.03 | |||||||||||||||||||||||||||||
Time deposits | 1,826,662 | 12,968 | 2.88 | 767,709 | 1,449 | 0.77 | |||||||||||||||||||||||||||||
Total | 7,764,749 | 21,330 | 1.11 | 7,542,555 | 4,041 | 0.22 | |||||||||||||||||||||||||||||
Federal Home Loan Bank (“FHLB”) advances | 1,222,791 | 14,614 | 4.85 | 29,433 | 35 | 0.48 | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 71,898 | 90 | 0.51 | 117,623 | 42 | 0.14 | |||||||||||||||||||||||||||||
Other borrowings | 212,159 | 4,198 | 8.02 | 228,522 | 2,638 | 4.68 | |||||||||||||||||||||||||||||
Total borrowings | 1,506,848 | 18,902 | 5.09 | 375,578 | 2,715 | 2.93 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 9,271,597 | 40,232 | 1.76 | 7,918,133 | 6,756 | 0.35 | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | 2,028,507 | 2,401,797 | |||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 334,812 | 99,441 | |||||||||||||||||||||||||||||||||
Total liabilities | 11,634,916 | 10,419,371 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 1,609,677 | 1,527,839 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 13,244,593 | $ | 11,947,210 | |||||||||||||||||||||||||||||||
Net interest income | $ | 98,802 | $ | 84,227 | |||||||||||||||||||||||||||||||
Net interest rate spread (4) | 2.92 | % | 3.08 | % | |||||||||||||||||||||||||||||||
Net interest margin (5) | 3.34 | % | 3.18 | % | |||||||||||||||||||||||||||||||
Total cost of deposits (including non-interest-bearing deposits) | 0.88 | % | 0.16 | % |
FOR THE THREE MONTHS ENDED | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
AVERAGE BALANCE | INTEREST | AVERAGE YIELD/ COST | AVERAGE BALANCE | INTEREST | AVERAGE YIELD/ COST | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Interest-earning deposits and short-term investments | $ | 183,514 | $ | 438 | 0.95 | % | $ | 168,045 | $ | 139 | 0.33 | % | |||||||||
Securities (1) and FHLB stock | 817,867 | 4,263 | 2.07 | 533,809 | 2,561 | 1.91 | |||||||||||||||
Loans receivable, net (2) | |||||||||||||||||||||
Commercial | 1,865,970 | 22,423 | 4.77 | 1,723,520 | 20,970 | 4.84 | |||||||||||||||
Residential | 1,737,739 | 17,588 | 4.02 | 1,118,435 | 10,874 | 3.87 | |||||||||||||||
Home Equity | 279,900 | 3,289 | 4.66 | 255,919 | 2,745 | 4.27 | |||||||||||||||
Other | 1,112 | 29 | 10.35 | 1,163 | 18 | 6.16 | |||||||||||||||
Allowance for loan loss net of deferred loan fees | (12,370 | ) | — | — | (13,346 | ) | — | — | |||||||||||||
Loans Receivable, net | 3,872,351 | 43,329 | 4.44 | 3,085,691 | 34,607 | 4.46 | |||||||||||||||
Total interest-earning assets | 4,873,732 | 48,030 | 3.91 | 3,787,545 | 37,307 | 3.92 | |||||||||||||||
Non-interest-earning assets | 460,795 | 316,290 | |||||||||||||||||||
Total assets | $ | 5,334,527 | $ | 4,103,835 | |||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing checking | $ | 1,852,421 | 1,173 | 0.25 | % | $ | 1,425,350 | 583 | 0.16 | % | |||||||||||
Money market | 389,035 | 299 | 0.30 | 386,490 | 295 | 0.30 | |||||||||||||||
Savings | 672,548 | 59 | 0.03 | 488,749 | 49 | 0.04 | |||||||||||||||
Time deposits | 620,308 | 1,595 | 1.02 | 477,496 | 1,156 | 0.96 | |||||||||||||||
Total | 3,534,312 | 3,126 | 0.35 | 2,778,085 | 2,083 | 0.30 | |||||||||||||||
Securities sold under agreements to repurchase | 74,285 | 30 | 0.16 | 68,540 | 24 | 0.14 | |||||||||||||||
FHLB Advances | 264,652 | 1,153 | 1.73 | 264,213 | 1,067 | 1.61 | |||||||||||||||
Other borrowings | 56,502 | 665 | 4.67 | 26,207 | 198 | 3.01 | |||||||||||||||
Total interest-bearing liabilities | 3,929,751 | 4,974 | 0.50 | 3,137,045 | 3,372 | 0.43 | |||||||||||||||
Non-interest-bearing deposits | 781,047 | 521,088 | |||||||||||||||||||
Non-interest-bearing liabilities | 32,360 | 31,536 | |||||||||||||||||||
Total liabilities | 4,743,158 | 3,689,669 | |||||||||||||||||||
Stockholders equity | 591,369 | 414,166 | |||||||||||||||||||
Total liabilities and equity | $ | 5,334,527 | $ | 4,103,835 | |||||||||||||||||
Net interest income | $ | 43,056 | $ | 33,935 | |||||||||||||||||
Net interest rate spread (3) | 3.41 | % | 3.49 | % | |||||||||||||||||
Net interest margin (4) | 3.50 | % | 3.56 | % | |||||||||||||||||
Total cost of deposits (including non-interest-bearing deposits) | 0.29 | % | 0.25 | % |
FOR THE NINE MONTHS ENDED | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||||||
AVERAGE BALANCE | INTEREST | AVERAGE YIELD/ COST | AVERAGE BALANCE | INTEREST | AVERAGE YIELD/ COST | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Interest-earning deposits and short-term investments | $ | 180,821 | $ | 1,058 | 0.78 | % | $ | 86,007 | $ | 209 | 0.32 | % | |||||||||
Securities (1) and FHLB stock | 769,932 | 12,186 | 2.12 | 517,051 | 7,149 | 1.85 | |||||||||||||||
Loans receivable, net (2) | |||||||||||||||||||||
Commercial | 1,849,246 | 65,619 | 4.74 | 1,390,196 | 49,750 | 4.78 | |||||||||||||||
Residential | 1,720,185 | 52,231 | 4.06 | 1,009,012 | 29,139 | 3.86 | |||||||||||||||
Home Equity | 283,419 | 9,760 | 4.60 | 228,172 | 7,233 | 4.23 | |||||||||||||||
Other | 1,180 | 69 | 7.82 | 893 | 41 | 6.13 | |||||||||||||||
Allowance for loan loss net of deferred loan fees | (12,338 | ) | — | — | (13,379 | ) | — | — | |||||||||||||
Loans Receivable, net | 3,841,692 | 127,679 | 4.44 | 2,614,894 | 86,163 | 4.40 | |||||||||||||||
Total interest-earning assets | 4,792,445 | 140,923 | 3.93 | 3,217,952 | 93,521 | 3.88 | |||||||||||||||
Non-interest-earning assets | 461,752 | 236,399 | |||||||||||||||||||
Total assets | $ | 5,254,197 | $ | 3,454,351 | |||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing checking | $ | 1,746,601 | 3,086 | 0.24 | % | $ | 1,181,110 | 1,391 | 0.16 | % | |||||||||||
Money market | 418,681 | 891 | 0.28 | 280,836 | 546 | 0.26 | |||||||||||||||
Savings | 675,684 | 285 | 0.06 | 413,388 | 117 | 0.04 | |||||||||||||||
Time deposits | 628,126 | 4,559 | 0.97 | 386,505 | 3,071 | 1.06 | |||||||||||||||
Total | 3,469,092 | 8,821 | 0.34 | 2,261,839 | 5,125 | 0.30 | |||||||||||||||
Securities sold under agreements to repurchase | 74,729 | 82 | 0.15 | 76,289 | 78 | 0.14 | |||||||||||||||
FHLB Advances | 258,147 | 3,340 | 1.73 | 272,405 | 3,351 | 1.64 | |||||||||||||||
Other borrowings | 56,450 | 1,967 | 4.66 | 23,846 | 459 | 2.57 | |||||||||||||||
Total interest-bearing liabilities | 3,858,418 | 14,210 | 0.49 | 2,634,379 | 9,013 | 0.46 | |||||||||||||||
Non-interest-bearing deposits | 781,608 | 448,459 | |||||||||||||||||||
Non-interest-bearing liabilities | 28,351 | 23,650 | |||||||||||||||||||
Total liabilities | 4,668,377 | 3,106,488 | |||||||||||||||||||
Stockholders equity | 585,820 | 347,863 | |||||||||||||||||||
Total liabilities and equity | $ | 5,254,197 | $ | 3,454,351 | |||||||||||||||||
Net interest income | $ | 126,713 | $ | 84,508 | |||||||||||||||||
Net interest rate spread (3) | 3.44 | % | 3.42 | % | |||||||||||||||||
Net interest margin (4) | 3.54 | % | 3.51 | % | |||||||||||||||||
Total cost of deposits (including non-interest-bearing deposits) | 0.28 | % | 0.25 | % |
Actual | For capital adequacy purposes | To be well-capitalized under prompt corrective action | ||||||||||||||||||||||||||||||||||||
As of March 31, 2023 | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
Company: | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 1,172,246 | 9.23 | % | $ | 508,176 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common equity Tier 1 (to risk-weighted assets) | 1,043,141 | 10.02 | 728,736 | 7.00 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 1,172,246 | 11.26 | 884,894 | 8.50 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 1,361,267 | 13.08 | 1,093,104 | 10.50 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 1,134,107 | 9.00 | % | $ | 504,052 | 4.00 | % | $ | 630,065 | 5.00 | % | ||||||||||||||||||||||||||
Common equity Tier 1 (to risk-weighted assets) | 1,134,107 | 11.01 | 721,130 | 7.00 | (1) | 669,621 | 6.50 | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 1,134,107 | 11.01 | 875,658 | 8.50 | (1) | 824,149 | 8.00 | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 1,197,952 | 11.63 | 1,081,695 | 10.50 | (1) | 1,030,186 | 10.00 | |||||||||||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Company: | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 1,150,690 | 9.43 | % | $ | 488,297 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Common equity Tier 1 (to risk-weighted assets) | 1,021,774 | 9.93 | 720,641 | 7.00 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 1,150,690 | 11.18 | 875,064 | 8.50 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 1,336,652 | 12.98 | 1,080,961 | 10.50 | (1) | N/A | N/A | |||||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 1,122,946 | 9.20 | % | $ | 488,033 | 4.00 | % | $ | 610,041 | 5.00 | % | ||||||||||||||||||||||||||
Common equity Tier 1 (to risk-weighted assets) | 1,122,946 | 11.02 | 713,194 | 7.00 | (1) | 662,251 | 6.50 | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | 1,122,946 | 11.02 | 866,021 | 8.50 | (1) | 815,078 | 8.00 | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | 1,183,705 | 11.62 | 1,069,791 | 10.50 | (1) | 1,018,848 | 10.00 |
As of September 30, 2017 | Actual | For capital adequacy purposes | To be well-capitalized under prompt corrective action | ||||||||||||||||||
Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 capital (to average assets) | $ | 460,836 | 8.91 | % | $ | 206,958 | 4.000 | % | $ | 258,698 | 5.00 | % | |||||||||
Common equity Tier 1 (to risk-weighted assets) | 460,836 | 12.82 | 206,710 | 5.750 | (1) | 233,672 | 6.50 | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | 460,836 | 12.82 | 260,635 | 7.250 | (1) | 287,597 | 8.00 | ||||||||||||||
Total capital (to risk-weighted assets) | 478,047 | 13.30 | 332,534 | 9.250 | (1) | 359,496 | 10.00 | ||||||||||||||
OceanFirst Financial Corp: | |||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 467,540 | 9.02 | % | $ | 207,380 | 4.000 | % | N/A | N/A | |||||||||||
Common equity Tier 1 (to risk-weighted assets) | 448,307 | 12.46 | 206,951 | 5.750 | (1) | N/A | N/A | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | 467,540 | 12.99 | 260,938 | 7.250 | (1) | N/A | N/A | ||||||||||||||
Total capital (to risk-weighted assets) | 519,751 | 14.44 | 332,921 | 9.250 | (1) | N/A | N/A |
As of December 31, 2016 | Actual | For capital adequacy purposes | To be well-capitalized under prompt corrective action | ||||||||||||||||||
Bank: | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 capital (to average assets) | $ | 450,414 | 10.19 | % | (2) | $ | 176,856 | 4.000 | % | $ | 221,070 | 5.00 | % | ||||||||
Common equity Tier 1 (to risk-weighted assets) | 450,414 | 12.81 | 180,178 | 5.125 | (3) | 228,519 | 6.50 | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | 450,414 | 12.81 | 232,913 | 6.625 | (3) | 281,254 | 8.00 | ||||||||||||||
Total capital (to risk-weighted assets) | 466,224 | 13.26 | 303,227 | 8.625 | (3) | 351,567 | 10.00 | ||||||||||||||
OceanFirst Financial Corp: | |||||||||||||||||||||
Tier 1 capital (to average assets) | $ | 440,552 | 9.96 | % | (2) | $ | 176,897 | 4.000 | % | N/A | N/A | ||||||||||
Common equity Tier 1 (to risk-weighted assets) | 426,855 | 12.12 | 180,512 | 5.125 | (3) | N/A | N/A | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | 440,552 | 12.51 | 233,345 | 6.625 | (3) | N/A | N/A | ||||||||||||||
Total capital (to risk-weighted assets) | 491,362 | 13.95 | 303,788 | 8.625 | (3) | N/A | N/A |
Contractual Obligations | Total | Less than one year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||
Debt Obligations | $ | 390,978 | $ | 130,326 | $ | 159,060 | $ | 45,126 | $ | 56,466 | |||||||||
Commitments to Fund Undrawn Lines of Credit | |||||||||||||||||||
Commercial | 346,159 | 346,159 | — | — | — | ||||||||||||||
Consumer/Construction | 204,292 | 204,292 | — | — | — | ||||||||||||||
Commitments to Originate Loans | 111,525 | 111,525 | — | — | — |
September 30, 2017 | December 31, 2016 | ||||||
(dollars in thousands) | |||||||
Non-performing loans: | |||||||
Commercial and industrial | $ | 63 | $ | 441 | |||
Commercial real estate – owner occupied | 923 | 2,414 | |||||
Commercial real estate – investor | 8,720 | 521 | |||||
Residential mortgage | 3,551 | 8,126 | |||||
Home equity loans and lines | 1,864 | 2,064 | |||||
Total non-performing loans | 15,121 | 13,566 | |||||
Other real estate owned | 9,334 | 9,803 | |||||
Total non-performing assets | $ | 24,455 | $ | 23,369 | |||
Purchased credit impaired loans (“PCI”) | $ | 4,867 | $ | 7,575 | |||
Delinquent loans 30-89 days | $ | 24,548 | $ | 22,598 | |||
Allowance for loan losses as a percent of total loans receivable | 0.42 | % | 0.40 | % | |||
Allowance for loan losses as a percent of total non-performing loans | 109.68 | 111.92 | |||||
Non-performing loans as a percent of total loans receivable | 0.39 | 0.35 | |||||
Non-performing assets as a percent of total assets | 0.45 | 0.45 |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(dollars in thousands) | |||||||||||
Non-performing loans: | |||||||||||
Commercial real estate – investor | $ | 13,643 | $ | 10,483 | |||||||
Commercial real estate – owner occupied | 251 | 4,025 | |||||||||
Commercial and industrial | 162 | 331 | |||||||||
Residential real estate | 5,650 | 5,969 | |||||||||
Other consumer | 2,731 | 2,457 | |||||||||
Total non-performing loans and assets | $ | 22,437 | $ | 23,265 | |||||||
PCD loans, net of allowance for loan credit losses | $ | 20,513 | $ | 27,129 | |||||||
Delinquent loans 30-89 days | $ | 11,232 | $ | 14,148 | |||||||
Allowance for loan credit losses as a percent of total loans | 0.60 | % | 0.57 | % | |||||||
Allowance for loan credit losses as a percent of total non-performing loans | 268.28 | 244.25 | |||||||||
Non-performing loans as a percent of total loans receivable | 0.22 | 0.23 | |||||||||
Non-performing assets as a percent of total assets | 0.17 | 0.18 |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Special Mention | $ | 23,980 | $ | 48,214 | |||||||
Substandard | 86,765 | 50,776 |
September 30, 2017 | December 31, 2016 | ||||||
Special Mention | $ | 25,778 | $ | 15,692 | |||
Substandard | 58,939 | 70,543 |
At September 30, 2017 | 3 Months or Less | More than 3 Months to 1 Year | More than 1 Year to 3 Years | More than 3 Years to 5 Years | More than 5 Years | Total | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest-earning assets: (1) | |||||||||||||||||||||||
Interest-earning deposits and short-term investments | $ | 174,079 | $ | 971 | $ | 2,713 | $ | — | $ | — | $ | 177,763 | |||||||||||
Investment securities | 66,168 | 28,181 | 85,296 | 58,300 | 71,492 | 309,437 | |||||||||||||||||
Mortgage-backed securities | 33,735 | 71,473 | 156,030 | 118,022 | 129,833 | 509,093 | |||||||||||||||||
FHLB stock | — | — | — | — | 18,472 | 18,472 | |||||||||||||||||
Loans receivable (2) | 596,331 | 813,588 | 1,217,892 | 694,223 | 560,352 | 3,882,386 | |||||||||||||||||
Total interest-earning assets | 870,313 | 914,213 | 1,461,931 | 870,545 | 780,149 | 4,897,151 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||
Money market deposit accounts | 27,938 | 26,132 | 60,662 | 49,481 | 219,893 | 384,106 | |||||||||||||||||
Savings accounts | 83,497 | 51,208 | 115,685 | 90,608 | 327,372 | 668,370 | |||||||||||||||||
Interest-bearing checking accounts | 1,278,133 | 56,591 | 123,083 | 92,490 | 342,535 | 1,892,832 | |||||||||||||||||
Time deposits | 103,322 | 219,578 | 183,652 | 112,287 | 5,069 | 623,908 | |||||||||||||||||
FHLB advances | — | 55,000 | 159,060 | 45,126 | — | 259,186 | |||||||||||||||||
Securities sold under agreements to repurchase and other borrowings | 97,826 | — | — | 33,966 | — | 131,792 | |||||||||||||||||
Total interest-bearing liabilities | 1,590,716 | 408,509 | 642,142 | 423,958 | 894,869 | 3,960,194 | |||||||||||||||||
Interest sensitivity gap (3) | $ | (720,403 | ) | $ | 505,704 | $ | 819,789 | $ | 446,587 | $ | (114,720 | ) | $ | 936,957 | |||||||||
Cumulative interest sensitivity gap | $ | (720,403 | ) | $ | (214,699 | ) | $ | 605,090 | $ | 1,051,677 | $ | 936,957 | $ | 936,957 | |||||||||
Cumulative interest sensitivity gap as a percent of total interest-earning assets | (14.71 | )% | (4.38 | )% | 12.36 | % | 21.48 | % | 19.13 | % | 19.13 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rates in Basis Points (Rate Shock) | Economic Value of Equity | Net Interest Income | Economic Value of Equity | Net Interest Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | % Change | EVE Ratio | Amount | % Change | Amount | % Change | EVE Ratio | Amount | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200 | $ | 1,357,372 | (13.0) | % | 11.4 | % | $ | 405,929 | 3.0 | % | $ | 1,574,239 | (8.5) | % | 13.7 | % | $ | 440,916 | 1.2 | % | |||||||||||||||||||||||||||||||||||||||
100 | 1,445,725 | (7.3) | 11.8 | 400,033 | 1.5 | 1,646,301 | (4.3) | 13.9 | 438,280 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Static | 1,559,654 | — | 12.3 | 394,125 | — | 1,719,619 | — | 14.1 | 435,492 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
(100) | 1,700,426 | 9.0 | 13.0 | 384,961 | (2.3) | 1,762,678 | 2.5 | 14.0 | 428,519 | (1.6) | |||||||||||||||||||||||||||||||||||||||||||||||||
(200) | 1,810,221 | 16.1 | 13.4 | 371,839 | (5.7) | 1,740,837 | 1.2 | 13.5 | 412,038 | (5.4) |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||
Change in Interest Rates in Basis Points (Rate Shock) | Economic Value of Equity | Net Interest Income | Economic Value of Equity | Net Interest Income | |||||||||||||||||||||||||||||
Amount | % Change | EVE Ratio | Amount | % Change | Amount | % Change | EVE Ratio | Amount | % Change | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
300 | $ | 778,489 | (0.4 | )% | 15.4 | % | $ | 155,106 | (9.2 | )% | $ | 664,767 | (1.1 | )% | 14.1 | % | $ | 156,689 | (1.0 | )% | |||||||||||||
200 | 797,951 | 2.0 | 15.4 | 161,134 | (5.7 | ) | 678,347 | 1.0 | 14.0 | 158,078 | (0.1 | ) | |||||||||||||||||||||
100 | 799,982 | 2.3 | 15.1 | 166,414 | (2.6 | ) | 683,492 | 1.7 | 13.7 | 158,840 | 0.3 | ||||||||||||||||||||||
Static | 781,958 | — | 14.4 | 170,833 | — | 671,878 | — | 13.2 | 158,309 | — | |||||||||||||||||||||||
(100) | 733,571 | (6.2 | ) | 13.2 | 164,993 | (3.4 | ) | 620,675 | (7.6 | ) | 11.9 | 152,007 | (4.0 | ) |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Cash and due from banks | $ | 496,193 | $ | 167,946 | |||||||
Debt securities available-for-sale, at estimated fair value | 452,195 | 457,648 | |||||||||
Debt securities held-to-maturity, net of allowance for securities credit losses of $1,043 at March 31, 2023 and $1,128 at December 31, 2022 (estimated fair value of $1,149,673 at March 31, 2023 and $1,110,041 at December 31, 2022) | 1,245,424 | 1,221,138 | |||||||||
Equity investments | 101,007 | 102,037 | |||||||||
Restricted equity investments, at cost | 115,750 | 109,278 | |||||||||
Loans receivable, net of allowance for loan credit losses of $60,195 at March 31, 2023 and $56,824 at December 31, 2022 | 9,986,949 | 9,868,718 | |||||||||
Loans held-for-sale | 1,885 | 690 | |||||||||
Interest and dividends receivable | 47,342 | 44,704 | |||||||||
Premises and equipment, net | 126,019 | 126,705 | |||||||||
Bank owned life insurance | 262,654 | 261,603 | |||||||||
Assets held for sale | 2,719 | 2,719 | |||||||||
Goodwill | 506,146 | 506,146 | |||||||||
Core deposit intangible | 12,470 | 13,497 | |||||||||
Other assets | 198,422 | 221,067 | |||||||||
Total assets | $ | 13,555,175 | $ | 13,103,896 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Deposits | $ | 9,993,095 | $ | 9,675,206 | |||||||
Federal Home Loan Bank (“FHLB”) advances | 1,346,566 | 1,211,166 | |||||||||
Securities sold under agreements to repurchase with customers | 70,938 | 69,097 | |||||||||
Other borrowings | 195,663 | 195,403 | |||||||||
Advances by borrowers for taxes and insurance | 31,198 | 21,405 | |||||||||
Other liabilities | 307,344 | 346,155 | |||||||||
Total liabilities | 11,944,804 | 11,518,432 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, and 57,370 shares issued at both March 31, 2023 and December 31, 2022 | 1 | 1 | |||||||||
Common stock, $0.01 par value, 150,000,000 shares authorized, 62,219,644 and 61,877,686 shares issued at March 31, 2023 and December 31, 2022, respectively; and 59,486,086 and 59,144,128 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 613 | 612 | |||||||||
Additional paid-in capital | 1,158,007 | 1,154,821 | |||||||||
Retained earnings | 554,941 | 540,507 | |||||||||
Accumulated other comprehensive loss | (29,315) | (35,982) | |||||||||
Less: Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (5,588) | (6,191) | |||||||||
Treasury stock, 2,733,558 shares at both March 31, 2023 and December 31, 2022 | (69,106) | (69,106) | |||||||||
OceanFirst Financial Corp. stockholders’ equity | 1,609,553 | 1,584,662 | |||||||||
Non-controlling interest | 818 | 802 | |||||||||
Total stockholders’ equity | 1,610,371 | 1,585,464 | |||||||||
Total liabilities and stockholders’ equity | $ | 13,555,175 | $ | 13,103,896 |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and due from banks | $ | 255,258 | $ | 301,373 | |||
Securities available-for-sale, at estimated fair value | 67,133 | 12,224 | |||||
Securities held-to-maturity, net (estimated fair value of $746,497 at September 30, 2017 and $598,119 at December 31, 2016) | 742,886 | 598,691 | |||||
Federal Home Loan Bank of New York stock, at cost | 18,472 | 19,313 | |||||
Loans receivable, net | 3,870,109 | 3,803,443 | |||||
Loans held for sale | 338 | 1,551 | |||||
Interest and dividends receivable | 13,627 | 11,989 | |||||
Other real estate owned | 9,334 | 9,803 | |||||
Premises and equipment, net | 64,350 | 71,385 | |||||
Bank Owned Life Insurance | 134,298 | 132,172 | |||||
Deferred tax asset | 29,718 | 38,787 | |||||
Assets held for sale | 5,241 | 360 | |||||
Other assets | 15,634 | 9,973 | |||||
Core deposit intangible | 9,380 | 10,924 | |||||
Goodwill | 148,134 | 145,064 | |||||
Total assets | $ | 5,383,912 | $ | 5,167,052 | |||
Liabilities and Stockholders’ Equity | |||||||
Deposits | $ | 4,350,259 | $ | 4,187,750 | |||
Securities sold under agreements to repurchase with deposit customers | 75,326 | 69,935 | |||||
Federal Home Loan Bank advances | 259,186 | 250,498 | |||||
Other borrowings | 56,466 | 56,559 | |||||
Advances by borrowers for taxes and insurance | 14,371 | 14,030 | |||||
Other liabilities | 32,052 | 16,242 | |||||
Total liabilities | 4,787,660 | 4,595,014 | |||||
Stockholders’ equity: | |||||||
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued | — | — | |||||
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 32,567,477 and 32,136,892 shares outstanding at September 30, 2017 and December 31, 2016, respectively | 336 | 336 | |||||
Additional paid-in capital | 353,817 | 364,433 | |||||
Retained earnings | 266,053 | 238,192 | |||||
Accumulated other comprehensive loss | (5,037 | ) | (5,614 | ) | |||
Less: Unallocated common stock held by Employee Stock Ownership Plan | (2,549 | ) | (2,761 | ) | |||
Treasury stock, 999,295 and 1,429,880 shares at September 30, 2017 and December 31, 2016, respectively | (16,368 | ) | (22,548 | ) | |||
Common stock acquired by Deferred Compensation Plan | (83 | ) | (313 | ) | |||
Deferred Compensation Plan Liability | 83 | 313 | |||||
Total stockholders’ equity | 596,252 | 572,038 | |||||
Total liabilities and stockholders’ equity | $ | 5,383,912 | $ | 5,167,052 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||||||
Loans | $ | 43,329 | $ | 34,607 | $ | 127,679 | $ | 86,163 | Loans | $ | 121,720 | $ | 82,468 | |||||||||||||||||||||||||
Mortgage-backed securities | 2,738 | 1,700 | 8,189 | 4,823 | ||||||||||||||||||||||||||||||||||
Investment securities and other | 1,963 | 1,000 | 5,055 | 2,535 | ||||||||||||||||||||||||||||||||||
Debt securities | Debt securities | 14,286 | 7,504 | |||||||||||||||||||||||||||||||||||
Equity investments and other | Equity investments and other | 3,028 | 1,011 | |||||||||||||||||||||||||||||||||||
Total interest income | 48,030 | 37,307 | 140,923 | 93,521 | Total interest income | 139,034 | 90,983 | |||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | |||||||||||||||||||||||||||||||||||||
Deposits | 3,126 | 2,083 | 8,821 | 5,125 | Deposits | 21,330 | 4,041 | |||||||||||||||||||||||||||||||
Borrowed funds | 1,848 | 1,289 | 5,389 | 3,888 | Borrowed funds | 18,902 | 2,715 | |||||||||||||||||||||||||||||||
Total interest expense | 4,974 | 3,372 | 14,210 | 9,013 | Total interest expense | 40,232 | 6,756 | |||||||||||||||||||||||||||||||
Net interest income | 43,056 | 33,935 | 126,713 | 84,508 | Net interest income | 98,802 | 84,227 | |||||||||||||||||||||||||||||||
Provision for loan losses | 1,165 | 888 | 3,030 | 2,113 | ||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 41,891 | 33,047 | 123,683 | 82,395 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 3,013 | 1,851 | |||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 95,789 | 82,376 | |||||||||||||||||||||||||||||||||||
Other income: | Other income: | |||||||||||||||||||||||||||||||||||||
Bankcard services revenue | 1,785 | 1,347 | 5,202 | 3,409 | Bankcard services revenue | 1,330 | 2,963 | |||||||||||||||||||||||||||||||
Wealth management revenue | 541 | 608 | 1,622 | 1,779 | ||||||||||||||||||||||||||||||||||
Trust and asset management revenue | Trust and asset management revenue | 612 | 609 | |||||||||||||||||||||||||||||||||||
Fees and service charges | 3,702 | 2,916 | 11,163 | 7,235 | Fees and service charges | 5,159 | 3,060 | |||||||||||||||||||||||||||||||
Net gain (loss) from other real estate operations | 432 | (63 | ) | (196 | ) | (782 | ) | |||||||||||||||||||||||||||||||
Income from Bank Owned Life Insurance | 881 | 659 | 2,436 | 1,520 | ||||||||||||||||||||||||||||||||||
Net gain on sales of loans | Net gain on sales of loans | 20 | 177 | |||||||||||||||||||||||||||||||||||
Net loss on equity investments | Net loss on equity investments | (6,801) | (2,786) | |||||||||||||||||||||||||||||||||||
Net loss from other real estate operations | Net loss from other real estate operations | — | (2) | |||||||||||||||||||||||||||||||||||
Income from bank owned life insurance | Income from bank owned life insurance | 1,281 | 2,103 | |||||||||||||||||||||||||||||||||||
Commercial loan swap income | Commercial loan swap income | 701 | 2,781 | |||||||||||||||||||||||||||||||||||
Other | 18 | 429 | 97 | 994 | Other | (229) | (53) | |||||||||||||||||||||||||||||||
Total other income | 7,359 | 5,896 | 20,324 | 14,155 | Total other income | 2,073 | 8,852 | |||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | |||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 14,673 | 13,558 | 46,138 | 33,456 | Compensation and employee benefits | 33,920 | 30,695 | |||||||||||||||||||||||||||||||
Occupancy | 2,556 | 2,315 | 7,965 | 5,952 | Occupancy | 5,239 | 5,744 | |||||||||||||||||||||||||||||||
Equipment | 1,605 | 1,452 | 5,006 | 3,605 | Equipment | 1,205 | 1,370 | |||||||||||||||||||||||||||||||
Marketing | 775 | 479 | 2,245 | 1,273 | Marketing | 982 | 616 | |||||||||||||||||||||||||||||||
Federal deposit insurance | 713 | 743 | 2,079 | 1,995 | ||||||||||||||||||||||||||||||||||
Federal deposit insurance and regulatory assessments | Federal deposit insurance and regulatory assessments | 1,749 | 1,890 | |||||||||||||||||||||||||||||||||||
Data processing | 2,367 | 2,140 | 6,809 | 5,286 | Data processing | 6,154 | 5,736 | |||||||||||||||||||||||||||||||
Check card processing | 871 | 623 | 2,640 | 1,548 | Check card processing | 1,281 | 982 | |||||||||||||||||||||||||||||||
Professional fees | 846 | 681 | 2,901 | 1,879 | Professional fees | 5,098 | 3,322 | |||||||||||||||||||||||||||||||
Amortization of core deposit intangible | Amortization of core deposit intangible | 1,027 | 1,210 | |||||||||||||||||||||||||||||||||||
Branch consolidation expense, net | Branch consolidation expense, net | 70 | 402 | |||||||||||||||||||||||||||||||||||
Merger related expenses | Merger related expenses | 22 | 1,965 | |||||||||||||||||||||||||||||||||||
Other operating expense | 2,667 | 1,543 | 8,258 | 5,036 | Other operating expense | 4,562 | 3,563 | |||||||||||||||||||||||||||||||
Federal Home Loan Bank prepayment fee | — | — | — | 136 | ||||||||||||||||||||||||||||||||||
Amortization of core deposit intangible | 507 | 181 | 1,544 | 319 | ||||||||||||||||||||||||||||||||||
Branch consolidation expenses | 1,455 | — | 6,939 | — | ||||||||||||||||||||||||||||||||||
Merger related expenses | 1,698 | 1,311 | 6,300 | 9,902 | ||||||||||||||||||||||||||||||||||
Total operating expenses | 30,733 | 25,026 | 98,824 | 70,387 | Total operating expenses | 61,309 | 57,495 | |||||||||||||||||||||||||||||||
Income before provision for income taxes | 18,517 | 13,917 | 45,183 | 26,163 | Income before provision for income taxes | 36,553 | 33,733 | |||||||||||||||||||||||||||||||
Provision for income taxes | 5,700 | 4,789 | 12,669 | 9,169 | Provision for income taxes | 8,654 | 7,974 | |||||||||||||||||||||||||||||||
Net income | $ | 12,817 | $ | 9,128 | $ | 32,514 | $ | 16,994 | Net income | 27,899 | 25,759 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interest | Net income attributable to non-controlling interest | 16 | — | |||||||||||||||||||||||||||||||||||
Net income attributable to OceanFirst Financial Corp. | Net income attributable to OceanFirst Financial Corp. | 27,883 | 25,759 | |||||||||||||||||||||||||||||||||||
Dividends on preferred shares | Dividends on preferred shares | 1,004 | 1,004 | |||||||||||||||||||||||||||||||||||
Net income available to common stockholders | Net income available to common stockholders | $ | 26,879 | $ | 24,755 | |||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.40 | $ | 0.36 | $ | 1.01 | $ | 0.79 | Basic earnings per share | $ | 0.46 | $ | 0.42 | |||||||||||||||||||||||||
Diluted earnings per share | $ | 0.39 | $ | 0.35 | $ | 0.98 | $ | 0.77 | Diluted earnings per share | $ | 0.46 | $ | 0.42 | |||||||||||||||||||||||||
Average basic shares outstanding | 32,184 | 25,435 | 32,073 | 21,624 | Average basic shares outstanding | 58,774 | 58,739 | |||||||||||||||||||||||||||||||
Average diluted shares outstanding | 33,106 | 25,889 | 33,110 | 21,990 | Average diluted shares outstanding | 58,918 | 58,943 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||
Net income | $ | 12,817 | $ | 9,128 | $ | 32,514 | $ | 16,994 | Net income | $ | 27,899 | $ | 25,759 | |||||||||||||||||||||||||
Other comprehensive income: | Other comprehensive income: | |||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on securities (net of tax benefit of $10 and tax expense of $34 in 2017, and net of tax benefit of $27 and tax expense of $10 in 2016, respectively) | (14 | ) | (39 | ) | 49 | 14 | ||||||||||||||||||||||||||||||||
Accretion of unrealized loss on securities reclassified to held-to-maturity (net of tax expense of $122 and $365 in 2017 and net of tax expense of $153 and $431 in 2016, respectively) | 176 | 221 | 528 | 623 | ||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income (net of tax benefit of $5 in 2016) | — | — | — | (7 | ) | |||||||||||||||||||||||||||||||||
Net unrealized gain (loss) on debt securities (net of tax expense of $1,766 in 2023 and tax benefit of $3,928 in 2022) | Net unrealized gain (loss) on debt securities (net of tax expense of $1,766 in 2023 and tax benefit of $3,928 in 2022) | 5,547 | (12,372) | |||||||||||||||||||||||||||||||||||
Accretion of unrealized loss on debt securities reclassified to held-to-maturity (net of tax expense of $56 in 2023 and $65 in 2022) | Accretion of unrealized loss on debt securities reclassified to held-to-maturity (net of tax expense of $56 in 2023 and $65 in 2022) | 79 | 89 | |||||||||||||||||||||||||||||||||||
Unrealized gain on derivative hedges (net of tax expense of $131 in 2023) | Unrealized gain on derivative hedges (net of tax expense of $131 in 2023) | 412 | — | |||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses included in net income (net of tax expense of $201 in 2023 and benefit of $21 in 2022) | Reclassification adjustment for losses included in net income (net of tax expense of $201 in 2023 and benefit of $21 in 2022) | 629 | (66) | |||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of tax | Total other comprehensive income (loss), net of tax | 6,667 | (12,349) | |||||||||||||||||||||||||||||||||||
Total comprehensive income | $ | 12,979 | $ | 9,310 | $ | 33,091 | $ | 17,624 | Total comprehensive income | 34,566 | 13,410 | |||||||||||||||||||||||||||
Less: comprehensive income attributable to non-controlling interest | Less: comprehensive income attributable to non-controlling interest | 16 | — | |||||||||||||||||||||||||||||||||||
Comprehensive income attributable to OceanFirst Financial Corp. | Comprehensive income attributable to OceanFirst Financial Corp. | 34,550 | 13,410 | |||||||||||||||||||||||||||||||||||
Less: Dividends on preferred shares | Less: Dividends on preferred shares | 1,004 | 1,004 | |||||||||||||||||||||||||||||||||||
Total comprehensive income available to common stockholders | Total comprehensive income available to common stockholders | $ | 33,546 | $ | 12,406 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Employee Stock Ownership Plan | Treasury Stock | Common Stock Acquired by Deferred Compensation Plan | Deferred Compensation Plan Liability | Total | ||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | — | $ | 336 | $ | 269,757 | $ | 229,140 | $ | (6,241 | ) | $ | (3,045 | ) | $ | (251,501 | ) | $ | (314 | ) | $ | 314 | $ | 238,446 | |||||||||||||||
Net income | — | — | — | 16,994 | — | — | — | — | — | 16,994 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 630 | — | — | — | — | 630 | |||||||||||||||||||||||||||||
Tax expense of stock plans | — | — | (228 | ) | — | — | — | — | — | — | (228 | ) | |||||||||||||||||||||||||||
Stock awards | — | — | 1,181 | — | — | — | — | — | — | 1,181 | |||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | — | 1,081 | (109 | ) | — | — | (972 | ) | — | — | — | |||||||||||||||||||||||||||
Issued 8,282,296 treasury shares to finance acquisition | — | — | 36,940 | — | — | — | 128,961 | — | — | 165,901 | |||||||||||||||||||||||||||||
Allocation of ESOP stock | — | — | 248 | — | — | 213 | — | — | — | 461 | |||||||||||||||||||||||||||||
Cash dividend $0.39 per share | — | — | — | (8,789 | ) | — | — | — | — | — | (8,789 | ) | |||||||||||||||||||||||||||
Exercise of stock options | — | — | — | (764 | ) | — | — | 3,412 | — | — | 2,648 | ||||||||||||||||||||||||||||
Sale of stock for the deferred compensation plan | — | — | — | — | — | — | — | 4 | (4 | ) | — | ||||||||||||||||||||||||||||
Balance at September 30, 2016 | $ | — | $ | 336 | $ | 308,979 | $ | 236,472 | $ | (5,611 | ) | $ | (2,832 | ) | $ | (120,100 | ) | $ | (310 | ) | $ | 310 | $ | 417,244 | |||||||||||||||
Balance at December 31, 2016 | $ | — | $ | 336 | $ | 364,433 | $ | 238,192 | $ | (5,614 | ) | $ | (2,761 | ) | $ | (22,548 | ) | $ | (313 | ) | $ | 313 | $ | 572,038 | |||||||||||||||
Net income | — | — | — | 32,514 | — | — | — | — | — | 32,514 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 577 | — | — | — | — | 577 | |||||||||||||||||||||||||||||
Effect of adopting Accounting Standards Update ("ASU") No. 2016-09 | — | — | (11,129 | ) | 11,129 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Stock awards | — | — | 1,678 | — | — | — | — | — | — | 1,678 | |||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | — | (1,645 | ) | 782 | — | — | 863 | — | — | — | ||||||||||||||||||||||||||||
Allocation of ESOP stock | — | — | 480 | — | — | 212 | — | — | — | 692 | |||||||||||||||||||||||||||||
Cash dividend $0.45 per share | — | — | — | (14,439 | ) | — | — | — | — | — | (14,439 | ) | |||||||||||||||||||||||||||
Exercise of stock options | — | — | — | (2,125 | ) | — | — | 5,317 | — | — | 3,192 | ||||||||||||||||||||||||||||
Sale of stock for the deferred compensation plan | — | — | — | — | — | — | — | 230 | (230 | ) | — | ||||||||||||||||||||||||||||
Balance at September 30, 2017 | $ | — | $ | 336 | $ | 353,817 | $ | 266,053 | $ | (5,037 | ) | $ | (2,549 | ) | $ | (16,368 | ) | $ | (83 | ) | $ | 83 | $ | 596,252 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Employee Stock Ownership Plan | Treasury Stock | Non-Controlling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 1 | $ | 611 | $ | 1,146,781 | $ | 442,306 | $ | (2,821) | $ | (8,615) | $ | (61,710) | $ | — | $ | 1,516,553 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 25,759 | — | — | — | — | 25,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (12,349) | — | — | — | (12,349) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 1,552 | — | — | — | — | — | 1,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP stock | — | — | 65 | — | — | 606 | — | — | 671 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend $0.17 per share | — | — | — | (9,993) | — | — | — | — | (9,993) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 1 | 1,105 | (817) | — | — | — | — | 289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase 100,444 shares of common stock | — | — | — | — | — | — | (2,144) | — | (2,144) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | (1,004) | — | — | — | — | (1,004) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 1 | $ | 612 | $ | 1,149,503 | $ | 456,251 | $ | (15,170) | $ | (8,009) | $ | (63,854) | $ | — | $ | 1,519,334 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 1 | $ | 612 | $ | 1,154,821 | $ | 540,507 | $ | (35,982) | $ | (6,191) | $ | (69,106) | $ | 802 | $ | 1,585,464 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 27,883 | — | — | — | 16 | 27,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 6,667 | — | — | — | 6,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation | — | — | 1,828 | — | — | — | — | — | 1,828 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allocation of ESOP stock | — | — | 61 | — | — | 603 | — | — | 664 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend $0.20 per share | — | — | — | (11,755) | — | — | — | — | (11,755) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | 1 | 1,297 | (690) | — | — | — | — | 608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | — | — | — | (1,004) | — | — | — | — | (1,004) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 1 | $ | 613 | $ | 1,158,007 | $ | 554,941 | $ | (29,315) | $ | (5,588) | $ | (69,106) | $ | 818 | $ | 1,610,371 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 27,899 | $ | 25,759 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of premises and equipment | 3,094 | 2,759 | |||||||||
Allocation of ESOP stock | 664 | 671 | |||||||||
Stock compensation | 1,828 | 1,552 | |||||||||
Net excess tax expense on stock compensation | 250 | 214 | |||||||||
Amortization of servicing asset | 15 | 14 | |||||||||
Net premium amortization in excess of discount accretion on securities | 1,093 | 1,859 | |||||||||
Net amortization of deferred costs on borrowings | 147 | 137 | |||||||||
Amortization of core deposit intangible | 1,027 | 1,210 | |||||||||
Net accretion of purchase accounting adjustments | (1,267) | (3,086) | |||||||||
Net amortization of deferred fees/costs and premiums/discounts on loans | (138) | 255 | |||||||||
Provision for credit losses | 3,013 | 1,851 | |||||||||
Net write down of fixed assets held-for-sale to net realizable value | — | 1,404 | |||||||||
Net gain on sale of fixed assets | (6) | — | |||||||||
Net loss on sales of available-for-sale securities | 697 | — | |||||||||
Net loss on equity investments | 6,801 | 2,786 | |||||||||
Net gain on sales of loans | (20) | (177) | |||||||||
Proceeds from sales of residential loans held for sale | 3,881 | 724 | |||||||||
Mortgage loans originated for sale | (5,056) | (703) | |||||||||
Increase in value of bank owned life insurance | (1,281) | (2,103) | |||||||||
Net gain on sale of assets held for sale | — | (1,200) | |||||||||
Increase in interest and dividends receivable | (2,638) | (747) | |||||||||
Deferred tax benefit | (16) | (30) | |||||||||
Decrease (increase) in other assets | 23,221 | (14,777) | |||||||||
(Decrease) increase in other liabilities | (38,834) | 39,272 | |||||||||
Total adjustments | (3,525) | 31,885 | |||||||||
Net cash provided by operating activities | 24,374 | 57,644 | |||||||||
Cash flows from investing activities: | |||||||||||
Net increase in loans receivable | (120,505) | (331,568) | |||||||||
Proceeds from sale of loans | — | 12,167 | |||||||||
Purchase of residential loan pool | — | (161,701) | |||||||||
Premiums paid on purchased loan pool | — | (495) | |||||||||
Purchase of debt securities available-for-sale | (4,287) | (47,817) | |||||||||
Purchase of debt securities held-to-maturity | (55,444) | (16,397) | |||||||||
Purchase of equity investments | (6,736) | (2,292) | |||||||||
Proceeds from maturities and calls of debt securities available-for-sale | 15,500 | 45,000 | |||||||||
Proceeds from maturities and calls of debt securities held-to-maturity | 6,980 | 12,305 | |||||||||
Proceeds from sales of debt securities available-for-sale | 1,300 | 22,857 | |||||||||
Proceeds from sale of equity investments | 661 | 4,579 | |||||||||
Principal repayments on debt securities held-to-maturity | 24,273 | 43,213 | |||||||||
Proceeds from bank owned life insurance | 230 | 2,189 | |||||||||
Proceeds from the redemption of restricted equity investments | 58,129 | 26,591 | |||||||||
Purchases of restricted equity investments | (64,596) | (30,100) | |||||||||
Proceeds from sales of assets held-for-sale | — | 4,492 | |||||||||
Purchases of premises and equipment | (2,153) | (7,708) | |||||||||
Net cash used in investing activities | (146,648) | (424,685) |
For the Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 32,514 | $ | 16,994 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization of premises and equipment | 4,606 | 3,441 | |||||
Allocation of ESOP stock | 692 | 461 | |||||
Stock awards | 1,678 | 1,181 | |||||
Tax expense of stock plans | — | (228 | ) | ||||
Net excess tax benefit on stock compensation | (1,700 | ) | — | ||||
Amortization of servicing asset | 67 | 125 | |||||
Net premium amortization in excess of discount accretion on securities | 2,153 | 1,295 | |||||
Net amortization of deferred costs and discounts on borrowings | 33 | — | |||||
Amortization of core deposit intangible | 1,544 | 319 | |||||
Net accretion of purchase accounting adjustments | (6,281 | ) | (3,068 | ) | |||
Net amortization (accretion) of deferred costs and discounts on loans | 300 | (117 | ) | ||||
Provision for loan losses | 3,030 | 2,113 | |||||
Net loss on sale of other real estate owned | 737 | 208 | |||||
Write down of fixed assets held for sale to net realizable value | 6,350 | — | |||||
Net loss on sale of fixed assets | 13 | 38 | |||||
Net loss on sales of available-for-sale securities | — | 12 | |||||
Net gain on sales of loans | (74 | ) | (696 | ) | |||
Proceeds from sales of mortgage loans held for sale | 3,837 | 37,687 | |||||
Mortgage loans originated for sale | (2,551 | ) | (25,079 | ) | |||
Increase in value of Bank Owned Life Insurance | (2,436 | ) | (1,520 | ) | |||
Increase in interest and dividends receivable | (1,638 | ) | (24 | ) | |||
Decrease in other assets | 4,012 | 8,708 | |||||
Increase in other liabilities | 15,810 | 4,072 | |||||
Total adjustments | 30,182 | 28,928 | |||||
Net cash provided by operating activities | 62,696 | 45,922 | |||||
Cash flows from investing activities: | |||||||
Net (increase) decrease in loans receivable | (57,646 | ) | 68,358 | ||||
Proceeds from sale of under performing loans | 6,022 | 12,797 | |||||
Purchase of loans receivable | (16,627 | ) | (12,942 | ) | |||
Purchase of investment securities available-for-sale | (54,810 | ) | — | ||||
Purchase of investment securities held-to-maturity | (111,593 | ) | (2,030 | ) | |||
Purchase of mortgage-backed securities held-to-maturity | (120,210 | ) | — | ||||
Proceeds from maturities and calls of investment securities held-to-maturity | 13,020 | 53,552 | |||||
Proceeds from sales of securities available-for-sale | — | 59,870 | |||||
Principal repayments on mortgage-backed securities held-to-maturity | 73,313 | 52,110 | |||||
Proceeds from Bank Owned Life Insurance | 310 | 310 | |||||
Proceeds from the redemption of Federal Home Loan Bank of New York stock | 19,010 | 32,042 | |||||
Purchases of Federal Home Loan Bank of New York stock | (18,169 | ) | (23,571 | ) | |||
Proceeds from sales of other real estate owned | 2,777 | 3,193 | |||||
Purchases of premises and equipment | (9,031 | ) | (4,580 | ) | |||
Cash received, net of cash consideration paid for acquisition | — | (477 | ) | ||||
Cash acquired, net of cash paid for branch acquisition | — | 16,727 | |||||
Net cash (used in) provided by investing activities | (273,634 | ) | 255,359 |
For the Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from financing activities: | |||||||||||
Increase in deposits | $ | 317,973 | $ | 323,641 | |||||||
Increase (decrease) in short-term borrowings | 1,814 | (987) | |||||||||
Net proceeds from FHLB advances | 135,400 | 75,002 | |||||||||
Repayments of other borrowings | — | (35,026) | |||||||||
Increase in advances by borrowers for taxes and insurance | 9,793 | 5,093 | |||||||||
Exercise of stock options | 608 | 289 | |||||||||
Payment of employee taxes withheld from stock awards and phantom stock units | (2,308) | (1,438) | |||||||||
Purchase of treasury stock | — | (2,144) | |||||||||
Dividends paid | (12,759) | (10,997) | |||||||||
Net cash provided by financing activities | 450,521 | 353,433 | |||||||||
Net increase (decrease) in cash and due from banks and restricted cash | 328,247 | (13,608) | |||||||||
Cash and due from banks and restricted cash at beginning of period | 167,986 | 224,784 | |||||||||
Cash and due from banks and restricted cash at end of period | $ | 496,233 | $ | 211,176 | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||||
Cash and due from banks at beginning of period | $ | 167,946 | $ | 204,949 | |||||||
Restricted cash at beginning of period | 40 | 19,835 | |||||||||
Cash and due from banks and restricted cash at beginning of period | $ | 167,986 | $ | 224,784 | |||||||
Cash and due from banks at end of period | $ | 496,193 | $ | 210,919 | |||||||
Restricted cash at end of period | 40 | 257 | |||||||||
Cash and due from banks and restricted cash at end of period | $ | 496,233 | $ | 211,176 | |||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 33,914 | $ | 5,088 | |||||||
Income taxes | 1,268 | 573 | |||||||||
Non-cash activities: | |||||||||||
Accretion of unrealized loss on securities reclassified to held-to-maturity | 135 | 154 | |||||||||
Net loan recoveries | (47) | (92) | |||||||||
Transfer of loans receivable to loans held-for-sale | — | 12,011 | |||||||||
Transfer of premises and equipment to assets held-for-sale | — | 2,776 | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
Cash flows from financing activities: | |||||||
Increase in deposits | $ | 163,182 | $ | 143,104 | |||
Increase (decrease) in short-term borrowings | 5,391 | (175,821 | ) | ||||
Proceeds from Federal Home Loan Bank advances | 10,000 | 55,000 | |||||
Repayments of Federal Home Loan Bank advances | (1,438 | ) | (73,678 | ) | |||
Net proceeds from issuance of subordinated notes | — | 33,899 | |||||
Repayments of other borrowings | — | (10,000 | ) | ||||
Increase in advances by borrowers for taxes and insurance | 341 | 237 | |||||
Exercise of stock options | 3,192 | 2,648 | |||||
Payment of employee taxes withheld from stock awards | (1,406 | ) | (244 | ) | |||
Dividends paid | (14,439 | ) | (8,789 | ) | |||
Net cash provided by (used in) financing activities | 164,823 | (33,644 | ) | ||||
Net (decrease) increase in cash and due from banks | (46,115 | ) | 267,637 | ||||
Cash and due from banks at beginning of period | 301,373 | 43,946 | |||||
Cash and due from banks at end of period | $ | 255,258 | $ | 311,583 | |||
Supplemental Disclosure of Cash Flow Information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 14,333 | $ | 8,932 | |||
Income taxes | 8 | 7,064 | |||||
Non-cash activities: | |||||||
Accretion of unrealized loss on securities reclassified to held-to-maturity | 865 | 1,054 | |||||
Net loan charge-offs | 1,629 | 1,949 | |||||
Transfer of premises and equipment to assets held-for-sale | 5,078 | — | |||||
Transfer of loans receivable to other real estate owned | 3,389 | 1,667 | |||||
Acquisition: | |||||||
Non-cash assets acquired: | |||||||
Securities | $ | — | $ | 212,156 | |||
Federal Home Loan Bank of New York stock | — | 6,782 | |||||
Loans | — | 1,157,753 | |||||
Premises & equipment | — | 21,723 | |||||
Other real estate owned | — | 1,996 | |||||
Deferred tax asset | — | 21,664 | |||||
Other assets | — | 61,793 | |||||
Goodwill and other intangible assets, net | — | 68,179 | |||||
Total non-cash assets acquired | $ | — | $ | 1,552,046 | |||
Liabilities assumed: | |||||||
Deposits | $ | — | $ | 1,248,367 | |||
Federal Home Loan Bank advances | — | 124,466 | |||||
Other liabilities | — | 12,835 | |||||
Total liabilities assumed | $ | — | $ | 1,385,668 |
Fair Value | |||
Assets acquired: | |||
Cash and cash equivalents | $ | 16,727 | |
Loans | 9 | ||
Other assets | 15 | ||
Core deposit intangible | 66 | ||
Total assets acquired | $ | 16,817 | |
Liabilities assumed: | |||
Deposits | $ | 16,957 | |
Other liabilities | 138 | ||
Total liabilities assumed | $ | 17,095 | |
Goodwill | $ | 278 |
At May 2, 2016 | |||
Fair Value | |||
Total Purchase Price: | $ | 196,403 | |
Assets acquired: | |||
Cash and cash equivalents | $ | 30,025 | |
Securities and Federal Home Loan Bank Stock | 218,938 | ||
Loans | 1,156,719 | ||
Premises and equipment | 25,999 | ||
Other real estate owned | 1,683 | ||
Deferred tax asset | 17,826 | ||
Other assets | 61,793 | ||
Core deposit intangible | 3,718 | ||
Total assets acquired | $ | 1,516,701 | |
Liabilities assumed: | |||
Deposits | $ | (1,248,367 | ) |
Borrowings | (124,466 | ) | |
Other liabilities | (12,767 | ) | |
Total liabilities assumed | $ | (1,385,600 | ) |
Net assets acquired | $ | 131,101 | |
Goodwill recorded in the merger | $ | 65,302 |
At November 30, 2016 | |||
Estimated Fair Value | |||
Total Purchase Price: | $ | 180,732 | |
Assets acquired: | |||
Cash and cash equivalents | $ | 60,871 | |
Securities and Federal Home Loan Bank Stock | 94,133 | ||
Loans | 773,641 | ||
Premises and equipment | 15,068 | ||
Other real estate owned | 1,044 | ||
Deferred tax asset | 6,563 | ||
Other assets | 35,364 | ||
Core deposit intangible | 7,506 | ||
Total assets acquired | $ | 994,190 | |
Liabilities assumed: | |||
Deposits | $ | (875,073 | ) |
Borrowings | (3,694 | ) | |
Other liabilities | (15,447 | ) | |
Total liabilities assumed | $ | (894,214 | ) |
Net assets acquired | $ | 99,976 | |
Goodwill recorded in the merger | $ | 80,756 |
At April 1, 2022 | |||||
Estimated Fair Value | |||||
Total purchase price: | $ | 7,084 | |||
Assets acquired: | |||||
Cash and cash equivalents | $ | 45,693 | |||
Other current assets | 238 | ||||
Premises and equipment | 18 | ||||
Right-of-use (“ROU”) asset | 779 | ||||
Other assets | 81 | ||||
Total assets acquired | 46,809 | ||||
Liabilities assumed: | |||||
Lease liability | 779 | ||||
Other liabilities | 43,937 | ||||
Total liabilities assumed | $ | 44,716 | |||
Net assets acquired | $ | 2,093 | |||
Net assets attributable to non-controlling interest | $ | 836 | |||
Goodwill recorded | $ | 5,827 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2023 | 2022 | |||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||
Weighted average shares issued net of Treasury shares | 32,545 | 25,823 | 32,456 | 22,010 | ||||||||||||||||||||||||||||||
Weighted average shares outstanding | Weighted average shares outstanding | 59,291 | 59,303 | |||||||||||||||||||||||||||||||
Less: Unallocated ESOP shares | (306 | ) | (340 | ) | (315 | ) | (348 | ) | Less: Unallocated ESOP shares | (302) | (422) | |||||||||||||||||||||||
Unallocated incentive award shares and shares held by deferred compensation plan | (55 | ) | (48 | ) | (68 | ) | (38 | ) | ||||||||||||||||||||||||||
Unallocated incentive award shares | Unallocated incentive award shares | (215) | (142) | |||||||||||||||||||||||||||||||
Average basic shares outstanding | 32,184 | 25,435 | 32,073 | 21,624 | Average basic shares outstanding | 58,774 | 58,739 | |||||||||||||||||||||||||||
Add: Effect of dilutive securities: | Add: Effect of dilutive securities: | |||||||||||||||||||||||||||||||||
Stock options | 912 | 434 | 1,023 | 347 | ||||||||||||||||||||||||||||||
Shares held by deferred compensation plan | 10 | 20 | 14 | 19 | ||||||||||||||||||||||||||||||
Incentive awards | Incentive awards | 144 | 204 | |||||||||||||||||||||||||||||||
Average diluted shares outstanding | 33,106 | 25,889 | 33,110 | 21,990 | Average diluted shares outstanding | 58,918 | 58,943 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Allowance for Credit Losses | |||||||||||||||||||||||||
At March 31, 2023 | |||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | 73,305 | $ | 4 | $ | (6,643) | $ | 66,666 | $ | — | |||||||||||||||||||
Corporate debt securities | 10,077 | — | (616) | 9,461 | — | ||||||||||||||||||||||||
Asset-backed securities | 296,217 | — | (14,448) | 281,769 | — | ||||||||||||||||||||||||
Agency commercial mortgage-backed securities (“MBS”) | 110,340 | — | (16,041) | 94,299 | — | ||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 489,939 | $ | 4 | $ | (37,748) | $ | 452,195 | $ | — | |||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||
State, municipal and sovereign debt obligations | $ | 254,311 | $ | 104 | $ | (19,342) | $ | 235,073 | $ | (56) | |||||||||||||||||||
Corporate debt securities | 54,930 | 42 | (4,171) | 50,801 | (976) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Agency residential | 882,211 | 2,311 | (75,309) | 809,213 | — | ||||||||||||||||||||||||
Agency commercial | 31,887 | 90 | (553) | 31,424 | — | ||||||||||||||||||||||||
Non-agency commercial | 25,291 | — | (2,129) | 23,162 | (11) | ||||||||||||||||||||||||
Total mortgage-backed securities | 939,389 | 2,401 | (77,991) | 863,799 | (11) | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,248,630 | $ | 2,547 | $ | (101,504) | $ | 1,149,673 | $ | (1,043) | |||||||||||||||||||
Total debt securities | $ | 1,738,569 | $ | 2,551 | $ | (139,252) | $ | 1,601,868 | $ | (1,043) | |||||||||||||||||||
At December 31, 2022 | |||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | 87,648 | $ | 1 | $ | (7,635) | $ | 80,014 | $ | — | |||||||||||||||||||
Corporate debt securities | 8,928 | — | (756) | 8,172 | — | ||||||||||||||||||||||||
Asset-backed securities | 296,222 | — | (19,349) | 276,873 | — | ||||||||||||||||||||||||
Agency commercial MBS | 110,606 | — | (18,017) | 92,589 | — | ||||||||||||||||||||||||
Total debt securities available-for-sale | $ | 503,404 | $ | 1 | $ | (45,757) | $ | 457,648 | $ | — | |||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||
State, municipal, and sovereign debt obligations | $ | 260,249 | $ | 46 | $ | (24,940) | $ | 235,355 | $ | (60) | |||||||||||||||||||
Corporate debt securities | 56,893 | 380 | (3,778) | 53,495 | (1,059) | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||
Agency residential | 849,985 | 795 | (83,586) | 767,194 | — | ||||||||||||||||||||||||
Agency commercial | 32,127 | 23 | (1,189) | 30,961 | — | ||||||||||||||||||||||||
Non-agency commercial | 25,310 | — | (2,274) | 23,036 | (9) | ||||||||||||||||||||||||
Total mortgage-backed securities | 907,422 | 818 | (87,049) | 821,191 | (9) | ||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | 1,224,564 | $ | 1,244 | $ | (115,767) | $ | 1,110,041 | $ | (1,128) | |||||||||||||||||||
Total debt securities | $ | 1,727,968 | $ | 1,245 | $ | (161,524) | $ | 1,567,689 | $ | (1,128) |
At September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Available-for-sale: | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. agency obligations | $ | 67,367 | $ | 88 | $ | (322 | ) | $ | 67,133 | ||||||
Held-to-maturity: | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. agency obligations | $ | 14,966 | $ | 41 | $ | — | $ | 15,007 | |||||||
State and municipal obligations | 142,168 | 610 | (579 | ) | 142,199 | ||||||||||
Corporate debt securities | 76,033 | 361 | (3,753 | ) | 72,641 | ||||||||||
Other investments | 8,903 | — | (189 | ) | 8,714 | ||||||||||
Total investment securities | 242,070 | 1,012 | (4,521 | ) | 238,561 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
FHLMC | 179,890 | 447 | (1,674 | ) | 178,663 | ||||||||||
FNMA | 244,279 | 1,892 | (1,474 | ) | 244,697 | ||||||||||
GNMA | 78,441 | 96 | (505 | ) | 78,032 | ||||||||||
SBA | 6,483 | 61 | — | 6,544 | |||||||||||
Total mortgage-backed securities | 509,093 | 2,496 | (3,653 | ) | 507,936 | ||||||||||
Total held-to-maturity | $ | 751,163 | $ | 3,508 | $ | (8,174 | ) | $ | 746,497 | ||||||
Total securities | $ | 818,530 | $ | 3,596 | $ | (8,496 | ) | $ | 813,630 |
At December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
Available-for-sale: | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. agency obligations | $ | 12,542 | $ | — | $ | (318 | ) | $ | 12,224 | ||||||
Held-to-maturity: | |||||||||||||||
Investment securities: | |||||||||||||||
U.S. agency obligations | $ | 19,960 | $ | 69 | $ | — | $ | 20,029 | |||||||
State and municipal obligations | 39,155 | 10 | (856 | ) | 38,309 | ||||||||||
Corporate debt securities | 77,057 | 85 | (6,001 | ) | 71,141 | ||||||||||
Other investments | 8,778 | — | (228 | ) | 8,550 | ||||||||||
Total investment securities | 144,950 | 164 | (7,085 | ) | 138,029 | ||||||||||
Mortgage-backed securities: | |||||||||||||||
FHLMC | 144,016 | 195 | (2,457 | ) | 141,754 | ||||||||||
FNMA | 217,445 | 2,175 | (2,524 | ) | 217,096 | ||||||||||
GNMA | 92,475 | 119 | (364 | ) | 92,230 | ||||||||||
SBA | 8,947 | 28 | — | 8,975 | |||||||||||
Total mortgage-backed securities | 462,883 | 2,517 | (5,345 | ) | 460,055 | ||||||||||
Total held-to-maturity | $ | 607,833 | $ | 2,681 | $ | (12,430 | ) | $ | 598,084 | ||||||
Total securities | $ | 620,375 | $ | 2,681 | $ | (12,748 | ) | $ | 610,308 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Allowance for securities credit losses | |||||||||||||||||||||||
Beginning balance | $ | (1,128) | $ | (1,467) | |||||||||||||||||||
Provision for credit loss benefit | 85 | 87 | |||||||||||||||||||||
Total ending allowance balance | $ | (1,043) | $ | (1,380) |
Investment Grade | Non-Investment Grade/Non-rated | Total | |||||||||||||||
As of March 31, 2023 | |||||||||||||||||
State, municipal and sovereign debt obligations | $ | 254,311 | $ | — | $ | 254,311 | |||||||||||
Corporate debt securities | 40,654 | 14,276 | 54,930 | ||||||||||||||
Non-agency commercial MBS | 25,291 | — | 25,291 | ||||||||||||||
Total debt securities held-to-maturity | $ | 320,256 | $ | 14,276 | $ | 334,532 |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Amortized cost | $ | 1,248,630 | $ | 1,224,564 | |||||||
Allowance for securities credit losses | (1,043) | (1,128) | |||||||||
Net loss on date of transfer from available-for-sale | (13,556) | (13,556) | |||||||||
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 11,393 | 11,258 | |||||||||
Carrying value | $ | 1,245,424 | $ | 1,221,138 |
September 30, 2017 | December 31, 2016 | ||||||
Amortized cost | $ | 751,163 | $ | 607,833 | |||
Net loss on date of transfer from available-for-sale | (13,347 | ) | (13,347 | ) | |||
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 5,070 | 4,205 | |||||
Carrying value | $ | 742,886 | $ | 598,691 |
March 31, 2023 | Amortized Cost | Estimated Fair Value | |||||||||
Less than one year | $ | 33,091 | $ | 32,799 | |||||||
Due after one year through five years | 165,074 | 153,196 | |||||||||
Due after five years through ten years | 216,802 | 203,049 | |||||||||
Due after ten years | 273,873 | 254,726 | |||||||||
$ | 688,840 | $ | 643,770 |
September 30, 2017 | Amortized Cost | Estimated Fair Value | |||||
Less than one year | $ | 35,395 | $ | 35,384 | |||
Due after one year through five years | 145,590 | 145,528 | |||||
Due after five years through ten years | 89,509 | 88,277 | |||||
Due after ten years | 30,000 | 27,751 | |||||
$ | 300,494 | $ | 296,940 |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
At March 31, 2023 | |||||||||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | 13,126 | $ | (203) | $ | 53,539 | $ | (6,440) | $ | 66,665 | $ | (6,643) | |||||||||||||||||||||||
Corporate debt securities | 6,909 | (168) | 2,552 | (448) | 9,461 | (616) | |||||||||||||||||||||||||||||
Asset-backed securities | 59,683 | (3,577) | 222,086 | (10,871) | 281,769 | (14,448) | |||||||||||||||||||||||||||||
Agency commercial MBS | — | — | 94,299 | (16,041) | 94,299 | (16,041) | |||||||||||||||||||||||||||||
Total debt securities available-for-sale | 79,718 | (3,948) | 372,476 | (33,800) | 452,194 | (37,748) | |||||||||||||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||||||||
State, municipal and sovereign debt obligations | 29,809 | (284) | 195,955 | (19,058) | 225,764 | (19,342) | |||||||||||||||||||||||||||||
Corporate debt securities | 6,779 | (535) | 39,610 | (3,636) | 46,389 | (4,171) | |||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
Agency residential | 132,107 | (1,962) | 516,190 | (73,347) | 648,297 | (75,309) | |||||||||||||||||||||||||||||
Agency commercial | 18,628 | (513) | 1,990 | (40) | 20,618 | (553) | |||||||||||||||||||||||||||||
Non-agency commercial | — | — | 23,162 | (2,129) | 23,162 | (2,129) | |||||||||||||||||||||||||||||
Total MBS | 150,735 | (2,475) | 541,342 | (75,516) | 692,077 | (77,991) | |||||||||||||||||||||||||||||
Total debt securities held-to-maturity | 187,323 | (3,294) | 776,907 | (98,210) | 964,230 | (101,504) | |||||||||||||||||||||||||||||
Total debt securities | $ | 267,041 | $ | (7,242) | $ | 1,149,383 | $ | (132,010) | $ | 1,416,424 | $ | (139,252) | |||||||||||||||||||||||
At December 31, 2022 | |||||||||||||||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||||||||||||||
U.S. government and agency obligations | $ | 27,232 | $ | (450) | $ | 52,782 | $ | (7,185) | $ | 80,014 | $ | (7,635) | |||||||||||||||||||||||
Corporate debt securities | 4,735 | (193) | 3,437 | (563) | 8,172 | (756) | |||||||||||||||||||||||||||||
Asset-backed securities | 143,392 | (9,179) | 133,481 | (10,170) | 276,873 | (19,349) | |||||||||||||||||||||||||||||
Agency commercial MBS | 8,782 | (1,675) | 83,807 | (16,342) | 92,589 | (18,017) | |||||||||||||||||||||||||||||
Total debt securities available-for-sale | 184,141 | (11,497) | 273,507 | (34,260) | 457,648 | (45,757) | |||||||||||||||||||||||||||||
Debt securities held-to-maturity: | |||||||||||||||||||||||||||||||||||
State, municipal, and sovereign debt obligations | 133,492 | (11,952) | 97,135 | (12,988) | 230,627 | (24,940) | |||||||||||||||||||||||||||||
Corporate debt securities | 11,783 | (598) | 36,152 | (3,180) | 47,935 | (3,778) | |||||||||||||||||||||||||||||
MBS: | |||||||||||||||||||||||||||||||||||
Agency residential | 297,296 | (12,404) | 397,036 | (71,182) | 694,332 | (83,586) | |||||||||||||||||||||||||||||
Agency commercial | 25,936 | (1,150) | 2,062 | (39) | 27,998 | (1,189) | |||||||||||||||||||||||||||||
Non-agency commercial | 16,839 | (1,621) | 6,198 | (653) | 23,037 | (2,274) | |||||||||||||||||||||||||||||
Total MBS | 340,071 | (15,175) | 405,296 | (71,874) | 745,367 | (87,049) | |||||||||||||||||||||||||||||
Total debt securities held-to-maturity | 485,346 | (27,725) | 538,583 | (88,042) | 1,023,929 | (115,767) | |||||||||||||||||||||||||||||
Total debt securities | $ | 669,487 | $ | (39,222) | $ | 812,090 | $ | (122,302) | $ | 1,481,577 | $ | (161,524) |
At September 30, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. agency obligations | $ | 52,276 | $ | (322 | ) | $ | — | $ | — | $ | 52,276 | $ | (322 | ) | |||||||||
Held-to-maturity: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
State and municipal obligations | 77,979 | (531 | ) | 9,908 | (48 | ) | 87,887 | (579 | ) | ||||||||||||||
Corporate debt securities | 5,028 | (11 | ) | 53,260 | (3,742 | ) | 58,288 | (3,753 | ) | ||||||||||||||
Other investments | — | — | 8,714 | (189 | ) | 8,714 | (189 | ) | |||||||||||||||
Total investment securities | 83,007 | (542 | ) | 71,882 | (3,979 | ) | 154,889 | (4,521 | ) | ||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
FHLMC | 67,059 | (892 | ) | 30,684 | (782 | ) | 97,743 | (1,674 | ) | ||||||||||||||
FNMA | 96,886 | (954 | ) | 19,878 | (520 | ) | 116,764 | (1,474 | ) | ||||||||||||||
GNMA | 65,565 | (477 | ) | 741 | (28 | ) | 66,306 | (505 | ) | ||||||||||||||
Total mortgage-backed securities | 229,510 | (2,323 | ) | 51,303 | (1,330 | ) | 280,813 | (3,653 | ) | ||||||||||||||
Total held-to-maturity | 312,517 | (2,865 | ) | 123,185 | (5,309 | ) | 435,702 | (8,174 | ) | ||||||||||||||
Total securities | $ | 364,793 | $ | (3,187 | ) | $ | 123,185 | $ | (5,309 | ) | $ | 487,978 | $ | (8,496 | ) | ||||||||
At December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. agency obligations | $ | 12,224 | $ | (318 | ) | $ | — | $ | — | $ | 12,224 | $ | (318 | ) | |||||||||
Held-to-maturity: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
State and municipal obligations | 32,995 | (856 | ) | — | — | 32,995 | (856 | ) | |||||||||||||||
Corporate debt securities | 12,450 | (120 | ) | 49,119 | (5,881 | ) | 61,569 | (6,001 | ) | ||||||||||||||
Other Investments | 8,551 | (228 | ) | — | — | 8,551 | (228 | ) | |||||||||||||||
Total investment securities | 53,996 | (1,204 | ) | 49,119 | (5,881 | ) | 103,115 | (7,085 | ) | ||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
FHLMC | 102,461 | (1,665 | ) | 26,898 | (792 | ) | 129,359 | (2,457 | ) | ||||||||||||||
FNMA | 124,403 | (2,185 | ) | 8,925 | (339 | ) | 133,328 | (2,524 | ) | ||||||||||||||
GNMA | 79,116 | (364 | ) | — | — | 79,116 | (364 | ) | |||||||||||||||
Total mortgage-backed securities | 305,980 | (4,214 | ) | 35,823 | (1,131 | ) | 341,803 | (5,345 | ) | ||||||||||||||
Total held-to-maturity | 359,976 | (5,418 | ) | 84,942 | (7,012 | ) | 444,918 | (12,430 | ) | ||||||||||||||
Total securities | $ | 372,200 | $ | (5,736 | ) | $ | 84,942 | $ | (7,012 | ) | $ | 457,142 | $ | (12,748 | ) |
Security Description | Amortized Cost | Estimated Fair Value | Credit Rating Moody’s/ S&P | ||||||
BankAmerica Capital | $ | 15,000 | $ | 14,155 | Ba1/BB+ | ||||
Chase Capital | 10,000 | 9,355 | Baa2/BBB- | ||||||
Wells Fargo Capital | 5,000 | 4,706 | A1/BBB+ | ||||||
Huntington Capital | 5,000 | 4,463 | Baa2/BB | ||||||
Keycorp Capital | 5,000 | 4,715 | Baa2/BB+ | ||||||
PNC Capital | 5,000 | 4,663 | Baa1/BBB- | ||||||
State Street Capital | 5,000 | 4,613 | A3/BBB | ||||||
SunTrust Capital | 5,000 | 4,592 | Not Rated/BB+ | ||||||
MetLife Global Funding | 1,000 | 999 | Aa3/AA- | ||||||
State Street Corporation | 1,000 | 999 | A1/A | ||||||
$ | 57,000 | $ | 53,260 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net loss on equity investments | $ | (6,801) | $ | (2,786) | |||||||||||||||||||
Less: Net (losses) gains recognized on equity investments sold | (4,608) | 1,582 | |||||||||||||||||||||
Unrealized losses recognized on equity investments still held | $ | (2,193) | $ | (4,368) | |||||||||||||||||||
September 30, 2017 | December 31, 2016 | ||||||
Commercial: | |||||||
Commercial and industrial | $ | 183,420 | $ | 152,569 | |||
Commercial real estate – owner occupied | 553,971 | 534,214 | |||||
Commercial real estate – investor | 1,133,118 | 1,132,075 | |||||
Total commercial | 1,870,509 | 1,818,858 | |||||
Consumer: | |||||||
Residential mortgage | 1,676,143 | 1,647,154 | |||||
Residential construction | 73,812 | 65,319 | |||||
Home equity loans and lines | 277,909 | 288,991 | |||||
Other consumer | 1,354 | 1,564 | |||||
Total consumer | 2,029,218 | 2,003,028 | |||||
3,899,727 | 3,821,886 | ||||||
Purchased credit impaired (“PCI”) loans | 4,867 | 7,575 | |||||
Total Loans | 3,904,594 | 3,829,461 | |||||
Loans in process | (22,546 | ) | (14,249 | ) | |||
Deferred origination costs, net | 4,645 | 3,414 | |||||
Allowance for loan losses | (16,584 | ) | (15,183 | ) | |||
Total loans, net | $ | 3,870,109 | $ | 3,803,443 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Balance at beginning of period | $ | 16,557 | $ | 16,678 | $ | 15,183 | $ | 16,722 | |||||||
Provision charged to operations | 1,165 | 888 | 3,030 | 2,113 | |||||||||||
Charge-offs | (1,357 | ) | (2,116 | ) | (2,861 | ) | (3,511 | ) | |||||||
Recoveries | 219 | 167 | 1,232 | 293 | |||||||||||
Balance at end of period | $ | 16,584 | $ | 15,617 | $ | 16,584 | $ | 15,617 |
Residential Real Estate | Commercial Real Estate – Owner Occupied | Commercial Real Estate – Investor | Consumer | Commercial and Industrial | Unallocated | Total | |||||||||||||||||||||
For the three months ended September 30, 2017 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,492 | $ | 3,097 | $ | 8,367 | $ | 930 | $ | 2,253 | $ | 418 | $ | 16,557 | |||||||||||||
Provision (benefit) charged to operations | 1,465 | 119 | 81 | (122 | ) | (180 | ) | (198 | ) | 1,165 | |||||||||||||||||
Charge-offs | (1,284 | ) | — | — | (67 | ) | (6 | ) | — | (1,357 | ) | ||||||||||||||||
Recoveries | 128 | — | 24 | 17 | 50 | — | 219 | ||||||||||||||||||||
Balance at end of period | $ | 1,801 | $ | 3,216 | $ | 8,472 | $ | 758 | $ | 2,117 | $ | 220 | $ | 16,584 | |||||||||||||
For the three months ended September 30, 2016 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,006 | $ | 2,711 | $ | 4,713 | $ | 1,107 | $ | 1,209 | $ | 932 | $ | 16,678 | |||||||||||||
Provision (benefit) charged to operations | (376 | ) | (168 | ) | 104 | (130 | ) | 1,949 | (491 | ) | 888 | ||||||||||||||||
Charge-offs | (167 | ) | — | — | (80 | ) | (1,869 | ) | — | (2,116 | ) | ||||||||||||||||
Recoveries | 6 | — | — | — | 161 | — | 167 | ||||||||||||||||||||
Balance at end of period | $ | 5,469 | $ | 2,543 | $ | 4,817 | $ | 897 | $ | 1,450 | $ | 441 | $ | 15,617 | |||||||||||||
For the nine months ended September 30, 2017 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,245 | $ | 2,999 | $ | 6,361 | $ | 1,110 | $ | 2,037 | $ | 431 | $ | 15,183 | |||||||||||||
Provision (benefit) charged to operations | 1,477 | 167 | 2,164 | (346 | ) | (221 | ) | (211 | ) | 3,030 | |||||||||||||||||
Charge-offs | (2,485 | ) | (73 | ) | (84 | ) | (125 | ) | (94 | ) | — | (2,861 | ) | ||||||||||||||
Recoveries | 564 | 123 | 31 | 119 | 395 | — | 1,232 | ||||||||||||||||||||
Balance at end of period | $ | 1,801 | $ | 3,216 | $ | 8,472 | $ | 758 | $ | 2,117 | $ | 220 | $ | 16,584 | |||||||||||||
For the nine months ended September 30, 2016 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,590 | $ | 2,292 | $ | 4,873 | $ | 1,095 | $ | 1,639 | $ | 233 | $ | 16,722 | |||||||||||||
Provision (benefit) charged to operations | (867 | ) | 1,261 | (56 | ) | (98 | ) | 1,665 | 208 | 2,113 | |||||||||||||||||
Charge-offs | (319 | ) | (1,010 | ) | — | (146 | ) | (2,036 | ) | — | (3,511 | ) | |||||||||||||||
Recoveries | 65 | — | — | 46 | 182 | — | 293 | ||||||||||||||||||||
Balance at end of period | $ | 5,469 | $ | 2,543 | $ | 4,817 | $ | 897 | $ | 1,450 | $ | 441 | $ | 15,617 | |||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | 616 | $ | — | $ | — | $ | — | $ | 616 | |||||||||||||
Collectively evaluated for impairment | 1,801 | 3,216 | 7,856 | 758 | 2,117 | 220 | 15,968 | ||||||||||||||||||||
Total ending allowance balance | $ | 1,801 | $ | 3,216 | $ | 8,472 | $ | 758 | $ | 2,117 | $ | 220 | $ | 16,584 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 12,484 | $ | 11,537 | $ | 17,535 | $ | 2,478 | $ | 893 | $ | — | $ | 44,927 | |||||||||||||
Loans collectively evaluated for impairment | 1,737,471 | 542,434 | 1,115,583 | 276,785 | 182,527 | — | 3,854,800 | ||||||||||||||||||||
Total ending loan balance | $ | 1,749,955 | $ | 553,971 | $ | 1,133,118 | $ | 279,263 | $ | 183,420 | $ | — | $ | 3,899,727 |
Residential Real Estate | Commercial Real Estate – Owner Occupied | Commercial Real Estate – Investor | Consumer | Commercial and Industrial | Unallocated | Total | |||||||||||||||||||||
December 31, 2016 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||
Ending allowance balance attributed to loans: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 266 | $ | — | $ | 119 | $ | 125 | $ | — | $ | — | $ | 510 | |||||||||||||
Collectively evaluated for impairment | 1,979 | 2,999 | 6,242 | 985 | 2,037 | 431 | 14,673 | ||||||||||||||||||||
Total ending allowance balance | $ | 2,245 | $ | 2,999 | $ | 6,361 | $ | 1,110 | $ | 2,037 | $ | 431 | $ | 15,183 | |||||||||||||
Loans: | |||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,306 | $ | 11,123 | $ | 3,789 | $ | 2,556 | $ | 268 | $ | — | $ | 31,042 | |||||||||||||
Loans collectively evaluated for impairment | 1,699,167 | 523,091 | 1,128,286 | 287,999 | 152,301 | — | 3,790,844 | ||||||||||||||||||||
Total ending loan balance | $ | 1,712,473 | $ | 534,214 | $ | 1,132,075 | $ | 290,555 | $ | 152,569 | $ | — | $ | 3,821,886 |
September 30, 2017 | December 31, 2016 | ||||||
Impaired loans with no allocated allowance for loan losses | $ | 40,386 | $ | 25,228 | |||
Impaired loans with allocated allowance for loan losses | 4,541 | 5,814 | |||||
$ | 44,927 | $ | 31,042 | ||||
Amount of the allowance for loan losses allocated | $ | 616 | $ | 510 |
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | |||||||||
As of September 30, 2017 | |||||||||||
With no related allowance recorded: | |||||||||||
Residential real estate | $ | 12,896 | $ | 12,484 | $ | — | |||||
Commercial real estate – owner occupied | 12,233 | 11,537 | — | ||||||||
Commercial real estate – investor | 13,938 | 12,994 | — | ||||||||
Consumer | 2,939 | 2,478 | — | ||||||||
Commercial and industrial | 925 | 893 | — | ||||||||
$ | 42,931 | $ | 40,386 | $ | — | ||||||
With an allowance recorded: | |||||||||||
Residential real estate | $ | — | $ | — | $ | — | |||||
Commercial real estate – owner occupied | — | — | — | ||||||||
Commercial real estate – investor | 4,556 | 4,541 | 616 | ||||||||
Consumer | — | — | — | ||||||||
Commercial and industrial | — | — | — | ||||||||
$ | 4,556 | $ | 4,541 | $ | 616 | ||||||
As of December 31, 2016 | |||||||||||
With no related allowance recorded: | |||||||||||
Residential real estate | $ | 9,848 | $ | 9,694 | $ | — | |||||
Commercial real estate – owner occupied | 11,886 | 11,123 | — | ||||||||
Commercial real estate – investor | 2,239 | 1,897 | — | ||||||||
Consumer | 2,559 | 2,246 | — | ||||||||
Commercial and industrial | 300 | 268 | — | ||||||||
$ | 26,832 | $ | 25,228 | $ | — | ||||||
With an allowance recorded: | |||||||||||
Residential real estate | $ | 3,998 | $ | 3,612 | $ | 266 | |||||
Commercial real estate – owner occupied | — | — | — | ||||||||
Commercial real estate – investor | 2,011 | 1,892 | 119 | ||||||||
Consumer | 581 | 310 | 125 | ||||||||
Commercial and industrial | — | — | — | ||||||||
$ | 6,590 | $ | 5,814 | $ | 510 |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
With no related allowance recorded: | |||||||||||||||
Residential real estate | $ | 12,791 | $ | 128 | $ | 13,451 | $ | 171 | |||||||
Commercial real estate – owner occupied | 11,217 | 335 | 17,198 | 119 | |||||||||||
Commercial real estate – investor | 11,147 | 240 | 281 | 3 | |||||||||||
Consumer | 2,495 | 36 | 2,340 | 44 | |||||||||||
Commercial and industrial | 908 | 26 | 269 | — | |||||||||||
$ | 38,558 | $ | 765 | $ | 33,539 | $ | 337 | ||||||||
With an allowance recorded: | |||||||||||||||
Residential real estate | $ | — | $ | — | $ | 107 | $ | 1 | |||||||
Commercial real estate – owner occupied | — | — | — | — | |||||||||||
Commercial real estate – investor | 4,551 | 13 | 896 | — | |||||||||||
Consumer | — | — | — | — | |||||||||||
Commercial and industrial | — | — | — | — | |||||||||||
$ | 4,551 | $ | 13 | $ | 1,003 | $ | 1 |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
With no related allowance recorded: | |||||||||||||||
Residential real estate | $ | 11,009 | $ | 401 | $ | 13,326 | $ | 437 | |||||||
Commercial real estate – owner occupied | 11,080 | 520 | 17,333 | 406 | |||||||||||
Commercial real estate – investor | 6,550 | 487 | 303 | 9 | |||||||||||
Consumer | 2,368 | 106 | 2,220 | 105 | |||||||||||
Commercial and industrial | 588 | 50 | 270 | — | |||||||||||
$ | 31,595 | $ | 1,564 | $ | 33,452 | $ | 957 | ||||||||
With an allowance recorded: | |||||||||||||||
Residential real estate | $ | 1,981 | $ | 62 | $ | 108 | $ | 3 | |||||||
Commercial real estate – owner occupied | — | — | — | — | |||||||||||
Commercial real estate – investor | 4,233 | 81 | 755 | — | |||||||||||
Consumer | 148 | 6 | — | — | |||||||||||
Commercial and industrial | — | — | — | — | |||||||||||
$ | 6,362 | $ | 149 | $ | 863 | $ | 3 |
September 30, 2017 | December 31, 2016 | ||||||
Residential real estate | $ | 3,551 | $ | 8,126 | |||
Commercial real estate – owner occupied | 923 | 2,414 | |||||
Commercial real estate – investor | 8,720 | 521 | |||||
Consumer | 1,864 | 2,064 | |||||
Commercial and industrial | 63 | 441 | |||||
$ | 15,121 | $ | 13,566 |
March 31, | December 31, | |||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Loans Not Past Due | Total | 2023 | 2022 | |||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | |||||||||||||||||||||||||||||||||
Commercial real estate – investor | Commercial real estate – investor | $ | 5,296,661 | $ | 5,171,952 | |||||||||||||||||||||||||||||
Commercial real estate – owner occupied | Commercial real estate – owner occupied | 986,366 | 997,367 | |||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 622,201 | 622,372 | |||||||||||||||||||||||||||||||
Total commercial | Total commercial | 6,905,228 | 6,791,691 | |||||||||||||||||||||||||||||||
Consumer: | Consumer: | |||||||||||||||||||||||||||||||||
Residential real estate | $ | 12,736 | $ | 6,872 | $ | 2,277 | $ | 21,885 | $ | 1,728,070 | $ | 1,749,955 | Residential real estate | 2,881,811 | 2,861,991 | |||||||||||||||||||
Commercial real estate – owner occupied | 711 | — | 289 | 1,000 | 552,971 | 553,971 | ||||||||||||||||||||||||||||
Commercial real estate – investor | 2,301 | 173 | 8,146 | 10,620 | 1,122,498 | 1,133,118 | ||||||||||||||||||||||||||||
Consumer | 768 | 491 | 1,486 | 2,745 | 276,518 | 279,263 | ||||||||||||||||||||||||||||
Commercial and industrial | — | 1,874 | 64 | 1,938 | 181,482 | 183,420 | ||||||||||||||||||||||||||||
$ | 16,516 | $ | 9,410 | $ | 12,262 | $ | 38,188 | $ | 3,861,539 | $ | 3,899,727 | |||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||
Residential real estate | $ | 9,532 | $ | 3,038 | $ | 7,159 | $ | 19,729 | $ | 1,692,744 | $ | 1,712,473 | ||||||||||||||||||||||
Commercial real estate – owner occupied | 3,962 | 1,032 | 890 | 5,884 | 528,330 | 534,214 | ||||||||||||||||||||||||||||
Commercial real estate – investor | — | — | 521 | 521 | 1,131,554 | 1,132,075 | ||||||||||||||||||||||||||||
Consumer | 1,519 | 436 | 1,963 | 3,918 | 286,637 | 290,555 | ||||||||||||||||||||||||||||
Commercial and industrial | 5,548 | 181 | 384 | 6,113 | 146,456 | 152,569 | ||||||||||||||||||||||||||||
Home equity loans and lines and other consumer (“other consumer”) | Home equity loans and lines and other consumer (“other consumer”) | 252,773 | 264,372 | |||||||||||||||||||||||||||||||
$ | 20,561 | $ | 4,687 | $ | 10,917 | $ | 36,165 | $ | 3,785,721 | $ | 3,821,886 | |||||||||||||||||||||||
Total consumer | Total consumer | 3,134,584 | 3,126,363 | |||||||||||||||||||||||||||||||
Total loans receivable | Total loans receivable | 10,039,812 | 9,918,054 | |||||||||||||||||||||||||||||||
Deferred origination costs, net of fees | Deferred origination costs, net of fees | 7,332 | 7,488 | |||||||||||||||||||||||||||||||
Allowance for loan credit losses | Allowance for loan credit losses | (60,195) | (56,824) | |||||||||||||||||||||||||||||||
Total loans receivable, net | Total loans receivable, net | $ | 9,986,949 | $ | 9,868,718 |
Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||
September 30, 2017 | |||||||||||||||||||
Commercial real estate – owner occupied | $ | 531,493 | $ | 4,349 | $ | 18,129 | $ | — | $ | 553,971 | |||||||||
Commercial real estate – investor | 1,100,142 | 10,768 | 22,208 | — | 1,133,118 | ||||||||||||||
Commercial and industrial | 176,619 | 3,520 | 3,281 | — | 183,420 | ||||||||||||||
$ | 1,808,254 | $ | 18,637 | $ | 43,618 | $ | — | $ | 1,870,509 | ||||||||||
December 31, 2016 | |||||||||||||||||||
Commercial real estate – owner occupied | $ | 501,652 | $ | 7,680 | $ | 24,882 | $ | — | $ | 534,214 | |||||||||
Commercial real estate – investor | 1,106,747 | 713 | 24,615 | — | 1,132,075 | ||||||||||||||
Commercial and industrial | 150,474 | 757 | 1,338 | — | 152,569 | ||||||||||||||
$ | 1,758,873 | $ | 9,150 | $ | 50,835 | $ | — | $ | 1,818,858 |
2023 | 2022 | 2021 | 2020 | 2019 | 2018 and prior | Revolving lines of credit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 78,614 | $ | 1,186,386 | $ | 1,335,178 | $ | 543,587 | $ | 515,939 | $ | 1,048,169 | $ | 512,846 | $ | 5,220,719 | ||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 2,484 | 190 | 65 | 14,283 | 2,188 | 19,210 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 3,750 | 19,871 | 32,240 | 871 | 56,732 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - investor | 78,614 | 1,186,386 | 1,337,662 | 547,527 | 535,875 | 1,094,692 | 515,905 | 5,296,661 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 36,361 | 118,959 | 109,499 | 63,663 | 109,652 | 506,145 | 16,212 | 960,491 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | — | 1,878 | — | 1,878 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 2,019 | 21,978 | — | 23,997 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied | 36,361 | 118,959 | 109,499 | 63,663 | 111,671 | 530,001 | 16,212 | 986,366 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 27,482 | 54,551 | 22,682 | 12,450 | 15,762 | 59,487 | 424,541 | 616,955 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | 7 | — | — | 223 | 1,836 | 2,066 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 21 | 52 | 1,041 | 1,949 | 117 | 3,180 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 27,482 | 54,551 | 22,710 | 12,502 | 16,803 | 61,659 | 426,494 | 622,201 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 48,611 | 928,107 | 588,525 | 413,922 | 243,055 | 658,129 | — | 2,880,349 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 390 | — | — | — | 153 | — | 543 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 193 | — | — | 726 | — | 919 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | 48,611 | 928,497 | 588,718 | 413,922 | 243,055 | 659,008 | — | 2,881,811 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 3,723 | 23,767 | 22,999 | 14,355 | 14,812 | 137,925 | 32,972 | 250,553 | ||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 96 | 187 | — | 283 | ||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 67 | 1,870 | — | 1,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total other consumer | 3,723 | 23,767 | 22,999 | 14,355 | 14,975 | 139,982 | 32,972 | 252,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 194,791 | $ | 2,312,160 | $ | 2,081,588 | $ | 1,051,969 | $ | 922,379 | $ | 2,485,342 | $ | 991,583 | $ | 10,039,812 |
2022 | 2021 | 2020 | 2019 | 2018 | 2017 and prior | Revolving lines of credit | Total | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - investor | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,144,763 | $ | 1,339,289 | $ | 555,937 | $ | 524,428 | $ | 220,999 | $ | 881,344 | $ | 450,787 | $ | 5,117,547 | ||||||||||||||||||||||||||||||||||
Special Mention | — | 2,508 | 192 | 17,094 | — | 12,818 | 2,188 | 34,800 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 893 | — | 18,180 | 532 | 19,605 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - investor | 1,144,763 | 1,341,797 | 556,129 | 542,415 | 220,999 | 912,342 | 453,507 | 5,171,952 | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 119,912 | 110,440 | 59,952 | 115,385 | 88,204 | 458,708 | 14,932 | 967,533 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | — | 748 | 5,679 | — | 6,427 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 3,750 | 2,037 | 4,817 | 12,803 | — | 23,407 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate - owner occupied | 119,912 | 110,440 | 63,702 | 117,422 | 93,769 | 477,190 | 14,932 | 997,367 | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 60,078 | 23,724 | 14,072 | 17,175 | 10,992 | 47,370 | 443,211 | 616,622 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 7 | — | — | — | 250 | 1,680 | 1,937 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | 21 | 76 | 1,083 | 301 | 2,212 | 120 | 3,813 | ||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 60,078 | 23,752 | 14,148 | 18,258 | 11,293 | 49,832 | 445,011 | 622,372 | ||||||||||||||||||||||||||||||||||||||||||
Residential real estate (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 919,364 | 591,745 | 419,712 | 247,387 | 99,945 | 577,392 | — | 2,855,545 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 193 | 1,514 | 204 | 59 | 2,407 | — | 4,377 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 656 | 286 | 1,127 | — | 2,069 | ||||||||||||||||||||||||||||||||||||||||||
Total residential real estate | 919,364 | 591,938 | 421,226 | 248,247 | 100,290 | 580,926 | — | 2,861,991 | ||||||||||||||||||||||||||||||||||||||||||
Other consumer (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 24,069 | 24,111 | 15,440 | 15,471 | 39,057 | 108,818 | 34,851 | 261,817 | ||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | — | — | 75 | — | 598 | — | 673 | ||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 157 | 18 | 1,707 | — | 1,882 | ||||||||||||||||||||||||||||||||||||||||||
Total other consumer | 24,069 | 24,111 | 15,440 | 15,703 | 39,075 | 111,123 | 34,851 | 264,372 | ||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 2,268,186 | $ | 2,092,038 | $ | 1,070,645 | $ | 942,045 | $ | 465,426 | $ | 2,131,413 | $ | 948,301 | $ | 9,918,054 |
Commercial Real Estate – Investor | Commercial Real Estate – Owner Occupied | Commercial and Industrial | Residential Real Estate | Other Consumer | Total | |||||||||||||||||||||||||||||||||||||||
For the three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 21,070 | $ | 4,423 | $ | 5,695 | $ | 24,530 | $ | 1,106 | $ | 56,824 | ||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | 1,379 | (304) | 131 | 2,390 | (272) | 3,324 | ||||||||||||||||||||||||||||||||||||||
Charge-offs (1) | — | (6) | (3) | — | (1) | (10) | ||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | 3 | 4 | 8 | 40 | 57 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 22,451 | $ | 4,116 | $ | 5,827 | $ | 26,928 | $ | 873 | $ | 60,195 | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 25,504 | $ | 5,884 | $ | 5,039 | $ | 11,155 | $ | 1,268 | $ | 48,850 | ||||||||||||||||||||||||||||||||
(Benefit) provision for credit losses | (1,867) | (840) | (406) | 5,028 | (259) | 1,656 | ||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (4) | — | — | (139) | (143) | ||||||||||||||||||||||||||||||||||||||
Recoveries | — | 13 | 16 | 94 | 112 | 235 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 23,637 | $ | 5,053 | $ | 4,649 | $ | 16,277 | $ | 982 | $ | 50,598 | ||||||||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Commercial real estate – investor | $ | 13,643 | $ | 10,483 | |||||||
Commercial real estate – owner occupied | 251 | 4,025 | |||||||||
Commercial and industrial | 162 | 331 | |||||||||
Residential real estate | 5,650 | 5,969 | |||||||||
Other consumer | 2,731 | 2,457 | |||||||||
$ | 22,437 | $ | 23,265 |
Residential Real Estate | |||||||
Residential | Consumer | ||||||
September 30, 2017 | |||||||
Performing | $ | 1,746,404 | $ | 277,399 | |||
Non-performing | 3,551 | 1,864 | |||||
$ | 1,749,955 | $ | 279,263 | ||||
December 31, 2016 | |||||||
Performing | $ | 1,704,347 | $ | 288,491 | |||
Non-performing | 8,126 | 2,064 | |||||
$ | 1,712,473 | $ | 290,555 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Loans Not Past Due | Total | ||||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Commercial real estate – investor | $ | 634 | $ | 50 | $ | 6,983 | $ | 7,667 | $ | 5,288,994 | $ | 5,296,661 | |||||||||||||||||||||||
Commercial real estate – owner occupied | 740 | 74 | — | 814 | 985,552 | 986,366 | |||||||||||||||||||||||||||||
Commercial and industrial | 176 | 135 | 21 | 332 | 621,869 | 622,201 | |||||||||||||||||||||||||||||
Residential real estate | 8,362 | 543 | 919 | 9,824 | 2,871,987 | 2,881,811 | |||||||||||||||||||||||||||||
Other consumer | 235 | 283 | 1,937 | 2,455 | 250,318 | 252,773 | |||||||||||||||||||||||||||||
$ | 10,147 | $ | 1,085 | $ | 9,860 | $ | 21,092 | $ | 10,018,720 | $ | 10,039,812 | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Commercial real estate – investor | $ | 217 | $ | 875 | $ | 3,700 | $ | 4,792 | $ | 5,167,160 | $ | 5,171,952 | |||||||||||||||||||||||
Commercial real estate – owner occupied | 143 | 80 | 3,750 | 3,973 | 993,394 | 997,367 | |||||||||||||||||||||||||||||
Commercial and industrial | 159 | 47 | 180 | 386 | 621,986 | 622,372 | |||||||||||||||||||||||||||||
Residential real estate | 7,003 | 4,377 | 2,069 | 13,449 | 2,848,542 | 2,861,991 | |||||||||||||||||||||||||||||
Other consumer | 573 | 673 | 1,882 | 3,128 | 261,244 | 264,372 | |||||||||||||||||||||||||||||
$ | 8,095 | $ | 6,052 | $ | 11,581 | $ | 25,728 | $ | 9,892,326 | $ | 9,918,054 |
Number of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | |||||||||||||||
Three months ended March 31, 2022 | |||||||||||||||||
Troubled debt restructurings: | |||||||||||||||||
Commercial and industrial | 1 | $ | 65 | $ | 65 | ||||||||||||
Other consumer | 3 | 991 | 1,109 | ||||||||||||||
Number of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||
Three months ended September 30, 2017 | ||||||||||
Troubled Debt Restructurings: | ||||||||||
Residential real estate | 2 | $ | 328 | $ | 357 | |||||
Commercial real estate - owner occupied | 1 | 700 | 700 | |||||||
Commercial real estate - investor | 1 | 700 | 700 |
Number of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||
Nine months ended September 30, 2017 | ||||||||||
Troubled Debt Restructurings: | ||||||||||
Residential real estate | 6 | $ | 1,354 | $ | 1,356 | |||||
Commercial real estate - owner occupied | 4 | 3,309 | 3,309 | |||||||
Commercial real estate – investor | 4 | 6,362 | 6,484 | |||||||
Commercial and industrial | 1 | 665 | 665 |
Type of Account | March 31, | December 31, | |||||||||
2023 | 2022 | ||||||||||
Non-interest-bearing | $ | 1,984,197 | $ | 2,101,308 | |||||||
Interest-bearing checking | 3,697,223 | 3,829,683 | |||||||||
Money market deposit | 615,993 | 714,386 | |||||||||
Savings | 1,308,715 | 1,487,809 | |||||||||
Time deposits | 2,386,967 | 1,542,020 | |||||||||
Total deposits | $ | 9,993,095 | $ | 9,675,206 |
Number of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||
Three months ended September 30, 2016 | ||||||||||
Troubled Debt Restructurings: | ||||||||||
Residential real estate | 1 | $ | 455 | $ | 455 | |||||
Consumer | 1 | 602 | 602 |
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
FHLB advances | $ | 1,346,566 | $ | 1,211,166 | |||||||
Securities sold under agreements to repurchase with customers | 70,938 | 69,097 | |||||||||
Other borrowings | 195,663 | 195,403 | |||||||||
Total borrowed funds | $ | 1,613,167 | $ | 1,475,666 |
Number of Loans | Pre-modification Recorded Investment | Post-modification Recorded Investment | ||||||||
Nine months ended September 30, 2016 | ||||||||||
Troubled Debt Restructurings: | ||||||||||
Residential real estate | 3 | $ | 674 | $ | 673 | |||||
Commercial real estate – investor | 1 | 256 | 270 | |||||||
Consumer | 3 | 665 | 665 |
Loans | Debt securities | Total | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
FHLB and FRB | $ | 7,052,912 | $ | 1,120,068 | $ | 8,172,980 | ||||||||||||||
Repurchase agreements | — | 75,859 | 75,859 | |||||||||||||||||
Total pledged assets | $ | 7,052,912 | $ | 1,195,927 | $ | 8,248,839 | ||||||||||||||
December 31, 2022 | ||||||||||||||||||||
FHLB and FRB | $ | 6,487,980 | $ | 830,057 | $ | 7,318,037 | ||||||||||||||
Repurchase agreements | — | 105,294 | 105,294 | |||||||||||||||||
Total pledged assets | $ | 6,487,980 | $ | 935,351 | $ | 7,423,331 |
Ocean Shore December 1, 2016 | Cape May 2, 2016 | Colonial American July 31, 2015 | |||||||||
Contractually required principal and interest | $ | 7,385 | $ | 21,345 | $ | 3,263 | |||||
Contractual cash flows not expected to be collected (non-accretable discount) | (4,666 | ) | (12,387 | ) | (1,854 | ) | |||||
Expected cash flows to be collected at acquisition | 2,719 | 8,958 | 1,409 | ||||||||
Interest component of expected cash flows (accretable yield) | (401 | ) | (576 | ) | (109 | ) | |||||
Fair value of acquired loans | $ | 2,318 | $ | 8,382 | $ | 1,300 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||
Beginning balance | $ | 1,465 | $ | 749 | $ | 503 | $ | 75 | |||||||
Acquisition | — | — | — | 576 | |||||||||||
Accretion | (328 | ) | (642 | ) | (196 | ) | (344 | ) | |||||||
Reclassification from non-accretable difference | 13 | 1,043 | — | — | |||||||||||
Ending balance | $ | 1,150 | $ | 1,150 | $ | 307 | $ | 307 |
Type of Account | September 30, 2017 | December 31, 2016 | |||||
Non-interest-bearing | $ | 781,043 | $ | 782,504 | |||
Interest-bearing checking | 1,892,832 | 1,626,713 | |||||
Money market deposit | 384,106 | 458,911 | |||||
Savings | 668,370 | 672,519 | |||||
Time deposits | 623,908 | 647,103 | |||||
Total deposits | $ | 4,350,259 | $ | 4,187,750 |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||||
Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||||||||
Debt securities available-for-sale | $ | 452,195 | $ | — | $ | 452,195 | $ | — | |||||||||||||||
Equity investments | 54,440 | 272 | 54,168 | — | |||||||||||||||||||
Interest rate derivative asset | 92,302 | — | 92,302 | — | |||||||||||||||||||
Interest rate derivative liability | (91,701) | — | (91,701) | — | |||||||||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||||||||
Equity investments (1) (2) | 46,567 | — | — | 43,576 | |||||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral (3) | 9,700 | — | — | 9,700 | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Items measured on a recurring basis: | |||||||||||||||||||||||
Debt securities available-for-sale | $ | 457,648 | $ | — | $ | 457,648 | $ | — | |||||||||||||||
Equity investments | 61,942 | 430 | 61,511 | — | |||||||||||||||||||
Interest rate derivative asset | 113,420 | — | 113,420 | — | |||||||||||||||||||
Interest rate derivative liability | (113,473) | — | (113,473) | — | |||||||||||||||||||
Items measured on a non-recurring basis: | |||||||||||||||||||||||
Equity investments (1) (2) | 40,095 | — | — | 37,076 | |||||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral (3) | 9,635 | — | — | 9,635 |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
September 30, 2017 | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Items measured on a recurring basis: | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
U.S. agency obligations | $ | 67,133 | $ | — | $ | 67,133 | $ | — | |||||||
Items measured on a non-recurring basis: | |||||||||||||||
Other real estate owned | 9,334 | — | — | 9,334 | |||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 12,065 | — | — | 12,065 |
For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||
Beginning balance | $ | 2,718 | ||||||||||||||||||||||||
Transfers out of Level 3 | (2,718) | |||||||||||||||||||||||||
Ending balance | $ | — |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
December 31, 2016 | Total Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Items measured on a recurring basis: | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
U.S. agency obligations | $ | 12,224 | $ | — | $ | 12,224 | $ | — | |||||||
Items measured on a non-recurring basis: | |||||||||||||||
Other real estate owned | 9,803 | — | — | 9,803 | |||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 2,419 | — | — | 2,419 |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
September 30, 2017 | Book Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||||
Cash and due from banks | $ | 255,258 | $ | 255,258 | $ | — | $ | — | |||||||
Securities held-to-maturity | 742,886 | 8,714 | 734,990 | 2,793 | |||||||||||
Federal Home Loan Bank of New York stock | 18,472 | — | — | 18,472 | |||||||||||
Loans receivable, net and mortgage loans held for sale | 3,870,447 | — | — | 3,935,093 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits other than time deposits | 3,726,351 | — | 3,726,351 | — | |||||||||||
Time deposits | 623,908 | — | 619,619 | — | |||||||||||
Securities sold under agreements to repurchase with retail customers | 75,326 | 75,326 | — | — | |||||||||||
Federal Home Loan Bank advances and other borrowings | 315,652 | — | 314,021 | — |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
December 31, 2016 | Book Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||||
Cash and due from banks | $ | 301,373 | $ | 301,373 | $ | — | $ | — | |||||||
Securities held-to-maturity | 598,691 | 8,550 | 586,504 | 3,030 | |||||||||||
Federal Home Loan Bank of New York stock | 19,313 | — | — | 19,313 | |||||||||||
Loans receivable and mortgage loans held for sale | 3,804,994 | — | — | 3,834,677 | |||||||||||
Financial Liabilities: | |||||||||||||||
Deposits other than time deposits | 3,540,647 | — | 3,540,647 | — | |||||||||||
Time deposits | 647,103 | — | 644,354 | — | |||||||||||
Securities sold under agreements to repurchase with retail customers | 69,935 | 69,935 | — | — | |||||||||||
Federal Home Loan Bank advances and other borrowings | 307,057 | — | 304,901 | — |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||||||||
Book Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Cash and due from banks | $ | 496,193 | $ | 496,193 | $ | — | $ | — | |||||||||||||||
Debt securities held-to-maturity | 1,245,424 | — | 1,140,797 | 8,876 | |||||||||||||||||||
Restricted equity investments | 115,750 | — | — | 115,750 | |||||||||||||||||||
Loans receivable, net and loans held-for-sale | 9,988,834 | — | — | 9,196,738 | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Deposits other than time deposits | 7,606,128 | — | 7,606,128 | — | |||||||||||||||||||
Time deposits | 2,386,967 | — | 2,356,875 | — | |||||||||||||||||||
FHLB advances and other borrowings | 1,542,229 | — | 1,524,195 | — | |||||||||||||||||||
Securities sold under agreements to repurchase with customers | 70,938 | 70,938 | — | — | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Cash and due from banks | $ | 167,946 | $ | 167,946 | $ | — | $ | — | |||||||||||||||
Debt securities held-to-maturity | 1,221,138 | — | 1,097,984 | 12,057 | |||||||||||||||||||
Restricted equity investments | 109,278 | — | — | 109,278 | |||||||||||||||||||
Loans receivable, net and loans held-for-sale | 9,869,408 | — | — | 9,103,137 | |||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Deposits other than time deposits | 8,133,186 | — | 8,133,186 | — | |||||||||||||||||||
Time deposits | 1,542,020 | — | 1,504,601 | — | |||||||||||||||||||
FHLB advances and other borrowings | 1,406,569 | — | 1,416,384 | — | |||||||||||||||||||
Securities sold under agreements to repurchase with customers | 69,097 | 69,097 | — | — |
For the Three Months Ended March 31, | ||||||||||||||
2023 | ||||||||||||||
AOCL balance at beginning of period, net of tax | $ | (25) | ||||||||||||
Unrealized gains recognized in OCI | 412 | |||||||||||||
Losses reclassified from AOCI into interest income | 101 | |||||||||||||
AOCI balance at end of period, net of tax | $ | 488 |
Notional | Fair Value | |||||||||||||||||||||||||||||||
Other assets | Other liabilities | |||||||||||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Interest rate swaps and cap contracts | $ | 1,456,913 | $ | 91,659 | $ | 91,701 | ||||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedge | ||||||||||||||||||||||||||||||||
Interest rate swap contract | 100,000 | 643 | — | |||||||||||||||||||||||||||||
Total Derivatives | $ | 1,556,913 | $ | 92,302 | $ | 91,701 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||||||
Interest rate swaps and cap contracts | $ | 1,368,245 | $ | 113,420 | $ | 113,440 | ||||||||||||||||||||||||||
Derivatives Designated as Cash Flow Hedge | ||||||||||||||||||||||||||||||||
Interest rate swap contract | 100,000 | — | 33 | |||||||||||||||||||||||||||||
Total Derivatives | $ | 1,468,245 | $ | 113,420 | $ | 113,473 |
March 31, | December 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Lease ROU Assets | Classification | |||||||||||||||||||
Operating lease ROU assets | Other assets | $ | 20,081 | $ | 19,055 | |||||||||||||||
Finance lease ROU asset | Premises and equipment, net | 1,474 | 1,532 | |||||||||||||||||
Total lease ROU assets | $ | 21,555 | $ | 20,587 | ||||||||||||||||
Lease Liabilities | ||||||||||||||||||||
Operating lease liabilities (1) | Other liabilities | $ | 21,084 | $ | 20,053 | |||||||||||||||
Finance lease liability | Other borrowings | 1,873 | 1,934 | |||||||||||||||||
Total lease liabilities | $ | 22,957 | $ | 21,987 |
March 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Weighted-Average Remaining Lease Term | ||||||||||||||
Operating leases | 6.67 years | 6.87 years | ||||||||||||
Finance lease | 6.35 years | 6.60 years | ||||||||||||
Weighted-Average Discount Rate | ||||||||||||||
Operating leases | 2.89 | % | 2.86 | % | ||||||||||
Finance lease | 5.63 | 5.63 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
Lease Expense | ||||||||||||||||||||||||||
Operating lease expense | $ | 1,145 | $ | 1,258 | ||||||||||||||||||||||
Finance lease expense: | ||||||||||||||||||||||||||
Amortization of ROU assets | 58 | 50 | ||||||||||||||||||||||||
Interest on lease liabilities (1) | 26 | 26 | ||||||||||||||||||||||||
Total | $ | 1,229 | $ | 1,334 | ||||||||||||||||||||||
Other Information | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | 1,139 | $ | 1,162 | ||||||||||||||||||||||
Operating cash flows from finance leases | 26 | 26 | ||||||||||||||||||||||||
Financing cash flows from finance leases | 61 | 51 |
Finance Lease | Operating Leases | |||||||||||||
For the Year Ending December 31, | ||||||||||||||
2023 | $ | 263 | $ | 3,487 | ||||||||||
2024 | 350 | 4,407 | ||||||||||||
2025 | 350 | 4,203 | ||||||||||||
2026 | 350 | 3,428 | ||||||||||||
2027 | 350 | 2,269 | ||||||||||||
Thereafter | 559 | 5,832 | ||||||||||||
Total | 2,222 | 23,625 | ||||||||||||
Less: Imputed interest | (349) | (2,541) | ||||||||||||
Total lease liabilities | $ | 1,873 | $ | 21,084 |
March 31, 2023 | December 31, 2022 | |||||||||||||
Cash and cash equivalents | $ | 27,557 | $ | 30,062 | ||||||||||
Other assets | 857 | 941 | ||||||||||||
Total assets | 28,414 | 31,003 | ||||||||||||
Other liabilities | 26,369 | 28,998 | ||||||||||||
Net assets | $ | 2,045 | $ | 2,005 |
Exhibit Description | Reference | |||||||||||||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed here within this document | |||||||||||||
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | Filed here within this document | |||||||||||||
Certification pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002 | Filed here within this document | |||||||||||||
101.0 | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended | |||||||||||||
104.0 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |
OceanFirst Financial Corp. | |||||
Registrant |
DATE: | May 1, 2023 | /s/ Christopher D. Maher | ||||||
Christopher D. Maher | ||||||||
Chairman |
DATE: | May 1, 2023 | /s/ Patrick S. Barrett | ||||||
Executive Vice President and Chief Financial Officer |