Exhibit 99.1
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)
| December 31, 2009 | December 31, 2008 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 23,016 | $ | 18,475 | ||||
Investment securities available for sale | 37,267 | 34,364 | ||||||
Federal Home Loan Bank of New York stock, at cost | 19,434 | 20,910 | ||||||
Mortgage-backed securities available for sale | 213,622 | 40,801 | ||||||
Loans receivable, net | 1,629,284 | 1,648,378 | ||||||
Mortgage loans held for sale | 5,658 | 3,903 | ||||||
Interest and dividends receivable | 6,059 | 6,298 | ||||||
Real estate owned, net | 2,613 | 1,141 | ||||||
Premises and equipment, net | 22,088 | 21,336 | ||||||
Servicing asset | 6,515 | 7,229 | ||||||
Bank Owned Life Insurance | 39,970 | 39,135 | ||||||
Other assets | 24,502 | 15,976 | ||||||
Total assets | $ | 2,030,028 | $ | 1,857,946 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Deposits | $ | 1,364,199 | $ | 1,274,132 | ||||
Securities sold under agreements to repurchase with retail customers | 64,573 | 62,422 | ||||||
Federal Home Loan Bank advances | 333,000 | 359,900 | ||||||
Other borrowings | 27,500 | 27,500 | ||||||
Due to broker | 40,684 | — | ||||||
Advances by borrowers for taxes and insurance | 7,453 | 7,581 | ||||||
Other liabilities | 9,083 | 6,628 | ||||||
Total liabilities | 1,846,492 | 1,738,163 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued at December 31, 2009 | — | — | ||||||
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 and 27,177,372 shares issued and 18,821,956 and 12,364,573 shares outstanding at December 31, 2009 and 2008, respectively | 336 | 272 | ||||||
Additional paid-in capital | 260,130 | 204,298 | ||||||
Retained earnings | 163,063 | 160,267 | ||||||
Accumulated other comprehensive loss | (10,753 | ) | (14,462 | ) | ||||
Less: Unallocated common stock held by Employee Stock Ownership Plan | (4,776 | ) | (5,069 | ) | ||||
Treasury stock, 14,744,816 and 14,812,799 shares at December 31, 2009 and 2008, respectively | (224,464 | ) | (225,523 | ) | ||||
Common stock acquired by Deferred Compensation Plan | 986 | 981 | ||||||
Deferred Compensation Plan Liability | (986 | ) | (981 | ) | ||||
Total stockholders’ equity | 183,536 | 119,783 | ||||||
Total liabilities and stockholders’ equity | $ | 2,030,028 | $ | 1,857,946 | ||||
The amended statement of financial condition includes an increase of $40.7 million in mortgage-backed securities available for sale and a related increase in due to broker. The Company’s ratio of stockholders’ equity to total assets is 9.04% and the ratio of non-performing assets as a percent of total assets is 1.52%.
