OCFC - Earnings call transcript Q3 2021 | OceanFirst Financial Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome everyone to the OceanFirst Corp. Earnings Conference Call. My name is Victoria, and I’ll be coordinating your call today. [Operator Instructions] I’ll now hand over to your host Jill Hewitt from OceanFirst to begin. Jill, please go ahead.

Jill Hewitt

Victoria. you, Thank and all, for us. joining Good thank morning you President Relations Officer I’m Jill OceanFirst Investor Vice Senior Hewitt, at and Financial Corp.

this that in remarks other public We I disclosure. Refer to differ Thank based find Officer, begin where morning’s including release our that expectations. with will could and press and forward-looking on now, Please to current you you. results remember statements. forward-looking contain the many will today our Chairman filings, our of factors forward-looking statements turn call over materially XX-K, statement risk Christopher call these our actual from host, the to will And cause Maher. our Executive Chief factors

Christopher Maher

XXXX morning all This to and today. been Fitzpatrick. our Jill, morning, I’m good you, joined Thank Mike Joe Financial to Officer, conference Chief earnings Lebel; by and call third who’ve quarter President, able join our

results to regarding the the we’ll business. website. are to for to As we discuss our our performance Please note on was operating may taking release by We look investor color call. your during After and our to and presentation our always, is these and forward the operating you. outlook your in available performance earnings slides quarter we provide be an able refer interest our that for financial accompanied that company’s discussion, questions. with some pleased the This appreciate our cover morning,

Credit on net stronger posting consolidation were branch a recovery, $X.XX. locations improved loan announced earnings the the of drove continues totaled approximately part material our indicates results assets the per reflect Core as that scheduled of than delinquency bank terms exceptional to and Investor million GAAP in figures, with earnings August branch again economic as pipeline XXXX. negative a with income share interest $X expenses gain commercial The our of somewhat that company loan for for $X.X financial banking quarter, committed non-performing which XX Day with pickup and provision for in a growth, and Earnings share expansion earnings In diluted quality per scheduled traction. quarter. a the continuing locations third $X.XX were plan December pre-tax in basis. track January remaining consolidation GAAP consolidation million for remains on the at demonstrating

sale two approval of In and December. has early the regulatory in addition, should received branches settle

The cash dividend share Regarding dividend capital cents $X.XX management, of per cash the the approximately share XXth XX% consecutive company’s common quarterly common stock. core earnings. is and declared board of per just depository common $X.XX quarterly a dividend preferred represents share of $X.XX The share dividend.

our the robust the the which Given to generated evaluate we for elected capital. later level maintain ability discussed as call, dividend we growth, will internally be deploy outlook loan in current to

$XX.X billion. past dividend tangible of the as increase a increase per has sheet conservative an to decreased value X.XX% year, equity Over the of $XXX share to to payout balance deposit by increased Tangible maintaining stockholders’ ratio X.X%. to million book growth allowed slightly tangible assets $X.XX,

Country the Bank cash occurring The program where repurchased the X% increases. end, as remains carried deployment at has we elevated current a quarter cash main and balance of as basis, the through but sheet the Our share third $X with securities shares and growth The core of of inflated trending shares systems elevated repurchase shares the $XX.XX. billion now accelerated conversions, XXX,XXX assets. as the the New available the loan weighted systems outstanding. into price during in year-to-date X,XXX,XXX quarter average cash of approximately conversion total growth two is a activities will are we the loan were X,XXX,XXX down completed repurchased. banking at operation full the former from of of expenses majority of York. benefit core company’s quarter quarter a There platform Operating the company On during with shares our approximately quarter quarter in earning integration September. continued fourth repurchase significant of The

work We and the also few quarter. to $X.X the million had items of sale branches expenses the unusual in other additional related project. consolidation two These branch of approximately ongoing activities third and a added

locations of move the provide tailwind we’ll also The moderate. branches these of expenses sale As XX quarter, into the quarter. this two operating expenses a should for additional we in consolidation and fourth December,

the rate Before I and for turn will an interest potential over it to inflationary of preparations Joe, movements. note period company’s impact the I

was last billion release investor asset including information expanded interest the areas, Among comparison detailed credit provides sensitivity of a positions. bank’s several risk and banks earnings $XX in which Our quality is presentation, night, filed regarding the than rate with national disclosures quantitative with important more versus our assets.

against As interest factor key One of last our rising rising is the beta they XX% should demonstrate environment charts in our rates is deposit in rate the rates peers. protected our sheet rising balance well reaches materialize. that cycle a

on of of discussion progress balance this of expansion will past Joe discuss sheet. to rate the better bank. income an loans that in commercial a turn the quarter, call including regarding emphasis over floating Joe this on for short-term the I’ll detail. update protected our addition, In point, more forges origination our a in At favor

Joe Lebel

million of company million a originations record. the were commercial $XXX Loan of and Chris. the highest on Thanks, also for originations set $XXX record

record York. continue Baltimore saw we million in of enter teams. Jersey, as Even we we the our in our More to of from high and core New stride and regions momentum all our with closings renewed time a Boston we new committed are after with and $XXX markets as in awareness strength expect brand continued geographic markets hitting through just originations, loan importantly, QX fully an Philadelphia build pipeline lending New

remaining on commercial quarters. million The growth purchase just totaled will XX% and and benefit as residential loan our $XX of the million or loan We The in August of growth won’t originations XX, the growth we than coming the fundings organic beyond. over PPP created initial see so late million $XX the interest it originations. pool $XX in included a of newly residential million, the bulk QX the portfolio of of in and last forgiveness million pool $XXX commercial in PPP projects against construction in drag which purchase closed income of growth of added Excluding record to September, September were led of less and $XXX occurred million. in $XXX $XXX day vertical year-to-date million construction so

in pool residential deposit stronger supplemental mature, outstanding the bullish only pool. larger continues pools will our projects loans liquidity, country. the these credit along dispersed comprised look market. of balance our and growth diversify purchases liquidity interest benefit up influenced limited loan interest past in of some housing is build the fueled to and We risk a our throughout We core we’ll remain from balances. decision we This As see is by income residential sheet for soak excess to buy on bought income. business, to The continue on and which residential of by humble the inventory continued restricted the to

fund the to loan focus our our fashion. originations, While to liquidity putting evidenced work use our cash to activity rapid by commercial is preference is as in the

liquidity some XXXX a floating where flexibility our were rate play. commercial to asset it environment, rising gives our I’ll loans, rate pool portfolio rate originations residential us Our fixed quarter carry sensitivity, upside some well beyond. bode purchase million paper, $XXX XXXX. and note in of size should which September million The of to putting in only residential in will resets loan in was in some the to our back late And that mid purchase $XXX which

improving had effect deposits. $XXX low Core grew of reducing yielding million reflects quarter quality. deposit continuing excluding $XXX and improvement increase million, deposit deposits, the of our the Our – of deposit which CDs is for cost continuing

deposit, a of lower by XX do basis modest improvement million and some the And basis I meaningful. our XXXX. first at we to deposits cost over improved nothing the have in deposit moving in four but as we expect QX runoff see maturing another million trending for seasonality, of continued points, Core almost As NIM low QX of in forward. quarter-over-quarter $XXX record still quarter due see points. in the company. a the result, We $XXX cost CDs, sit

processing On line, and expense the I’ll turn partly XXXX related remain should on track run expenses, data the will QX regulatory and branch rate the branch elevated back branches two the Chris. savings and or to the impacting expenses, The of as branch sale to reverse core expense consolidations the the exclusive sell conversion, which and of approvals ultimate as in the professional XXXX. sales consolidation be the the The branch QX, consolidation QX notice that beginning of With savings in requirements branches close. timing well seen process. with improve it with and

Christopher Maher

point, you, the Thank this Joe. move question-and-answer portion of At the we’ll to call.

Operator

you, Chris. Thank

will comes We Session. go Frank, ahead. [Operator from Instructions] Frank Our the question start please from first Q&A now Piper Sandler. Schiraldi

Frank Schiraldi

morning. Good

Christopher Maher

Frank. Good morning,

Frank Schiraldi

the some Baltimore, you if pipeline in provide to what like? markets and on where those wanted you specifically looks and Just Boston ask expansion the of could areas are like footings in

Mike Fitzpatrick

just and Frank, a pretty But back And year-to-date. you the Baltimore for with footings I the are day. fringes pipelines get happy we’re Boston touching changing can really in specifically. are here. So, each, every million are range we’re those substantial, to $XX number

for especially markets. significant, the new been has momentum the think I

we’re bullish. pretty So

Frank Schiraldi

Okay. than modeling Is from get excess look or loan that seeing by And purchases. sounds in cash then some just more you you at build additional of are the it like anticipate pay downs likely sopped up should securities the elevated, book, pretty where given a standpoint? somewhat how obviously we that resi could

Christopher Maher

for position been that’s I way our do the that not has The Frank. we across us, residential growth it think but moderates risk a portfolio portfolio the balance like typically sheet. right,

ago. as us purchases brought the quarter, about Joe a the to third made mentioned, we were year So, we where in back

book, I loan try some modest residential anywhere and think growth commercial might engineer the as in but near the won’t it be quickly book. growing as we

point in deploy do fourth is, the to more in a out, although thing liquidity into the may liquidity the little quarter, securities third most as Ultimately, we other of did we’d quarter. we loan some The like book. you the into go

Frank Schiraldi

if I’m tailwinds finally, talked the just – as you Got at branch us just expense or bit completed? And of elevated you rate, forward. could okay. least on XXXX XQ thoughts we based on wondering Is a I expenses, quarterly has just if this say on a get round could the into remind consolidation then you, there levels and after going about run

Joe Lebel

Mike but At the and decrease give moderate Investor right in fourth of give coming significant It’s were XXXX. the August, year. sense You might quarter, going expenses third talked the into that, absolute they Day in an up absolutely not of would course, into a that and decrease, are about fact better then you Frank. a we full for but level

Mike Fitzpatrick

Yes.

have things So, on. we going two

We First core of conversion, conversion the all, did September. we finished that. in country

So, from we reduced of of out processing the and costs country, some some headcount the took as data quarter. end we

the So for talked costs were those professional will about our data quarter. bank, and fourth to conversion the overall, core that processing there into fees some Christopher flow others. related elevated

branch We branches the in two December, sale Day coming January. other Investor branches consolidation, XX and the our identified December last of have in cost month. savings the branches in And those were in we XX have

reduce expenses will going those of one forward. So,

Christopher Maher

expenses projections with. full that year releasing, we I some not quarter-by-quarter guidance, but be a think producing on you which still we’re gave We’re comfortable we’ll

Frank Schiraldi

much. very you Thank it. Got Okay.

Christopher Maher

Frank. Thanks,

Operator

Thank you, Frank.

from Our next from KBW. Michael Perito question comes

Michael Perito

Hey morning. Thanks questions. guys taking good for my

Christopher Maher

Mike. Good morning,

Michael Perito

lot to second, out sounds has place that there your year. timed this kind like not is case I next case. doesn’t confirm taken like knock a confirm your expense is, of mean, like But pressure the guess just it but I well, last obviously that’s right. on but talent. has based of you wage comment wonder actually sound for you if manifested, that guys It kind most a is wanting there having of side I hires if of expense that’s Chris, on for really threat this and for a competition the you off outlook there, been possible. the stick really just it like When your to that it seems already It maybe before to

Mike Fitzpatrick

I Mike. that you can for confirm

seen most So, we’re and that. that at and branches like obviously it the that wages things wages are that is under looking more the the we’ve the entry-level are pressure way

pressure. wage transition help the will to There some So, really there. digital be will

in I will will a So, salary past, be than number think the increase that. of years but be higher down average the to total coming offset headcount little

non-compensation related. bit little pretty the we quarter third a were comfortable. items So, that still elevated feel The were in

So, professional and were these fees technology fees.

So, not by driven they compensation issues. were

we a year comfortable with in expenses guidance is market, gave the lot pressure still we’re for the there XXXX. Although of for compensation full the

Michael Perito

then And funding you guys later off margin, the you. resi Thank quarter. couple of like was chunks sounds higher cost purchase helpful. have Great, so on just it loan in run the a the that’ll

in near headwinds seems And couple should think because trajectory, is we Now there’s here. last that kind kind – I off I guess, have coming line mean, NIM be of inflect all other kind as tailwinds of rather guys any of inputs guess, we the to core quarters? I from core term? position liquidity kind are upward I low continue the the any we’re it there of sight mean, seems, margin to mindful at you pieces margin of it together. of more of figure that the to you on and putting continuing of like do the kind expected act of how those

Christopher Maher

that’s think case. definitely the I

So, the we’re off bottom bouncing kind coming of here.

in that $XX or we late the August, benefit we third about securities didn’t of the well. quarter, into nor was pool in million full that as even NIM on although correct purchase deploy were really the expanded, September brought loans You’re in that get did the

the I see to full fourth think in margins. have going quarter, expanded So, the you growth, impact that you of when are quarter

very may income. all possible item too deploy to as would year, quarters productive liquidity two earlier The great Board, to one we’re which than is as able to it’s bullish excess we feeling that margin fine-tune brought early be be building pipelines. the teams outlook net And really as well we but they we early our interest other doing or able thought. they next are for how be, of mid-year, may about well on be bodes as It’s

Michael Perito

you or just and about minus we it kind you on this mean And cash securities back just could is cash down? think you of current getting us point. more book plus how you But of how a normalized securities I of when – Can probably bond down remind the realize, guys about moving environment. $XXX back move think I’ll liquidity this of liquidity, I step normalized level the just hard in lastly, then you it’s of that is question the and forward? should compression kind you state to steady mean, necessarily fairly kind million really just any say think Or it portfolio? or not level deploy those do do or kind on for

Christopher Maher

getting I The cash, got primary was we’ve that deposit Historically, a at Home thing liquidity deploying referring Loan advances strong no Federal wholesale down. the is very Bank. funded, core to the position,

million, run $XXX So the have like down or to and liquidity ability where that’s minus that we to operate. plus we’d

the the the cash book as securities well. But we’ve thing. cash share that we primary off once the would be that’d And healthy I loans coming So the deploy coming got flow off would a redemption redirect is cash, portfolio. securities probably we into

balance traditionally think that loans a of core ourselves kind And percentage the had pretty that position. to we’d profitability. in sheet. our back to We we’ve that’s build like So of high drives

in securities balance true So to second, well, that if sheet as you the that terrific in a XXXX, will of flows be would to looking – the next XXXX, deploy that mix which quarter by the may if be we’re third be say thing. growth come might early at think off. of cash letting begin as be we But as position possible cash. it we’ll After shift mid

Mike Fitzpatrick

things just of Michael. to add a And that, to couple

the the million for were average at $XX average quarter So loans the balance quarter securities and above actually end at was million quarter quarter. above end end $XXX –

those, the you going to points both that margins. if be just in probably basis it’s quarter, X roll so So of extra fourth or into an X of terms

soaking increase biggest the actually, book, in $XXX that’s a last look it’s liquidity. about to year, the and So securities up XX% year-over-year if that’s that’s And million tailwind. the you up

cash built a an then you and lot maturity. there’s flow off flow with it’s that but of a we’ve lot because liquidity, of light coming cash in of of MBS monthly have So it book

but So rotate be in it’ll the eventually. loan redirected book loans. that’ll Maybe eventually near-term, into the not to

Michael Perito

helpful. it. taking Very my Got questions. guys Awesome. for Thank you

Mike Fitzpatrick

Thanks, Mike.

Operator

Thank comes next from Dave Michael. Seaport Partners. you, The question Research Bishop from

Dave Bishop

Yes. Good gentlemen. morning,

Christopher Maher

Dave. morning, Good

Dave Bishop

Hey out talking in Chris, issues. banks of just lot market, a there about hear curious chain some the headwind issues, inventory we supply

Just curious Day. at the if you that of expectations maybe outlook a as longer-term in forcing to you or growth numerator reset driving your Analyst terms

you’re in how terms about update any in relative up what loan about maybe growth Just Jersey. spoke to into we New of thinking XXXX

Christopher Maher

the it’s our to that base, earnings opportunity supply being sure take the whole or question it’s for no chain client issues taking what are economy. better throughout fell place. is I’m And even doing There’s expansion

the can’t kind product, day, So a is, or and product end can’t car that’s record or progress. your that you’re whether revenue whatever of a deliver you at of building the showing not if you whatever, the

seen we change Fortunately, demand. haven’t court in a

as So these not or in think the because of customers complete logistics projects also of continued like, around I ramping remain we’re a quickly growing. warehousing. up strong very they’d backlogs the some they’re anything we’re seeing if order that chain their supply strong, as demand world seeing issues, although

certain to inventories little to when people get are they’re able hands keeping So their to going be on higher a things. degree,

probably higher level that of So of it’s line looked more inventories we through, draws.

we line are draws very right there. opportunity think Our there’s well now, so

we into in go think projections talked So comfortable as August. we’re year, we very still about I next with the

just point that if yet. or is the that supply it trying. next coming, not it said, could possible comfortable. doesn’t closely. stop chain start meaning get destroy QX But stuff QX So at in And of can’t demand, that watching year, we’re people I’m we’re it’s persistent online the it more pretty That say back

Dave Bishop

way and into the in And you then as I markets. of look the And Boston Baltimore don’t know out outstanding think curious, or dollar of the newer right have maybe where about of market XXXX, new to? the it percent you potentially the I maybe to it. end before. But and markets, apologize foresee a terms if you getting those Got deposits loans, of if loans just

Christopher Maher

growth what you’re we starts market teams an say potential doesn’t we time. think And you’re billion we hire years, I It market. several anyone. – to matter it’s or expect that over market over of I will number you’re it has several existing a or think get producers million if get in with expecting right. $X dollars to whether not dollars worth on new before of if to we bringing it It the a And hundred don’t will years a there. enter could or more take outstanding

top, a So we’re not $XXX being might interested let’s in million market that $XXX or million. in say

So have seeing a terms think that. people of progress good can expectations, Joe of we to the we talk we’re I lot place. right the in But feel right in more and

to anything team, fact unless We’re launching market, we think the reiterate, think unless transactions But is that. the based getting on a grow into well-received And happening that market track. the The pipelines, of market. that. we’re to in think several not being are potential dollars on outstandings we’re to I we a add a of on $X can not right billion. million has I little Joe we’re that you’d produce think hundred we proof already, and

Joe Lebel

the closed over strong, of starting $XXX in totality so and hit I far. we’re Dave, both pipelines stride. earlier, As regions in think really I And just are we’ve to million mentioned the

is us starting problem. our the mentioned inventory the paid I And $XXX chain. opposite it Just earlier, unused pretty what management. these Chris Chris’s from we folks comment with I’ve the pandemic have – have week a larger C&I that the well fairly And to us about well-prepared have been I off. have do lot because down of seen bullish. I’ll done clients and variety have activity back million and actually get or both in in last a paid the of supply Interestingly, really teams in lines

a and like So problem maybe I’d through for borrow some inventory. them money. good actually of of That’s to some some happen work that them to

Dave Bishop

color. the appreciate Got

Operator

Dave. with Russell Thank question please Russell, Instructions] our Davidson. And [Operator from comes ahead. you, next Gunther D.A. go

Russell Gunther

Hey, good morning, guys.

Christopher Maher

Good Russell. morning,

Russell Gunther

level of downs last? share to I if near-term. able just were line headwind just any to ask pay to sight the you’re this And what of that quarter versus wanted

Mike Fitzpatrick

much course of So your And had And last increase pay our we Russell. PPP on million. sheet. the left It year it headwind. – loans lot having that was didn’t of have was the wasn’t really the is of Joe didn’t balance wasn’t not and that It PPP advantages as we one a downs, of ordinary majority $XX said decrease. sold the off a

growing and and kind little pay a million So I the for barrier don’t of pay they It $XXX was of book. loan a – prepayment us would million. think then however, worth $XXX us that’s about for downs

sales So the Not heavy, to downs. were the sale, payoff. payoff and we – it’s partly but had originations pay by other offset and

Russell Gunther

for Mike. the then, and regard higher positioning disclosure called Thanks I remarks in Chris. Great. you’ve to prepared the rate. spoke appreciate out Thanks, about with And

guys $XXX past, You million to think that contemplate that rates out Does in not? put margin or guidance at I of from $XXX any have benefit guide. million the

Christopher Maher

range think that that I that’s So you’re talking about. within

things out just the we cash, in there about So We we Mike pointed deploy remember ago. more get a as want holding here. deployed securities, let’s say we to and and year-and-a-half fully were $XXX are million we took, two than have

two in three quarters mix between another being several should of balance the on, cash normalize first the sheet. So or going the maybe that after quarters our deployed securities next that, year,

high think progress a in today’s curve, the XXX. have we’ve curve. got point, even we in as asset get think have mix XXX of to At lot think we the But to I to be historical curve. I movement that moving going yield probably XXX is make To of to the of yield can in yield though, in kind you’re for towards XXX flat-ish without you’re could margin that So us. earning range optimal the that as kind that of

Russell Gunther

Thank big me, expected, of then part just you. were than, But And bit lower I fees well. not a charges ask helpful. sale did want are for here. the a on as story one then last gain to you very service just That’s than

So on quarter dynamic forward? the any color fee going and this

Christopher Maher

take separate topics there. into them I’ll the two

protracted strong we’re I asset the long advantage we position have In to residential sale, put sheet. terms as have cash can mean and of that going sensitivity position as gain we of balance take very on origination a we and on this whatever

So be gain much sale for I wouldn’t looking in for on awhile.

of it those terms In in going nice the overdraft to see with was down fees, like fees. market, but cyclical of minimum up, fees to are some so there this deposit balance the liquidity interchange out came fees of are things level even be

in You when so collecting you people their have accounts. not cash are really them much –

So...

Joe Lebel

We also supporting really conversion process. the during took clients advantage of

there you you to fees rebate think want get sure are people make through appropriate times the just I new during systems. the to conversion,

Russell Gunther

Thanks, great. Joe. That’s Chris. me Thanks, Okay, it guys. for

Christopher Maher

Thanks, Russell.

Operator

Thank you, Russell.

Our Breese next go ahead. please from from Stephens question Matthew Matthew, Inc. comes

Matthew Breese

XXX,XXX pace share about that for repurchases a consistent at the pretty near-term? shares continue year-to-date Real Good on we quarter. been to quick morning. the Should expect least

Christopher Maher

logistical can about That in we kind the on more much may Some you may and periods, more Matt? try pick about of is little of blackout be pace challenge and can had buy we’ve a and rules the buy how when up, that. proactive you

with current our the it’s of out capacity good million we that’s X.X million think earnings values, for quarter, our given think and shareholders. I level we between to shares the the do move So and and a had a authorization X

Matthew Breese

pipeline the so indication $XXX XQ in look matter? in to was given swell your at the indication achieving I that that should $XXX into million. the thoughts that reading is; the growth And expansion confidence but has it, purchase, million we in curious to then much growth origination my the maybe be the question portfolio organic that was sufficient organic changed? million per I’m your and was too on there sell purchase as go last discussed. portfolio achieve mean, quarter I first going of we’ve quarter to the was to $XXX guess an a net new read And Okay. the hires, markets

Christopher Maher

comfortable that very target. with still million We’re $XXX

put withdraw the think the they over Joe time. especially I pointed some of as on construction loans in out, vertical, we new

was a So the in getting booking as not but little QX October intro-quarter and in that in pipelines the out don’t the you’re pipeline have has now the But dollars than closings. portfolio a you that larger quite that the we continues see is the level get generally grow, we tailwind but you’re Nice even that, quarter. fast. based say to updates, where do early on will I loans, to it had a from nice fourth little of

refinances. anything inventory up; look they really quarter pipelines a really was they’re So purchase are of play the good. right? than If is not productive. side larger our as were housing lot at residential The teams end, business, the residential dried We’re doing a

to book. what, started has bring dried But in is try unit residential see commercial book residential been that And we attrition dropped sales said we the up. the let’s So up, inventory and and residential strong. back

We growing if primary residential earning with see will from time-to-time, is commercial business I strong, us strong. it we’re pleased the remain for nicely. is banking purchases, but asset may and think supplement as to it asset very not

Joe Lebel

continue us. deposits the Matt, to for grow

the and just looking play little purchases – So credit want a pool put with we fully bit diversity we typically. pools to seasoned us of the put work want with provide it’s to funded and we’re buy asset we do stuff to have. dollars to sensitivity Residential a

want cash So to work. to just put we

Christopher Maher

million, than net because where opting be do to is things $XXX we’re in a more loan periods growth may there quarter. like that And

Matthew Breese

it. Got

is stick the read? that So the we portfolio with upside right $XXX on million depending with per quarter purchases,

Christopher Maher

Yes.

Matthew Breese

million last of take or like guess $XXX I of where $XXX I I this come million, the quarter, is, $XXX Okay. in net organic million which growth off if resulted skeptical quarter. pipeline $XXX million

of growth. way, $XXX looking I’m that? amount We’re quarter, million the wrong organic Maybe at this higher a looking helping I’m those ratios maybe with – at materially pipeline maybe but but connect

Joe Lebel

little would bit of a into forward would any originating, quarter going given in what, the look about the sheet what net of less PPP, growth what actually off. always of is I you be which Yes. you balance $XXX a million know drag point, goes at are But growth.

a million $XXX Delta in could there’s million, $XXX So XX five not deals or be extra big that and between quarter. a

and deals establish So we would consistent then we build think very market a that that like more, XXX, to new what in feel guided have few done. gotten you kind pretty a to in in pretty your or good a of credible do teams it August the starts XXXX, and thing be got happy to that more way the I until with when maturity you they’ve these, and do But especially reputation Baltimore the few a Boston, strongly. be we’re to

So expect consistent QX far. $XXX the in and going million a is we to of to be should XXXX teams achievable so we we good that on kind put have be with think quarter continue

Christopher Maher

on have we bank closings. And we $XXX million its Matt the had and the commercial in of quarter, lines runs commercial over undrawn construction in whether the

So you put $XXX got and million on, of change. outstanding XXX but you

of and that’s going do you okay. to some – So that see you’re

activity that will have money that over and be drawn to going We’re time.

Matthew Breese

Great.

had. I for them. That’s Okay. taking Thanks all

Christopher Maher

Matt. Thanks,

Operator

now pass Instructions] no Thank will you have for further currently for questions. over your to Chris We [Operator final remarks. question, I Matthew.

Christopher Maher

have the year-end year. in They like this would the you. on normal Thank holiday speaking I hope that business, With the season earnings. to results you you to cash building We slightly remain focused you. for participating then everyone with this until to opportunity and more a following January call Thank Alright. on morning. forward deploying enjoy we improving look our thank

Operator

Thank you everybody joining call. for today’s

lines. your disconnect now may You

OceanFirst Financial (OCFC) 29 Oct 212021 Q3 Earnings call transcript