false--12-31Q2201900010047021710005180008500046000046400010830000.150.30.340.170.010.011500000001500000005190022251900222479511685113180400832815000869167000520005300043400015900026000074000100000010000000.010.015000000500000000459251768418149860309167 0001004702 2019-01-01 2019-06-30 0001004702 ocfc:CapitalBankMember 2019-01-01 2019-06-30 0001004702 2019-08-05 0001004702 2018-12-31 0001004702 2019-06-30 0001004702 2018-04-01 2018-06-30 0001004702 2019-04-01 2019-06-30 0001004702 2018-01-01 2018-06-30 0001004702 us-gaap:DepositAccountMember 2019-04-01 2019-06-30 0001004702 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2019-04-01 2019-06-30 0001004702 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2019-01-01 2019-06-30 0001004702 us-gaap:DepositAccountMember 2019-01-01 2019-06-30 0001004702 us-gaap:DepositAccountMember 2018-01-01 2018-06-30 0001004702 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2018-01-01 2018-06-30 0001004702 us-gaap:DepositAccountMember 2018-04-01 2018-06-30 0001004702 us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember 2018-04-01 2018-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001004702 2018-01-01 2018-03-31 0001004702 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0001004702 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001004702 us-gaap:CommonStockMember 2018-03-31 0001004702 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2018-01-01 2018-03-31 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2019-03-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001004702 us-gaap:PreferredStockMember 2019-06-30 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2018-03-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001004702 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2018-06-30 0001004702 us-gaap:RetainedEarningsMember 2019-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0001004702 2018-06-30 0001004702 us-gaap:TreasuryStockMember 2018-03-31 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2019-03-31 0001004702 us-gaap:RetainedEarningsMember 2018-03-31 0001004702 us-gaap:TreasuryStockMember 2018-06-30 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-06-30 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-03-31 0001004702 us-gaap:CommonStockMember 2019-03-31 0001004702 us-gaap:PreferredStockMember 2018-06-30 0001004702 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2019-06-30 0001004702 us-gaap:RetainedEarningsMember 2018-06-30 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-03-31 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-04-01 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2019-04-01 2019-06-30 0001004702 us-gaap:CommonStockMember 2019-06-30 0001004702 2018-03-31 0001004702 2019-03-31 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-06-30 0001004702 us-gaap:TreasuryStockMember 2018-01-01 2018-03-31 0001004702 us-gaap:RetainedEarningsMember 2019-03-31 0001004702 us-gaap:CommonStockMember 2018-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001004702 us-gaap:TreasuryStockMember 2019-06-30 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0001004702 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0001004702 us-gaap:PreferredStockMember 2018-03-31 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2018-06-30 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001004702 us-gaap:TreasuryStockMember 2019-03-31 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2018-03-31 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2019-04-01 2019-06-30 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001004702 us-gaap:CommonStockMember 2018-12-31 0001004702 us-gaap:AccountingStandardsUpdate201601Member us-gaap:RetainedEarningsMember 2017-12-31 0001004702 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001004702 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2017-12-31 0001004702 ocfc:CapitalBankofNewJerseyMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001004702 us-gaap:TreasuryStockMember 2019-01-01 2019-06-30 0001004702 ocfc:SunBancorpInc.Member us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001004702 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001004702 ocfc:SunBancorpInc.Member 2018-01-01 2018-06-30 0001004702 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001004702 us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2018-01-01 2018-06-30 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-12-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2018-12-31 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2019-01-01 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2018-12-31 0001004702 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001004702 ocfc:SunBancorpInc.Member us-gaap:TreasuryStockMember 2018-01-01 2018-06-30 0001004702 2017-12-31 0001004702 us-gaap:AccountingStandardsUpdate201601Member 2017-12-31 0001004702 us-gaap:PreferredStockMember 2017-12-31 0001004702 us-gaap:RetainedEarningsMember 2017-12-31 0001004702 us-gaap:TreasuryStockMember 2017-12-31 0001004702 us-gaap:PreferredStockMember 2018-12-31 0001004702 us-gaap:TreasuryStockMember 2018-01-01 2018-06-30 0001004702 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-01-01 2019-06-30 0001004702 us-gaap:CommonStockMember 2017-12-31 0001004702 us-gaap:TreasuryStockMember 2018-12-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001004702 ocfc:EmployeeStockOwnershipPlanMember 2017-12-31 0001004702 us-gaap:DeferredCompensationShareBasedPaymentsMember 2017-12-31 0001004702 ocfc:CommonStockAcquiredByDeferredCompensationPlanMember 2019-01-01 2019-06-30 0001004702 us-gaap:RetainedEarningsMember 2018-12-31 0001004702 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001004702 ocfc:SunBancorpInc.Member us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001004702 ocfc:CapitalBankofNewJerseyMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:CapitalBankofNewJerseyMember 2019-01-01 2019-06-30 0001004702 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001004702 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0001004702 ocfc:MortgagebackedSecuritiesHeldtoMaturityMember 2019-01-01 2019-06-30 0001004702 ocfc:MortgagebackedSecuritiesHeldtoMaturityMember 2018-01-01 2018-06-30 0001004702 us-gaap:DebtSecuritiesMember 2018-01-01 2018-06-30 0001004702 us-gaap:DebtSecuritiesMember 2019-01-01 2019-06-30 0001004702 ocfc:CapitalBankMember 2019-02-01 2019-06-30 0001004702 ocfc:SunBancorpInc.Member 2018-02-01 2018-06-30 0001004702 ocfc:CapitalBankMember 2019-01-31 2019-01-31 0001004702 ocfc:SunBancorpInc.Member 2018-01-31 2018-01-31 0001004702 ocfc:CapitalBankMember 2019-01-31 0001004702 ocfc:SunBancorpInc.Member 2018-01-31 0001004702 ocfc:CapitalBankMember 2019-01-01 2019-06-30 0001004702 us-gaap:CoreDepositsMember 2019-01-01 2019-06-30 0001004702 ocfc:SunBancorpInc.Member 2019-01-01 2019-06-30 0001004702 ocfc:SunBancorpInc.Member us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-01-31 0001004702 2018-01-01 2018-12-31 0001004702 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember 2019-06-30 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2018-12-31 0001004702 us-gaap:HeldtomaturitySecuritiesMember 2019-06-30 0001004702 us-gaap:CorporateDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2019-06-30 0001004702 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2019-06-30 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-12-31 0001004702 us-gaap:SecuritiesInvestmentMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember ocfc:SmallBusinessAdministrationCertificatesandObligationsSBAMember 2019-06-30 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember ocfc:SmallBusinessAdministrationCertificatesandObligationsSBAMember 2018-12-31 0001004702 us-gaap:CorporateDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-06-30 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFHLMCMember 2019-06-30 0001004702 us-gaap:HeldtomaturitySecuritiesMember 2018-12-31 0001004702 us-gaap:SecuritiesInvestmentMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0001004702 us-gaap:SecuritiesInvestmentMember 2018-12-31 0001004702 us-gaap:SecuritiesInvestmentMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember 2018-12-31 0001004702 us-gaap:SecuritiesInvestmentMember 2019-06-30 0001004702 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2018-12-31 0001004702 us-gaap:MortgageBackedSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember 2019-06-30 0001004702 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2019-06-30 0001004702 us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2018-12-31 0001004702 us-gaap:HeldtomaturitySecuritiesMember us-gaap:SecuritiesInvestmentMember 2019-06-30 0001004702 ocfc:SunTrustCapitalMember 2019-06-30 0001004702 ocfc:PncCapitalMember 2019-06-30 0001004702 ocfc:ATTInc.Member 2019-06-30 0001004702 ocfc:ChaseCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:KeycorpCapitalMember 2019-06-30 0001004702 ocfc:WellsFargoCapitalMember 2019-06-30 0001004702 ocfc:ChaseCapitalMember 2019-06-30 0001004702 ocfc:CelgeneMember 2019-06-30 0001004702 ocfc:SouthernCompanyMember 2019-06-30 0001004702 ocfc:PncCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:WellsFargoCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:BBTMember 2019-06-30 0001004702 ocfc:CelgeneMember 2019-01-01 2019-06-30 0001004702 us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0001004702 ocfc:StateStreetCapitalMember 2019-06-30 0001004702 ocfc:SouthernCompanyMember 2019-01-01 2019-06-30 0001004702 ocfc:StateStreetCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:HuntingtonCapitalMember 2019-06-30 0001004702 ocfc:HuntingtonCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:BBTMember 2019-01-01 2019-06-30 0001004702 ocfc:ATTInc.Member 2019-01-01 2019-06-30 0001004702 ocfc:SunTrustCapitalMember 2019-01-01 2019-06-30 0001004702 ocfc:KeycorpCapitalMember 2019-01-01 2019-06-30 0001004702 us-gaap:DebtSecuritiesMember 2019-06-30 0001004702 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2019-06-30 0001004702 us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2019-06-30 0001004702 us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2018-12-31 0001004702 us-gaap:DebtSecuritiesMember 2018-12-31 0001004702 us-gaap:DebtSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-06-30 0001004702 us-gaap:CorporateDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2018-12-31 0001004702 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2018-12-31 0001004702 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2019-06-30 0001004702 us-gaap:CorporateDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2019-06-30 0001004702 us-gaap:DebtSecuritiesMember us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2018-12-31 0001004702 us-gaap:DebtSecuritiesMember us-gaap:MortgageBackedSecuritiesMember us-gaap:FederalNationalMortgageAssociationCertificatesAndObligationsFNMAMember 2019-06-30 0001004702 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:HeldtomaturitySecuritiesMember us-gaap:DebtSecuritiesMember 2018-12-31 0001004702 us-gaap:DebtSecuritiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-06-30 0001004702 us-gaap:DebtSecuritiesMember us-gaap:CorporateDebtSecuritiesMember 2019-06-30 0001004702 ocfc:ReverseRepurchaseAgreementMember 2019-06-30 0001004702 2013-07-01 2013-09-30 0001004702 ocfc:ReverseRepurchaseAgreementMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 us-gaap:ResidentialRealEstateMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0001004702 us-gaap:ResidentialRealEstateMember us-gaap:ResidentialPortfolioSegmentMember 2019-06-30 0001004702 us-gaap:ResidentialRealEstateMember us-gaap:ResidentialPortfolioSegmentMember 2018-12-31 0001004702 us-gaap:ResidentialRealEstateMember us-gaap:ConsumerPortfolioSegmentMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2018-01-01 2018-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:CommercialAndIndustrialMember 2018-01-01 2018-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2018-12-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2018-12-31 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2018-12-31 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-12-31 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialAndIndustrialMember 2019-06-30 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialAndIndustrialMember 2018-12-31 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember ocfc:HomeEquityLoansAndLinesMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember ocfc:OtherConsumerMember 2019-06-30 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialRealEstateInvestorMember 2019-06-30 0001004702 us-gaap:CommercialPortfolioSegmentMember ocfc:CommercialRealEstateInvestorMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember ocfc:OtherConsumerMember 2018-12-31 0001004702 us-gaap:CommercialPortfolioSegmentMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2018-12-31 0001004702 us-gaap:CommercialPortfolioSegmentMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember ocfc:HomeEquityLoansAndLinesMember 2018-12-31 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2018-04-01 2018-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2018-03-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2018-03-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2019-01-01 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2018-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-03-31 0001004702 ocfc:CommercialRealEstateInvestorMember 2018-04-01 2018-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2017-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2019-04-01 2019-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2018-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2019-01-01 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2018-04-01 2018-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2019-03-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2017-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2018-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2018-01-01 2018-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2018-03-31 0001004702 ocfc:CommercialRealEstateInvestorMember 2019-04-01 2019-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2018-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2018-03-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2017-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2019-04-01 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2018-06-30 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2019-01-01 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember 2019-03-31 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2017-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember 2019-03-31 0001004702 ocfc:CommercialRealEstateInvestorMember 2017-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2017-12-31 0001004702 us-gaap:UnallocatedFinancingReceivablesMember 2018-01-01 2018-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember 2019-03-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2018-03-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember 2019-03-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-03-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:PassMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:SubstandardMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:SpecialMentionMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:PassMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SubstandardMember 2019-06-30 0001004702 us-gaap:PassMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:DoubtfulMember 2019-06-30 0001004702 us-gaap:DoubtfulMember 2018-12-31 0001004702 us-gaap:SpecialMentionMember 2018-12-31 0001004702 us-gaap:SpecialMentionMember 2019-06-30 0001004702 us-gaap:SubstandardMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:SubstandardMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SpecialMentionMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:SpecialMentionMember 2018-12-31 0001004702 us-gaap:PassMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:DoubtfulMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:DoubtfulMember 2018-12-31 0001004702 us-gaap:SubstandardMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SpecialMentionMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:SpecialMentionMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:SpecialMentionMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:SubstandardMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:SubstandardMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:PassMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:DoubtfulMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:SubstandardMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:PassMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:DoubtfulMember 2018-12-31 0001004702 us-gaap:DoubtfulMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:PassMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:DoubtfulMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:PassMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-04-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2019-04-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-04-01 2018-06-30 0001004702 us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 ocfc:CommercialRealEstateInvestorMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialRealEstateOwnerOccupiedMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2018-12-31 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 ocfc:CommercialAndIndustrialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-06-30 0001004702 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2018-12-31 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateOwnerOccupiedMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember ocfc:CommercialAndIndustrialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ConsumerPortfolioSegmentMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2019-01-01 2019-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithNoRelatedAllowancesMember ocfc:CommercialRealEstateInvestorMember 2018-01-01 2018-06-30 0001004702 ocfc:ImpairedFinancingReceivableWithRelatedAllowancesMember us-gaap:ResidentialPortfolioSegmentMember 2018-01-01 2018-06-30 0001004702 us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherAssetsMember 2019-01-01 0001004702 us-gaap:AccountingStandardsUpdate201602Member us-gaap:OtherLiabilitiesMember 2019-01-01 0001004702 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member 2019-06-30 0001004702 us-gaap:FairValueInputsLevel2Member 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member 2019-06-30 0001004702 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0001004702 us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001004702 us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2018-12-31 0001004702 us-gaap:FairValueMeasurementsRecurringMember 2019-06-30 0001004702 us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001004702 us-gaap:FairValueMeasurementsNonrecurringMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2018-12-31 0001004702 us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2019-06-30 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2018-12-31 0001004702 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember ocfc:FairValueOfImpairedLoansMember 2019-06-30 0001004702 us-gaap:OtherAssetsMember 2019-06-30 0001004702 us-gaap:OtherLiabilitiesMember 2019-06-30 0001004702 us-gaap:OtherAssetsMember 2018-12-31 0001004702 us-gaap:OtherLiabilitiesMember 2018-12-31 0001004702 us-gaap:InterestRateSwapMember 2019-04-01 2019-06-30 0001004702 us-gaap:InterestRateSwapMember 2018-04-01 2018-06-30 0001004702 us-gaap:InterestRateSwapMember 2018-01-01 2018-06-30 0001004702 us-gaap:InterestRateSwapMember 2019-01-01 2019-06-30 iso4217:USD iso4217:USD xbrli:shares xbrli:shares ocfc:Property ocfc:SecurityLoan xbrli:pure ocfc:lease

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________________________________________ 

FORM 10-Q

 ________________________________________________  

For the quarterly period ended June 30, 2019

For the transition period from                      to                     

Commission file number 001-11713

________________________________________________  

Registrant’s telephone number, including area code: (732) 240-4500

________________________________________________  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒    No   ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer		☒	Accelerated Filer		☐
Non-accelerated Filer		☐	Smaller Reporting Company		☐
			Emerging Growth Company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  ☒.

Securities registered pursuant to Section 12(b) of the Act:

As of August 5, 2019 there were 51,121,789 shares of the Registrant’s Common Stock, par value $.01 per share, outstanding.

OceanFirst Financial Corp.

INDEX TO FORM 10-Q

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Summary

OceanFirst Financial Corp. is the holding company for OceanFirst Bank N.A. (the “Bank”), a regional bank serving business and retail customers throughout New Jersey and the metropolitan areas of Philadelphia and New York City. The term “Company” refers to OceanFirst Financial Corp., the Bank and all of their subsidiaries on a consolidated basis. The Company’s results of operations are primarily dependent on net interest income, which is the difference between the interest income earned on interest-earning assets, such as loans and investments, and the interest expense on interest-bearing liabilities, such as deposits and borrowings. The Company also generates non-interest income such as income from bankcard services, trust and asset management, deposit accounts, the sale of investment products, loan originations, loan sales, and other fees. The Company’s operating expenses primarily consist of compensation and employee benefits, occupancy and equipment, marketing, Federal deposit insurance, data processing and general and administrative expenses. The Company’s results of operations are also significantly affected by general economic and competitive conditions, particularly changes in market interest rates, government policies and the actions of regulatory agencies.

Over the past two years the Company has grown significantly through the acquisitions of Sun Bancorp. Inc. (“Sun”) and Capital Bank of New Jersey (“Capital Bank”). These acquisitions added $2.5 billion in assets and $2.1 billion in deposits.

Highlights of the Company’s financial results and corporate activities for the three months ended June 30, 2019 were as follows:

The Bank’s expansion into metropolitan New York City and greater Philadelphia continues to progress with $43.6 million of closed loans and significant contributions to a record pipeline of $297.8 million as of June 30, 2019.

The integration of Capital Bank’s operating systems was completed in June, with anticipated cost savings to be realized in the second half of the year.

In conjunction with the integration of Capital Bank, three branches were consolidated in June. In addition, the Bank will be consolidating an additional four branches in the third quarter; bringing the total number of branches consolidated to 40 over the past three years.

Net income for the three months ended June 30, 2019, was $19.0 million, or $0.37 per diluted share, as compared to $15.7 million, or $0.32 per diluted share, for the corresponding prior year period. Net income for the six months ended June 30, 2019, was $40.2 million, or $0.79 per diluted share, as compared to $21.1 million, or $0.45 per diluted share, for the corresponding prior year period. Net income for the three and six months ended June 30, 2019 included merger related expenses, branch consolidation expenses, and compensation expense due to the retirement of an executive officer, which decreased net income, net of tax benefit, by $7.0 million and $11.4 million, respectively. Net income for the three and six months ended June 30, 2018 included merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $6.7 million and $21.3 million, respectively. Excluding these items, net income for the three and six months ended June 30, 2019, increased over the same prior year periods, primarily due to the acquisition of Capital Bank and the expense reductions driven by the integration of Sun in the second quarter of 2018.

The Company remains well-capitalized with a tangible common equity to tangible assets ratio of 9.76% at June 30, 2019.

The Company declared a quarterly cash dividend of $0.17 per share. The dividend, related to the quarter ended June 30, 2019, of $0.17 per share will be paid on August 16, 2019 to stockholders of record on August 5, 2019.

Analysis of Net Interest Income

Net interest income represents the difference between income on interest-earning assets and expense on interest-bearing liabilities. Net interest income depends upon the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rate earned or paid on them.

The following tables set forth certain information relating to the Company for the three and six months ended June 30, 2019 and June 30, 2018. The yields and costs are derived by dividing the income or expense by the average balance of the related assets or liabilities, respectively, for the periods shown except where noted otherwise. Average balances are derived from average daily balances. The yields and costs include certain fees which are considered adjustments to yields.

Comparison of Financial Condition at June 30, 2019 and December 31, 2018

Total assets increased by $512.9 million, to $8.029 billion at June 30, 2019, from $7.516 billion at December 31, 2018, primarily as a result of the acquisition of Capital Bank, which added $494.7 million to total assets. Loans receivable, net, increased by $364.7 million, to $5.944 billion at June 30, 2019, from $5.579 billion at December 31, 2018, due to acquired loans of $307.7 million. As part of the acquisition of Capital Bank, the Company’s goodwill balance increased to $374.6 million at June 30, 2019, from $338.4 million at December 31, 2018, and the core deposit intangible increased to $17.6 million, from $17.0 million at December 31, 2018.

Deposits increased by $372.9 million, to $6.187 billion at June 30, 2019, from $5.815 billion at December 31, 2018, primarily due to acquired deposits of $449.0 million, partially offset by the seasonality of government deposit outflows. The loan-to-deposit ratio at June 30, 2019 was 96.1%, as compared to 96.0% at December 31, 2018.

Included in other assets and other liabilities is $20.6 million and $20.7 million, respectively, related to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842).

Stockholders’ equity increased to $1.137 billion at June 30, 2019, as compared to $1.039 billion at December 31, 2018. The acquisition of Capital added $76.4 million to stockholders’ equity. At June 30, 2019, there were 986,386 shares available for repurchase under the Company’s stock repurchase program. For the six months ended June 30, 2019, the Company repurchased 309,167 shares under the repurchase program at a weighted average cost of $23.93. Tangible stockholders’ equity per common share increased to $14.57 at June 30, 2019, as compared to $14.26 at December 31, 2018.

Comparison of Operating Results for the Three and Six Months Ended June 30, 2019 and June 30, 2018

General

On January 31, 2018, the Company completed its acquisition of Sun and its results of operations are included in the consolidated results for the three and six months ended June 30, 2019, but are excluded from the results of operations for the period from January 1, 2018 to January 31, 2018.

On January 31, 2019, the Company completed its acquisition of Capital Bank and its results of operations from February 1, 2019 through June 30, 2019 are included in the consolidated results for the three months and six months ended June 30, 2019, but are not included in the results of operations for the corresponding prior year periods.

Net income for the three months ended June 30, 2019, was $19.0 million, or $0.37 per diluted share, as compared to $15.7 million, or $0.32 per diluted share, for the corresponding prior year period. Net income for the six months ended June 30, 2019, was $40.2 million, or $0.79 per diluted share, as compared to $21.1 million, or $0.45 per diluted share, for the corresponding prior year period. Net income for the three and six months ended June 30, 2019 included merger related expenses, branch consolidation expenses, and compensation expense due to the retirement of an executive officer, which decreased net income, net of tax benefit, by $7.0 million and $11.4 million, respectively. Net income for the three and six months ended June 30, 2018 included merger related and branch consolidation expenses, which decreased net income, net of tax benefit, by $6.7 million and $21.3 million, respectively. Excluding these items, net income for the three and six months ended June 30, 2019, increased over the same prior year periods, primarily due to the acquisition of Capital Bank and the expense reductions driven by the integration of Sun in the second quarter of 2018.

Interest Income

Interest income for the three and six months ended June 30, 2019 increased to $78.4 million and $154.8 million, respectively, as compared to $70.1 million and $132.9 million, respectively, in the corresponding prior year periods. Average interest-earning assets increased by $492.8 million and $674.3 million, respectively, for the three and six months ended June 30, 2019 as compared to the same prior year periods. The averages for the three and six months ended June 30, 2019, were favorably impacted by $401.8 and $340.4 million, respectively, of interest-earning assets acquired from Capital Bank. Average loans receivable, net, increased by $522.3 million and $669.3 million for the three and six months ended June 30, 2019, respectively, as compared to the same prior year periods. The increases attributable to the acquisition of Capital Bank were $293.4 million and $245.9 million, respectively. For the three and six months ended June 30, 2019, the yield on average interest-earning assets increased to 4.43% and 4.46%, respectively, from 4.26% and 4.23%, respectively, in the corresponding prior year periods.

Interest Expense

Interest expense for the three and six months ended June 30, 2019 was $13.6 million and $25.6 million, respectively, as compared to $8.6 million and $15.8 million, respectively, in the corresponding prior year periods. Average interest-bearing liabilities increased

$232.2 million and $393.6 million for the three and six months ended June 30, 2019, respectively, as compared to the same prior year periods. For the three and six months ended June 30, 2019, the cost of average interest-bearing liabilities increased to 0.98% and 0.94%, respectively, from 0.65% and 0.62%, respectively, in the corresponding prior year periods. The total cost of deposits (including non-interest bearing deposits) was 0.62% and 0.60% for the three and six months ended June 30, 2019,respectively, as compared to 0.35% and 0.34%, respectively, in the same prior year periods.

Net Interest Income

Net interest income for the three and six months ended June 30, 2019, increased to $64.8 million and $129.2 million, respectively, as compared to $61.4 million and $117.2 million, respectively, for the same prior year periods, reflecting an increase in interest-earning assets. The net interest margin for the three and six months ended June 30, 2019 decreased to 3.66% and 3.72%, respectively, from 3.73% in the same prior year periods.

Provision for Loan Losses

For the three and six months ended June 30, 2019, the provision for loan losses was $356,000 and $976,000, respectively, as compared to $706,000 and $2.1 million, respectively, for the corresponding prior year periods. Net loan charge-offs were $926,000 and $1.4 million for the three and six months ended June 30, 2019, respectively, as compared to net loan charge-offs of $832,000 and $1.1 million, respectively, in the corresponding prior year periods. Non-performing loans totaled $17.8 million at June 30, 2019, as compared to $18.1 million at June 30, 2018.

Other Income

For the three and six months ended June 30, 2019, other income increased to $9.9 million and $19.4 million, respectively, as compared to $8.9 million and $17.8 million, respectively, for the corresponding prior year periods. The increases were partly due to the impact of the Capital Bank acquisition, which added $312,000 and $557,000 to other income for the three and six months ended June 30, 2019, respectively, as compared to the same prior year periods. Excluding the Capital Bank acquisition, the increase in other income for the three months ended June 30, 2019 was primarily due to a decrease in the loss from other real estate operations of $860,000 and an increase in derivative fee income of $612,000, partially offset by decreases in fees and service charges of $724,000. Excluding the Capital Bank acquisition, the increase in other income for the six months ended June 30, 2019 was primarily due to a decrease in the loss from other real estate operations of $1.3 million, an increase in derivative fee income of $1.1 million and an increase in bankcard services of $553,000, partially offset by decreases in fees and service charges of $1.0 million, rental income of $704,000 received primarily for January and February 2018 on the Company’s executive office, and the gain on sale of loans of $608,000 (mostly related to the sale of one non-performing commercial loan relationship during 2018).

Operating Expenses

Operating expenses were flat at $50.9 million and decreased to $98.2 million for the three and six months ended June 30, 2019, respectively, as compared to $50.9 million and $107.7 million, respectively, in the same prior year periods. Operating expenses for the three and six months ended June 30, 2019 included $8.9 million and $14.3 million, respectively, of merger related expenses, branch consolidation expenses, and compensation expense due to the retirement of an executive officer, as compared to $8.4 million and $26.7 million, respectively, of merger related and branch consolidation expenses, in same prior year periods. Excluding the impact of merger, branch consolidation expenses, and compensation expense due to the retirement of an executive officer, the change in operating expenses over the prior year was due to the Capital Bank acquisition, which added $1.9 million and $3.3 million for the three and six months ended June 30, 2019, respectively. Excluding the Capital Bank acquisition, the decrease in operating expenses for the three months ended June 30, 2019 from the prior year period was primarily due to decreases in compensation and employee benefits expense of $2.2 million, occupancy expenses and federal insurance premium, partially offset by increases in check card processing and marketing expenses. Excluding the Capital Bank acquisition, the remaining decrease in operating expenses for the six months ended June 30, 2019 from the prior year period, was primarily due to decreases in compensation and employee benefits expense of $1.8 million, a decrease in federal insurance premium and a decrease in occupancy expense, partially offset by increases in marketing expenses of $611,000, and check card processing of $597,000.

Provision for Income Taxes

The provision for income taxes was $4.5 million and $9.3 million for the three and six months ended June 30, 2019, respectively, as compared to $3.0 million and $4.0 million, respectively, for the same prior year periods. The effective tax rate was 19.0% and 18.8% for the three and six months ended June 30, 2019, respectively, as compared to 16.1% and 16.0%, respectively, for the same prior year periods. The lower effective tax rates in the prior year periods were primarily due to larger tax benefits from employee stock option exercises.

Liquidity and Capital Resources

The Company’s primary sources of funds are deposits, principal and interest payments on loans and mortgage-backed securities, Federal Home Loan Bank (“FHLB”) advances and other borrowings and, to a lesser extent, investment maturities and proceeds from the sale of loans. While scheduled amortization of loans is a predictable source of funds, deposit flows and loan prepayments are influenced by interest rates, economic conditions and competition. The Company has other sources of liquidity if a need for additional funds arises, including various lines of credit.

At June 30, 2019, the Company had $234.0 million of outstanding overnight borrowings from the FHLB, as compared to $174.0 million at December 31, 2018. The Bank utilizes overnight borrowings from time-to-time to fund short-term liquidity needs. FHLB advances, including overnight borrowings, totaled $453.6 million and $449.4 million, at June 30, 2019 and December 31, 2018, respectively.

The Company’s cash needs for the six months ended June 30, 2019 were primarily satisfied by principal payments on loans and mortgage-backed securities, and acquired cash from Capital Bank. The cash was principally utilized for loan originations, the purchase of loans receivable and securities, and the repayment of borrowings. The Company’s cash needs for the six months ended June 30, 2018 were primarily satisfied by principal payments on loans and mortgage-backed securities, proceeds from maturities and calls of investment securities, and increased borrowings. The cash was principally utilized for the purchase of loans receivable, loan originations, the purchase of securities, and to fund deposit outlows.

In the normal course of business, the Company routinely enters into various off-balance-sheet commitments. At June 30, 2019, outstanding undrawn lines of credit totaled $802.9 million and outstanding commitments to originate loans totaled $297.8 million. The Company expects to have sufficient funds available to meet current commitments arising in the normal course of business.

Time deposits scheduled to mature in one year or less totaled $437.5 million at June 30, 2019. As needed, management is opportunistic about renewing these time deposits.

The Company has a detailed contingency funding plan and comprehensive reporting of funding trends on a monthly and quarterly basis which are reviewed by management. Management also monitors cash on a daily basis to determine the liquidity needs of the Bank. Additionally, management performs multiple liquidity stress test scenarios on a quarterly basis. The Bank continues to maintain significant liquidity under all stress scenarios.

Under the Company’s common stock repurchase program, shares of OceanFirst Financial Corp. common stock may be purchased in the open market and through privately-negotiated transactions, from time-to-time, depending on market conditions. The repurchased shares are held in treasury for general corporate purposes. For the quarter ended June 30, 2019, the Company repurchased 149,860 shares of common stock and did not repurchase any shares of common stock for the quarter ended June 30, 2018. At June 30, 2019, there were 986,386 shares available to be repurchased under the stock repurchase program authorized in April of 2017.

Cash dividends on common stock declared and paid during the first six months of 2019 were $17.3 million, as compared to $14.3 million in the same prior year period. The increase in dividends was a result of an increase in the dividend rate and the additional shares issued in the acquisition of Capital Bank. On July 25, 2019, the Company’s Board of Directors declared a quarterly cash dividend of seventeen cents ($0.17) per common share. The dividend is payable on August 16, 2019 to stockholders of record at the close of business on August 5, 2019.

The primary sources of liquidity specifically available to OceanFirst Financial Corp., are capital distributions from the bank subsidiary and the issuance of preferred and common stock and debt. For the six months ended June 30, 2019, the Company received a dividend payment of $12.0 million from the Bank. The Company’s ability to continue to pay dividends will be largely dependent upon capital distributions from the Bank, which may be adversely affected by capital constraints imposed by the

applicable regulations. The Company cannot predict whether the Bank will be permitted under applicable regulations to pay a dividend to the Company. If applicable regulations or regulatory bodies prevent the Bank from paying a dividend to the Company, the Company may not have the liquidity necessary to pay a dividend in the future or pay a dividend at the same rate as historically paid or be able to meet current debt obligations. At June 30, 2019, OceanFirst Financial Corp. held $15.0 million in cash.

As of June 30, 2019 and December 31, 2018, the Company and the Bank exceed all regulatory capital requirements currently applicable as follows (dollars in thousands):

The Bank satisfies the criteria to be “well-capitalized” under the Prompt Corrective Action Regulations.

At June 30, 2019, the Company maintained tangible common equity of $745.1 million, for a tangible common equity to assets ratio of 9.76%. At December 31, 2018, the Company maintained tangible common equity of $683.9 million, for a tangible common equity to assets ratio of 9.55%.

Off-Balance-Sheet Arrangements and Contractual Obligations

In the normal course of operations, the Company engages in a variety of financial transactions that, in accordance with generally accepted accounting principles, are not recorded in the financial statements. These transactions involve, to varying degrees, elements of credit, interest rate and liquidity risk. Such transactions are used for general corporate purposes or for customer needs. Corporate purpose transactions are used to help manage credit, interest rate and liquidity risk or to optimize capital. Customer transactions are used to manage customers’ requests for funding. These financial instruments and commitments include undrawn lines of credit and commitments to extend credit. 

The Company enters into loan sale agreements with investors in the normal course of business. The loan sale agreements generally require the Company to repurchase loans previously sold in the event of a violation of various representations and warranties customary to the mortgage banking industry. The Company is also obligated under a loss sharing arrangement with the FHLB relating to loans sold into the Mortgage Partnership Finance program. In the opinion of management, the potential exposure related to the loan sale agreements and loans sold to the FHLB is adequately provided for in the reserve for repurchased loans and loss sharing obligations included in other liabilities. At June 30, 2019 and December 31, 2018, the reserve for repurchased loans and loss sharing obligations amounted to $1.2 million and $1.3 million, respectively.

The following table shows the contractual obligations of the Company by expected payment period as of June 30, 2019 (in thousands):