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Form 8-K OCEANFIRST FINANCIAL For: May 06

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May 6, 2015 8:58 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 6, 2015

 

 

OCEANFIRST FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-11713   22-3412577
(State or other jurisdiction
of incorporation or organization)		   (Commission
File No.)		   (IRS Employer
Identification No.)

975 HOOPER AVENUE, TOMS RIVER, NEW JERSEY 08753

(Address of principal executive offices, including zip code)

(732) 240-4500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 140.13e-4(c))

 

 

 

ITEM 7.01 REGULATION FD DISCLOSURE

On May 6, 2014 OceanFirst Financial Corp. (the “Company”) will make a presentation at its Annual Meeting of Stockholders. Attached as Exhibit 99.1 of this Form 8-K is a copy of the presentation which OceanFirst Financial Corp. will make available at the Annual Meeting of Stockholders on May 6, 2015 and will post on its website at www.oceanfirst.com. This report is being furnished to the SEC and shall not be deemed “filed” for any purpose.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

  (d) EXHIBITS

 

  99.1 Presentation to be made at the Company’s Annual Meeting of Shareholders on May 6, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

OCEANFIRST FINANCIAL CORP.
/s/ Michael Fitzpatrick
Michael Fitzpatrick
Executive Vice President and
Chief Financial Officer

Dated: May 6, 2015

Exhibit Index

 

Exhibit

   

Description

99.1    Presentation to be made at the Company’s Annual Meeting of Shareholders on May 6, 2015.
Christopher D. Maher
President & Chief Executive Officer
May 6, 2015
OceanFirst Financial Corp.
OceanFirst Financial Corp.
2015 Annual Meeting
2015 Annual Meeting
Of Shareholders
Of Shareholders
Exhibit 99.1

OceanFirst Financial Corp.
2
Forward Looking Statements:
This
presentation
contains
certain
forward-looking
statements
within
the
meaning
of
the
Private
Securities
Reform
Act
of
1995
which
are
based
on
certain
assumptions
and
describe
future
plans,
strategies
and
expectations
of
the
Company.
These
forward-looking
statements
are
generally
identified
by
use
of
the
words
"believe,"
"expect,"
"intend,"
"anticipate,"
"estimate,"
"project,"
"will,"
"should,"
"may,"
"view,"
"opportunity,"
"potential,"
or
similar
expressions
or
expressions
of
confidence.
The
Company's
ability
to
predict
results
or
the
actual
effect
of
future
plans
or
strategies
is
inherently
uncertain.
Factors
which
could
have
a
material
adverse
effect
on
the
operations
of
the
Company
and
its
subsidiaries
include,
but
are
not
limited
to,
changes
in
interest
rates,
general
economic
conditions,
levels
of
unemployment
in
the
Bank’s
lending
area,
real
estate
market
values
in
the
Bank’s
lending
area,
future
natural
disasters
and
increases
to
flood
insurance
premiums,
the
level
of
prepayments
on
loans
and
mortgage-backed
securities,
legislative/
regulatory
changes,
monetary
and
fiscal
policies
of
the
U.S.
Government
including
policies
of
the
U.S.
Treasury
and
the
Board
of
Governors
of
the
Federal
Reserve
System,
the
quality
or
composition
of
the
loan
or
investment
portfolios,
demand
for
loan
products,
deposit
flows,
competition,
demand
for
financial
services
in
the
Company's
market
area
and
accounting
principles
and
guidelines.
These
risks
and
uncertainties
are
further
discussed
in
the
Company’s
Annual
Report
on
Form
10-K
for
the
year
ended
December
31,
2014
and
subsequent
securities
filings
and
should
be
considered
in
evaluating
forward-
looking
statements
and
undue
reliance
should
not
be
placed
on
such
statements.
The
Company
does
not
undertake,
and
specifically
disclaims
any
obligation,
to
publicly
release
the
result
of
any
revisions
which
may
be
made
to
any
forward-looking
statements
to
reflect
events
or
circumstances
after
the
date
of
such
statements
or
to
reflect
the
occurrence
of
anticipated
or
unanticipated
events. 

Discussion Topics
•
2014 Highlights
•
2015 First Quarter Highlights
•
Areas of Strategic Focus
•
Questions and Answers
3

2014 Highlights
4
•
Increased dividend 8% to $0.13 per quarter in October 2014
•
Repurchased 551,291 common shares
•
Demonstrated earnings strength of $1.19 per share; 9.18% ROE &
0.86% ROA
•
Stabilized net interest margin at 3.31%
•
Maintained tangible common equity at 9.26% of total assets
•
Grew commercial loan portfolio $144.4 million
•
Announced the addition of a new commercial lending team to be
located in Mercer County, New Jersey

2014 Highlights –
Risk Management
5
For the year ended December 31, 2014:
•
Interest Rate Risk Management
Extended
$144
million
of
FHLB
advances
into
3
–
5
year
terms
$72 million of retail checking migrated to non-interest bearing
Core
deposits
(1)
are
88.0%
of
total
deposits,
a
significant
benefit
in
a
rising
rate
environment
•
Asset Quality Improvements
Non-performing loans decreased by 60%, or $27.1 million, to $18.3 million at
December 31, 2014
Credit metrics improved as non-performing loans as a percent of total loans
receivable
decreased
to
1.06%
from
2.88%,
and
Allowance
for
Loan
Losses
as
a
percent of total non-performing loans increased to 89.13% from 46.14%
(1)
Core deposits are all deposits except time deposits

2015 Highlights –
First Quarter
6
•
Announced a merger agreement with Colonial American Bank. Colonial operates two full service
banking centers in Middletown and Shrewsbury, New Jersey, with total assets of $143.7 million
•
Grew
commercial
loan
portfolio
$41.3
million,
22.5%
annualized;
7
th
consecutive
quarter
of
double
digit percentage
growth
A new commercial lending team located in Mercer County, New Jersey, began operations and
provided strong support for the commercial loan growth
The Bank’s conservative credit culture was further enhanced with the addition of a highly
experienced Chief Credit Officer
•
Deposit growth totaled $80.8 million which included $73.7 million of core deposits (all deposits
except time deposits)
•
Earnings per share of $0.32; 9.6% ROE & 0.89% ROA annualized
Net interest margin relatively stable at 3.24%
Expense discipline led to reductions in operating expenses of 4.6%, as compared to the prior
linked quarter and 2.6%, as compared to the same prior year quarter.
•
Tangible common equity of 9.2% of assets

Areas of Strategic Focus
•
Continued Emphasis on Commercial Banking
•
Renewed Focus on Deposit Gathering and Branching
•
Acquisition of Colonial American
•
Geographic Expansion via Mercer Loan Production Office
7

Strategic Loan Composition Transition
8
C&I
(1)
(1)
Commercial loan (CRE and C&I) duration of 3.2 years
(45.2%)
Residential R.E.
Consumer
& Other
C&I
Owner-
Occupied CRE
Investment CRE
Residential R.E.
Consumer
& Other
Investment
CRE
Owner-
Occupied CRE
Residential R.E.
Consumer
& Other
Investment
CRE

Deposit Transition Supported by Strategic Focus on
Business Checking
9

Deposit Driven Technology and Delivery Systems
Mobile Banking
Added mobile deposit capture
in 2013.  More than 14,000
depositors use mobile, text or
smart phone apps monthly.
10
Online Banking & Bill Pay
In 2014, 42% of depositors used
online banking and an average of
34,000 bills were paid with online
bill pay service each month.
Check Card
Over 6 million transactions
processed in 2014, a 10.7%
increase from 2013.  Rewards
program promotes usage.
ATM & Interactive Teller (ITM)
Invested $900,000 to upgrade ATM fleet
to intelligent terminals in 2014; self-
service
deposits
more
than
doubled.
First
ITM deployed in April 2014.
Commercial Cash Management
Added Remote Deposit Capture
(RDC)
in
2007.
In
2014,
88
clients
processed over 600,000 checks
using RDC.

Colonial American Bank Acquisition
11
Supports
existing Red
Bank Financial
Center
•
Deal valued at $11.3 million
•
Favorable financial terms
•
Modest execution risk
•
Projected closing prior to year-
end 2015
•
Requires regulatory and CAB
shareholder approvals

Additional Jackson Branch –
Second Quarter 2015
12
Second
Jackson Branch
Opening in
2015
•
Projected Opening June 2015
•
Strengthens Market Presence
•
Streamlined Operating Model

Questions and Answers
Questions and Answers
13

THANK YOU
FOR ATTENDING THE
2015 ANNUAL MEETING
OF SHAREHOLDERS
14

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