Oceanfirst Financial Corp. · NASDAQ:OCFC
Oceanfirst Financial — Q1 2021 Earnings Presentation
11 slides from Oceanfirst Financial's earnings presentation, Apr 29, 2021
Slide 1: Q1 2021 Earnings Supplement
. . . Q1 2021 Earnings Supplement1 April 29, 2021 1 The Q1 2021 Earnings Supplement is for the purpose and use in conjunction with our Earnings Release furnished as Exhibit 99.1 to our Form 8-K on April 29, 2021. Exhibit 99.2
Slide 2: Forward Looking Statements
. . . In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These fo
Slide 3: Net Interest Margin – Quarter over Quarter
. . . 3.26% 2.98% 2.79% 2.71% 2.75% 3.52% 3.24% 2.97% 2.97% 2.93% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Core NIM NIM 2.97% 2.93% 0.11% 0.02% 0.09% 0.05% 0.03% Q4-20 NIM Lower cost of funds Reduced excess liquidity Purchase accounting impact Lower yield on PPP loans Rate environment Q1-21 NIM Core NIM vs NIM
Slide 4: Credit Quality (1 of 3)
. . . 0.37% 0.46% 0.70% 0.78% 0.76% 0.49% 0.42% 0.40% 0.36% 0.33%0.86% 0.88% 1.10% 1.14% 1.09% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 ACL Credit Marks Credit Quality (1 of 3) 4 9,969 9,649 35,714 4,072 (620) 1,154 (232) 14,995 2,942 (280) 0.06% 0.00% 0.71% 0.15% 0.00% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Credit los
Slide 5: Credit Quality (2 of 3)
. . . Improved asset quality trends align with positive economic outlook and recovery of our local markets. 87,365 106,344 175,979 194,372 188,981 48,697 66,441 141,467 165,844 150,221 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Substandard Special Mention Credit Quality (2 of 3) 5 16,263 21,044 29,895 36,410 34,
Slide 6: Credit Quality (3 of 3)
. . .Credit Quality (3 of 3) 6 Commercial vs Consumer ($’million)Loans Held-for-Investment by Payment Structure ($’million) ~ 97.4% of total loans comply with pre-COVID terms as of 3/31/21. 55% 95% 80% 50% 75% 85% 90% 100% 7,669 124 131 6,920 65 7,479 Q4-20 51 31 1,152 71 7,809 Q1-20 35 271 321 Q2-2
Slide 7: Non-Interest Expense
. . .Non-Interest Expense 7 Core Non-Interest Expense ($’000) 43,166 42,003 43,463 42,838 40,838 8,509 9,072 9,338 10,215 9,453 51,675 51,075 52,801 53,053 50,291 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Other Core Non-Int Exp Technology Expense Core Efficiency Ratio • Core non-interest expense in Q1-21 exclud
Slide 8: Equity and Performance
. . .Equity and Performance 8 14.62 14.79 14.58 14.98 15.26 23.38 24.47 24.21 24.57 24.84 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Tangible Book Value per Share Book Value per Share Book Value and Tangible Book Value per Common Share 1.05% 0.81% -0.01% 0.78% 0.94% 12.25% 9.69% -0.11% 9.71% 11.04% Q1-20 Q2-20 Q
Slide 9: Appendix
Appendix @) OCEANFIRST
Slide 10: Quarterly Non-GAAP / Adjusted to GAAP Disclosure
. . .Quarterly Non-GAAP / Adjusted to GAAP Disclosure Reported amounts are presented in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s management believes that the supplemental Non-GAAP information, which consists of reported net income excludin
Slide 11: Non-GAAP Reconciliation
. . .Non-GAAP Financial Information 11 • Refer to the Earnings Release for additional information. Non-GAAP Reconciliation For the Three Months Ended $'000 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Core Earnings: Net income (loss) available to common stockholde