Oceanfirst Financial Corp. · NASDAQ:OCFC
Oceanfirst Financial — IPO Roadshow (October 2009)
20 slides from Oceanfirst Financial's IPO roadshow presentation, Oct 26, 2009
Slide 1: Investor Presentation: $50.0 Million Common Stock Offering
NASDAQ: OCFC 1 OceanFirst Financial Corp. INVESTOR PRESENTATION $50.0 MILLION COMMON STOCK OFFERING OCTOBER 2009 Filed pursuant to Rule 433 Registration Statement No. 333-160113 October 26, 2009 OceanFirst Financial Corp. John John R. R. Garbarino Garbarino - - Chairman, Chairman, President Presiden
Slide 2: Forward Looking Statements
NASDAQ: OCFC 2 Forward Looking Statements: This presentation contains certain forward-looking statements 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 “believ
Slide 3: Offering Summary
NASDAQ: OCFC 3 Sandler O'Neill + Partners, L.P. Stifel, Nicolaus & Company, Incorporated Joint Book-Running Managers Issuer OceanFirst Financial Corp. Offering Follow-on Common Stock Gross Proceeds $50 million Over-allotment 15% Exchange / Symbol NASDAQ Global Select Market / OCFC Market Capitalizat
Slide 4: Our History
NASDAQ: OCFC 4 Established in 1902 as a state-chartered building and loan association Converts to a federal savings and loan association in 1945 Becomes a federally-chartered mutual savings bank in 1989 Converts to public company from a mutual structure on July 2, 1996 with an issuance of 27.2 milli
Slide 5: Management and Insider Ownership
NASDAQ: OCFC 5 Insiders own 35.6% of OceanFirst Financial Corp. OceanFirst Bank ESOP 15.7% OceanFirst Foundation 11.3% Directors & Senior Executive Officers 8.6% ¹ Subject to the closing of the Central Jersey Bancorp transaction # of # of Years Years in Name Position at OCFC Banking Professional Exp
Slide 6: Investment Merits
NASDAQ: OCFC 6 Fundamental Franchise and Shareholder Value Superior Market Demographics Strong Credit Metrics Strong Commercial Banking Platform with Solid Core Deposits Significant Market Opportunities Proven Business Model Attractive Valuation Investment Merits Investment Merits
Slide 7: OCFC – CJBK Transaction Summary
NASDAQ: OCFC 7 Exchange Ratio Fixed at 0.500 OCFC shares for each CJBK share Transaction Value¹ $68.4 million, or $7.12 per share Estimated Cost Saves 37.5% of CJBK's operating expenses Board Representation Two board seats to CJBK - total of 10 directors Expected Closing Fourth quarter 2009 Pre-tax
Slide 8: Pro-Forma Financials
NASDAQ: OCFC 8 ¹ Includes acquisition accounting adjustments ² Capital raise estimates are net of underwriting spread and estimated fixed expenses Data as of September 30, 2009 Source: Company Management Dollars in thousands September 30, 2009 Pro Forma Capital Pro Forma OCFC CJBK w/ CJBK¹ Raise² w/
Slide 9: Pro-Forma Branch Map
NASDAQ: OCFC 9 Source: SNL Financial Pro-Forma Branch Map Pro-Forma Branch Map OCFC CJBK
Slide 10: OCFC – CJBK Transaction Highlights
NASDAQ: OCFC 10 Natural expansion of OceanFirst’s presence along coastal area of New Jersey in adjacent, affluent market Central Jersey footprint is one that OceanFirst would seek to replicate Positions pro-forma company as 7 th largest publicly traded banking institution headquartered in New Jersey
Slide 11: Deposit Market Share
NASDAQ: OCFC 11 Source: SNL Financial June 30, 2009 # of Dep. in Mkt. Mkt. Shr. Dep. in Mkt. Mkt. Shr. Rank Institution (ST) Branches ($000) (%) ($000) (%) Ocean, NJ 1 Hudson City Bancorp Inc. (NJ) 13 2,375,136 18.71 1,938,596 16.54 2 Wells Fargo & Co. (CA) 28 2,099,640 16.54 2,270,568 19.37 3 Toron
Slide 12: Market Demographics
NASDAQ: OCFC 12 3.3 34,501 5.4 79,468 2.2 795,633 0.3 34 2.9 Middlesex 4.9 40,189 5.9 83,164 1.8 646,088 3.4 9 31.5 Monmouth 4.5 4.2 2.3 Projected 2009-2014 Per Capita Income Growth (%) 4.1 5.6 11.6 Projected 2009-2014 Median Household Income Growth (%) 4.6 1.7 4.9 Projected 2009-2014 Population Gro
Slide 13: Loan Portfolio Composition
NASDAQ: OCFC 13 Cons. & Other 17.4% 1-4 Family 0.7% C&I 11.0% Constr. 4.4% CRE & Multifam. 66.5% Cons. & Other 13.2% 1-4 Family 59.5% C&I 4.2% Constr. 0.6% CRE & Multifam. 22.5% Cons. & Other 14.0% 1-4 Family 48.4% C&I 5.5% Constr. 1.3% CRE & Multifam. 30.8% Dollars in thousands OceanFirst Financial
Slide 14: Deposit Composition
NASDAQ: OCFC 14 ¹ Jumbo CDs have an account balance of $100,000 or greater Data as of September 30, 2009 Source: Company Management Non-Interest Bearing 8.2% Jumbo CDs¹ 5.0% Retail CDs 18.8% Money Market, Now & Savings 68.0% Non-Interest Bearing 17.7% Jumbo CDs¹ 20.6% Retail CDs 15.9% Money Market,
Slide 15: Slide 15
Slide 16: Asset Quality Metrics
NASDAQ: OCFC 16 OceanFirst Financial Corporation December 31, Nine Months Ended 2006 2007 2008 September 30, 2009 Total NCOs / Total Average Loans (%)¹ 0.02 0.03 0.03 0.12 Total Net Chargeoffs / (Recoveries) ($000) 372 470 578 1,485 NPLs / Loans (%) 0.25 0.52 0.97 1.44 NPAs / Assets (%) 0.23 0.48 0.
Slide 17: Profitability Ratios
NASDAQ: OCFC 17 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2006 2007 2008 MRQ 3/31/09 MRQ 3/31/09 MRQ 9/30/09 OCFC CJBK² ¹ Central Jersey Non-Interest Income / Average Assets data for 2007 not meaningful ² Central Jersey ROAA & ROAE data for the quarter ended June 30, 2009 not meaningful given goodw
Slide 18: Attractive Valuation Metrics
NASDAQ: OCFC 18 OCFC Pro Forma w/ CJBK Peers¹ $150mm 10.1x 8.9x 116% 116% $207mm NA NM 128% 115% Valuation Price / Book Value 108% Price / Tang. Book Value 147% Price / LQA EPS 14.5x Price / Estimated EPS 14.9x Market Capitalization $164mm ¹ Peers include: ALNC, CNBC, DCOM, FFIC, HUVL, LBAI, PBNY, P
Slide 19: Why OCFC…?
NASDAQ: OCFC 19 Fundamental franchise value Experienced management team – experience in difficult credit cycles Attractive branch footprint with strong core deposit base Growth opportunities in attractive markets Conservative credit culture and profile Positioned for value creation Proven business m
Slide 20: $50.0 Million Common Stock Offering
NASDAQ: OCFC 20 INVESTOR PRESENTATION $50.0 MILLION COMMON STOCK OFFERING OCTOBER 2009 OceanFirst Financial Corp. OceanFirst Financial Corp. INVESTOR PRESENTATION $50.0 MILLION COMMON STOCK OFFERING OCTOBER 2009