OceanFirst Financial Corp. Announces Quarterly Net Income of $3.6 Million and Continuation of Cash Dividend
- Press Release
- Source: OceanFirst Financial Corp.
- On 5:00 pm EDT, Thursday July 23, 2009
TOMS RIVER, N.J., July 23, 2009 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC - News), the holding company for OceanFirst Bank, today announced that diluted earnings per share amounted to $.26 for the quarter ended June 30, 2009 as compared to $.30 for the corresponding prior year period. For the six months ended June 30, 2009 diluted earnings per share amounted to $.56 as compared to $.64 for the corresponding prior year period. Net income for the quarter and six months ended June 30, 2009, prior to accounting for the preferred stock issued earlier in the year, increased to $3.6 million and $7.6 million, respectively, as compared to $3.5 million and $7.5 million, respectively, in the corresponding prior year periods. The Company also announced that its Board of Directors declared a regular quarterly cash dividend on common stock of $.20 per share -- covering the three month period ended June 30, 2009 -- to be paid on August 14, 2009, to common shareholders of record on August 3, 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| OCFC | 10.35 | -0.51 |
Commenting on the quarter, CEO John R. Garbarino said: "We are pleased that earnings for the quarter and six-month period ending June 30, 2009, adjusted for non-recurring items, increased over the respective prior periods. The Company remains well capitalized with Tangible Equity Capital of 8.48% and Total Risk Based Capital at the Bank of 14.1%. Additionally, our net interest margin continues to expand and we are also pleased to maintain our quarterly cash common stock dividend, unchanged from the prior quarters. Finally, following our May 27th announcement, we are excitedly moving forward with our strategic combination with Central Jersey Bancorp. The acquisition of Central Jersey Bank will improve our near and long-term earnings prospects and position us to compete effectively as a larger, stronger community bank, with enhanced franchise value and growth potential."
Results of Operations
Net interest income for the three and six months ended June 30, 2009 increased to $16.2 million and $31.8 million, respectively, as compared to $14.3 million and $28.5 million, respectively, in the same prior year periods, reflecting a higher net interest margin and higher levels of interest-earning assets. The net interest margin increased to 3.56% and 3.52%, respectively, for the three and six months ended June 30, 2009 from 3.16% and 3.15%, respectively, in the same prior year periods. The yield on interest-earning assets decreased to 5.33% and 5.37%, for the three and six months ended June 30, 2009, respectively, as compared to 5.69% and 5.88%, respectively, in the same prior year periods. The asset yield for the six months ended June 30, 2008 benefited from $633,000 of income relating to an equity investment which was sold by the end of 2008. The cost of interest-bearing liabilities decreased to 2.00% and 2.08%, respectively, for the three and six months ended June 30, 2009, as compared to 2.78% and 2.98%, respectively, in the same prior year periods. Average interest-earning assets increased by $12.2 million and $1.7 million for the three and six months ended June 30, 2009 as compared to the same prior year periods. The increase was in mortgage-backed securities which rose $44.8 million and $34.4 million for the three and six months ended June 30, 2009, respectively, due to investment of the preferred stock proceeds from the Treasury's Capital Purchase Program.
The provision for loan losses increased to $2.0 million and $1.2 million, respectively, for the three and six months ended June 30, 2009 as compared to $775,000 and $400,000, respectively, for the corresponding prior year periods. The increased provision is due to higher levels of non-performing loans and charge-offs.
Other income increased to $4.2 million and $7.3 million, respectively, for the three and six months ended June 30, 2009 as compared to $2.6 million and $6.4 million, respectively, in the same prior year periods. Loan servicing income (loss) decreased to a loss of $221,000 for the six months ended June 30, 2009 from income of $172,000 for the corresponding prior year period due to an impairment to the loan servicing asset of $263,000 recognized in the first quarter of 2009. The net gain on sales of loans and securities was $1.4 million and $2.0 million, respectively, for the three and six months ended June 30, 2009 as compared to losses of $718,000 and $122,000, respectively, for the corresponding prior year periods. The net loss for the three and six months ended June 30, 2008 includes an other than temporary impairment of $1.1 million on an equity investment. For the three and six months ended June 30, 2009 the net gain on the sale of loans includes a reversal of the provision for repurchased loans of $211,000 and $245,000, respectively, as compared to reversals of $0 and $161,000, respectively, for the corresponding prior year periods. The reserve for repurchased loans, which is included in other liabilities in the Company's consolidated statements of financial condition, was $835,000 at June 30, 2009 and there is currently one outstanding loan repurchase request which the Company is evaluating. There was one charge-off of $63,000 through the reserve for repurchased loans for the three and six months ended June 30, 2009. This charge-off relates to a repurchase request which was received and reserved for in 2008 and settled in the second quarter of 2009. Fees and service charges decreased to $2.6 million and $5.1 million, respectively, for the three and six months ended June 30, 2009 as compared to $2.9 million and $5.7 million, respectively, for the corresponding prior year periods due to a decrease in trust and investment service revenue. Income from Bank Owned Life Insurance decreased by $108,000 and $211,000, respectively, for the three and six months ended June 30, 2009 as compared to the same prior year periods due to a decline in the crediting rate in the lower interest rate environment.
Operating expenses increased to $13.2 million and $25.0 million, respectively, for the three and six months ended June 30, 2009, as compared to $11.4 million and $23.0 million respectively, for the corresponding prior year periods. Federal deposit insurance increased to $1.4 million and $1.9 million, respectively, for the three and six months ended June 30, 2009, as compared to $341,000 and $651,000, respectively, in the same prior year periods due to a special assessment of $869,000 for the three and six months ended June 30, 2009 and an increase in the assessment rate for FDIC deposit insurance effective January 1, 2009. Occupancy expense was adversely affected by a second quarter charge of $556,000 relating to all remaining lease obligations of Columbia Home Loans, LLC, the Company's mortgage banking subsidiary which was shuttered in the fourth quarter of 2007. In light of the economic downturn and weak real estate market, the Company no longer expects to be able to sublet the vacant office space. General and administrative expense for the three and six months ended June 30, 2009 includes $169,000 of costs related to the Company's previously announced merger with Central Jersey Bancorp. Operating expenses for the three and six months ended June 30, 2009 also include costs relating to the opening of two new branches in the latter part of 2008.
Financial Condition
Mortgage-backed securities available for sale increased to $89.4 million at June 30, 2009 as compared to $40.8 million at December 31, 2008 primarily due to the $38.3 million investment of preferred stock proceeds from the Treasury's Capital Purchase Plan. Loans receivable, net decreased by $4.7 million at June 30, 2009 as compared to December 31, 2008 due to a decline in one-to-four family mortgage loans from increased prepayments relating to refinancings and the Bank's ongoing strategy to sell most newly originated longer-term fixed-rate loans. This decline was partly offset by growth in commercial real estate lending. At June 30, 2009, the Company was holding subprime loans with a gross principal balance of $3.0 million and a carrying value, net of reserves and lower of cost or market adjustment of $1.9 million. Deposits increased to $1,364.6 million at June 30, 2009 from $1,274.1 million at December 31, 2008. The growth was concentrated in core deposits, defined as all deposits excluding time deposits, which increased $111.1 million. Time deposits decreased $20.7 million as the Bank continued to moderate its pricing for this product. Federal Home Loan Bank advances decreased to $258.0 million at June 30, 2009 from $359.9 million at December 31, 2008, primarily due to the increase in deposits as a funding source. Stockholders' equity increased to $161.9 million at June 30, 2009 as compared to $119.8 million at December 31, 2008 due to the issuance of $38.3 million of preferred stock under the Treasury's Capital Purchase Plan.
Asset Quality
The Company's non-performing loans totaled $20.9 million at June 30, 2009, an increase from $16.0 million at December 31, 2008. The increase was concentrated in one-to-four family and consumer loans and is reflective of the unsettled economic environment. Non-performing commercial real estate loans, however, decreased by $166,000 at June 30, 2009 as compared to December 31, 2008. Non-performing loans at June 30, 2009 include $911,000 of loans repurchased due to early payment default that were written down to market value on the date of repurchase and $3.1 million of loans previously held for sale that were also written down to market value as of March 31, 2007, the date when these loans were transferred from held for sale to held for investment. For the six months ended June 30, 2009, the Company realized net loan charge-offs of $907,000. Of this amount, $635,000 are charge-offs relating to subprime loans originated by Columbia Home Loans, LLC, the Company's mortgage banking subsidiary which has since been shuttered. The charge-offs relate to amounts which were previously specifically reserved for in the allowance for loan losses.
Conference Call
As previously announced, the Company will host an earnings conference call on Friday, July 24, 2009 at 11:00 a.m. Eastern time. The direct dial number for the call is (800) 860-2442. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 344-7529, Replay Conference Number 431970, from one hour after the end of the call until August 10, 2009. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.
OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.9 billion in assets and twenty-three branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.
OceanFirst Financial Corp.'s press releases are available by visiting us at www.oceanfirst.com.
Forward-Looking Statements
This news release 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 "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. 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 the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, 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 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.
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)
June 30, December 31, June 30,
2009 2008 2008
---------- ---------- ----------
(Unaudited) (Unaudited)
ASSETS
------
Cash and due from banks $ 22,423 $ 18,475 $ 28,746
Investment securities available
for sale 31,890 34,364 51,460
Federal Home Loan Bank of New York
stock, at cost 16,188 20,910 19,381
Mortgage-backed securities
available for sale 89,436 40,801 46,948
Loans receivable, net 1,643,704 1,648,378 1,633,116
Mortgage loans held for sale 13,475 3,903 6,865
Interest and dividends receivable 6,411 6,298 6,553
Real estate owned, net 1,348 1,141 1,182
Premises and equipment, net 21,216 21,336 19,776
Servicing asset 6,817 7,229 8,071
Bank Owned Life Insurance 39,566 39,135 39,073
Other assets 17,111 15,976 13,068
---------- ---------- ----------
Total assets $1,909,585 $1,857,946 $1,874,239
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Deposits $1,364,570 $1,274,132 $1,299,306
Securities sold under agreements
to repurchase with retail
customers 77,246 62,422 73,735
Federal Home Loan Bank advances 258,000 359,900 329,000
Other borrowings 27,500 27,500 28,025
Advances by borrowers for taxes
and insurance 8,716 7,581 8,881
Other liabilities 11,644 6,628 10,903
---------- ---------- ----------
Total liabilities 1,747,676 1,738,163 1,749,850
---------- ---------- ----------
Stockholders' equity:
Preferred stock, $.01 par value,
$1,000 liquidation preference,
5,000,000 shares authorized,
38,263 shares issued at
June 30, 2009 37,285 -- --
Common stock, $.01 par value,
55,000,000 shares authorized,
27,177,372 shares issued and
12,371,768, 12,364,573 and
12,364,573 shares outstanding at
June 30, 2009, December 31, 2008,
and June 30, 2008, respectively 272 272 272
Additional paid-in capital 205,949 204,298 203,799
Retained earnings 162,088 160,267 157,728
Accumulated other
comprehensive loss (13,356) (14,462) (6,673)
Less: Unallocated common stock
held by Employee Stock
Ownership Plan (4,923) (5,069) (5,214)
Treasury stock, 14,805,604,
14,812,799 and 14,812,799
shares at June 30, 2009,
December 31, 2008 and
June 30, 2008,
respectively (225,406) (225,523) (225,523)
Common stock acquired by Deferred
Compensation Plan 970 981 978
Deferred Compensation
Plan Liability (970) (981) (978)
---------- ---------- ----------
Total stockholders' equity 161,909 119,783 124,389
---------- ---------- ----------
Total liabilities and
stockholders' equity $1,909,585 $1,857,946 $1,874,239
========== ========== ==========
OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the three For the six
months months
ended June 30, ended June 30,
---------------- ----------------
2009 2008 2009 2008
---------------- ----------------
(Unaudited) (Unaudited)
Interest income:
Loans $22,791 $24,103 $45,963 $49,105
Mortgage-backed securities 873 573 1,641 1,184
Investment securities and other 552 991 1,002 2,900
------- ------- ------- -------
Total interest income 24,216 25,667 48,606 53,189
------- ------- ------- -------
Interest expense:
Deposits 4,777 6,707 9,873 14,571
Borrowed funds 3,285 4,698 6,918 10,120
------- ------- ------- -------
Total interest expense 8,062 11,405 16,791 24,691
------- ------- ------- -------
Net interest income 16,154 14,262 31,815 28,498
Provision for loan losses 1,200 400 2,000 775
------- ------- ------- -------
Net interest income after
provision for loan losses 14,954 13,862 29,815 27,723
------- ------- ------- -------
Other income:
Loan servicing income (loss) 9 81 (221) 172
Fees and service charges 2,585 2,900 5,103 5,668
Net gain (loss) on sales of loans
and securities available for sale 1,352 (718) 2,025 (122)
Net gain from other real
estate operations 6 39 5 18
Income from Bank Owned
Life Insurance 201 309 431 642
Other 2 9 6 11
------- ------- ------- -------
Total other income 4,155 2,620 7,349 6,389
------- ------- ------- -------
Operating expenses:
Compensation and employee benefits 5,738 5,806 11,565 11,740
Occupancy 1,814 1,195 3,289 2,396
Equipment 501 454 950 965
Marketing 380 453 704 847
Federal deposit insurance 1,405 341 1,907 651
Data processing 858 748 1,693 1,597
Legal 520 524 1,097 1,072
Check card processing 254 247 505 499
Accounting and audit 171 290 331 539
General and administrative 1,599 1,310 2,982 2,697
------- ------- ------- -------
Total operating expenses 13,240 11,368 25,023 23,003
------- ------- ------- -------
Income before provision for
income taxes 5,869 5,114 12,141 11,109
Provision for income taxes 2,270 1,579 4,589 3,568
------- ------- ------- -------
Net income 3,599 3,535 7,552 7,541
Dividends on preferred stock
and warrant accretion 538 -- 996 --
------- ------- ------- -------
Net income available to common
stockholders $ 3,061 $ 3,535 $ 6,556 $ 7,541
======= ======= ======= =======
Basic earnings per share $ 0.26 $ 0.30 $ 0.56 $ 0.65
======= ======= ======= =======
Diluted earnings per share $ 0.26 $ 0.30 $ 0.56 $ 0.64
======= ======= ======= =======
Average basic shares outstanding 11,710 11,666 11,703 11,653
======= ======= ======= =======
Average diluted shares outstanding 11,757 11,740 11,750 11,709
======= ======= ======= =======
OceanFirst Financial Corp.
SELECTED CONSOLIDATED FINANCIAL DATA
(in thousands, except per share amounts)
At At At
June 30, Dec 31, June 30,
2009 2008 2008
------- ------- -------
STOCKHOLDERS' EQUITY
--------------------
Stockholders' equity to total assets 8.48% 6.45% 6.64%
Common shares outstanding (in thousands) 12,372 12,365 12,365
Stockholders' equity per common share $ 10.09 $ 9.69 $ 10.06
Tangible stockholders' equity
per common share 10.09 9.69 10.06
ASSET QUALITY
-------------
Non-performing loans:
Real estate - one-to-four family $12,290 $ 8,696 $ 7,652
Commercial real estate 5,361 5,527 4,770
Construction 67 -- 233
Consumer 2,517 1,435 1,214
Commercial 702 385 538
------- ------- -------
Total non-performing loans 20,937 16,043 14,407
REO, net 1,348 1,141 1,182
------- ------- -------
Total non-performing assets $22,285 $17,184 $15,589
======= ======= =======
Allowance for loan losses $12,758 $11,665 $10,919
======= ======= =======
Allowance for loan losses as a
percent of total loans receivable 0.77% 0.70% 0.66%
Allowance for loan losses as a percent of
non-performing loans 60.94 72.71 75.79
Non-performing loans as a percent of
total loans receivable 1.26 0.97 0.87
Non-performing assets as a percent of total
Assets 1.17 0.92 0.83
For the three For the six
months ended months ended
June 30, June 30,
---------------- ----------------
2009 2008 2009 2008
---- ---- ---- ----
PERFORMANCE RATIOS (ANNUALIZED)
-------------------------------
Return on average assets 0.76% 0.75% 0.80% 0.79%
Return on average stockholders'
equity 9.15 11.51 9.79 12.25
Interest rate spread 3.33 2.91 3.29 2.90
Interest rate margin 3.56 3.16 3.52 3.15
Operating expenses to
average assets 2.78 2.40 2.64 2.42
Efficiency ratio 65.19 67.34 63.89 65.94
OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(in thousands)
LOANS RECEIVABLE
----------------
At June 30, At Dec 31,
2009 2008
---------- ----------
Real estate:
One-to-four family $1,012,013 $1,039,375
Commercial real estate, multi-family and land 364,475 329,844
Construction 10,150 10,561
Consumer 218,784 222,797
Commercial 62,112 59,760
---------- ----------
Total loans 1,667,534 1,662,337
Loans in process (2,602) (3,586)
Deferred origination costs, net 5,005 5,195
Allowance for loan losses (12,758) (11,665)
---------- ----------
Total loans, net 1,657,179 1,652,281
Less: mortgage loans held for sale 13,475 3,903
---------- ----------
Loans receivable, net $1,643,704 $1,648,378
========== ==========
Mortgage loans serviced for others $961,637 $977,410
Loan pipeline 109,563 69,751
For the three For the six
months ended months ended
June 30, June 30,
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Loan originations $198,437 $101,032 $325,686 $190,016
Loans sold 82,670 31,091 131,108 59,098
Net charge-offs 461 220 907 324
DEPOSITS
--------
At June 30, At Dec 31,
2009 2008
---------- ----------
Type of Account
---------------
Non-interest-bearing $ 112,047 $ 97,278
Interest-bearing checking 589,144 517,334
Money market deposit 92,604 84,928
Savings 224,082 207,224
Time deposits 346,693 367,368
---------- ----------
$1,364,570 $1,274,132
========== ==========
OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
FOR THE THREE MONTHS ENDED JUNE 30,
-----------------------------------------------------
2009 2008
------------------------- -------------------------
AVG. AVG.
AVERAGE YIELD/ AVERAGE YIELD/
BALANCE INTEREST COST BALANCE INTEREST COST
-----------------------------------------------------
(Dollars in thousands)
Assets
Interest-earning
assets:
Interest-earning
deposits and
short-term
investments $ -- $ -- --% $ 17,843 $ 81 1.82%
Investment
securities (1) 55,822 288 2.06 63,245 484 3.06
FHLB stock 17,117 264 6.17 19,862 426 8.58
Mortgage-backed
securities (1) 93,215 873 3.75 48,408 573 4.73
Loans
receivable,
net (2) 1,650,217 22,791 5.52 1,654,792 24,103 5.83
---------- ------- ---- ---------- ------- ----
Total interest
-earning
assets 1,816,371 24,216 5.33 1,804,150 25,667 5.69
------- ---- ------- ----
Non-interest
-earning assets 85,951 92,239
---------- ----------
Total assets $1,902,322 $1,896,389
========== ==========
Liabilities and
Stockholders'
Equity
Interest-bearing
liabilities:
Transaction
deposits $ 885,946 2,504 1.13 $ 777,350 3,053 1.57
Time deposits 353,608 2,273 2.57 423,120 3,654 3.45
---------- ------- ---- ---------- ------- ----
Total 1,239,554 4,777 1.54 1,200,470 6,707 2.23
Borrowed funds 375,891 3,285 3.50 443,202 4,698 4.24
---------- ------- ---- ---------- ------- ----
Total interest
-bearing
liabilities 1,615,445 8,062 2.00 1,643,672 11,405 2.78
------- ---- ------- ----
Non-interest
-bearing
deposits 111,895 112,730
Non-interest
-bearing
liabilities 17,668 17,156
---------- ----------
Total
liabilities 1,745,008 1,773,558
Stockholders'
equity 157,314 122,831
---------- ----------
Total
liabilities
and
stockholders'
equity $1,902,322 $1,896,389
========== ==========
Net interest
income $16,154 $14,262
======= =======
Net interest
rate spread (3) 3.33% 2.91%
==== ====
Net interest
margin (4) 3.56% 3.16%
==== ====
FOR THE SIX MONTHS ENDED JUNE 30,
-----------------------------------------------------
2009 2008
------------------------- -------------------------
AVG. AVG.
AVERAGE YIELD/ AVERAGE YIELD/
BALANCE INTEREST COST BALANCE INTEREST COST
-----------------------------------------------------
(Dollars in thousands)
Assets
Interest-earning
assets:
Interest
-earning
deposits and
short-term
investments $ -- $ -- --% $ 11,634 $ 142 2.44%
Investment
securities (1) 55,978 589 2.10 62,931 1,851 5.88
FHLB stock 18,104 413 4.56 20,918 907 8.67
Mortgage-backed
securities (1) 84,899 1,641 3.87 50,503 1,184 4.69
Loans
receivable,
net (2) 1,651,158 45,963 5.57 1,662,431 49,105 5.91
---------- ------- ---- ---------- ------- ----
Total interest
-earning
assets 1,810,139 48,606 5.37 1,808,417 53,189 5.88
------- ---- ------- ----
Non-interest
-earning assets 85,903 94,964
---------- ----------
Total assets $1,896,042 $1,903,381
========== ==========
Liabilities and
Stockholders'
Equity
Interest-bearing
liabilities:
Transaction
deposits $ 865,581 5,157 1.19 $ 758,864 6,344 1.67
Time deposits 356,854 4,716 2.64 433,269 8,227 3.80
---------- ------- ---- ---------- ------- ----
Total 1,222,435 9,873 1.62 1,192,133 14,571 2.44
Borrowed funds 393,447 6,918 3.52 462,853 10,120 4.37
---------- ------- ---- ---------- ------- ----
Total interest
-bearing
liabilities 1,615,882 16,791 2.08 1,654,986 24,691 2.98
------- ---- ------- ----
Non-interest
-bearing
deposits 108,629 108,584
Non-interest
-bearing
liabilities 17,308 16,649
---------- ----------
Total
liabilities 1,741,819 1,780,219
Stockholders'
equity 154,223 123,162
---------- ----------
Total
liabilities
and
stockholders'
equity $1,896,042 $1,903,381
========== ==========
Net interest
income $31,815 $28,498
======= =======
Net interest
rate spread (3) 3.29% 2.90%
==== ====
Net interest
margin (4) 3.52% 3.15%
==== ====
(1) Amounts are recorded at average amortized cost.
(2) Amount is net of deferred loan fees, undisbursed loan funds,
discounts and premiums and estimated loss allowances and
includes loans held for sale and non-performing loans.
(3) Net interest rate spread represents the difference between
the yield on interest-earning assets and the cost of
interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by
average interest-earning assets.
Contact:
OceanFirst Financial Corp.
Michael J. Fitzpatrick, Chief Financial Officer
(732)240-4500, ext. 7506
Fax: (732)349-5070
email:Mfitzpatrick@oceanfirst.com
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