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Oceanfirst Financial Corp. 2016 Annual Report

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Oceanfirst Financial Corp. 2016 Annual Report 2016 ANNUAL REPORT OCEANFIRST FINANCIAL CORP. operates as the holding company for OceanFirst Bank, a community-oriented financial institution offering a wide variety of financial services to meet the needs of the communities it serves throughout central and southern New Jersey. The Bank provides commercial and residential financing solutions, wealth management, and deposit services. OceanFirst Bank is the fourth largest New Jersey-based banking institution by deposit market share. New York Philadelphia ✪ Philadelphia Headquarters Retail Branches, Loan Production Offices, and Wealth Management Offices FINANCIAL SUMMARY (dollars in thousands, except per share amounts) At or for the year ended December 31, 2016 2015 2014 2013 SELECTED FINANCIAL CONDITION DATA: Total assets $5,167,052 $2,593,068 $2,356,714 $ 2,249,711 Loans receivable, net 3,803,443 1,970,703 1,688,846 1,541,460 Deposits 4,187,750 1,916,678 1,720,135 1,746,763 Stockholders’ equity 572,038 238,446 218,259 214,350 SELECTED OPERATING DATA: Net interest income 120,262 76,829 72,348 70,529 Other income 20,412 16,426 18,577 16,458 Operating expenses(1) 102,852 60,775 57,764 59,244 Net income(1) 23,046 20,322 19,920 16,330 Diluted earnings per share(1) 0.98 1.21 1.19 0.95 SELECTED FINANCIAL RATIOS: Tangible stockholders’ equity per share 12.95 13.67 12.91 12.33 Cash dividend per share 0.54 0.52 0.49 0.48 Tangible stockholders’ equity to total tangible assets 8.30% 9.12% 9.26% 9.53 % Return on average assets(1) 0.62 0.82 0.86 0.71 Return on average tangible stockholders’ equity(1) 7.13 8.96 9.18 7.51 Net interest rate spread 3.38 3.18 3.23 3.16 Net interest rate margin 3.47 3.28 3.31 3.24 Operating expenses to average assets(1) 2.76 2.47 2.50 2.58 Efficiency ratio(1) 73.11 65.17 63.53 68.11 Non-performing loans as a percent of total loans receivable 0.35 0.91 1.06 2.88 (1) Amounts and performance ratios for 2016 include merger related expenses of $16.5 million and an advance prepayment fee of $136,000 with a combined after-tax cost of $11.8 million, or $0.51 per diluted share. Amounts and performance ratios for 2015 include merger related expenses of $1.9 million with an after-tax cost of $1.3 million, or $0.08 per diluted share. Amounts and performance ratios for 2013 include expenses related to the prepayment of advances of $4.3 million and the consolidation of two branches into newer, in-market facilities, at a cost of $579,000 with a combined after-tax cost of $3.1 million, or $0.19 per diluted share. OceanFirst Milestones—115 Years of Growth OceanFirst Foundation Founded Exceeds $25 Million in Cape Bancorp Ocean Shore Point Pleasant, NJ Cumulative Grants Acquired Holding Co. Acquired IPO to Mutual Created OceanFirst Colonial American Depositors Foundation Bank Acquired 1902 1985 1996 1999 2000 2014 2015 2016 2017 Branch Expansion into Branch Expansion into Commercial LPO Middlesex County Monmouth County Expansion into Mercer County Established Established Trust and Commercial Lending Asset Management OCEANFIRST FINANCIAL CORP. NASDAQ: OCFC LETTER TO SHAREHOLDERS April 11, 2017 Dear Fellow Shareholders: 2016 proved to be a transformative year for our Company. OceanFirst continued to build on its successful strategy by employing our relationship-focused community bank model while also completing two significant acquisitions. The acquisition of Cape Bank provided excellent deposit funding, enabling OceanFirst to expand throughout southern New Jersey and westward into the Philadelphia metropolitan area, introducing important new markets for our commercial lending business, and providing the additional operating scale to compete in an increasingly complex environment. The Cape Bank acquisition was announced in January 2016, closed in May 2016, and was fully integrated into the OceanFirst family in October 2016. The Ocean City Home Bank acquisition provided the rare and unique opportunity to welcome more customers and staff along the southern New Jersey shore while also strengthening the Bank’s residential lending business, a business in which Ocean City Home Bank had excelled. The Ocean City Home Bank acquisition was announced in July 2016, closed in November 2016, and the full integration is on schedule for completion in May 2017. Each of these individual transactions would have been worthy on its own merits; however, the combination of both delivered enhanced value for our franchise. Building Earnings Momentum 6 Strategic Growth Total assets at the Bank have grown 99% in 2016 $5.2 and now exceed $5.1 billion, making OceanFirst 5 the dominant community bank in central and southern New Jersey and one of the largest 4 banks headquartered in New Jersey. The best $35.0 illustration of the future earnings performance $2.6 3 of our franchise is the growth in core earnings.(1) $2.4 $2.3 $21.6 The core earnings run rate in the fourth quarter $19.4 $20.0 $1.49 2 of 2016 was $10.6 million, an 86% increase over 1.5 the $5.7 million in1.2 the fourth quarter of 2015. $1.29 0.9 $1.19 1 This improvement0.6 in earnings translated into $1.14 a 15% increase in0.3 core earnings per share and 0.0 0 supported an increase in our quarterly cash 2013 2014 2015 2016 dividend to $0.15 per share, which is also a 15% (1) Core Diluted Earnings Per Share increase over the prior year. Of course, the goal Annual Core Earnings of increasing shareholder value is ongoing In millions Total Assets and we plan to continue to improve operating In billions performance as these integrations mature. (1) Refer to footnote on previous page OCEANFIRST FINANCIAL CORP. NASDAQ: OCFC The external environment was volatile throughout the OCFC Stock Price Dollars in thousands year, especially in the period since the presidential election in November. The year-end economic outlook $30.03 strengthened, as evidenced by strong employment $20.03 gains, a significant boost to consumer and corporate confidence, and the Federal Reserve Bank’s adoption $17.14 $17.13 of a tighter monetary policy. As we discussed at length in the 2014 Annual Report, the Bank has carefully and deliberately been managing interest rate risk for the past several years, a practice that certainly had dampened short-term profitability. However, careful management of deposit funding costs, conservative 2013 2014 2015 2016 loan terms, and the acquisition of two well-funded banks combined to put the Bank in an enviable position as the interest rate cycle appears to be turning. Total shareholder return for the year of 54% was exceptional as the market valued the future opportunities for our franchise and acknowledged the care that we have implemented in completing the acquisitions to date. Commercial Banking The lending landscape in 2016 was complicated by two factors. Economic conditions in the first half of the year appeared to be weakening while the integration of Improving Asset Quality Dollars in thousands acquired loan portfolios in the second half of the year required that we take action to ensure the Bank’s 2.88% 3.0% balance sheet would demonstrate the conservative 2.5% credit risk position that is central to our risk management strategy. Asset quality improved 2.0% dramatically during the year as non-performing 1.5% loans as a percent of total loans decreased from 1.06% 0.91% 0.91% of total loans to just 0.35%, a reduction of 61%. 1.0% The strategy to reduce credit risk was especially 0.35% important as there was significant uncertainty 0.5% regarding economic conditions during the election 0% 2013 2014 2015 2016 year. However, the workout of underperforming Non-performing loans as a percent of total loans OCEANFIRST FINANCIAL CORP. NASDAQ: OCFC loans, loan sales, and portfolio management activities resulted in modest loan portfolio attrition in the second half of 2016. Loan originations were strong, with $483 million in total loan originations throughout 2016, and the year ended with a strong pipeline entering 2017. Loan portfolio growth in 2017 is targeted to return to the pace we achieved during 2013 through 2016. Deposit Growth Deposit growth was strong, both organically and as a result of the acquisition of two high quality deposit portfolios. Organic deposit growth totaled $150 million, a respectable figure given the fierce competition for deposits in our markets. In addition, the acquisitions contributed $2.1 billion of low cost deposits. Deposit retention Excellent Deposit Funding Dollars in millions, as of December 31, 2016 has been strong as the deposit bases acquired Total Deposits $4,188 from Colonial American Bank, Cape Bank, and Money Market & Savings Non-Interest Checking Ocean City Home Bank have all experienced $1,131 $783 net deposit growth since each acquisition. The result of our disciplined approach to deposit gathering has produced a deposit profile that should prove valuable in the event interest rates Certificates of Deposit Interest Checking $647 $1,627 increase, as expected in the coming quarters. Direct Banking and Branch Distribution Consumer preferences continue to place a high value on convenience. However, the customers’ definition of convenience is rapidly changing with an emphasis on accessibility through mobile devices, alternative payment systems, and digital, rather than paper-based communications. The Bank has made substantial investments in customer delivery technology but must also offset those investments by transforming the retail bank branch. Our goal is to provide excellent customer service within an efficient delivery model.
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