OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank that provides various financial services to meet the needs of the communities it serves. The company’s principal business has been and continues to be attracting deposits from the general public in the communities surrounding its branch offices and investing those deposits primarily in single-family, owner-occupied residential mortgage loans and commercial real estate loans, a key focus of the company. The company also invests in other types of loans, including multi-family, construction, consumer, and commercial loans. Market Area The company conducts its business through an administrative/branch office located in Toms River, New Jersey; and 22 additional branch offices. 18 of the offices are located in Ocean County, New Jersey, with 4 branches in Monmouth County and 1 in Middlesex County. The company also operates a trust and asset management office in Manchester, New Jersey. In April 2013, the company expanded its market presence in Monmouth County with the opening of its full service Financial Solutions Center in Red Bank, offering deposit, lending, and trust and asset management services. The company’s deposit gathering and lending activities are concentrated in the markets surrounding its branch office network. Lending Activities The company’s loan portfolio consists primarily of conventional first mortgage loans secured by one-to-four family residences. One-to-Four Family Mortgage Lending: The company offers both fixed-rate and adjustable-rate mortgage (ARM) loans secured by one-to-four family residences with maturities up to 30 years. The majority of such loans are secured by property located in the company’s primary market area. The company’s fixed-rate mortgage loans are made for terms from 10 to 30 years. The company sells some of the fixed-rate residential mortgage loans that it originates. Commercial Real Estate, Multi-Family, and Land Lending: The company originates commercial real estate loans that are secured by properties, or properties under construction, used for business purposes, such as office buildings or retail facilities. A majority of the company’s commercial real estate loans are located in its primary market area. The company originates commercial real estate loans with terms of approximately 10 years and amortization schedules approximately 30 years with fixed or adjustable rates. The commercial real estate portfolio includes loans for the construction of commercial properties. The company also originates multi-family mortgage loans and land loans on a limited basis. Residential Construction Lending: The company originates residential construction loans primarily on a construction/permanent basis with such loans converting to an amortizing loan following the completion of the construction phase. Majority of its residential construction loans are made to individuals building their residence. Consumer Loans: The company also offers consumer loans. It originates home equity loans secured by first or second liens on one-to-two family residences. These loans are originated as fixed-rate loans with terms ranging from 5 to 20 years. Commercial and Industrial Lending: The company originates commercial and industrial loans, and lines of credit (including for working capital, fixed asset purchases, and acquisition, receivable, and inventory financing) primarily in its market area. Investment Securities The company invests in various mortgage-backed securities (including ARM, balloon, and fixed-rate securities that are directly insured or guaranteed by either Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, or Government National Mortgage Association), securities issued by the U.S. government and agencies thereof, corporate securities, and other investments permitted by applicable law and regulations. Deposits The company offers various deposit accounts with a range of interest rates and terms to retail, government, and business customers. The company’s deposits consist of money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits. Regulation and Supervision The company is a savings and loan holding company subject to regulation by the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission. The bank is subject to regulation and supervision by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC). The bank is a member of the Federal Home Loan Bank System, and with respect to deposit insurance, of the Deposit Insurance Fund managed by the FDIC. Deposit accounts at the bank are insured by the Deposit Insurance Fund of the FDIC. History OceanFirst Financial Corp. was founded in 1902.
oceanfirst financial corp
(OCFC:Consolidated Issue Listed on NASDAQ Global Select )
975 Hooper Avenue
Toms River, NJ 08753
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