Business Context and Reporting Period
Company: OceanFirst Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: October 19, 2023
Reporting Period: Third Quarter ended September 30, 2023
This filing serves as a notification of the Company's financial results for the quarter ended September 30, 2023, and the declaration of dividends. Detailed financial metrics are contained in the attached press release (Exhibit 99.1) and investor presentation (Exhibit 99.2), which are not included in the text of this 8-K.
Key Financial Metrics
The text of this Form 8-K does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are referenced as being available in the attached press release (Exhibit 99.1).
Material Changes and Corporate Actions
The filing announces the following material corporate actions declared by the Board of Directors:
- Series A Preferred Stock Dividend: A quarterly cash dividend of $0.4375 per depositary share (representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock).
- Common Stock Dividend: A regular quarterly cash dividend of $0.20 per share on outstanding common stock.
Guidance, Outlook, and Risks
Investor Communications: The Company scheduled presentations for current and prospective investors to occur after October 19, 2023. A copy of the presentation is attached as Exhibit 99.2.
Risks and Contingencies: No specific risks, contingencies, or unusual items are detailed within the text of this 8-K filing. The filing notes that the presentation materials are furnished and not deemed "filed" for any purpose.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q3 2023 revenue, net income, and earnings per share figures.
- Verify the record dates for dividend eligibility: October 31, 2023 (Preferred) and November 6, 2023 (Common).
- Confirm payment dates: November 15, 2023 (Preferred) and November 17, 2023 (Common).
- Access Exhibit 99.2 for management's commentary and outlook provided in the investor presentation.