Business Context and Reporting Period
Company: OceanFirst Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: January 23, 2012
Event Date: January 20, 2012 (Earnings Conference Call)
Reporting Period Affected: Quarter ended December 31, 2011
Key Financial Metrics
This filing corrects specific operational metrics regarding loan activity for the quarter ended December 31, 2011. The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
| Metric | Corrected Value (Q4 2011) | Incorrectly Stated Value (Q4 2011) | Actual Period for Incorrect Value |
|---|---|---|---|
| Loan Originations | $92 million | $156 million | Q4 2010 |
| Loans Sold | $39 million | $64 million | Q4 2010 |
Material Changes and Corrections
Management disclosed an error made during an earnings conference call on January 20, 2012. In response to a question, management incorrectly cited loan origination and loan sale figures for the quarter ended December 31, 2010, as if they were for the quarter ended December 31, 2011. The correct figures for Q4 2011 were previously and accurately reported in the company's press release dated January 19, 2012.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of new risks or contingencies. The sole purpose of this report is to correct a misstatement of historical data under Regulation FD.
Investor Verification Checklist
- Verify the corrected loan origination figure of $92 million for Q4 2011 against the January 19, 2012 press release.
- Confirm the corrected loans sold figure of $39 million for Q4 2011 against the January 19, 2012 press release.
- Note that the previously stated figures ($156 million originations and $64 million sold) actually pertain to Q4 2010.