Oceanfirst Financial Corp
Business Description
The Company has been the holding company for the Bank since it acquired the stock
of the Bank upon the Bank’s conversion from a Federally-chartered mutual
savings bank to a Federally-chartered capital stock savings bank in 1996 (the
“Conversion”). The Bank’s principal business has been and continues
to be attracting retail and business deposits in the communities surrounding its
branch offices and investing those deposits primarily in loans, consisting of
commercial real estate and other commercial loans which have become a key focus
of the Bank and single-family, owner-occupied residential mortgage loans. The
Bank also invests in other types of loans, including residential construction
and consumer loans. In addition, the Bank invests in mortgage-backed securities
(“MBS”), securities issued by the U.S. Government and agencies thereof,
corporate securities and other investments permitted by applicable law and regulations.
The Bank’s revenues are derived principally from interest on its loans,
and to a lesser extent, interest on its investment and mortgage-backed securities.
The Bank also receives income from fees and service charges on loan and deposit
products, wealth management services, Bankcard services and the sale of alternative
investment products, e.g., mutual funds, annuities and life insurance. The Bank’s
primary sources of funds are deposits, principal and interest payments on loans,
investments and mortgage-backed securities, investment maturities, proceeds from
the sale of loans, Federal Home Loan Bank (“FHLB”) advances and other
borrowings.
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