OceanFirst Financial Corp. (OCFC) Bundle
An Overview of OceanFirst Financial Corp. (OCFC)
General Summary of OceanFirst Financial Corp. (OCFC)
OceanFirst Financial Corp. is a bank holding company headquartered in Toms River, New Jersey, with total assets of $15.3 billion as of December 31, 2023.
| Company Metrics | 2023 Values |
|---|---|
| Total Assets | $15.3 billion |
| Total Deposits | $11.8 billion |
| Number of Branches | 93 |
The company provides financial services including:
- Commercial banking
- Retail banking
- Wealth management
- Mortgage lending
Financial Performance
| Financial Metric | 2023 Performance |
|---|---|
| Net Income | $197.2 million |
| Earnings Per Share | $2.87 |
| Return on Equity | 10.2% |
Industry Leadership
OceanFirst Financial Corp. ranks among the top regional banks in New Jersey, with a strong market presence and consistent financial performance.
- Ranked 1st in New Jersey regional bank market share
- Recognized for exceptional customer service
- Continuous expansion through strategic acquisitions
Mission Statement of OceanFirst Financial Corp. (OCFC)
Mission Statement Overview
OceanFirst Financial Corp. (OCFC) operates with a mission statement focused on community banking and financial services delivery.
Core Mission Components
| Component | Specific Details | 2024 Metrics |
|---|---|---|
| Community Banking | Regional financial services in New Jersey | 38 branch locations |
| Customer Service | Personalized banking solutions | $14.2 billion total assets |
| Financial Performance | Sustainable growth strategy | $1.06 billion market capitalization |
Strategic Focus Areas
- Provide comprehensive banking solutions
- Maintain strong community relationships
- Deliver competitive financial products
Performance Metrics
| Financial Indicator | 2024 Value |
|---|---|
| Return on Equity | 9.7% |
| Net Interest Margin | 3.42% |
| Efficiency Ratio | 54.3% |
Operational Commitments
Key operational priorities include:
- Digital banking innovation
- Risk management
- Sustainable financial practices
Vision Statement of OceanFirst Financial Corp. (OCFC)
Vision Statement Overview of OceanFirst Financial Corp. (OCFC)
OceanFirst Financial Corp. vision statement focuses on strategic positioning in the financial services landscape as of 2024.
Strategic Vision Components
Regional Banking LeadershipOceanFirst Financial Corp. aims to maintain its market position in the New Jersey and Mid-Atlantic banking region.
| Market Metric | 2024 Status |
|---|---|
| Total Assets | $17.4 billion |
| Market Share in New Jersey | 4.7% |
| Number of Branch Locations | 163 |
- Mobile Banking Platform Users: 276,000
- Digital Transaction Volume: $2.3 billion annually
- Online Account Opening Rate: 42% of new accounts
Financial Performance Vision
OceanFirst targets sustainable growth through strategic acquisitions and operational efficiency.
| Financial Metric | 2024 Target |
|---|---|
| Return on Equity (ROE) | 10.2% |
| Net Interest Margin | 3.35% |
| Efficiency Ratio | 55.6% |
OceanFirst maintains focus on community-centric banking approach in its core markets.
- Community Development Investments: $47 million
- Small Business Loan Portfolio: $1.2 billion
- Local Economic Support Programs: 38 active initiatives
Core Values of OceanFirst Financial Corp. (OCFC)
Core Values of OceanFirst Financial Corp. (OCFC) in 2024
Customer-Centric Approach
OceanFirst Financial Corp. demonstrates a commitment to customer service through measurable metrics:
| Customer Satisfaction Rate | 87.6% |
| Digital Banking Engagement | 68% of customers |
| Mobile Banking Users | 245,000 |
Community Investment
Community investment initiatives in 2024 include:
- Total Community Development Investments: $12.3 million
- Local Nonprofit Partnerships: 47 organizations
- Small Business Loan Support: $89.6 million
Ethical Banking Practices
| Compliance Audit Scores | 99.4% |
| ESG Rating | AA (MSCI) |
| Sustainable Finance Commitments | $276 million |
Employee Development
Employee engagement and development metrics:
- Total Employee Training Hours: 42,500
- Internal Promotion Rate: 34%
- Employee Satisfaction Score: 85%
Technological Innovation
| Annual Technology Investment | $37.2 million |
| Cybersecurity Budget | $8.6 million |
| Digital Transformation Initiatives | 12 major projects |
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