| Business Summary | | OceanFirst
Financial
was
organized
by
the
Board
of
Directors
of
OceanFirst
Bank
(the
Bank)
for
the
purpose
of
acquiring
all
of
the
capital
stock
of
the
Bank
issued
in
connection
with
the
Bank's
conversion
from
mutual
to
stock
form.
The
principal
business
has
been,
and
continues
to
be,
attracting
retail
deposits
from
the
general
public
in
the
communities
surrounding
its
branch
offices.
In
addition,
the
Bank
invests
those
deposits,
together
with
funds
generated
from
operations
and
borrowings,
in
single-family,
owner-occupied
residential
mortgage
loans
within
its
market
area.
To
a
lesser
extent,
the
Bank
invests
in
commercial
real
estate,
multi-family,
construction,
consumer
and
commercial
loans.
On
August
18,
2000
the
Bank
acquired
Columbia
Equities,
Ltd.,
a
mortgage
banking
company,
in
a
transaction
accounted
for
as
a
purchase.
At
December
31,
2000,
the
Company
had
consolidated
total
assets
of
$1.6
billion
and
total
equity
of
$157.7
million. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | OceanFirst
Financial
Corp.
is
a
bank
holding
company
for
Ocean
Federal
Savings
Bank,
with
13
branches
in
New
Jersey.
For
the
six
months
ended
6/30/01,
interest
income
rose
4%
to
$58.7
million.
Net
interest
income
after
loss
provision
rose
2%
to
$25.2
million.
Net
income
decreased
2%
to
$8.5
million.
Net
interest
income
reflects
loan
growth,
partially
offset
by
higher
interest
costs.
Earnings
were
offset
by
higher
compensation
and
benefits
expenses. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| John Garbarino, 51 Chairman,
Pres, CEO of the Company and the Bank | $715K | Robert Pardes, 42 Exec.
VP of the Bank | -- | Michael Fitzpatrick, 45 Exec.
VP and CFO of the Company and Bank | 302K | Jack Cussen Exec. VP, Financial Services | -- | John Kelly, 51 Sr
VP & Corp. Sec. of the Company Sr VP & Gen. Counsel of the Bank. | 230K | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|