OceanFirst Financial Corp: Credit analysis following initial rating assignment
Our credit view of this issuer reflects its sizeable CRE concentration, solid historical asset quality performance, robust capitalization and deposit funding.OceanFirst Financial is a bank holding company. Through its subsidiary, OceanFirst Bank N.A. (the Bank), the company accepts retail and business deposits in the communities surrounding its branch offices and invests those deposits primarily in loans, consisting of commercial real estate and other commercial loans, and single-family, owner-occupied residential mortgage loans. The Bank also invests in other types of loans, including residential construction and consumer loans. The Bank also provides loan and deposit products, Bankcard services, wealth management services and sells alternative investment products including mutual funds, annuities and life insurance.
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