OCFC · Financials(national commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Of the $1.2 billion its operations generated over 10 years, 33.0% went to dividends and 14.5% back into the business; the share count rose 144.1%. On the accounting screens, it passes 4 of 6 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital18.1%14.2% on average over 5 years
Free cash flow after stock pay74.6M
Net debt ÷ EBITDA0.3×net debt 120.1M
Piotroski F-score4/6tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200M400M600M
2016Operating income 48.4M
2017Operating income 84.9M
2018Operating income 121.7M
2019Operating income 160.2M
2020Operating income 147.7M
2021Operating income 179.0M
2022Operating income 247.6M
2023Operating income 375.0M
2024Operating income 464.7M
2025Operating income 452.7M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+22.3%
+25.1%
+28.2%
Net income
-21.5%
+2.3%
+13.3%
Earnings per share
-20.8%
+3.2%
+2.6%
Free cash flow per share
-29.7%
-6.7%
+2.2%
Dividend per share
+1.4%
+3.3%
+5.1%
Shares
-0.8%
-0.9%
+10.4%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capital
Return on invested capital
0%5%10%15%20%
2016
2017
2018
2019
2020Return on invested capital 6.7%
2021Return on invested capital 7.9%
2022Return on invested capital 10.6%
2023Return on invested capital 15.4%
2024Return on invested capital 18.8%
2025Return on invested capital 18.1%
2016201720182019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
4.3%
Return on assets
0.5%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0100M200M300M
2016Net income 23.0MFree cash flow 26.8MAfter stock-based pay 25.2M
2017Net income 42.5MFree cash flow 31.4MAfter stock-based pay 29.3M
2018Net income 71.9MFree cash flow 81.1MAfter stock-based pay 78.0M
2019Net income 88.6MFree cash flow 95.2MAfter stock-based pay 91.3M
2020Net income 63.3MFree cash flow 117.9MAfter stock-based pay 113.7M
2021Net income 110.1MFree cash flow 117.9MAfter stock-based pay 112.5M
2022Net income 146.6MFree cash flow 234.3MAfter stock-based pay 227.7M
2023Net income 104.0MFree cash flow 116.6MAfter stock-based pay 110.7M
2024Net income 100.1MFree cash flow 84.7MAfter stock-based pay 78.6M
2025Net income 71.0MFree cash flow 79.5MAfter stock-based pay 74.6M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
1.2B generated by the business. Each band is its share of that total.
Reinvested in the business 15%167.8M
Acquisitions 13%155.5M
Dividends 33%381.0M
Share buybacks 12%143.4M
Kept, or used to pay down debt 26%305.4M
Over the same years it paid 43.7M in stock. The share count rose 144.1%. 99.7M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0$1$2$3$4
2016Earnings per share $0.98Free cash flow per share $1.14Dividend per share $0.54
2017Earnings per share $1.28Free cash flow per share $0.95Dividend per share $0.58
2018Earnings per share $1.51Free cash flow per share $1.70Dividend per share $0.62
2019Earnings per share $1.75Free cash flow per share $1.88Dividend per share $0.67
2020Earnings per share $1.05Free cash flow per share $1.96Dividend per share $0.71
2021Earnings per share $1.85Free cash flow per share $1.98Dividend per share $0.75
2022Earnings per share $2.49Free cash flow per share $3.98Dividend per share $0.81
2023Earnings per share $1.76Free cash flow per share $1.98Dividend per share $0.87
2024Earnings per share $1.72Free cash flow per share $1.45Dividend per share $0.87
2025Earnings per share $1.24Free cash flow per share $1.38Dividend per share $0.84
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
20M30M40M50M60M70M
2016Diluted shares 23.5M
2017Diluted shares 33.1M
2018Diluted shares 47.7M
2019Diluted shares 50.7M
2020Diluted shares 60.1M
2021Diluted shares 59.6M
2022Diluted shares 58.9M
2023Diluted shares 59.0M
2024Diluted shares 58.3M
2025Diluted shares 57.4M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-1.5B-1.0B-0.5B00.5B
2016
2017
2018
2019
2020Net debt -1.1B
2021Net debt 4.4M
2022Net debt 27.4M
2023Net debt 42.7M
2024Net debt 73.9M
2025Net debt 120.1M
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
0.3×
Interest coverage
1× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 6 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.3M2 sale(s) by 2 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (national commercial banks) first, then the rest of financials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
