OceanFirst Financial in Toms River, N.J., is delaying the filing of its annual report after discovering a material weakness in its internal controls.
The $8 billion-asset OceanFirst said in a regulatory filing Monday that the weakness is tied to the oversight of IT access privileges for certain employees. Specifically, the issue is tied to insufficient validation procedures.
OceanFirst said the problem has not resulted in any identified misstatements to its financial statements. The company is working to address the issue; the plan is to take care of the material weakness this year.
The company said it expects to file its annual report by March 18, which would allow it to still be considered a timely filer.
