AI Earnings Predictions for OceanFirst Financial Corp. (OCFC)

EX-99.1

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EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES SECOND QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 30, 2026 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share1, for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter. For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Six Months Ended,

Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,

20262026202520262025

Return on average assets (0.07)%0.57 %0.49 %0.22 %0.56 %

Return on average stockholders’ equity(0.63)4.95 3.86 1.95 4.36

Return on average tangible stockholders’ equity (a) (0.88)7.22 5.66 2.79 6.36

Return on average tangible common equity (a) (0.88)7.22 5.66 2.79 6.36

Efficiency ratio98.88 71.13 71.93 86.67 68.82

Net interest margin3.05 2.93 2.91 2.99 2.91

(a) Return on average tangible stockholders’ equity and return on average tangible common equity are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures” and tables included in this release for reconciliation and additional information regarding non-GAAP financial measures.

1 The number of shares outstanding and all common share-related calculations, including earnings per share, book value per share, and tangible book value per share, are calculated using both common stock and non-voting common equivalent (“NVCE”) stock, which are participating securities. All NVCE shares presented in this document are reported on an as-converted common stock equivalent basis.

Core earnings2 for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter.

Core earnings PTPP2 for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Six Months Ended,

June 30,March 31,June 30,June 30,June 30,

Core Ratios2 (Annualized): 20262026202520262025

Return on average assets 0.71 %0.68 %0.53 %0.70 %0.58 %

Return on average tangible stockholders’ equity8.92 8.56 6.17 8.76 6.59

Return on average tangible common equity8.92 8.56 6.17 8.76 6.59

Efficiency ratio66.20 66.76 72.28 66.44 69.06

Diluted earnings per share$0.43 $0.43 $0.31 $0.86 $0.66

PTPP diluted earnings per share 0.63 0.60 0.46 1.24 1.02

Key developments for the quarter, compared to the linked quarter, are described below:

•Organic Growth: The Company generated continued organic growth across its legacy portfolio, with commercial loans increasing $154 million, or 2%, non-interest bearing deposits increasing $101 million, or 6%, and $150 million of deposit growth from Premier Banking teams, reflecting the Company’s focus on core relationships. These results underscore the continued strength of the core growth initiatives, which the Flushing franchise will further bolster.

2 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures that exclude certain non-core items. Refer to “Explanation of Non-GAAP Financial Measures” and “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Net Interest Margin Expansion: Net interest margin increased 12 basis points to 3.05% from 2.93%, and net interest income increased by $24.3 million to $120.7 million.

•Flushing Acquisition: On June 1, 2026, the Company completed its acquis

EX-99.1

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EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES FIRST QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, April 23, 2026 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $20.5 million, or $0.36 per diluted share, for the quarter ended March 31, 2026, as compared to $20.5 million, or $0.35 per diluted share, for the corresponding prior year period, and compared to $13.1 million, or $0.23 per diluted share, for the linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,

Performance Ratios (Annualized):March 31,December 31,March 31,

202620252025

Return on average assets 0.57 %0.36 %0.62 %

Return on average stockholders’ equity4.95 3.12 4.85

Return on average tangible stockholders’ equity (a) 7.22 4.57 7.05

Return on average tangible common equity (a) 7.22 4.57 7.40

Efficiency ratio71.13 80.37 65.67

Net interest margin2.93 2.87 2.90

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter ended March 31, 2026 were $24.3 million, or $0.43 per diluted share, an increase from $20.3 million, or $0.35 per diluted share, for the corresponding prior year period, and an increase from $23.5 million, or $0.41 per diluted share, for the linked quarter.

Core earnings PTPP1 for the quarter ended March 31, 2026 were $34.4 million, or $0.60 per diluted share, an increase from $32.4 million, or $0.56 per diluted share, for the corresponding prior year period, and an increase from $33.2 million or $0.58 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,

March 31,December 31,March 31,

Core Ratios1 (Annualized): 202620252025

Return on average assets 0.68 %0.65 %0.62 %

Return on average tangible stockholders’ equity8.56 8.21 7.00

Return on average tangible common equity8.56 8.21 7.34

Efficiency ratio66.76 68.19 65.81

Diluted earnings per share$0.43 $0.41 $0.35

PTPP diluted earnings per share 0.60 0.58 0.56

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude the impact of net (gain) loss on equity investments, restructuring charges, credit risk transfer execution expense, Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, merger-related expenses, and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the quarter, compared to the linked quarter, are described below:

•Margin and Net Interest Expansion: Net interest margin increased six basis points to 2.93%, from 2.87%, and net interest income increased by $1.2 million, to $96.4 million.

•Sustained Growth: Total loans increased $91.9 million, a 3% annualized growth rate, and included commercial and industrial loan growth of $105.1 million, a 19% annualized growth rate.

•Controlled Expenses: Non-interest expense decreased by 13%, or $10.7 million, to $73.4 million, and operating expenses excluding non-core operations decreased to $69.1 million from $71.2 million.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report strong first quarter results driven by continued loan growth, net interest margin expansion, and expense discipline. The Company remains focused on growing our business and improving profitability through margin expansion and prudent expense discipline.” Mr. Maher added, “Our announced merger agreement with Flushing Financial Corporation (“Flushing”) has recently been approved by shareholders, the New York State Department of Financial Services and the Office of the Comptroller of the Currency. It

EX-99.1

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EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY AND ANNUAL

FINANCIAL RESULTS

RED BANK, NEW JERSEY, January 22, 2026 - OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $13.1 million, or $0.23 per diluted share, for the quarter ended December 31, 2025, a decrease from $20.9 million, or $0.36 per diluted share, for the corresponding prior year period, and $17.3 million, or $0.30 per diluted share, for the linked quarter. For the year ended December 31, 2025, the Company reported net income available to common stockholders of $67.1 million, or $1.17 per diluted share, a decrease from $96.0 million, or $1.65 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Year Ended,

Performance Ratios (Quarterly Ratios Annualized):December 31,September 30,December 31,December 31,December 31,

20252025202420252024

Return on average assets 0.36 %0.51 %0.61 %0.49 %0.71 %

Return on average stockholders’ equity3.12 4.15 4.88 4.00 5.70

Return on average tangible stockholders’ equity (a) 4.57 6.13 7.12 5.86 8.24

Return on average tangible common equity (a) 4.57 6.13 7.47 5.86 8.65

Efficiency ratio80.37 74.13 67.86 73.16 63.99

Net interest margin2.87 2.91 2.69 2.90 2.72

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter and year ended December 31, 2025 were $23.5 million and $81.9 million, respectively, or $0.41 and $1.43 per diluted share, an increase from $22.1 million and a decrease from $93.6 million, or $0.38 and $1.60 per diluted share, for the corresponding prior year periods, and an increase from $20.3 million, or $0.36 per diluted share, for the linked quarter.

Core earnings PTPP1 for the quarter and year ended December 31, 2025 were $33.2 million and $122.6 million, respectively, or $0.58 and $2.13 per diluted share, an increase from $29.6 million and a decrease from $129.4 million, or $0.51 and $2.22 per diluted share, for the corresponding prior year periods, and an increase from $30.5 million, or $0.54 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Year Ended,

December 31,September 30,December 31,December 31,December 31,

Core Ratios1 (Quarterly Ratios Annualized): 20252025202420252024

Return on average assets 0.65 %0.60 %0.65 %0.60 %0.69 %

Return on average tangible stockholders’ equity8.21 7.19 7.51 7.14 8.03

Return on average tangible common equity8.21 7.19 7.89 7.14 8.43

Efficiency ratio68.19 70.30 67.74 69.15 64.57

Core diluted earnings per share$0.41 $0.36 $0.38 $1.43 $1.60

Core PTPP diluted earnings per share0.58 0.54 0.51 2.13 2.22

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), net (gain) loss on equity investments, net gain on sale of trust business, restructuring charges, credit risk transfer execution expense, the Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, merger related expenses, and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Net Interest Income and PTPP Growth: Net interest income increased by $4.6 million, or 5%, to $95.3 million, representing a 20% annualized growth rate and driving an increase in pre-tax pre-provision income of $2.7 million, or 9%, to $33.2 million.

•Loan Growth: Total loans increased $474.0 million,

EX-99.1

2 ex991-earningsreleasesepte.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, October 22, 2025 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $17.3 million, or $0.30 per diluted share, for the three months ended September 30, 2025, a decrease from $24.1 million, or $0.42 per diluted share, for the corresponding prior year period, and an increase from $16.2 million, or $0.28 per diluted share, for the linked quarter. For the nine months ended September 30, 2025, the Company reported net income available to common stockholders of $54.0 million, or $0.94 per diluted share, a decrease from $75.1 million, or $1.29 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Nine Months Ended,

Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,

20252025202420252024

Return on average assets 0.51 %0.49 %0.71 %0.54 %0.74 %

Return on average stockholders’ equity4.15 3.86 5.68 4.29 5.98

Return on average tangible stockholders’ equity (a) 6.13 5.66 8.16 6.28 8.62

Return on average tangible common equity (a) 6.13 5.66 8.57 6.28 9.05

Efficiency ratio74.13 71.93 65.77 70.64 62.71

Net interest margin2.91 2.91 2.67 2.91 2.73

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings1 for the three and nine months ended September 30, 2025 were $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, a decrease from $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, for the corresponding prior year periods, and an increase from $17.7 million, or $0.31 per diluted share, for the linked quarter.

Core earnings PTPP1 for the three and nine months ended September 30, 2025 was $30.5 million and $89.3 million, or $0.54 and $1.55 per diluted share, a decrease from $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, for the corresponding prior year periods, and an increase from $26.4 million or $0.46 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Nine Months Ended,

September 30,June 30,September 30,September 30,September 30,

Core Ratios1 (Annualized): 20252025202420252024

Return on average assets 0.60 %0.53 %0.69 %0.58 %0.71 %

Return on average tangible stockholders’ equity7.19 6.17 7.85 6.79 8.20

Return on average tangible common equity7.19 6.17 8.24 6.79 8.61

Efficiency ratio70.30 72.28 66.00 69.49 63.49

Diluted earnings per share$0.36 $0.31 $0.39 $1.01 $1.22

PTPP diluted earnings per share 0.54 0.46 0.53 1.55 1.71

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, merger related expenses, restructuring charges, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the quarter are described below:

•Loan Growth: Total loans increased $372.9 million, representing a 14% annualized growth rate, which included $219.1 million of commercial and industrial loan growth. Commercial loan originations increased 74% to $739.2 million, from $425.9 million in the linked quarter, and the commercial loan pipeline remains robust at $710.9 million, as compared

EX-99.1

2 ex991-earningsreleasejune2.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES SECOND QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 24, 2025 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $16.2 million, or $0.28 per diluted share, for the three months ended June 30, 2025, a decrease from $23.4 million, or $0.40 per diluted share, for the corresponding prior year period, and a decrease from $20.5 million, or $0.35 per diluted share, for the linked quarter. For the six months ended June 30, 2025, the Company reported net income available to common stockholders of $36.7 million, or $0.63 per diluted share, a decrease from $51.0 million, or $0.87 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Six Months Ended,

Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,

20252025202420252024

Return on average assets 0.49 %0.62 %0.70 %0.56 %0.76 %

Return on average stockholders’ equity3.86 4.85 5.61 4.36 6.13

Return on average tangible stockholders’ equity (a) 5.66 7.05 8.10 6.36 8.86

Return on average tangible common equity (a) 5.66 7.40 8.51 6.36 9.30

Efficiency ratio71.93 65.67 62.86 68.82 61.17

Net interest margin2.91 2.90 2.71 2.91 2.76

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings1 for the three and six months ended June 30, 2025 were $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, a decrease from $22.7 million and $48.3 million, respectively, or $0.39 and $0.83 per diluted share, for the corresponding prior year periods, and a decrease from $20.3 million, or $0.35 per diluted share, for the linked quarter.

Core earnings PTPP1 for the three and six months ended June 30, 2025 was $26.4 million and $58.8 million, or $0.46 and $1.02 per diluted share, as compared to $32.7 million and $68.9 million, respectively, or $0.56 and $1.18 per diluted share, for the corresponding prior year periods, and $32.4 million, or $0.56 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Six Months Ended,

June 30,March 31,June 30,June 30,June 30,

Core Ratios1 (Annualized): 20252025202420252024

Return on average assets 0.53 %0.62 %0.68 %0.58 %0.72 %

Return on average tangible stockholders’ equity6.17 7.00 7.86 6.59 8.38

Return on average tangible common equity6.17 7.34 8.26 6.59 8.81

Efficiency ratio72.28 65.81 63.47 69.06 62.24

Diluted earnings per share$0.31 $0.35 $0.39 $0.66 $0.83

PTPP diluted earnings per share 0.46 0.56 0.56 1.02 1.18

Key developments for the recent quarter are described below:

•Loan Growth: Total loans increased $59.8 million, representing a 2% annualized growth rate, which included $131.7 million of commercial and industrial loan growth. The commercial loan pipeline reached a record high of $790.8 million, which increased 111% from $375.6 million in the linked quarter.

•Premier Banking: Launched in mid-April and is demonstrating strong progress with approximately 200 new relationships and $115.0 million in new deposits in the first few weeks of operation.

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financia

EX-99.1

2 ex991-earningsreleasemarch.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES FIRST QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, April 24, 2025 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $20.5 million, or $0.35 per diluted share, for the quarter ended March 31, 2025, a decrease from $27.7 million, or $0.47 per diluted share, for the corresponding prior year period, and a decrease from $20.9 million, or $0.36 per diluted share, for the linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,

Performance Ratios (Annualized):March 31,December 31,March 31,

202520242024

Return on average assets 0.62 %0.61 %0.82 %

Return on average stockholders’ equity4.85 4.88 6.65

Return on average tangible stockholders’ equity (a) 7.05 7.12 9.61

Return on average tangible common equity (a) 7.40 7.47 10.09

Efficiency ratio65.67 67.86 59.56

Net interest margin2.90 2.69 2.81

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter ended March 31, 2025 were $20.3 million, or $0.35 per diluted share, a decrease from $25.6 million, or $0.44 per diluted share, for the corresponding prior year period, and a decrease from $22.1 million, or $0.38 per diluted share, for the linked quarter.

Core earnings PTPP1 for the quarter ended March 31, 2025 was $32.4 million, or $0.56 per diluted share, as compared to $36.2 million, or $0.62 per diluted share, for the corresponding prior year period, and $29.6 million, or $0.51 per diluted share, for the linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,

March 31,December 31,March 31,

Core Ratios1 (Annualized): 202520242024

Return on average assets 0.62 %0.65 %0.76 %

Return on average tangible stockholders’ equity7.00 7.51 8.91

Return on average tangible common equity7.34 7.89 9.36

Efficiency ratio65.81 67.74 61.05

Core diluted earnings per share$0.35 $0.38 $0.44

Core PTPP diluted earnings per share 0.56 0.51 0.62

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Margin Expansion: Net interest margin increased 21 basis points to 2.90%, from 2.69%, and net interest income increased by $3.3 million to $86.7 million driven by a decrease in total cost of deposits to 2.06% from 2.32% in the linked quarter.

•Commercial Loans: Commercial and industrial loans increased $95.1 million, or 6.1% as compared to the linked quarter. Additionally, the total commercial loan pipeline increased 90% to $375.6 million from $197.5 million in the linked quarter.

•Provision for Credit Losses: Provision for credit losses was $5.3 million reflecting a net loan reserve build of $5.2 million, primarily driven by elevated uncertainty around macroeconomic conditions. This resulted in an increase of five basis points in the allowance for loan credit losses to total loans to 0.78%. Criticized and classified loans decreased by 5% to $149.3 million compared to the linked quarter, providing strong evidence of stable credit performance for the Company’s loan portfolio.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to present our current quarter results, which reflect a mea

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Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY AND ANNUAL

FINANCIAL RESULTS

RED BANK, NEW JERSEY, January 23, 2025 - OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $20.9 million, or $0.36 per diluted share, for the quarter ended December 31, 2024, a decrease from $26.7 million, or $0.46 per diluted share, for the corresponding prior year period, and $24.1 million, or $0.42 per diluted share, for the prior linked quarter. For the year ended December 31, 2024, the Company reported net income available to common stockholders of $96.0 million, or $1.65 per diluted share, a decrease from $100.0 million, or $1.70 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Year Ended,

Performance Ratios (Quarterly Ratios Annualized):December 31,September 30,December 31,December 31,December 31,

20242024202320242023

Return on average assets 0.61 %0.71 %0.78 %0.71 %0.74 %

Return on average stockholders’ equity4.88 5.68 6.41 5.70 6.13

Return on average tangible stockholders’ equity (a) 7.12 8.16 9.33 8.24 8.97

Return on average tangible common equity (a) 7.47 8.57 9.81 8.65 9.44

Efficiency ratio67.86 65.77 60.38 63.99 61.71

Net interest margin2.69 2.67 2.82 2.72 3.02

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter and year ended December 31, 2024 were $22.1 million and $93.6 million, respectively, or $0.38 and $1.60 per diluted share, a decrease from $26.3 million and $104.7 million, or $0.45 and $1.78 per diluted share, for the corresponding prior year periods, and a decrease from $23.2 million, or $0.39 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the quarter and year ended December 31, 2024 were $29.6 million and $129.4 million, respectively, or $0.51 and $2.22 per diluted share, as compared to $37.9 million and $156.6 million, or $0.65 and $2.66 per diluted share, for the corresponding prior year periods, and $30.9 million, or $0.53 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Year Ended,

December 31,September 30,December 31,December 31,December 31,

Core Ratios1 (Quarterly Ratios Annualized): 20242024202320242023

Return on average assets 0.65 %0.69 %0.77 %0.69 %0.78 %

Return on average tangible stockholders’ equity7.51 7.85 9.20 8.03 9.39

Return on average tangible common equity7.89 8.24 9.67 8.43 9.89

Efficiency ratio67.74 66.00 60.02 64.57 60.61

Core diluted earnings per share$0.38 $0.39 $0.45 $1.60 $1.78

Core PTPP diluted earnings per share0.51 0.53 0.65 2.22 2.66

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense, net (gain) loss on equity investments, net loss on sale of investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden provision). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Margin Expansion: Net interest margin increased two basis points to 2.69% from 2.67% and net interest income increased by $1.1 million to $83.3 million. Excluding the impact of purchase accounting accretion and prepayment fees of 0.02% in the prior quarter, net interest margin expanded four basis points to

EX-99.1

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EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, October 17, 2024 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $24.1 million, or $0.42 per diluted share, for the three months ended September 30, 2024, an increase from $19.7 million, or $0.33 per diluted share, for the corresponding prior year period, and $23.4 million, or $0.40 per diluted share, for the prior linked quarter. For the nine months ended September 30, 2024, the Company reported net income available to common stockholders of $75.1 million, or $1.29 per diluted share, an increase from $73.3 million, or $1.24 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Nine Months Ended,

Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,

20242024202320242023

Return on average assets 0.71 %0.70 %0.57 %0.74 %0.73 %

Return on average stockholders’ equity5.68 5.61 4.75 5.98 6.03

Return on average tangible stockholders’ equity (a) 8.16 8.10 6.93 8.62 8.85

Return on average tangible common equity (a) 8.57 8.51 7.29 9.05 9.31

Efficiency ratio65.77 62.86 63.37 62.71 62.15

Net interest margin2.67 2.71 2.91 2.73 3.09

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and nine months ended September 30, 2024 were $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, an increase from $18.6 million or $0.32 per diluted share and a decrease from $78.4 million or $1.33 per diluted share, for the corresponding prior year periods, and an increase from $22.7 million, or $0.39 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the three and nine months ended September 30, 2024 was $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, as compared to $35.0 million and $118.7 million, or $0.59 and $2.01 per diluted share, for the corresponding prior year periods, and $32.7 million, or $0.56 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Nine Months Ended,

September 30,June 30,September 30,September 30,September 30,

Core Ratios1 (Annualized): 20242024202320242023

Return on average assets 0.69 %0.68 %0.54 %0.71 %0.78 %

Return on average tangible stockholders’ equity7.85 7.86 6.54 8.20 9.46

Return on average tangible common equity8.24 8.26 6.88 8.61 9.96

Efficiency ratio66.00 63.47 64.29 63.49 60.79

Core diluted earnings per share$0.39 $0.39 $0.32 $1.22 $1.33

Core PTPP diluted earnings per share 0.53 0.56 0.59 1.71 2.01

Key developments for the recent quarter are described below:

•Net Interest Income Stabilization: Net interest income of $82.2 million for the quarter as compared to $82.3 million in the prior linked quarter.

•Deposits: Total deposits increased by $122.2 million to $10.1 billion from $10.0 billion and the loan-to-deposit ratio was 99% at September 30, 2024.

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense, net (gain) loss on equity investments, net loss on sale of investments, net gain on sale of trust business, the Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Strategic Investments: The results include $3.3 million of expenses, of which $1.7 million re

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EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES SECOND QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 18, 2024 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $23.4 million, or $0.40 per diluted share, for the three months ended June 30, 2024, a decrease from $26.8 million, or $0.45 per diluted share, for the corresponding prior year period, and $27.7 million, or $0.47 per diluted share, for the prior linked quarter. For the six months ended June 30, 2024, the Company reported net income available to common stockholders of $51.0 million, or $0.87 per diluted share, a decrease from $53.7 million, or $0.91 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Six Months Ended,

Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,

20242024202320242023

Return on average assets 0.70 %0.82 %0.80 %0.76 %0.81 %

Return on average stockholders’ equity5.61 6.65 6.61 6.13 6.69

Return on average tangible stockholders’ equity (a) 8.10 9.61 9.70 8.86 9.84

Return on average tangible common equity (a) 8.51 10.09 10.21 9.30 10.37

Efficiency ratio62.86 59.56 62.28 61.17 61.53

Net interest margin2.71 2.81 3.02 2.76 3.17

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and six months ended June 30, 2024 were $22.7 million and $48.3 million, respectively, or $0.39 and $0.83 per diluted share, a decrease from $27.2 million and $59.9 million, or $0.46 and $1.01 per diluted share, for the corresponding prior year periods, and a decrease from $25.6 million, or $0.44 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the three and six months ended June 30, 2024 was $32.7 million and $68.9 million, respectively, or $0.56 and $1.18 per diluted share, as compared to $37.6 million and $83.7 million, or $0.64 and $1.42 per diluted share, for the corresponding prior year periods, and $36.2 million, or $0.62 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Six Months Ended,

June 30,March 31,June 30,June 30,June 30,

Core Ratios1 (Annualized): 20242024202320242023

Return on average assets 0.68 %0.76 %0.81 %0.72 %0.90 %

Return on average tangible stockholders’ equity7.86 8.91 9.84 8.38 10.98

Return on average tangible common equity8.26 9.36 10.36 8.81 11.56

Efficiency ratio63.47 61.05 61.94 62.24 59.13

Core diluted earnings per share$0.39 $0.44 $0.46 $0.83 $1.01

Core PTPP diluted earnings per share 0.56 0.62 0.64 1.18 1.42

Key developments for the recent quarter are described below:

•Asset Quality: Asset quality metrics remain strong as criticized and classified assets, non-performing loans, and loans 30 to 89 days past due as a percentage of total loans receivable were 1.42%, 0.33%, and 0.10%, respectively. These metrics continue to reflect strong credit performance and remain low compared to pre-pandemic levels.

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense, net (gain) loss on equity investments, net loss on sale of investments, net gain on sale of trust business, Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses. Refer to “Explanation of Non-GAAP Financial Measures”, “Selected Quarterly Financial Data” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Capital Accretion: Common equity tier 1 capital ratio2, book value and tangible book value per share were 11.2%, $28.67 and $18.93, respectively, and increa

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2 ex991-earningsreleasemarch.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES FIRST QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, April 18, 2024 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $27.7 million, or $0.47 per diluted share, for the quarter ended March 31, 2024, an increase from $26.9 million, or $0.46 per diluted share, for the corresponding prior year period, and $26.7 million, or $0.46 per diluted share, for the prior linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,

Performance Ratios (Annualized):March 31,December 31,March 31,

202420232023

Return on average assets 0.82 %0.78 %0.82 %

Return on average stockholders’ equity6.65 6.41 6.77

Return on average tangible stockholders’ equity (a) 9.61 9.33 10.00

Return on average tangible common equity (a) 10.09 9.81 10.53

Efficiency ratio59.56 60.38 60.78

Net interest margin2.81 2.82 3.34

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter ended March 31, 2024 was $25.6 million, or $0.44 per diluted share, a decrease from $32.7 million, or $0.55 per diluted share, for the corresponding prior year period, and a decrease from $26.3 million, or $0.45 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the quarter ended March 31, 2024 was $36.2 million, or $0.62 per diluted share, as compared to $46.1 million, or $0.78 per diluted share, for the corresponding prior year period, and $37.9 million, or $0.65 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,

March 31,December 31,March 31,

Core Ratios1 (Annualized): 202420232023

Return on average assets 0.76 %0.77 %1.00 %

Return on average tangible stockholders’ equity8.91 9.20 12.15

Return on average tangible common equity9.36 9.67 12.80

Efficiency ratio61.05 60.02 56.49

Core diluted earnings per share$0.44 $0.45 $0.55

Core PTPP diluted earnings per share 0.62 0.65 0.78

Key developments for the recent quarter are described below:

•Net Interest Margin Stabilization: Net interest margin of 2.81% decreased slightly from the prior linked quarter of 2.82%.

•Capital Accretion: The Company continued to build capital, while also resuming share repurchases. The Company’s estimated common equity tier 1 capital ratio, book value and tangible book value per share were 11.0%, $28.32 and $18.63, respectively, and increased approximately 15 basis points, $0.36 and $0.28 from the prior linked quarter.2 The Company repurchased 957,827 shares totaling $15.1 million.

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense, net (gain) loss on equity investments, net loss on sale of investments, net gain on sale of trust business, Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2 Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Expense Management: The Company continued to exercise disciplined expense control. Excluding the FDIC special assessment charge of $418,000 in the current quarter and $1.7 million in the prior linked quarter, non-interest expense decreased slightly to $58.3 million, fr

EX-99.1

2 ex991-earningsreleasedecem.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY AND ANNUAL

EARNINGS AND FINANCIAL RESULTS

RED BANK, NEW JERSEY, January 18, 2024 - OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $26.7 million, or $0.46 per diluted share, for the quarter ended December 31, 2023, as compared to $52.3 million, or $0.89 per diluted share, for the corresponding prior year period, and $19.7 million, or $0.33 per diluted share, for the prior linked quarter. For the year ended December 31, 2023, the Company reported net income available to common stockholders of $100.0 million, or $1.70 per diluted share, as compared to $142.6 million, or $2.42 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Year Ended,

Performance Ratios (Quarterly Ratios Annualized):December 31,September 30,December 31,December 31,December 31,

20232023202220232022

Return on average assets 0.78 %0.57 %1.62 %0.74 %1.15 %

Return on average stockholders’ equity6.41 4.75 13.25 6.13 9.24

Return on average tangible stockholders’ equity (a) 9.33 6.93 19.85 8.97 13.96

Return on average tangible common equity (a) 9.81 7.29 20.97 9.44 14.76

Efficiency ratio60.38 63.37 44.56 61.71 53.80

Net interest margin2.82 2.91 3.64 3.02 3.37

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures and exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter and year ended December 31, 2023 were $26.3 million and $104.7 million, respectively, or $0.45 and $1.78 per diluted share, a decrease from $39.5 million and $138.0 million, or $0.67 and $2.34 per diluted share, for the corresponding prior year periods, and an increase from $18.6 million, or $0.32 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the quarter and year ended December 31, 2023 were $37.9 million and $156.6 million, respectively, or $0.65 and $2.66 per diluted share, as compared to $56.5 million and $190.7 million, or $0.96 and $3.24 per diluted share, for the corresponding prior year periods, and $35.0 million, or $0.59 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Year Ended,

December 31,September 30,December 31,December 31,December 31,

Core Ratios1 (Quarterly Ratios Annualized): 20232023202220232022

Return on average assets 0.77 %0.54 %1.22 %0.78 %1.11 %

Return on average tangible stockholders’ equity9.20 6.54 15.01 9.39 13.50

Return on average tangible common equity9.67 6.88 15.86 9.89 14.28

Efficiency ratio60.02 64.29 50.78 60.61 54.21

Core diluted earnings per share$0.45 $0.32 $0.67 $1.78 $2.34

Core PTPP diluted earnings per share0.65 0.59 0.96 2.66 3.24

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense (benefit), net (gain) loss on equity investments, net loss on sale of investments, Federal Deposit Insurance Corporation (“FDIC”) special assessment, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Deposits: Total deposits remained stable decreasing less than 1% for the quarter to $10.4 billion, and grew 8% for the year. Additionally, the loan-to-deposit ratio was 97.70% at December 31, 2023.

•Capital: The Company’s estimated common equity tier 1 capital ratio increased to 10.88%, as compared to 9.93% in the prior year. Book value and tangible book value per share were $27.96 and $18.35, respectively, increasing $1.15 and $1.27 from the prior year.2

•Expenses: Non-interest expense decreased by 7% t

EX-99.1

2 ex991-earningsreleasesepte.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, October 19, 2023 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $19.7 million, or $0.33 per diluted share, for the three months ended September 30, 2023, as compared to $37.6 million, or $0.64 per diluted share, for the corresponding prior year period, and $26.8 million, or $0.45 per diluted share, for the prior linked quarter. For the nine months ended September 30, 2023, the Company reported net income available to common stockholders of $73.3 million, or $1.24 per diluted share, as compared to $90.3 million, or $1.53 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Nine Months Ended,

Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,

20232023202220232022

Return on average assets 0.57 %0.80 %1.19 %0.73 %0.99 %

Return on average stockholders’ equity4.75 6.61 9.68 6.03 7.87

Return on average tangible stockholders’ equity (a) 6.93 9.70 14.62 8.85 11.91

Return on average tangible common equity (a) 7.29 10.21 15.47 9.31 12.60

Efficiency ratio63.37 62.28 53.10 62.15 57.90

Net interest margin2.91 3.02 3.36 3.09 3.28

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and nine months ended September 30, 2023 were $18.6 million and $78.4 million, respectively, or $0.32 and $1.33 per diluted share, representing a decrease from $35.0 million and $98.4 million, or $0.60 and $1.67 per diluted share, for the corresponding prior year periods, and a decrease from $27.2 million, or $0.46 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the three and nine months ended September 30, 2023 were $35.0 million and $118.7 million, respectively, or $0.59 and $2.01 per diluted share, as compared to $47.5 million and $134.2 million, or $0.81 and $2.28 per diluted share, for the corresponding prior year periods, and $37.6 million, or $0.64 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Nine Months Ended,

September 30,June 30,September 30,September 30,September 30,

Core Ratios1 (Annualized): 20232023202220232022

Return on average assets 0.54 %0.81 %1.11 %0.78 %1.08 %

Return on average tangible stockholders’ equity6.54 9.84 13.62 9.46 12.98

Return on average tangible common equity6.88 10.36 14.40 9.96 13.73

Efficiency ratio64.29 61.94 54.80 60.79 55.51

Core diluted earnings per share$0.32 $0.46 $0.60 $1.33 $1.67

Core PTPP diluted earnings per share 0.59 0.64 0.81 2.01 2.28

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense (benefit), net loss (gain) on equity investments, net loss on sale of investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Deposit Growth: Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter. The current quarter includes a reduction in brokered time deposits of $425.7 million and a loan-to-deposit ratio of 96.10%. The Company’s non-interest-bearing deposits declined modestly and represented 17% of the total deposits.

•Asset Quality: Asset quality metrics remains strong, despite the impact of a charge-off related to a single credit relationship announced on September 14, 2023. Criticized and classified loans, and non-performing loans both

EX-99.1

2 ex991-earningsreleasejune2.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES SECOND QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 20, 2023 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $26.8 million, or $0.45 per diluted share, for the three months ended June 30, 2023, as compared to $28.0 million, or $0.47 per diluted share, for the corresponding prior year period, and $26.9 million, or $0.46 per diluted share, for the prior linked quarter. For the six months ended June 30, 2023, the Company reported net income available to common stockholders of $53.7 million, or $0.91 per diluted share, as compared to $52.7 million, or $0.89 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Six Months Ended,

Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,

20232023202220232022

Return on average assets 0.80 %0.82 %0.92 %0.81 %0.88 %

Return on average stockholders’ equity6.61 6.77 7.31 6.69 6.94

Return on average tangible stockholders’ equity (a) 9.70 10.00 11.08 9.84 10.52

Return on average tangible common equity (a) 10.21 10.53 11.72 10.37 11.13

Efficiency ratio62.28 60.78 59.65 61.53 60.68

Net interest margin3.02 3.34 3.29 3.17 3.24

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and six months ended June 30, 2023 were $27.2 million and $59.9 million, respectively, or $0.46 and $1.01 per diluted share, representing a decrease from $34.6 million and $63.4 million, or $0.59 and $1.08 per diluted share, for the corresponding prior year periods, and a decrease from $32.7 million, or $0.55 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the three and six months ended June 30, 2023 were $37.6 million and $83.7 million, respectively, or $0.64 and $1.42 per diluted share, as compared to $47.0 million and $86.7 million, or $0.80 and $1.47 per diluted share, for the corresponding prior year periods, and $46.1 million, or $0.78 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,For the Six Months Ended,

June 30,March 31,June 30,June 30,June 30,

Core Ratios1 (Annualized): 20232023202220232022

Return on average assets 0.81 %1.00 %1.13 %0.90 %1.06 %

Return on average tangible stockholders’ equity9.84 12.15 13.73 10.98 12.65

Return on average tangible common equity10.36 12.80 14.53 11.56 13.38

Efficiency ratio61.94 56.49 54.43 59.13 55.89

Core diluted earnings per share$0.46 $0.55 $0.59 $1.01 $1.08

Core PTPP diluted earnings per share 0.64 0.78 0.80 1.42 1.47

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, net loss on sale of investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Excess Liquidity: The Company maintained elevated levels of on-balance sheet cash and funding availability, which represented 260% of adjusted uninsured deposits2 at June 30, 2023. Deposits increased $165.2 million during the quarter, which included a shift from non-maturity deposits to time deposits.

•Asset Quality: Continued strong asset quality as criticized assets, non-performing loans, and loans 30 to 89 days past due as a percent of total loans receivable were 1.18%, 0.23%, and 0.03%, respectively, at June 30, 2023. Net charge-off activity continues to remain at zero percent of total average loans on an ann

EX-99.1

2 ex991-earningsreleasemarch.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES FIRST QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, April 20, 2023 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $26.9 million, or $0.46 per diluted share, for the quarter ended March 31, 2023, as compared to $24.8 million, or $0.42 per diluted share, for the corresponding prior year period, and $52.3 million, or $0.89 per diluted share, for the prior linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,

Performance Ratios (Annualized):March 31,December 31,March 31,

202320222022

Return on average assets 0.82 %1.62 %0.84 %

Return on average stockholders’ equity6.77 13.25 6.57

Return on average tangible stockholders’ equity (a) 10.00 19.85 9.94

Return on average tangible common equity (a) 10.53 20.97 10.52

Efficiency ratio60.78 44.56 61.77

Net interest margin3.34 3.64 3.18

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter ended March 31, 2023 was $32.7 million, or $0.55 per diluted share, an increase from $28.8 million, or $0.49 per diluted share, for the corresponding prior year period, and a decrease of $6.9 million from $39.5 million, or $0.67 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the quarter ended March 31, 2023 was $46.1 million, or $0.78 per diluted share, as compared to $39.7 million, or $0.67 per diluted share, for the corresponding prior year period, and $56.5 million, or $0.96 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

For the Three Months Ended,

March 31,December 31,March 31,

Core Ratios1 (Annualized): 202320222022

Return on average assets 1.00 %1.22 %0.98 %

Return on average tangible stockholders’ equity12.15 15.01 11.55

Return on average tangible common equity12.80 15.86 12.23

Efficiency ratio56.49 50.78 57.51

Core diluted earnings per share$0.55 $0.67 $0.49

Core PTPP diluted earnings per share 0.78 0.96 0.67

Key developments for the recent quarter are described below:

•Robust Liquidity Position: The Company enhanced on-balance sheet liquidity by increasing cash and due from banks by $328.2 million with a corresponding increase in deposits of $317.9 million. Excluding a $364.2 million increase in brokered time deposits, deposits decreased less than 1%, reflecting stability in the deposit base. At March 31, 2023, the Company’s loans-to-deposit ratio was 100.5% and the Company had total available liquidity and funding capacity across multiple liquidity sources of $3.6 billion.

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, net loss on sale of investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Strong Balance Sheet Quality: Stockholders’ equity increased to $1.61 billion at March 31, 2023, or 11.88% of total assets, and tangible common equity to tangible assets was 7.95%2, which were adversely impacted this quarter by the increase in on-balance sheet liquidity. Additionally, the fair values of our total debt securities portfolio improved $23.6 million and asset quality remained strong.

•Solid Margin and Earnings: Net interest margin was 3.34%, an increase from 3.18% in the prior year and a decrease from 3.64% in the prior linked quarter. The current quarter yield on interest earning assets expanded to 4.68% and the cost of funds increased to 1.76%. Costs of funds were impacted by the tightening of liquidity across the indust

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2 ex991-earningsreleasedecem.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES RECORD QUARTERLY AND ANNUAL

EARNINGS AND FINANCIAL RESULTS

RED BANK, NEW JERSEY, January 19, 2023 - OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $52.3 million, or $0.89 per diluted share, for the quarter ended December 31, 2022, as compared to $37.6 million, or $0.64 per diluted share, for the prior linked quarter, and $21.7 million, or $0.37 per diluted share, for the corresponding prior year period. For the year ended December 31, 2022, the Company reported net income available to common stockholders of $142.6 million, or $2.42 per diluted share, as compared to $106.1 million, or $1.78 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Year Ended,

Performance Ratios (Quarterly Ratios Annualized):December 31,September 30,December 31,December 31,December 31,

20222022202120222021

Return on average assets 1.62 %1.19 %0.72 %1.15 %0.91 %

Return on average stockholders’ equity13.25 9.68 5.65 9.24 7.02

Return on average tangible stockholders’ equity (a) 19.85 14.62 8.59 13.96 10.73

Return on average tangible common equity (a) 20.97 15.47 9.09 14.76 11.37

Efficiency ratio44.56 53.10 72.04 53.80 63.50

Net interest margin3.64 3.36 2.99 3.37 2.93

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter and year ended December 31, 2022 amounted to $39.5 million and $138.0 million, respectively, or $0.67 and $2.34 per diluted share, an increase from core earnings of $28.5 million and $111.2 million, or $0.48 and $1.86 per diluted share, for the corresponding prior year periods. Non-core operations, net of tax, had a favorable impact of $12.7 million and $4.6 million for the quarter and year ended December 31, 2022, respectively. Non-core operations, net of tax, had an adverse impact of $6.8 million and $5.1 million for the quarter and year ended December 31, 2021, respectively.

Core earnings for the quarter ended December 31, 2022 increased $4.5 million from $35.0 million, or $0.60 per diluted share, for the prior linked quarter. Non-core operations, net of tax, had a favorable impact of $2.6 million for the prior linked quarter.

Core earnings PTPP for the quarter and year ended December 31, 2022 were $56.5 million and $190.7 million, respectively, or $0.96 and $3.24 per diluted share, as compared to $33.1 million and $133.1 million, or $0.56 and $2.23 per diluted share for the corresponding prior year periods. Selected performance metrics are as follows:

For the Three Months Ended,For the Year Ended,

December 31,September 30,December 31,December 31,December 31,

Core Ratios1 (Quarterly Ratios Annualized): 20222022202120222021

Return on average assets 1.22 %1.11 %0.95 %1.11 %0.95 %

Return on average tangible stockholders’ equity15.01 13.62 11.30 13.50 11.25

Return on average tangible common equity15.86 14.40 11.96 14.28 11.92

Efficiency ratio50.78 54.80 62.57 54.21 60.84

Core diluted earnings per share$0.67 $0.60 $0.48 $2.34 $1.86

Core PTPP diluted earnings per share0.96 0.81 0.56 3.24 2.23

1 Core earnings and core earnings before income taxes and credit loss provision (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and credit loss provision (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Net Interest Income and Margin Expansion: Net interest income increased by $10.5 million to $106.5 million, from $96.0 million in the prior linked quarter. Net interest margin increased

EX-99.1

2 ex991-earningsreleasesepte.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, October 24, 2022 - OceanFirst Financial Corp. (NASDAQ:“OCFC”) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $37.6 million, or $0.64 per diluted share, for the three months ended September 30, 2022, as compared to $28.0 million, or $0.47 per diluted share, for the prior linked quarter, and $23.2 million, or $0.39 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2022, the Company reported net income available to common stockholders of $90.3 million, or $1.53 per diluted share, as compared to $84.4 million, or $1.41 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Nine Months Ended,

Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,

20222022202120222021

Return on average assets 1.19 %0.92 %0.78 %0.99 %0.98 %

Return on average stockholders’ equity9.68 7.31 6.05 7.87 7.49

Return on average tangible stockholders’ equity (a) 14.62 11.08 9.20 11.91 11.46

Efficiency ratio53.10 59.65 67.43 57.90 60.62

Net interest margin3.36 3.29 2.93 3.28 2.91

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) financial measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and nine months ended September 30, 2022 amounted to $35.0 million and $98.4 million, respectively, or $0.60 and $1.67 per diluted share, an increase from core earnings of $26.7 million and $82.7 million, or $0.45 and $1.38 per diluted share, for the corresponding prior year periods. Non-core operations, net of tax, had a favorable impact of $2.6 million, and an adverse impact of $8.1 million, for the three and nine months ended September 30, 2022, respectively. Non-core operations, net of tax, had an adverse impact of $3.6 million, and a favorable impact of $1.7 million, for the three and nine months ended September 30, 2021, respectively.

Core earnings for the three months ended September 30, 2022 increased $376,000 from $34.6 million, or $0.59 per diluted share, for the prior linked quarter. Non-core operations, net of tax, had an adverse impact of $6.7 million for the prior linked quarter.

Core earnings PTPP for the three and nine months ended September 30, 2022 were $47.5 million and $134.2 million, respectively, or $0.81 and $2.28 per diluted share, respectively. Selected performance metrics are as follows:

For the Three Months Ended,For the Nine Months Ended,

September 30,June 30,September 30,September 30,September 30,

Core Ratios1 (Annualized): 20222022202120222021

Return on average assets 1.11 %1.13 %0.90 %1.08 %0.95 %

Return on average tangible stockholders’ equity13.62 13.73 10.62 12.98 11.23

Efficiency ratio54.80 54.43 62.22 55.51 60.23

Core diluted earnings per share$0.60 $0.59 $0.45 $1.67 $1.38

Core PTPP diluted earnings per share 0.81 0.80 0.54 2.28 1.67

1 Core earnings and core earnings before income taxes and credit loss provision (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation (benefit) expense, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and credit loss provision (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Strengthening Net Interest Income and Margin: Net interest income increased by $5.2 million to $96.0 million, from $90.8 million in the prior linked quarter. Net interest margin increased to 3.36%, as compared to 3.29% in the prior linked quarter, largely driven by the impact of the rising rate environment on interest earning assets, and to a lesser extent an increase in loan balances, partly offset by an increased cost of funds and lower prepayment fees.

•Loan and Deposit Growth: Loan growth for the quarter was $

EX-99.1

2 ex991-earningsreleasejune2.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES SECOND QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, July 28, 2022 - OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $28.0 million, or $0.47 per diluted share, for the three months ended June 30, 2022, as compared to $29.6 million, or $0.49 per diluted share, for the corresponding prior year period. For the six months ended June 30, 2022, the Company reported net income available to common stockholders of $52.7 million, or $0.89 per diluted share, as compared to $61.2 million, or $1.02 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,For the Six Months Ended,

Performance Ratios (Annualized):June 30,March 31,June 30,June 30,June 30,

20222022202120222021

Return on average assets 0.92 %0.84 %1.03 %0.88 %1.07 %

Return on average stockholders’ equity7.31 6.57 7.88 6.94 8.23

Return on average tangible stockholders’ equity (a) 11.08 9.94 12.07 10.52 12.64

Efficiency ratio59.65 61.77 60.21 60.68 57.34

Net interest margin3.29 3.18 2.89 3.24 2.91

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) financial measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and six months ended June 30, 2022 amounted to $34.6 million and $63.4 million, respectively, or $0.59 and $1.08 per diluted share, respectively. Non-core operations had an adverse impact of $6.7 million and $10.7 million, net of tax, for the three and six months ended June 30, 2022, respectively. Core earnings PTPP were $47.0 million and $86.7 million, respectively, or $0.80 and $1.47 per diluted share for the three and six months ended June 30, 2022, respectively. Selected performance metrics are as follows:

For the Three Months Ended,For the Six Months Ended,

June 30,March 31,June 30,June 30,June 30,

Core Ratios1 (Annualized): 20222022202120222021

Return on average assets 1.13 %0.98 %1.02 %1.06 %0.98 %

Return on average tangible stockholders’ equity13.73 11.55 12.04 12.65 11.55

Efficiency ratio54.43 57.51 60.06 55.89 59.21

Core diluted earnings per share$0.59 $0.49 $0.49 $1.08 $0.93

Core PTPP diluted earnings per share 0.80 0.67 0.55 1.47 1.13

Key developments for the recent quarter are described below:

•Strengthening Net Interest Income and Margin: Net interest income increased by $6.6 million to $90.8 million, from $84.2 million in the prior linked quarter. Net interest margin increased to 3.29%, as compared to 3.18% in the prior linked quarter, largely driven by the impact of the rising rate environment on interest earning assets, as well as elevated prepayment fees, partly offset by increased cost of funds.

•Balance Sheet Growth and Improving Asset Quality: Loan growth for the quarter was $315.9 million, reflecting originations of $835.5 million, and the committed loan pipeline was $385.0 million as of June 30, 2022. Non-performing loans decreased to $20.8 million, as compared to $26.9 million in the prior linked quarter. Deposits grew by $98.7 million year-to-date and $416.2 million as compared to June 30, 2021.

1 Core earnings and core earnings before income taxes and credit loss provision (“PTPP”), and ratios derived from them, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expenses, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and credit loss provision (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

•Expense Management Discipline: Total operating expenses increased modestly to $58.7 million, from $57.5 million in the prior linked quarter, and operating expenses, excluding non-core operations of $742,000 and $2.4 million, respectively, increased to $57.9 million from $55.1 million, for the same periods. Operating expenses for the current quarter included $3.2 million of expenses related to the acquisition of a majority interest in Trident Abstract Title Agency,

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Document

Press Release

Exhibit 99.1

Company Contact:

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7506

Email: Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES FIRST QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, April 28, 2022 - OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $24.8 million, or $0.42 per diluted share, for the quarter ended March 31, 2022, as compared to $31.7 million, or $0.53 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

For the Three Months Ended,

Performance Ratios (Annualized):March 31,December 31,March 31,

202220212021

Return on average assets 0.84 %0.72 %1.12 %

Return on average stockholders’ equity6.57 5.65 8.59

Return on average tangible stockholders’ equity (a) 9.94 8.59 13.22

Efficiency ratio61.77 72.04 54.73

Net interest margin3.18 2.99 2.93

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) financial measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the quarter ended March 31, 2022 amounted to $28.8 million, or $0.49 per diluted share. Non-core operations had an adverse impact of $4.0 million, net of tax, for the quarter ended March 31, 2022. Core earnings before income taxes and credit loss provision (“PTPP”) was $39.7 million, or $0.67 per diluted share for the quarter ended March 31, 2022.

For the Three Months Ended,

March 31,December 31,March 31,

Core Ratios1 (Annualized): 202220212021

Return on average assets 0.98 %0.95 %0.94 %

Return on average tangible stockholders’ equity11.55 11.30 11.04

Efficiency ratio57.51 62.57 58.37

Core diluted earnings per share$0.49 $0.48 $0.44

Core PTPP diluted earnings per share 0.67 0.56 0.58

Key developments for the recent quarter are described below:

•Loan and Deposit Growth: Loan growth for the quarter was $486.1 million, reflecting record loan originations of $1.02 billion and the purchase of residential loan pools of $161.7 million. The committed loan pipeline remains strong at $515.4 million. In addition, deposits increased $323.4 million during the first quarter, while cost of deposits decreased four basis points to 0.16%, from 0.20%, in the prior linked quarter. The loans-to-deposits ratio increased to 90.60%, from 88.60%, in the prior linked quarter.

•Strengthening Net Interest Income and Margin: Net interest income increased by $3.6 million to $84.2 million, from $80.6 million, in the prior linked quarter. Net interest margin increased to 3.18%, as compared to 2.99% in the prior linked quarter, largely driven by the deployment of excess liquidity to fund interest earning assets.

1 Core earnings and core earnings before income taxes and credit loss provision (“PTPP”), and ratios derived from them, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expenses, net loss (gain) on equity investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and credit loss provision (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP financial measures.

2

•Expense Management: Total operating expenses decreased to $57.5 million, from $64.8 million in the prior linked quarter, and operating expenses excluding non-core operations decreased to $55.1 million from $57.1 million, for the same periods, reflecting improving trends in the Bank’s cost reduction initiatives. These efforts improved the efficiency ratio to 61.77%, from 72.04%, in the prior linked quarter, and core efficiency ratio improved to 57.51%, from 62.57%, in the prior linked quarter.

•Branch Consolidations: The Company completed its consolidation of 10 branches during the first quarter for a total of 77 branches consolidated since 2013. Average deposits per branch totaled $264.6 million as of March 31, 2022.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report strong first quarter results, including record loan originations of over $1 billion, a material expansion in net interest margin, and decreased operating expenses. The exceptional loan growth, along with increased d

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Document

Press Release

Company Contact:

Exhibit 99.1

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7506

Email: Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES QUARTERLY AND ANNUAL

EARNINGS AND FINANCIAL RESULTS

RED BANK, NEW JERSEY, JANUARY 27, 2022…OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $21.7 million, or $0.37 per diluted share, for the quarter ended December 31, 2021, as compared to $32.1 million, or $0.54 per diluted share, for the corresponding prior year period. For the year ended December 31, 2021, the Company reported net income available to common stockholders of $106.1 million, or $1.78 per diluted share, as compared to $61.2 million, or $1.02 per diluted share, for the prior year. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information regarding the metrics):

For the Three Months Ended,For the Years Ended,

Performance Ratios (Annualized):December 31,September 30,December 31,December 31,December 31,

20212021202020212020

Return on average assets 0.72 %0.78 %1.09 %0.91 %0.55 %

Return on average stockholders’ equity5.65 6.05 8.65 7.02 4.20

Return on average tangible stockholders’ equity (a) 8.59 9.20 13.43 10.73 6.59

Efficiency ratio72.04 67.43 59.86 63.50 63.70

Net interest margin2.99 2.93 2.97 2.93 3.16

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP measures and impact per period.

Core earnings1 for the quarter and year ended December 31, 2021 amounted to $28.5 million and $111.2 million, respectively, or $0.48 and $1.86 per diluted share, respectively. Non-core operations had an adverse impact, net of tax, of $6.8 million and $5.1 million for the quarter and year ended December 31, 2021, respectively.

For the Three Months Ended,For the Years Ended,

December 31,September 30,December 31,December 31,December 31,

Core Ratios1 (Annualized): 20212021202020212020

Return on average assets 0.95 %0.90 %0.78 %0.95 %0.64 %

Return on average tangible stockholders’ equity11.30 10.62 9.71 11.25 7.77

Efficiency ratio62.57 62.22 59.69 60.84 57.81

Key developments for the recent quarter are described below:

•Loan Growth: Total loan growth for the quarter was $441.0 million. Excluding the impact of Paycheck Protection Program (“PPP”) loans of $29.6 million, total loan growth was $470.6 million for the quarter, reflecting record loan originations of $989.0 million and the purchase of a residential loan pool of $82.2 million. The committed loan pipeline remains strong at a record level of $671.0 million.

•Strengthening Margin: Net interest margin increased to 2.99%, from 2.93% in the prior linked quarter, largely driven by the reduction in excess liquidity to fund loan growth. Cost of deposits decreased two basis points to 0.20%, from 0.22% for the prior linked quarter, reflecting improved deposit quality.

1 Core earnings, a non-GAAP measure, and ratios derived from core earnings, for the periods presented, excludes merger related expenses, branch consolidation expenses, net loss (gain) on equity investments, Federal Home Loan Bank (“FHLB”) advance prepayment fees, gain on sale of Paycheck Protection Program (“PPP”) loans, the opening credit loss expense under the Current Expected Credit Loss (“CECL”) model related to the acquisitions of Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) and the income tax effect of these items, (collectively referred to as “non-core” operations). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP measures and impact per period.

2

•Branch Consolidations: The Company consolidated nine branches during the fourth quarter for a total of 67 branches consolidated. The branch consolidation expense was $7.3 million for the quarter ended December 31, 2021. Average deposits per branch totaled $207.1 million as of December 31, 2021. Additionally, the Company expects to consolidate another 10 branches in the first quarter of 2022.

•Subordinated Debt: The Company has provided notice to its trustee that it will redeem $35.0 million of subordinated debt due September 30, 2026 as of March 30, 2022. The debt currently carries an interest rate of 4.14% based on a floating rate of three months LIBOR plus 392 basis points.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the

EX-99.1

2 ex991-earningsreleasesepte.htm

EX-99.1

Document

Press Release

Exhibit 99.1

Company Contact:

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 7506

Email: Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

RED BANK, NEW JERSEY, October 28, 2021 - OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $23.2 million, or $0.39 per diluted share, for the three months ended September 30, 2021 as compared to net loss available to common stockholders of $6.0 million, or $0.10 per diluted share, for the corresponding prior year period. For the nine months ended September 30, 2021, the Company reported net income available to common stockholders of $84.4 million, or $1.41 per diluted share, as compared to $29.2 million, or $0.49 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information regarding the metrics):

For the Three Months Ended,For the Nine Months Ended,

Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,

20212021202020212020

Return on average assets 0.78 %1.03 %(0.21)%0.98 %0.35 %

Return on average stockholders’ equity6.05 7.88 (1.61)7.49 2.68

Return on average tangible stockholders’ equity (a) 9.20 12.07 (2.51)11.46 4.22

Efficiency ratio67.43 60.21 66.83 60.62 65.39

Net interest margin2.93 2.89 2.97 2.91 3.23

(a) Return on average tangible stockholders’ equity, a non-GAAP (“generally accepted accounting principles”) measure, excludes the impact of intangible assets and goodwill from both assets and stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP measures and impact per period.

Core earnings1 for the three and nine months ended September 30, 2021 amounted to $26.7 million and $82.7 million, respectively, or $0.45 and $1.38 per diluted share, respectively. Non-core operations had an adverse impact, net of tax, of $3.6 million for the three months ended September 30, 2021 and a favorable impact, net of tax, of $1.7 million for the nine months ended September 30, 2021, respectively.

For the Three Months Ended,For the Nine Months Ended,

September 30,June 30,September 30,September 30,September 30,

Core Ratios1 (Annualized): 20212021202020212020

Return on average assets 0.90 %1.02 %(0.01)%0.95 %0.59 %

Return on average tangible stockholders’ equity10.62 12.04 (0.11)11.23 7.10

Efficiency ratio62.22 60.06 59.63 60.23 57.95

Key developments for the recent quarter are described below:

•Loan Growth: Total loan growth for the quarter was $361.0 million. Total loan growth, excluding the impact of Paycheck Protection Program (“PPP”) loans of $30.5 million, was $391.5 million for the quarter, reflecting quarterly loan originations of $771.8 million and the purchase of a residential loan pool of $219.7 million. Along with record loan production during the quarter, the committed loan pipeline remains strong at $651.4 million.

•Deposit Growth: Deposits increased $358.8 million during the third quarter, while cost of deposits decreased 5 basis points to 0.22% from 0.27% in the prior linked quarter, reflecting a trend in improving deposit quality.

1 Core earnings, a non-GAAP measure, and ratios derived from core earnings, for the periods presented, excludes merger related expenses, branch consolidation expenses, net loss (gain) on equity investments, Federal Home Loan Bank (“FHLB”) advance prepayment fees, gain on sale of PPP loans, the opening credit loss expense under the Current Expected Credit Loss (“CECL”) model related to the acquisitions of Two River Bancorp (“Two River”) and Country Bank Holding Company, Inc. (“Country Bank”) and the income tax effect of these items, (collectively referred to as “non-core” operations). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding our non-GAAP measures and impact per period.

2

•Net Interest Income and Margin: Net interest income increased by $3.1 million to $77.1 million from $74.0 million in the prior linked quarter. Net interest margin increased to 2.93%, compared to 2.89% in the prior linked quarter, largely driven by the Bank’s disciplined deposit pricing practices.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report strong loan originations of $771.8 million along with a record loan pipeline of $651.4 million, reflecting the momentum from our expanding commercial banking team.” Mr. Maher added, “During the quarter, the system integration of our New York Region was completed