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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.

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•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 acquisition of Flushing Financial Corporation (“Flushing”), the holding company of Flushing Bank. Flushing added $8.69 billion to total assets, $6.19 billion to loans and loans held for sale, and $7.44 billion to deposits. Flushing added 30 retail branches across New York City and Long Island.
•Balance Sheet Repositioning: The Company sold $1.31 billion of multifamily loans from the Flushing acquisition at a price of 92.25% and invested the $1.20 billion of net proceeds into highly-liquid, investment grade securities. The repositioning reduces commercial real estate concentration by approximately 50 percentage points to 381%3, while increasing liquidity as indicated by on-hand liquidity4 increasing to 11.5% of assets and the loan-to-deposit ratio falling to 91.60%. Additionally, the allowance for credit losses increased to 1.29% of total loans receivable.
•Operating Expenses: The Company anticipates full integration of Flushing’s operations and systems in the third quarter of 2026. The resulting operating synergies are expected to improve efficiency and reduce operating expenses in future periods.
Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to see continued momentum in our core business and to have welcomed Flushing into the OceanFirst family during the quarter. Full integration and the rebranding of Flushing branches is scheduled to occur in the third quarter of 2026, allowing for the realization of synergies well before year-end. We look forward to building on the strong customer relationships Flushing has developed
3 Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory commercial real estate divided by Tier 1 capital plus the ACL.
4 On-hand liquidity equals cash, unpledged securities and funding capacity at the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Discount Window.
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over the years.” Mr. Maher added, “The execution of the loan sale reduced the Company’s exposure to rent-regulated properties in New York City. These actions reflect our commitment to maintain a strong balance sheet and an enhanced liquidity profile, positioning the combined organization for sustainable, long-term growth.”
The Company’s Board of Directors declared its 118th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on August 21, 2026, to common stockholders and NVCE stockholders of record on August 10, 2026.
Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing and its results of operations from June 1, 2026 through June 30, 2026 are included in the consolidated results for the three and six months ended June 30, 2026, but are not included in the results of operations for the corresponding prior year periods. Further, the current quarter included $42.8 million of non-recurring merger-related expenses for the Flushing acquisition, representing $33.6 million net of tax, or $0.48 per share.
Net Interest Income and Margin
Three months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $120.7 million, from $87.6 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing, which added $19.1 million of net interest income. Net interest margin increased to 3.05%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.04%, respectively, and the impact of purchase accounting on average-interest earning assets.
Average interest-earning assets increased by $3.81 billion, which was impacted by $2.50 billion of average interest-earning assets acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.29%, from 5.14%, primarily due
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to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.
The cost of average interest-bearing liabilities decreased to 2.74%, from 2.77%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $3.25 billion, driven by liabilities assumed from Flushing, and the remainder attributable to increases in deposits and FHLB advances.
Six months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $217.2 million, from $174.3 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing. Net interest margin increased to 2.99%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% for both periods.
Average interest-earning assets increased by $2.53 billion, driven by $1.26 billion acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.20%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.
The cost of average interest-bearing liabilities decreased to 2.70%, from 2.77%, primarily due to repricing of deposits and FHLB advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits decreased four basis points to 2.02%, from 2.06%. Average interest-bearing liabilities increased by $2.23 billion, driven by the acquisition of Flushing, with the remaining increases related to deposits and FHLB advances.
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Three months ended June 30, 2026 vs. March 31, 2026
Net interest income increased by $24.3 million, to $120.7 million from $96.4 million, and net interest margin increased to 3.05%, from 2.93%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.01%, respectively.
Average interest-earning assets increased by $2.52 billion, and the yield on average interest-earning assets increased to 5.29%, from 5.10%. As noted above, the current quarter was impacted by interest-earning assets acquired from Flushing and repricing of assets and new originations.
The cost of average interest-bearing liabilities increased to 2.74%, from 2.66%. The total cost of deposits increased to 2.06%, from 1.97%. Average interest-bearing liabilities increased by $2.03 billion, driven by Flushing as noted above, partly offset by government deposit outflows.
Provision for Credit Losses
    Provision for credit losses for the three and six months ended June 30, 2026 was $4.0 million and $6.7 million, as compared to $3.0 million and $8.4 million for the corresponding prior year periods, and $2.7 million in the linked quarter. The current quarter provision was primarily driven by a reserve build of $2.5 million and replenishment of net charge-offs of $1.5 million.
Net loan charge-offs were $1.5 million and $2.2 million for the three and six months ended June 30, 2026, as compared to $2.2 million and $2.9 million for the corresponding prior year periods and $701,000 for the linked quarter. Net loan charge-offs to average total loans were 0.05% and 0.04% for the three and six months ended June 30, 2026, as compared to 0.09% and 0.06% for the corresponding prior year periods and 0.03% for the linked quarter.
Non-interest Income
Three months ended June 30, 2026 vs. June 30, 2025    
Other income decreased to $10.6 million, as compared to $11.7 million. Other income was adversely impacted by non-core operations of $347,000 related to net losses on equity investments in the current quarter. The prior period other income was favorably impacted by non-core operations of
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$488,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $300,000. The current year period includes $1.4 million of other income from the acquisition of Flushing which largely was offset by the reduction in fees and services charges from the discontinuation of our title business for the comparable prior year period.
Excluding the impact of non-core operations and Flushing, the decrease in other income of $1.7 million was driven by a decrease in fees and service charges of $1.8 million and a decrease in net gain on sale of loans of $1.2 million due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year. In addition, the prior period included non-recurring other income of $1.1 million. This was partly offset by increases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $1.4 million.
Six months ended June 30, 2026 vs. June 30, 2025
Other income decreased to $17.3 million, as compared to $23.0 million. Other income was adversely impacted by non-core operations of $701,000 related to net losses on equity investments in the current period. The prior period other income was favorably impacted by non-core operations of $693,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $4.2 million. This was partly offset by the acquisition of Flushing, as noted above.
The remaining decrease in other income by $5.6 million was driven by a decrease in fees and service charges of $3.6 million and a decrease in a net gain on sale of loans of $2.1 million due to the same drivers as noted above. In addition, the prior period included non-recurring other income of $1.9 million. This was partly offset by increases in net gain on other real estate operations of $1.3 million and commercial loan swap income of $1.1 million.
Three months ended June 30, 2026 vs. March 31, 2026
Other income in the linked quarter was $6.7 million and included non-core operations of $354,000 related to net losses on equity investments. Excluding non-core operations and Flushing’s other income stated above, other income increased by $2.5 million. The primary drivers were increases
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in net gain on other real estate operations of $1.4 million and commercial loan swap income of $1.2 million.
Non-interest Expense
Three months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $129.9 million, as compared to $71.5 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $42.7 million, due to merger-related expenses. Excluding the impact of non-core operations, other expenses increased by $15.7 million, primarily due to $14.8 million of operating expenses recognized in June from the acquisition of Flushing.
The remaining increase in operating expenses of $877,000 was driven by an increase in compensation and benefits of $2.5 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Additional drivers were decreases in professional fees of $1.3 million, mostly due to recruitment fees for the Company’s commercial banking hires in the prior year.
Six months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $203.3 million, as compared to $135.8 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $47.0 million, due to merger-related expenses and restructuring charges. Excluding the impact of non-core operations, other expenses increased by $20.5 million primarily due to the acquisition of Flushing, as noted above.
The remaining increase in operating expenses of $5.7 million was driven by an increase in compensation and benefits of $5.3 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative.
Three months ended June 30, 2026 vs. March 31, 2026
Operating expenses in the linked quarter were $73.4 million and included non-core operations of $4.3 million related to merger-related expenses and restructuring charges. Excluding non-core
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operations and Flushing’s other expense stated above, operating expenses increased by $3.2 million. The primary drivers were increases in compensation and benefits of $3.3 million, partly due to new hires and an additional working day, and marketing expense of $646,000. These were partly offset by a decrease in data processing expense of $975,000.
Income Tax Expense
The provision for income taxes was $496,000 and $7.0 million for the three and six months ended June 30, 2026, as compared to $5.8 million and $12.6 million for the same prior year periods and $6.5 million for the linked quarter. The effective tax rate was (19.6)% and 28.7% for the three and six months ended June 30, 2026, as compared to 23.2% and 23.7% for the same prior year period and 24.2% for the linked quarter. The effective tax rate for the three and six months ended June 30, 2026 was adversely impacted by non-deductible merger related expenses, which were offset by a one-time revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the impact of these adjustments, the effective tax rate would have been 28.1% and increased as a result of the new tax profile due to the acquisition of Flushing.
Financial Condition5
June 30, 2026 vs. December 31, 2025
Total assets increased by $8.71 billion to $23.27 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.24 billion to $16.28 billion, from $11.03 billion, primarily due to Flushing totaling $6.19 billion partly offset by $1.31 billion of multifamily loans sold during the quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.82 billion, primarily due to the acquisition of Flushing totaling $1.54 billion and the reinvestment of proceeds from the loan sales into securities. Bank owned life insurance increased by $233.6 million to $503.9 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance
5 Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.

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increased to $529.8 million, from $517.5 million and intangibles increased to $90.6 million, from $9.0 million.
Other assets increased by $217.7 million to $367.0 million, from $149.3 million primarily due to revaluation of deferred tax assets as a result of the acquisition of Flushing and increase in market values of derivatives associated with customer interest rate swaps.
Total liabilities increased by $7.96 billion to $20.86 billion, from $12.90 billion primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $6.80 billion to $17.76 billion, from $10.96 billion, primarily due to acquired deposits from Flushing totaling $7.44 billion. Excluding Flushing, the decrease in deposits was primarily attributable to a decrease in government deposits due to seasonality. Time deposits increased by $1.74 billion to $4.21 billion, from $2.47 billion, representing 23.7% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.41 billion and brokered time deposits of $276.0 million. FHLB advances increased by $335.2 million to $1.73 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $238.0 million to $493.2 million, from $255.2 million driven by the addition of subordinated debt and trust preferred securities from the acquisition of Flushing. The loan-to-deposit ratio was 91.6%, as compared to 100.6%.
Other liabilities increased by $489.8 million to $699.1 million, from $209.3 million, mostly related to $337.0 million of unsettled security purchases and increases in market values of derivatives associated with customer interest rate swaps.
Capital levels remain strong and in excess of “well-capitalized” regulatory levels at June 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%.
    Total stockholders’ equity increased to $2.41 billion, as compared to $1.66 billion, primarily due to the acquisition of Flushing which added $535.6 million to stockholders’ equity. The current period also included a $225 million strategic investment from affiliates of funds managed by Warburg, in exchange for approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock,
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and warrants to purchase 11.4 million shares of NVCE stock. Additionally, accumulated other comprehensive loss increased by $1.2 million primarily due to decreases in the fair market value of available-for-sale debt securities and derivative hedges, net of tax.
During the six months ended June 30, 2026, the Company repurchased 376,277 shares totaling $7.1 million representing a weighted average cost of $18.70, for repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. On June 1, 2026 the Company donated 273,973 shares totaling $5.0 million to the OceanFirst Foundation, which was funded through treasury stock. As of June 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company’s tangible common equity6 increased by $654.6 million to $1.79 billion. The Company’s stockholders’ equity to assets ratio was 10.36% at June 30, 2026, and tangible common equity to tangible assets ratio decreased by 18 basis points during the year to 7.91%, primarily due to the drivers described above.
Book value per common share6 decreased to $24.50, as compared to $28.97. Tangible book value per common share decreased to $18.19, as compared to $19.79.

Asset Quality
June 30, 2026 vs. December 31, 2025
The Company’s allowance for loan credit losses was 1.29% of total loans, as compared to 0.76%. The increase in the allowance for credit losses was largely driven by incremental allowance for loan credit losses of $121 million added for the Flushing portfolio and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.
Non-performing loans increased to $108.2 million, from $27.8 million, primarily due to $53.8 million of non-performing loans acquired from Flushing and one commercial relationship of
6 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. Tangible book value per common share is based on common shares outstanding at period end Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
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$20.6 million. Non-performing loans represented 0.67% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 193.75%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $47.1 million, from $47.8 million, primarily due to the one commercial relationship noted above, which was partially offset by $18.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans and investment, and other real estate owned, increased to $541.5 million, from $122.1 million, primarily due to $293.2 million of loans and a $20.7 million investment acquired from Flushing, which were re-risked at the date of acquisition based on the Company’s credit standards. The remaining increase was driven by two commercial relationships totaling $56.1 million.
The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition largely consisting of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $51.6 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $8.6 million of PCD loans acquired from Flushing.
The Company’s asset quality, excluding PCD loans, was as follows. Non-performing loans increased to $54.1 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 388.00%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $36.9 million, from $44.7 million.
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Explanation of Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets and goodwill, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.
Conference Call
    As previously announced, the Company will host an earnings conference call on Friday, July 31, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 387420595. For those unable to participate in the conference call, a replay will be available which can be accessed through the following URL: https://events.q4inc.com/attendee/387420595. The conference call will also be available (listen-only) by internet webcast at https://ir.oceanfirst.com/. Web users should go to the site at least fifteen minutes prior to the call to register.
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    OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.3 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, trade restrictions and retaliatory measures impacting the Company’s borrowers and the broader economy, the effects of a potential future federal government shutdown, debt ceiling impasses or fiscal uncertainty, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in the Company’s operational or security systems and infrastructure, including the risks arising from the Company’s dependence on third-party service providers and vendors, the failure to maintain current technologies and the operational risks associated with the adoption of artificial intelligence and other emerging technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations.
You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents filed by OceanFirst from time to time with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)

June 30,March 31,December 31,June 30,
2026202620252025
(Unaudited)(Unaudited)(Unaudited)
Assets
Cash and due from banks$274,057 $136,981 $135,130 $170,599 
Debt securities available-for-sale, at estimated fair value2,067,668 1,181,087 1,231,827 735,561 
Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026, $754 at March 31, 2026, $811 at December 31, 2025, and $809 at June 30, 2025 (estimated fair value of $2,803,466 at June 30, 2026, $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $896,090 at June 30, 2025)
2,862,196 852,917 881,568 968,969 
Equity investments75,965 88,239 91,882 87,808 
Restricted equity investments, at cost180,711 119,503 129,329 106,538 
Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026, $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $79,266 at June 30, 2025
16,086,532 11,059,275 10,970,666 10,119,781 
Loans held-for-sale— — 5,768 15,744 
Interest and dividends receivable91,497 49,588 49,010 44,032 
Other real estate owned13,453 10,393 10,266 7,680 
Premises and equipment, net126,609 112,066 112,743 113,474 
Bank owned life insurance503,910 271,650 270,301 271,184 
Goodwill529,836 517,481 517,481 523,308 
Intangibles90,613 8,198 9,046 10,834 
Other assets366,963 148,958 149,300 152,335 
Total assets$23,270,010 $14,556,336 $14,564,317 $13,327,847 
Liabilities and Stockholders’ Equity
Deposits$17,760,073 $11,155,916 $10,964,405 $10,232,442 
Federal Home Loan Bank advances1,732,373 1,180,179 1,397,179 938,687 
Securities sold under agreements to repurchase with customers61,329 67,249 54,434 61,490 
Other borrowings493,216 255,518 255,233 198,019 
Advances by borrowers for taxes and insurance112,876 25,851 21,245 18,759 
Other liabilities699,063 202,255 209,271 234,770 
Total liabilities20,858,930 12,886,968 12,901,767 11,684,167 
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity2,411,080 1,669,368 1,662,550 1,642,846 
Non-controlling interest— — — 834 
Total stockholders’ equity2,411,080 1,669,368 1,662,550 1,643,680 
Total liabilities and stockholders’ equity$23,270,010 $14,556,336 $14,564,317 $13,327,847 












15

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
For the Three Months Ended,For the Six Months Ended,
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
|---------------------- (Unaudited) ----------------------||---------- (Unaudited) -----------|
Interest income:
Loans$178,982 $145,324 $135,478 $324,306 $268,497 
Debt securities26,633 19,810 15,950 46,443 33,220 
Equity investments and other3,989 3,157 3,397 7,146 6,811 
Total interest income209,604 168,291 154,825 377,895 308,528 
Interest expense:
Deposits68,308 53,695 52,273 122,003 103,319 
Borrowed funds20,566 18,149 14,916 38,715 30,921 
Total interest expense88,874 71,844 67,189 160,718 134,240 
Net interest income120,730 96,447 87,636 217,177 174,288 
Provision for credit losses4,002 2,738 3,039 6,740 8,379 
Net interest income after provision for credit losses116,728 93,709 84,597 210,437 165,909 
Other income (loss):
Bankcard services revenue1,772 1,629 1,619 3,401 3,082 
Trust and asset management revenue384 433 374 817 780 
Fees and service charges3,389 2,813 4,969 6,202 9,681 
Net gain (loss) on sales of loans38 (28)1,177 10 2,035 
Net (loss) gain on equity investments(347)(354)488 (701)693 
Net gain (loss) from other real estate operations1,203 (164)(260)1,039 (276)
Income from bank owned life insurance2,471 1,874 1,786 4,345 3,638 
Commercial loan swap income1,654 345 207 1,999 827 
Other34 200 1,373 234 2,526 
Total other income10,598 6,748 11,733 17,346 22,986 
Operating expenses:
Compensation and employee benefits50,202 39,484 40,242 89,686 76,982 
Occupancy7,333 5,832 5,454 13,165 10,951 
Equipment1,111 921 869 2,032 1,790 
Marketing1,894 963 1,541 2,857 2,649 
Federal deposit insurance and regulatory assessments4,130 3,215 2,898 7,345 5,881 
Data processing7,655 7,052 6,808 14,707 13,455 
Check card processing1,097 1,098 1,156 2,195 2,326 
Professional fees3,405 3,222 4,336 6,627 6,761 
Amortization of intangibles2,586 848 906 3,434 1,846 
Merger-related expenses42,765 4,150 — 46,915 — 
Restructuring (release) charges(71)128 — 57 — 
Other operating expenses7,752 6,490 7,264 14,242 13,127 
Total operating expenses129,859 73,403 71,474 203,262 135,768 
(Loss) Income before provision for income taxes(2,533)27,054 24,856 24,521 53,127 
Provision for income taxes496 6,548 5,771 7,044 12,579 
Net (loss) income(3,029)20,506 19,085 17,477 40,548 
Net gain (loss) attributable to non-controlling interest— — 39 — (7)
Net (loss) income attributable to OceanFirst Financial Corp.(3,029)20,506 19,046 17,477 40,555 
Dividends on preferred shares— — 1,004 — 2,008 
Loss on redemption of preferred stock— — 1,842 — 1,842 
Net (loss) income available to common stockholders$(3,029)$20,506 $16,200 $17,477 $36,705 
Basic earnings per share$(0.04)$0.36 $0.28 $0.27 $0.63 
Diluted earnings per share$(0.04)$0.36 $0.28 $0.27 $0.63 
Average basic shares outstanding70,239 57,043 57,738 63,630 57,889 
Average diluted shares outstanding70,239 57,048 57,740 63,638 57,891 
16

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLEAt
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Commercial:
Commercial real estate - investor$9,125,313 $5,478,832 $5,420,989 $5,211,220 $5,068,125 
Commercial and industrial:
Commercial and industrial - real estate
1,800,501 1,016,912 986,431 997,122 914,406 
Commercial and industrial - non-real estate 1,907,719 1,302,128 1,227,556 998,860 862,504 
Total commercial and industrial3,708,220 2,319,040 2,213,987 1,995,982 1,776,910 
Total commercial12,833,533 7,797,872 7,634,976 7,207,202 6,845,035 
Consumer:
Residential real estate3,245,311 3,128,023 3,194,264 3,135,200 3,119,232 
Home equity loans and lines and other consumer ("other consumer")196,908 198,048 202,763 215,581 220,820 
Total consumer3,442,219 3,326,071 3,397,027 3,350,781 3,340,052 
Total loans16,275,752 11,123,943 11,032,003 10,557,983 10,185,087 
Deferred origination costs (fees), net20,496 21,442 22,389 13,105 13,960 
Allowance for loan credit losses(209,716)(86,110)(83,726)(81,236)(79,266)
Loans receivable, net$16,086,532 $11,059,275 $10,970,666 $10,489,852 $10,119,781 
Residential mortgage loans serviced for others$333,605 $344,316 $365,431 $340,740 $288,211 
At June 30, 2026 Average Yield
Loan pipeline (1):
Commercial6.54 %$409,448 $417,356 $464,602 $710,933 $790,768 
Residential real estate (2)
— — 461 9,457 136,797 146,921 
Other consumer (2)
— — — — 16,184 17,110 
Total6.54 %$409,448 $417,817 $474,059 $863,914 $954,799 
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Average Yield
Loan originations:
Commercial6.71 %$641,505 $422,907 $786,186 $739,154 $425,877 
Residential real estate (2)
6.07 406 5,824 249,540 250,066 274,314 
Other consumer (2)
— — — 14,859 18,087 15,813 
Total6.71 %$641,911 $428,731 $1,050,585 $1,007,307 $716,004 
(1)Loan pipeline includes loans approved but not funded.
(2)As of December 31, 2025, the Company has discontinued its residential and consumer originations.

DEPOSITSAt
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Type of Account
Non-interest-bearing$2,836,711 $1,757,097 $1,741,958 $1,731,760 $1,686,627 
Interest-bearing checking6,276,653 4,536,726 4,354,485 4,090,930 3,845,602 
Money market3,375,564 1,488,653 1,412,917 1,397,434 1,377,999 
Savings1,060,481 986,208 986,195 1,000,488 1,022,918 
Time deposits (1)
4,210,664 2,387,232 2,468,850 2,215,382 2,299,296 
  Total deposits$17,760,073 $11,155,916 $10,964,405 $10,435,994 $10,232,442 
(1)Includes brokered time deposits of $885.7 million, $487.9 million, $609.8 million, $405.1 million, and $522.8 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
17

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
ASSET QUALITY (1) (2)
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Non-performing loans:
Commercial real estate - investor$76,721 $18,970 $13,636 $23,570 $20,457 
Commercial and industrial:
Commercial and industrial - real estate16,980 5,541 4,813 7,469 4,499 
Commercial and industrial - non-real estate5,045 228 640 394 311 
Total commercial and industrial22,025 5,769 5,453 7,863 4,810 
Residential real estate7,043 7,011 6,200 7,334 5,318 
Other consumer2,452 2,888 2,502 2,496 2,926 
Total non-performing loans (2) (3)
$108,241 $34,638 $27,791 $41,263 $33,511 
Other real estate owned13,453 10,393 10,266 7,498 7,680 
Non-performing investment (4)
20,729 — — — — 
Total non-performing assets
$142,423 $45,031 $38,057 $48,761 $41,191 
Delinquent loans 30 to 89 days (3)
$47,097 $55,876 $47,808 $19,817 $14,740 
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)$7,151 $5,460 $956 $7,693 $8,129 
Performing15,072 15,083 23,898 23,952 31,986 
Total modifications to borrowers experiencing financial difficulty$22,223 $20,543 $24,854 $31,645 $40,115 
Allowance for loan credit losses$209,716 $86,110 $83,726 $81,236 $79,266 
Allowance for unfunded commitments4,194 3,738 4,028 4,636 3,289 
Allowance for loan credit losses as a percent of total loans receivable1.29 %0.77 %0.76 %0.77 %0.78 %
Allowance for loan credit losses as a percent of total non-performing loans193.75 248.60 301.27 196.87 236.54 
Non-performing loans as a percent of total loans receivable0.67 0.31 0.25 0.39 0.33 
Non-performing assets as a percent of total assets0.61 0.31 0.26 0.34 0.31 
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses (3)
$696,763 $14,604 $14,968 $19,003 $20,934 
Non-performing PCD loans (3)
54,190 5,900 5,432 5,677 6,800 
Delinquent PCD and non-performing loans 30 to 89 days (3)
10,221 8,794 3,103 2,987 2,590 
PCD modifications to borrowers experiencing financial difficulty (2)
1,710 16 18 20 20 
Asset quality, excluding PCD loans
Non-performing loans (2)
54,051 28,738 22,359 35,586 26,711 
Non-performing assets
88,233 39,131 32,625 43,084 34,391 
Delinquent loans 30 to 89 days (excludes non-performing loans)
36,876 47,082 44,705 16,830 12,150 
Modifications to borrowers experiencing financial difficulty (2)
20,513 20,527 24,836 31,625 40,095 
Allowance for loan credit losses as a percent of total non-performing loans 388.00 %299.64 %374.46 %228.28 %296.75 %
Non-performing loans as a percent of total loans receivable
0.33 0.26 0.20 0.34 0.26 
Non-performing assets as a percent of total assets0.38 0.27 0.22 0.30 0.26 
(1)Asset quality metrics exclude loans held for sale.
(2)The quarters ended June 30, 2026, December 31, 2025, and June 30, 2025 included the sale of non-performing residential and consumer loans of $2.0 million, $2.5 million and $2.2 million, respectively.
(3)The quarter ended June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans included $53.8 million, $18.2 million, and $750.4 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans included $51.6 million and $8.6 million, respectively, from Flushing.
(4)Non-performing investment acquired from Flushing.
18

(continued)

NET LOAN CHARGE-OFFSFor the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Net loan charge-offs:
Loan charge-offs $(1,776)$(956)$(2,190)$(850)$(2,415)
Recoveries on loans262 255 216 233 197 
Net loan charge-offs$(1,514)

$(701)$(1,974)$(617)$(2,218)
Net loan charge-offs to average total loans (annualized)0.05 %0.03 %0.07 %0.02 %0.09 %
Net loan (charge-offs) recoveries detail:
Commercial (1)
$(1,074)$(736)$(1,676)$(522)$(1,666)
Residential real estate (2)
(352)(7)(268)(24)(348)
Other consumer (2)
(88)42 (30)(71)(204)
Net loan charge-offs$(1,514)$(701)$(1,974)$(617)$(2,218)
(1)The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.
(2)The three months ended December 31, 2025 and June 30, 2025 included charge-offs of $342,000 and $445,000, respectively, related to the sale of non-performing residential and consumer loans.


19

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
For the Three Months Ended
June 30, 2026March 31, 2026June 30, 2025
(dollars in thousands)Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments$158,816 $1,375 3.47 %$83,036 $662 3.23 %$111,631 $1,090 3.92 %
Securities (2)
2,789,029 29,247 4.21 2,282,663 22,305 3.96 1,917,114 18,257 3.82 
Loans receivable, net (3)
Commercial9,701,371 142,903 5.91 7,687,461 109,097 5.76 6,786,611 100,004 5.91 
Residential real estate3,145,110 33,135 4.21 3,167,262 33,141 4.19 3,091,227 31,861 4.12 
Other consumer188,131 2,944 6.28 199,318 3,086 6.28 225,311 3,613 6.43 
Allowance for loan credit losses, net of deferred loan costs and fees(104,773)— — (61,878)— — (66,364)— — 
Loans receivable, net12,929,839 178,982 5.55 10,992,163 145,324 5.34 10,036,785 135,478 5.41 
Total interest-earning assets15,877,684 209,604 5.29 13,357,862 168,291 5.10 12,065,530 154,825 5.14 
Non-interest-earning assets1,399,341 1,192,836 1,182,543 
Total assets$17,277,025 $14,550,698 $13,248,073 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$5,107,262 28,186 2.21 %$4,509,841 22,820 2.05 %$3,990,602 20,605 2.07 %
Money market2,120,250 14,128 2.67 1,472,989 8,808 2.43 1,342,194 9,718 2.90 
Savings1,003,045 1,284 0.51 988,964 1,306 0.54 1,029,490 1,680 0.65 
Time deposits2,990,624 24,710 3.31 2,372,824 20,761 3.55 2,175,564 20,270 3.74 
Total11,221,181 68,308 2.44 9,344,618 53,695 2.33 8,537,850 52,273 2.46 
FHLB Advances1,312,502 13,169 4.02 1,261,984 12,884 4.14 880,746 9,933 4.52 
Securities sold under agreements to repurchase60,009 399 2.67 59,806 384 2.60 60,477 419 2.78 
Other borrowings397,793 6,998 7.06 299,919 4,881 6.60 260,655 4,564 7.02 
Total borrowings1,770,304 20,566 4.66 1,621,709 18,149 4.54 1,201,878 14,916 4.98 
Total interest-bearing liabilities12,991,485 88,874 2.74 10,966,327 71,844 2.66 9,739,728 67,189 2.77 
Non-interest-bearing deposits2,107,561 1,731,789 1,639,045 
Non-interest-bearing liabilities247,077 174,100 186,653 
Total liabilities15,346,123 12,872,216 11,565,426 
Stockholders’ equity1,930,902 1,678,482 1,682,647 
Total liabilities and stockholders’ equity$17,277,025 $14,550,698 $13,248,073 
Net interest income$120,730 $96,447 $87,636 
Net interest rate spread (4)
2.55 %2.44 %2.37 %
Net interest margin (5)
3.05 %2.93 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.06 %1.97 %2.06 %






20

(continued)
For the Six Months Ended June 30,
 20262025
(dollars in thousands)Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments$121,135 $2,037 3.39 %$106,230 $2,073 3.94 %
Securities (2)
2,537,245 51,552 4.10 1,959,922 37,958 3.91 
Loans receivable, net (3)
Commercial8,699,979 252,000 5.84 6,783,823 198,265 5.89 
Residential real estate3,156,125 66,276 4.20 3,078,524 63,131 4.10 
Other consumer193,693 6,030 6.28 226,923 7,101 6.31 
Allowance for loan credit losses, net of deferred loan costs and fees(83,445)— — (64,121)— — 
Loans receivable, net11,966,352 324,306 5.46 10,025,149 268,497 5.39 
Total interest-earning assets14,624,732 377,895 5.20 12,091,301 308,528 5.14 
Non-interest-earning assets1,296,661 1,188,506 
Total assets$15,921,393 $13,279,807 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$4,810,202 51,006 2.14 %$4,062,502 42,039 2.09 %
Money market1,798,408 22,936 2.57 1,332,154 19,070 2.89 
Savings996,043 2,589 0.52 1,043,674 3,465 0.67 
Time deposits2,683,430 45,472 3.42 2,046,927 38,745 3.82 
Total10,288,083 122,003 2.39 8,485,257 103,319 2.46 
FHLB Advances1,287,383 26,053 4.08 938,200 21,293 4.58 
Securities sold under agreements to repurchase59,908 783 2.64 62,385 846 2.73 
Other borrowings349,126 11,879 6.86 271,840 8,782 6.51 
Total borrowings1,696,417 38,715 4.60 1,272,425 30,921 4.90 
Total interest-bearing liabilities11,984,500 160,718 2.70 9,757,682 134,240 2.77 
Non-interest-bearing deposits1,920,713 1,618,622 
Non-interest-bearing liabilities210,791 204,702 
Total liabilities14,116,004 11,581,006 
Stockholders’ equity1,805,389 1,698,801 
Total liabilities and stockholders’ equity$15,921,393 $13,279,807 
Net interest income$217,177 $174,288 
Net interest rate spread (4)
2.50 %2.37 %
Net interest margin (5)
2.99 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.02 %2.06 %
(1)    Average yields and costs are annualized.
(2)    Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.
(3)    Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held-for-sale and non-performing loans.
(4)    Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5)    Net interest margin represents net interest income divided by average interest-earning assets.
​
​
21

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Financial Condition Data:
Total assets$23,270,010 $14,556,336 $14,564,317 $14,324,664 $13,327,847 
Debt securities available-for-sale, at estimated fair value
2,067,668 1,181,087 1,231,827 1,261,580 735,561 
Debt securities held-to-maturity, net of allowance for securities credit losses2,862,196 852,917 881,568 919,734 968,969 
Equity investments75,965 88,239 91,882 90,731 87,808 
Restricted equity investments, at cost180,711 119,503 129,329 142,398 106,538 
Loans receivable, net of allowance for loan credit losses16,086,532 11,059,275 10,970,666 10,489,852 10,119,781 
Deposits17,760,073 11,155,916 10,964,405 10,435,994 10,232,442 
Federal Home Loan Bank advances1,732,373 1,180,179 1,397,179 1,705,585 938,687 
Securities sold under agreements to repurchase from customers and other borrowings554,545 322,767 309,667 263,007 259,509 
Total stockholders’ equity2,411,080 1,669,368 1,662,550 1,653,427 1,643,680 

For the Three Months Ended,
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Operating Data:
Interest income$209,604 $168,291 $171,732 $162,194 $154,825 
Interest expense88,874 71,844 76,454 71,537 67,189 
Net interest income120,730 96,447 95,278 90,657 87,636 
Provision for credit losses4,002 2,738 3,700 4,092 3,039 
Net interest income after provision for credit losses116,728 93,709 91,578 86,565 84,597 
Other income (excluding equity investments)10,945 7,102 9,181 12,311 11,245 
Net (loss) gain on equity investments(347)(354)230 (7)488 
Operating expenses (excluding non-core operations)87,165 69,125 71,227 72,390 71,474 
Restructuring (release) charges(71)128 7,379 4,147 — 
Credit risk transfer execution expense— — 1,283 — — 
FDIC special assessment release— — — (210)— 
Merger-related expenses42,765 4,150 4,253 — — 
(Loss) income before provision for income taxes(2,533)27,054 16,847 22,542 24,856 
Provision for income taxes496 6,548 3,754 5,156 5,771 
Net (loss) income(3,029)20,506 13,093 17,386 19,085 
Net income (loss) attributable to non-controlling interest— — — 56 39 
Net (loss) income attributable to OceanFirst Financial Corp.$(3,029)$20,506 $13,093 $17,330 $19,046 
Net (loss) income available to common stockholders$(3,029)$20,506 $13,093 $17,330 $16,200 
Diluted earnings per share (6)
$(0.04)$0.36 $0.23 $0.30 $0.28 
Net accretion/amortization of purchase accounting adjustments included in net interest income$1,151 $59 $222 $510 $420 
22

(continued)
At or For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets (3)
(0.07)%0.57 %0.36 %0.51 %0.49 %
Return on average tangible assets (3) (4)
(0.07)0.59 0.38 0.53 0.51 
Return on average stockholders’ equity (3)
(0.63)4.95 3.12 4.15 3.86 
Return on average tangible stockholders’ equity (3) (4)
(0.88)7.22 4.57 6.13 5.66 
Return on average tangible common equity (3) (4)
(0.88)7.22 4.57 6.13 5.66 
Stockholders’ equity to total assets10.36 11.47 11.42 11.54 12.33 
Tangible stockholders’ equity to tangible assets (4)
7.91 8.15 8.09 8.12 8.67 
Tangible common equity to tangible assets (4)
7.91 8.15 8.09 8.12 8.67 
Net interest rate spread2.55 2.44 2.36 2.36 2.37 
Net interest margin3.05 2.93 2.87 2.91 2.91 
Operating expenses to average assets 3.01 2.05 2.33 2.23 2.16 
Efficiency ratio (5)
98.88 71.13 80.37 74.13 71.93 
Loan-to-deposit ratio91.60 99.70 100.60 101.20 99.50 


For the Six Months Ended June 30,
20262025
Performance Ratios (Annualized):
Return on average assets (3)
0.22 %0.56 %
Return on average tangible assets (3) (4)
0.23 0.58 
Return on average stockholders’ equity (3)
1.95 4.36 
Return on average tangible stockholders’ equity (3) (4)
2.79 6.36 
Return on average tangible common equity (3) (4)
2.79 6.36 
Net interest rate spread2.50 2.37 
Net interest margin2.99 2.91 
Operating expenses to average assets2.57 2.06 
Efficiency ratio (5)
86.67 68.82 


23

(continued)
At or For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)$158,650 $142,962 $142,030 $143,708 $141,921 
Nest Egg AUA/M503,818 469,586 485,606 463,906 462,664 
Total AUA/M662,468 612,548 627,636 607,614 604,585 
Per Share Data:
Cash dividends per common share (6)
$0.20 $0.20 $0.20 $0.20 $0.20 
Book value per common share at end of period (6)
24.50 28.98 28.97 28.81 28.64 
Tangible book value per common share at end of period (4) (6)
18.19 19.86 19.79 19.52 19.34 
Common shares outstanding at end of period (6)
98,416,19557,600,06957,390,56957,388,60357,383,975
Number of full-service customer facilities:71 41 41 40 40 
Quarterly Average Balances
Total securities$2,789,029 $2,282,663 $2,339,646 $1,990,917 $1,917,114 
Loans receivable, net12,929,839 10,992,163 10,724,240 10,278,610 10,036,785 
Total interest-earning assets15,877,684 13,357,862 13,157,360 12,363,997 12,065,530 
Total goodwill and intangibles557,717 526,228 529,006 533,835 534,734 
Total assets17,277,025 14,550,698 14,337,776 13,551,194 13,248,073 
Time deposits2,990,624 2,372,824 2,270,671 2,105,734 2,175,564 
Total deposits (including non-interest-bearing deposits)13,328,742 11,076,407 11,122,681 10,263,523 10,176,895 
Total borrowings1,770,304 1,621,709 1,350,390 1,432,196 1,201,878 
Total interest-bearing liabilities12,991,485 10,966,327 10,717,860 9,975,062 9,739,728 
Non-interest bearing deposits2,107,561 1,731,789 1,755,211 1,720,657 1,639,045 
Stockholders' equity1,930,902 1,678,482 1,665,201 1,655,893 1,682,647 
Tangible stockholders’ equity (4)
1,373,185 1,152,254 1,136,195 1,122,058 1,147,913 
Quarterly Yields and Costs
Total securities4.21 %3.96 %4.10 %3.83 %3.82 %
Loans receivable, net5.55 5.34 5.43 5.49 5.41 
Total interest-earning assets5.29 5.10 5.19 5.21 5.14 
Time deposits3.31 3.55 3.68 3.73 3.74 
Total cost of deposits (including non-interest-bearing deposits)2.06 1.97 2.13 2.06 2.06 
Total borrowed funds4.66 4.54 4.95 5.07 4.98 
Total interest-bearing liabilities2.74 2.66 2.83 2.85 2.77 
Net interest spread2.55 2.44 2.36 2.36 2.37 
Net interest margin3.05 2.93 2.87 2.91 2.91 
(1)    With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)    Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3)    Ratios for each period are based on net income available to common stockholders.
(4)    Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5)    Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
(6)    Shares include NVCE stock of 1,812,000 as of June 30, 2026 which are participating securities, and represents an as-converted common stock equivalent basis.



24



OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Core Earnings:
Net income available to common stockholders (GAAP)
$(3,029)$20,506 $13,093 $17,330 $16,200 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments347 354 (230)7 (488)
Restructuring (release) charges(71)128 7,379 4,147 — 
Credit risk transfer execution expense— — 1,283 — — 
FDIC special assessment release— — — (210)— 
Merger-related expenses42,765 4,150 4,253 — — 
Income tax (benefit) expense on items(9,467)(806)(2,254)(926)115 
Loss on redemption of preferred stock— — — — 1,842 
Core earnings (Non-GAAP)
$30,545 $24,332 $23,524 $20,348 $17,669 
Income tax expense$496 $6,548 $3,754 $5,156 $5,771 
Provision for credit losses4,002 2,738 3,700 4,092 3,039 
Less: income tax (benefit) expense on non-core items(9,467)(806)(2,254)(926)115 
Core earnings PTPP (Non-GAAP)
$44,510 $34,424 $33,232 $30,522 $26,364 
Core earnings diluted earnings per share$0.43 $0.43 $0.41 $0.36 $0.31 
Core earnings PTPP diluted earnings per share$0.63 $0.60 $0.58 $0.54 $0.46 
Core Ratios (Annualized):
Return on average assets0.71 %0.68 %0.65 %0.60 %0.53 %
Return on average tangible stockholders’ equity8.92 8.56 8.21 7.19 6.17 
Return on average tangible common equity8.92 8.56 8.21 7.19 6.17 
Efficiency ratio66.20 66.76 68.19 70.30 72.28 
25

For the Six Months Ended June 30,
20262025
Core Earnings:
Net income available to common stockholders (GAAP)
$17,477 $36,705 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments701 (693)
Restructuring charges57 — 
Merger related expenses46,915 — 
Income tax (benefit) expense on items(10,273)164 
Loss on redemption of preferred stock— 1,842 
Core earnings (Non-GAAP)
$54,877 $38,018 
Income tax expense$7,044 $12,579 
Provision for credit losses6,740 8,379 
Less: income tax (benefit) expense on non-core items(10,273)164 
Core earnings PTPP (Non-GAAP)
$78,934 $58,812 
Core diluted earnings per share$0.86 $0.66 
Core earnings PTPP diluted earnings per share$1.24 $1.02 
Core Ratios (Annualized):
Return on average assets0.70 %0.58 %
Return on average tangible stockholders’ equity8.76 6.59 
Return on average tangible common equity8.76 6.59 
Efficiency ratio66.44 69.06 


26

(continued)

June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Tangible Equity:
Total stockholders' equity$2,411,080 $1,669,368 $1,662,550 $1,653,427 $1,643,680 
Less:
Goodwill529,836 517,481 517,481 523,308 523,308 
Intangibles90,613 8,198 9,046 9,934 10,834 
Tangible stockholders' equity1,790,631 1,143,689 1,136,023 1,120,185 1,109,538 
Less:
Preferred stock— — — — — 
Tangible common equity$1,790,631 $1,143,689 $1,136,023 $1,120,185 $1,109,538 
Tangible Assets:
Total assets$23,270,010 $14,556,336 $14,564,317 $14,324,664 $13,327,847 
Less:
Goodwill529,836 517,481 517,481 523,308 523,308 
Intangibles90,613 8,198 9,046 9,934 10,834 
Tangible assets$22,649,561 $14,030,657 $14,037,790 $13,791,422 $12,793,705 
Tangible stockholders' equity to tangible assets7.91 %8.15 %8.09 %8.12 %8.67 %
Tangible common equity to tangible assets7.91 %8.15 %8.09 %8.12 %8.67 %

​

27

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Flushing, net of the total consideration paid (in thousands):

At June 1, 2026
Flushing Book ValuePurchase Accounting AdjustmentsEstimated Fair Value
Total Purchase Price:538,351 
Assets Acquired:
Cash and cash equivalents$308,470 $— $308,470 
Securities1,560,808 (332)1,560,476 
Loans receivable, net of allowance for loan credit losses5,221,067 (229,810)4,991,257 
Loans held-for-sale1,309,849 (108,063)1,201,786 
Core deposit intangible647 84,353 85,000 
Other assets457,057 82,513 539,570 
Total assets acquired8,857,898 (171,339)8,686,559 
Liabilities assumed:
Deposits7,436,454 7,497 7,443,951 
FHLB advances and other borrowings406,241 (6,106)400,135 
Other liabilities316,879 (401)316,478 
Total liabilities assumed8,159,574 990 8,160,564 
Net assets acquired$698,324 $(172,329)$525,995 
Goodwill recorded in the merger$12,356 

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative
to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and
liabilities, certain adjustments to the recorded carrying values may be required.

28