Exhibit 99.1

Company Contact:

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

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

Fax: (732)349-5070

email:Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OceanFirst Financial Corp.

ANNOUNCES QUARTERLY EARNINGS,

CONTINUATION OF DIVIDEND AND ANNUAL MEETING DATE

TOMS RIVER, NEW JERSEY, January 24, 2008…OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that diluted earnings per share for the quarter ended December 31, 2007 rose to $.26 from a loss of $.13 for the corresponding prior year period. For the year ended December 31, 2007 the diluted earnings per share was $.09 as compared to diluted earnings per share of $1.07 for the corresponding prior year period. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $.20 per share—covering the three month period ended December 31, 2007—to be paid on February 15, 2008, to shareholders of record on February 1, 2008.

During the second quarter, the Bank decided to discontinue operations at the Westchester County, New York office of Columbia Home Loans, LLC (“Columbia”), the Bank’s mortgage banking subsidiary which was completed prior to September 30, 2007. Furthermore, in the third quarter, the Bank determined to completely shutter all of Columbia’s loan origination activity

and discontinued the two remaining small loan production offices prior to December 31, 2007. The Bank retained Columbia’s loan servicing portfolio. This planned shutdown was the result of the significant operating losses incurred by Columbia from the fourth quarter of 2006 through the second quarter of 2007 related to their origination of subprime mortgage loans. For the quarter and year ended December 31, 2007, Columbia recorded a net loss of $627,000 and $14.2 million, respectively. Absent the closure, the Company expected Columbia to continue to incur operating losses for the foreseeable future. A portion of the revenue and expenses related to the retained loan servicing portfolio are expected to continue.

Discussing the results, CEO John R. Garbarino commented on the improved profitability over the second half of the year as compared to the first half of the year and again expressed confidence that, absent some holdover administrative expenses attributable to Columbia, the previous subprime lending losses had been successfully recognized, contained and provided for. “The expansion of our net interest margin during the quarter, both on a linked basis and as compared to the prior year quarter, has enhanced the profitability of our core banking operations even as we continue to recognize residual operating expenses associated with the Columbia shuttering. We are also pleased to acknowledge our forty-fourth consecutive quarterly cash dividend, reflective of our confidence in the future performance of the Company.”

Results of Operations

Net interest income for the quarter and year ended December 31, 2007 decreased to $13.0 million and $52.9 million, respectively, as compared to $13.8 million and $58.1 million, respectively, in the same prior year periods, reflecting lower levels of average interest-earning assets and, for the year ended December 31, 2007, a lower net interest margin as compared to the

prior year. Average interest-earning assets decreased by $129.3 million and $59.1 million, respectively, for the quarter and year ended December 31, 2007, as compared to the same prior year periods, partly reflective of the discontinuance of Columbia’s mortgage banking operations. For the quarter ended December 31, 2007 the net interest margin increased to 2.83% as compared to 2.81% in the same prior year period. The yield on interest-earning assets decreased to 6.06% for the quarter ended December 31, 2007, as compared to 6.08% for the same prior year period. The cost of interest-bearing liabilities also decreased, however, to 3.51% for the quarter ended December 31, 2007, as compared to 3.57% in the same prior year period. The net interest margin decreased to 2.79% for the year ended December 31, 2007 from 2.98% in the same prior year period. The yield on interest-earning assets increased to 6.07% for the year ended December 31, 2007, as compared to 5.97% for the same prior year period. The cost of interest-bearing liabilities also increased, however, to 3.57% for the year ended December 31, 2007, as compared to 3.28% in the same prior year period.

Other income increased to income of $4.1 million for the quarter ended December 31, 2007, as compared to a loss of $4.0 million in the same prior year period. For the quarter ended December 31, 2007, the Company recorded a gain of $627,000 on the sale of loans and lower of cost or market adjustment, as compared to a loss of $7.1 million in the same prior year period. Other income decreased to $2.5 million for the year ended December 31, 2007, as compared to $13.6 million for the same prior year period. For the year ended December 31, 2007 the Company recorded a loss of $11.0 million on the sale of loans and lower of cost or market adjustment as compared to a gain of $1.4 million for the same prior year period. Included in the loss on sale of loans for the year ended December 31, 2007 are mark-to-market charges of $9.4 million incurred by Columbia to reduce loans held for sale to their current fair market value. The

mark-to-market charge relates to subprime mortgage loans originated by Columbia which were unable to be sold as planned and remained in inventory through the first quarter. Columbia was able to subsequently sell most of these loans in a bulk sale transaction during the second quarter. Included in the bulk sale were subprime loans with a stated principal balance of $42.6 million for which Columbia recognized an additional loss on sale, net of reserves, of $1.3 million.

Columbia has also established a reserve for repurchased loans to account for Columbia’s obligation to repurchase loans which experienced an “early payment default,” defined as the failure by the borrower to make a payment within a designated period early in the loan term. The early payment defaults primarily relate to subprime mortgage loans, especially those with 100% financing relative to the value of the underlying property. In addition to early payment defaults, Columbia must also repurchase a loan in the event of a breach of a representation or warranty or a misrepresentation during the loan origination process. In March 2007, the Company discontinued the origination of all subprime loans. The reserve for repurchased loans, which is included in other liabilities in the Company’s consolidated statement of financial condition, was $2.4 million at December 31, 2007 and outstanding loan repurchase requests totaled $796,000 at the same date. The reserve for repurchased loans is established to provide for expected losses related to outstanding loan repurchase requests and additional repurchase requests which may be received on loans previously sold to investors. For the quarter ended December 31, 2007, the Company recognized a reversal of the provision for repurchased loans of $300,000, as compared to a provision for repurchased loans of $9.6 million in the same prior year period. For the year ended December 31, 2007, the net provision for repurchased loans was $3.5 million which is included as part of the gain (loss) on sale of loans, as compared to a provision for repurchased loans of $9.6 million in the same prior year period.

At December 31, 2007, the Company was holding subprime loans with a gross principal balance of $6.6 million and a carrying value, net of reserves and lower of cost or market adjustment, of $4.1 million.

Fees and service charges increased $317,000, or 12.0%, and $1.2 million, or 11.3%, for the quarter and year ended December 31, 2007, respectively, as compared to the same prior year periods primarily related to increased fees from trust services and deposit accounts.

Operating expenses amounted to $12.4 million and $53.8 million, respectively, for the quarter and year ended December 31, 2007, as compared to $12.2 million and $52.4 million, respectively, for the corresponding prior year periods. The increases were partly due to the cost of new branches and higher professional fees. Additionally, occupancy expense for the quarter and year ended December 31, 2007 include charges of $385,000 and $760,000, respectively, for lease termination costs at Columbia. For the year ended December 31, 2007 operating expenses include $1.0 million relating to the write-off of the previously established goodwill on the August 2000 acquisition of Columbia. The increase in operating expenses for the quarter and year ended December 31, 2007 as compared to the corresponding prior year periods was partly offset by the discontinuation of operations at Columbia and lower ESOP expense.

Financial Condition

Mortgage loans held for sale decreased by $76.9 million at December 31, 2007 as compared to December 31, 2006 due to the shuttering of Columbia. Deposits decreased to $1,283.8 million at December 31, 2007 from $1,372.3 million at December 31, 2006 as the Bank moderated its pricing relating to certificates of deposit. Total Federal Home Loan Bank borrowings decreased by $59.5 million to $405.0 million at December 31, 2007, as compared to

$464.5 million at December 31, 2006 due to the lower loan balances. Additionally, during the quarter ended June 30, 2007, the Company issued $10.0 million of Trust Preferred Securities to provide additional liquidity at the holding company.

Stockholders’ equity decreased by $8.0 million to $124.3 million at December 31, 2007, as compared to $132.3 million at December 31, 2006. For the year ended December 31, 2007, 49,701 common shares were repurchased at a total cost of $1.1 million. All of these shares were repurchased in the first quarter of 2007. Under the 5% repurchase program authorized by the Board of Directors in July 2006, 489,062 shares remain to be purchased as of December 31, 2007. Stockholders’ equity was further reduced by cash dividend payments and an increase in accumulated other comprehensive loss on unrealized investment losses.

Asset Quality

The Company’s non-performing assets totaled $9.2 million at December 31, 2007, an increase from $4.8 million at December 31, 2006. The increase was primarily due to the subprime loans now held by the Company. The December 31, 2007 amount includes $1.2 million of loans repurchased due to early payment default which were written down to market value on the date of repurchase and $2.8 million of loans previously held-for-sale which were also written down to market value. For the year ended December 31, 2007 the Company realized a net loan charge-off of $470,000.

Conference Call

As previously announced, the Company will host an earnings conference call on Thursday, January 24, 2008 at 11:00 a.m. Eastern time. The direct dial number for the call is

(877) 407-8035. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877)660-6853, Account #286, Conference ID#268246, from one hour after the end of the call until midnight on January 31, 2008.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $1.9 billion in assets and twenty branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available at http://www.oceanfirst.com.

Annual Meeting

The Company also announced today that its Annual Meeting of Stockholders will be held on Friday, May 9, 2008, at 10:00 A.M. Eastern Standard Time, at the Crystal Point Yacht Club located at 3900 River Road at the intersection of State Highway 70, Point Pleasant, New Jersey. The record date for shareholders entitled to vote at the Annual Meeting is March 10, 2008.

Forward-Looking Statements

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake – and specifically disclaims any obligation – to publicly release the result of any revisions which 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.

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

		December 31, 2007				December 31, 2006
ASSETS
Cash and due from banks		$	27,547			$	32,204
Investment securities available for sale			57,625				82,384
Federal Home Loan Bank of New York stock, at cost			22,941				25,346
Mortgage-backed securities available for sale			54,137				68,369
Loans receivable, net			1,675,919				1,701,425
Mortgage loans held for sale			6,072				82,943
Interest and dividends receivable			6,915				8,083
Real estate owned, net			438				288
Premises and equipment, net			17,882				18,196
Servicing asset			8,940				9,787
Bank Owned Life Insurance			38,430				37,145
Intangible Assets			—				1,114
Other assets			10,653				9,718
Total assets		$	1,927,499			$	2,077,002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits		$	1,283,790			$	1,372,328
Securities sold under agreements to repurchase with retail customers			69,807				50,982
Securities sold under agreements to repurchase with the Federal Home Loan Bank			12,000				34,000
Federal Home Loan Bank advances			393,000				430,500
Other borrowings			27,500				17,500
Advances by borrowers for taxes and insurance			7,588				7,743
Other liabilities			9,508				31,629
Total liabilities			1,803,193				1,944,682
Stockholders’ equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued			—				—
Common stock, $.01 par value, 55,000,000 shares authorized, 27,177,372 shares issued and 12,346,465 and 12,262,307, shares outstanding at December 31, 2007 and 2006, respectively			272				272
Additional paid-in capital			203,532				201,936
Retained earnings			154,929				164,121
Accumulated other comprehensive loss			(3,211	)			(470	)
Less: Unallocated common stock held by Employee Stock Ownership Plan			(5,360	)			(6,369	)
Treasury stock, 14,830,907 and 14,915,065 shares at December 31, 2007 and 2006, respectively			(225,856	)			(227,170	)
Common stock acquired by Deferred Compensation Plan			1,307				1,457
Deferred Compensation Plan Liability			(1,307	)			(1,457	)
Total stockholders’ equity			124,306				132,320
Total liabilities and stockholders’ equity		$	1,927,499			$	2,077,002

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

		For the three months ended December 31,							For the years ended December 31,
		2007			2006				2007				2006
		(Unaudited)
Interest income:
Loans		$	25,716		$	27,334			$	105,244			$	106,384
Mortgage-backed securities			648			786				2,775				3,304
Investment securities and other			1,451			1,772				6,945				6,874
Total interest income			27,815			29,892				114,964				116,562
Interest expense:
Deposits			8,808			9,362				36,586				33,401
Borrowed funds			6,022			6,698				25,454				25,042
Total interest expense			14,830			16,060				62,040				58,443
Net interest income			12,985			13,832				52,924				58,119
Provision for loan losses			175			50				700				150
Net interest income after provision for loan losses			12,810			13,782				52,224				57,969
Other income (loss):
Loan servicing income			112			106				468				515
Fees and service charges			2,950			2,633				11,674				10,488
Net gain (loss) and lower of cost or market adjustment on sales of loans and securities available for sale			627			(7,115	)			(11,048	)			1,358
Net income (loss) from other real estate operations			73			(1	)			100				(61	)
Income from Bank Owned Life Insurance			343			303				1,285				1,143
Other			11			111				52				165
Total other income (loss)			4,116			(3,963	)			2,531				13,608
Operating expenses:
Compensation and employee benefits			6,243			6,564				28,469				29,317
Occupancy			1,623			1,287				5,651				4,850
Equipment			592			558				2,202				2,533
Marketing			436			287				1,482				1,517
Federal deposit insurance			183			133				626				533
Data processing			829			847				3,454				3,416
General and administrative			2,469			2,480				10,922				10,215
Goodwill impairment			—			—				1,014				—
Total operating expenses			12,375			12,156				53,820				52,381
Income (loss) before provision (benefit) for income taxes			4,551			(2,337	)			935				19,196
Provision (benefit) for income taxes			1,457			(898	)			(140	)			6,563
Net income (loss)		$	3,094		$	(1,439	)		$	1,075			$	12,633
Basic earnings (loss) per share		$	0.27		$	(0.13	)		$	0.09			$	1.09
Diluted earnings (loss) per share		$	0.26		$	(0.13	)		$	0.09			$	1.07
Average basic shares outstanding			11,612			11,488				11,545				11,547
Average diluted shares outstanding			11,685			11,685				11,648				11,765

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

		At December 31, 2007				At December 31, 2006
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets			6.45	%			6.37	%
Common shares outstanding (in thousands)			12,346				12,262
Stockholders’ equity per common share		$	10.07			$	10.79
Tangible stockholders’ equity per common share			10.07				10.70
ASSET QUALITY
Allowance for loan losses		$	10,468			$	10,238
Nonperforming loans			8,741				4,525
Nonperforming assets			9,179				4,813
Allowance for loan losses as a percent of total loans receivable			0.62	%			0.57	%
Allowance for loan losses as a percent of nonperforming loans			119.76				226.25
Nonperforming loans as a percent of total loans receivable			0.52				0.25
Nonperforming assets as a percent of total assets			0.48				0.23

		For the three months ended December 31,						For the years ended December 31,
		2007			2006			2007			2006
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets		0.64	%		(0.28	)%		0.05	%		0.62	%
Return on average stockholders’ equity		10.09			(4.25	)		0.86			9.40
Interest rate spread		2.55			2.51			2.50			2.69
Interest rate margin		2.83			2.81			2.79			2.98
Operating expenses to average assets		2.56			2.36			2.70			2.56
Efficiency ratio		72.36			123.17			97.05			73.03

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

		At December 31, 2007				At December 31, 2006
Real estate:
One- to four-family		$	1,084,687			$	1,231,716
Commercial real estate, multi-family and land			326,707				306,288
Construction			10,816				13,475
Consumer			213,282				190,029
Commercial			54,279				49,693
Total loans			1,689,771				1,791,201
Loans in process			(2,452	)			(2,318	)
Deferred origination costs, net			5,140				5,723
Allowance for loan losses			(10,468	)			(10,238	)
Total loans, net			1,681,991				1,784,368
Less: mortgage loans held for sale			6,072				82,943
Loans receivable, net		$	1,675,919			$	1,701,425
Mortgage loans serviced for others		$	1,026,070			$	992,658
Loan pipeline			74,808				294,646

		For the three months ended December 31,						For the years ended December 31,
		2007			2006			2007			2006
Loan originations		$	108,554		$	295,714		$	678,790		$	1,221,819
Loans sold			26,160			184,104			385,962			689,561
Net charge-offs			394			222			470			372

DEPOSITS

		At December 31, 2007			At December 31, 2006
Type of Account
Non-interest bearing		$	103,656		$	114,950
Interest-bearing checking			454,666			408,666
Money market deposit			84,287			105,571
Savings			187,095			200,544
Time deposits			454,086			542,597
		$	1,283,790		$	1,372,328

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

		FOR THE QUARTERS ENDED DECEMBER 31,
		2007									2006
		AVERAGE BALANCE			INTEREST			AVERAGE YIELD/ COST			AVERAGE BALANCE			INTEREST			AVERAGE YIELD/ COST
		(Dollars in thousands)
Assets
Interest-earning assets:
Interest-earning deposits and short-term investments		$	8,740		$	96		4.39	%		$	9,388		$	122		5.20	%
Investment securities (1)			62,591			900		5.75				82,572			1,241		6.01
FHLB stock			22,729			455		8.01				25,424			409		6.43
Mortgage-backed securities (1)			56,763			648		4.57				71,213			786		4.41
Loans receivable, net (2)			1,686,262			25,716		6.10				1,777,775			27,334		6.15
Total interest-earning assets			1,837,085			27,815		6.06				1,966,372			29,892		6.08
Non-interest-earning assets			97,524									97,480
Total assets		$	1,934,609								$	2,063,852
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits		$	733,446			3,745		2.04			$	712,966			3,396		1.91
Time deposits			461,101			5,063		4.39				541,486			5,966		4.41
Total			1,194,547			8,808		2.95				1,254,452			9,362		2.99
Borrowed funds			495,617			6,022		4.86				546,100			6,698		4.91
Total interest-bearing liabilities			1,690,164			14,830		3.51				1,800,552			16,060		3.57
Non-interest-bearing deposits			104,697									115,199
Non-interest-bearing liabilities			17,061									12,798
Total liabilities			1,811,922									1,928,549
Stockholders’ equity			122,687									135,303
Total liabilities and stockholders’ equity		$	1,934,609								$	2,063,852
Net interest income					$	12,985								$	13,832
Net interest rate spread (3)								2.55	%								2.51	%
Net interest margin (4)								2.83	%								2.81	%

		FOR THE YEARS ENDED DECEMBER 31,
		2007									2006
		AVERAGE BALANCE			INTEREST			AVERAGE YIELD/ COST			AVERAGE BALANCE			INTEREST			AVERAGE YIELD/ COST
		(Dollars in thousands)
Assets
Interest-earning assets:
Interest-earning deposits and short-term investments		$	10,572		$	526		4.98	%		$	8,885		$	437		4.92	%
Investment securities (1)			68,118			4,561		6.70				83,999			5,122		6.10
FHLB stock			24,110			1,858		7.71				24,575			1,315		5.35
Mortgage-backed securities (1)			62,110			2,775		4.47				77,416			3,304		4.27
Loans receivable, net (2)			1,729,064			105,244		6.09				1,758,230			106,384		6.05
Total interest-earning assets			1,893,974			114,964		6.07				1,953,105			116,562		5.97
Non-interest-earning assets			100,398									96,752
Total assets		$	1,994,372								$	2,049,857
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits		$	725,755			14,861		2.05			$	717,811			11,940		1.66
Time deposits			491,465			21,725		4.42				534,056			21,461		4.02
Total			1,217,220			36,586		3.01				1,251,867			33,401		2.67
Borrowed funds			521,023			25,454		4.89				531,265			25,042		4.71
Total interest-bearing liabilities			1,738,243			62,040		3.57				1,783,132			58,443		3.28
Non-interest-bearing deposits			112,649									120,482
Non-interest-bearing liabilities			18,625									11,875
Total liabilities			1,869,517									1,915,489
Stockholders’ equity			124,855									134,368
Total liabilities and stockholders’ equity		$	1,994,372								$	2,049,857
Net interest income					$	52,924								$	58,119
Net interest rate spread (3)								2.50	%								2.69	%
Net interest margin (4)								2.79	%								2.98	%

(1) Amounts are recorded at average amortized cost.

(2) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.

(3) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(4) Net interest margin represents net interest income divided by average interest-earning assets.