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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________________________________________
FORM 10-Q
________________________________________________

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission file number 001-11713
________________________________________________
OceanFirst Financial Corp.
(Exact name of registrant as specified in its charter)
________________________________________________

Delaware | 22-3412577
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)

110 West Front Street, | Red Bank, | NJ | 07701
(Address of principal executive offices) | (Zip Code)

Registrant’s telephone number, including area code: (732) 240-4500
________________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading symbol(s) |  | Name of each exchange on which registered
Common stock, $0.01 par value per share |  | OCFC |  | NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer |  | ☒ | Accelerated Filer |  | ☐
Non-accelerated Filer |  | ☐ | Smaller Reporting Company |  | ☐
|  |  | Emerging Growth Company |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒.
As of October 29, 2025, there were 57,388,784 shares of the Registrant’s Common Stock, par value $0.01 per share, outstanding.

Table of Contents
OceanFirst Financial Corp.
INDEX TO FORM 10-Q

|  | PAGE
PART I. | FINANCIAL INFORMATION |
Item 1. | Consolidated Financial Statements (unaudited) |
| Consolidated Statements of Financial Condition as of September 30, 2025 (unaudited) and December 31, 2024 | 20
| Consolidated Statements of Income (unaudited) for the three and nin e months ended September 30, 2025 and 2024 | 21
| Consolidated Statements of Comprehensive Income (unaudited) for the three and nin e months ended September 30, 2025 and 2024 | 22
| Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the three and nine months ended September 30, 2025 and 2024 | 23
| Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2025 and 2024 | 25
| Notes to Unaudited Consolidated Financial Statements | 27
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 3
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 18
Item 4. | Controls and Procedures | 19
PART II. | Other Information | 50
Item 1. | Legal Proceedings | 50
Item 1A. | Risk Factors | 50
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 50
Item 3. | Defaults Upon Senior Securities | 50
Item 4. | Mine Safety Disclosures | 50
Item 5. | Other Information | 50
Item 6. | Exhibits | 51
Signatures | 52

Table of Contents
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL SUMMARY(1) | At or for the Quarters Ended
(dollars in thousands, except per share amounts) | September 30, 2025 |  | June 30, 2025 |  | September 30, 2024
SELECTED FINANCIAL CONDITION DATA: |  |  |  |  |
Total assets | $ | 14,324,664 |  |  | $ | 13,327,847 |  |  | $ | 13,488,483 |
Loans receivable, net of allowance for loan credit losses | 10,489,852 |  |  | 10,119,781 |  |  | 9,963,598 |
Deposits | 10,435,994 |  |  | 10,232,442 |  |  | 10,116,167 |
Total stockholders’ equity | 1,653,427 |  |  | 1,643,680 |  |  | 1,694,508 |
SELECTED OPERATING DATA: |  |  |  |  |
Net interest income | 90,657 |  |  | 87,636 |  |  | 82,219 |
Provision for credit losses | 4,092 |  |  | 3,039 |  |  | 517 |
Other income | 12,304 |  |  | 11,733 |  |  | 14,684 |
Operating expenses | 76,327 |  |  | 71,474 |  |  | 63,736 |
Net income | 17,386 |  |  | 19,085 |  |  | 25,186 |
Net income attributable to OceanFirst Financial Corp. | 17,330 |  |  | 19,046 |  |  | 25,116 |
Net income available to common stockholders | 17,330 |  |  | 16,200 |  |  | 24,112 |
Diluted earnings per share | 0.30 |  |  | 0.28 |  |  | 0.42 |
SELECTED FINANCIAL RATIOS: |  |  |  |  |
Book value per common share at end of period | 28.81 |  |  | 28.64 |  |  | 29.02 |
Cash dividend per share | 0.20 |  |  | 0.20 |  |  | 0.20 |
Dividend payout ratio per common share | 66.67 | % |  | 71.43 | % |  | 47.62 | %
Stockholders’ equity to total assets | 11.54 |  |  | 12.33 |  |  | 12.56 |
Return on average assets (2) (3) (4) | 0.51 |  |  | 0.49 |  |  | 0.71 |
Return on average stockholders’ equity (2) (3) (4) | 4.15 |  |  | 3.86 |  |  | 5.68 |
Net interest rate spread (5) | 2.36 |  |  | 2.37 |  |  | 2.06 |
Net interest margin (2) (6) | 2.91 |  |  | 2.91 |  |  | 2.67 |
Operating expenses to average assets (2) (4) | 2.23 |  |  | 2.16 |  |  | 1.89 |
Efficiency ratio (4) (7) | 74.13 |  |  | 71.93 |  |  | 65.77 |
Loan-to-deposit ratio (8) | 101.20 |  |  | 99.50 |  |  | 99.10 |
ASSET QUALITY: |  |  |  |  |
Non-performing loans (9) | $ | 41,263 |  |  | $ | 33,511 |  |  | $ | 28,139 |
Non-performing assets (9) | 48,761 |  |  | 41,191 |  |  | 28,139 |
Allowance for loan credit losses as a percent of total loans receivable (8) (10) | 0.77 | % |  | 0.78 | % |  | 0.69 | %
Allowance for loan credit losses as a percent of total non-performing loans (9) (10) | 196.87 |  |  | 236.54 |  |  | 245.45 |
Non-performing loans as a percent of total loans receivable (8) (9) | 0.39 |  |  | 0.33 |  |  | 0.28 |
Non-performing assets as a percent of total assets (9) | 0.34 |  |  | 0.31 |  |  | 0.21 |

(1) With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2) Ratios are annualized.
(3) Ratios are based on net income available to common stockholders.
(4) Performance ratios for the three months ended September 30, 2025 included a net expense of $3.9 million, or $3.0 million, net of tax benefit, related to restructuring charges, a net loss on equity investments and a Federal Deposit Insurance Corporation (“FDIC”) special assessment release. Performance ratios for the three months ended June 30, 2025 included a loss on redemption of preferred stock of $1.8 million and a net gain on equity investments of $488,000, or $373,000, net of tax expense. Performance ratios for the three months ended September 30, 2024 included a net benefit of $1.2 million, or $919,000, net of tax expense, related to a net gain on equity investments, a net gain on sale of trust business and merger related expenses.
(5) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(6) Net interest margin represents net interest income as a percentage of average interest-earning assets.
(7) Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
(8) Total loans receivable excludes loans held-for-sale.
(9) Non-performing assets consist of non-performing loans and real estate acquired through foreclosure. Non-performing loans and assets generally consist of all loans 90 days or more past due and other loans in the process of foreclosure. It is the Company’s policy to cease accruing interest on all such loans and to reverse previously accrued interest.
(10) Loans acquired from acquisitions were recorded at fair value. The net unamortized credit and purchased with credit deterioration (“PCD”) marks on these loans, not reflected in the allowance for loan credit losses, was $4.4 million, $5.0 million, and $5.7 million at September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
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Summary
OceanFirst Financial Corp. is the holding company for OceanFirst Bank N.A. (the “Bank”), a regional bank serving business and retail customers throughout New Jersey and the major metropolitan areas between Massachusetts and Virginia. The term “Company” refers to OceanFirst Financial Corp., the Bank and all their subsidiaries on a consolidated basis. The Company’s results of operations are primarily dependent on net interest income, which is the difference between the interest income earned on interest-earning assets, such as loans and investments, and the interest expense on its interest-bearing liabilities, such as deposits and borrowings. The Company also generates non-interest income such as income from bankcard services, trust and asset management products and services, deposit account services, sales of loans and investments, bank owned life insurance and commercial loan swap income. The Company’s operating expenses primarily consist of compensation and employee benefits, occupancy and equipment, marketing, federal deposit insurance and regulatory assessments, data processing, check card processing, professional fees and other general and administrative expenses. The Company’s results of operations are significantly affected by competition, general economic conditions, including levels of unemployment and real estate values, as well as changes in market interest rates, inflation, government policies, including the imposition of tariffs and retaliatory responses, and actions of regulatory agencies.
Key developments relating to the Company’s financial results and corporate activities for the three months ended September 30, 2025, as compared to the prior linked quarter, were as follows:
•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 to a record high of $790.8 million at June 30, 2025.
•Deposit Growth: Total deposits increased to $10.4 billion from $10.2 billion at June 30, 2025. Deposits, excluding $117.7 million of brokered deposit run-off, increased $321.2 million.
•Residential Outsourcing: The current quarter results include the impact of the Company’s strategic decision to outsource residential loan originations and title business. In connection with this decision, the Company recognized $4.1 million of restructuring charges during the quarter and will incur approximately $8 million of additional charges next quarter. The residential outsourcing initiative will result in an 11% reduction in workforce and result in an anticipated annual expense savings of $14 million offset in part by a reduction in gain on sale of loans starting in 2026.
Net income available to common stockholders for the three and nine months ended September 30, 2025 decreased to $17.3 million and $54.0 million, or $0.30 and $0.94 per diluted share, respectively, as compared to $24.1 million and $75.1 million, or $0.42 and $1.29 per diluted share, for the corresponding prior year periods. The dividends paid to preferred stockholders were $0 and $2.0 million for the three and nine months ended September 30, 2025, respectively, compared to $1.0 million and $3.0 million for the three and nine months ended September 30, 2024.
On October 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend on common stock of $0.20 per share. The dividend, related to the quarter ended September 30, 2025, will be paid on November 14, 2025 to common stockholders of record on November 3, 2025.
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Analysis of Net Interest Income
Net interest income represents the difference between income on interest-earning assets and expense on interest-bearing liabilities. Net interest income depends upon the relative amounts of interest-earning assets and interest-bearing liabilities and the interest rate earned or paid on them. For the three and nine months ended September 30, 2025, interest income included net loan fees of $1.4 million and $4.1 million, respectively, as compared to $730,000 and $2.6 million for the same prior year periods.
The following tables set forth certain information relating to the Company for the three and nine months ended September 30, 2025 and 2024. The yields and costs, which are annualized, are derived by dividing the income or expense by the average balance of the related assets or liabilities, respectively, for the periods shown except where noted otherwise. Average balances are derived from average daily balances. The yields and costs include certain fees and costs which are considered adjustments to yields.

| For the Three Months Ended September 30,
| 2025 |  | 2024
(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 | $ | 94,470 |  |  | $ | 1,115 |  |  | 4.68 | % |  | $ | 210,245 |  |  | $ | 2,971 |  |  | 5.62 | %
Securities (2) | 1,990,917 |  |  | 19,232 |  |  | 3.83 |  |  | 2,063,633 |  |  | 21,919 |  |  | 4.23 |
Loans receivable, net (3) |  |  |  |  |  |  |  |  |  |  |
Commercial | 6,975,780 |  |  | 105,587 |  |  | 6.01 |  |  | 6,782,777 |  |  | 102,881 |  |  | 6.03 |
Residential real estate | 3,151,177 |  |  | 32,685 |  |  | 4.15 |  |  | 2,992,138 |  |  | 29,677 |  |  | 3.97 |
Home equity loans and lines and other consumer (“other consumer”) | 218,465 |  |  | 3,575 |  |  | 6.49 |  |  | 242,942 |  |  | 4,077 |  |  | 6.68 |
Allowance for loan credit losses, net of deferred loan costs and fees | (66,812) |  |  | — |  |  | — |  |  | (59,063) |  |  | — |  |  | — |
Loans receivable, net | 10,278,610 |  |  | 141,847 |  |  | 5.49 |  |  | 9,958,794 |  |  | 136,635 |  |  | 5.46 |
Total interest-earning assets | 12,363,997 |  |  | 162,194 |  |  | 5.21 |  |  | 12,232,672 |  |  | 161,525 |  |  | 5.26 |
Non-interest-earning assets | 1,187,197 |  |  |  |  |  |  | 1,206,024 |  |  |  |  |
Total assets | $ | 13,551,194 |  |  |  |  |  |  | $ | 13,438,696 |  |  |  |  |
Liabilities and Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing checking | $ | 4,000,804 |  |  | 21,253 |  |  | 2.11 | % |  | $ | 3,856,281 |  |  | 21,731 |  |  | 2.24 | %
Money market | 1,426,586 |  |  | 10,507 |  |  | 2.92 |  |  | 1,256,536 |  |  | 11,454 |  |  | 3.63 |
Savings | 1,009,742 |  |  | 1,674 |  |  | 0.66 |  |  | 1,088,926 |  |  | 2,218 |  |  | 0.81 |
Time deposits | 2,105,734 |  |  | 19,812 |  |  | 3.73 |  |  | 2,339,370 |  |  | 26,915 |  |  | 4.58 |
Total | 8,542,866 |  |  | 53,246 |  |  | 2.47 |  |  | 8,541,113 |  |  | 62,318 |  |  | 2.90 |
Federal Home Loan Bank (“FHLB”) advances | 1,123,946 |  |  | 12,793 |  |  | 4.52 |  |  | 757,535 |  |  | 9,140 |  |  | 4.80 |
Securities sold under agreements to repurchase | 59,017 |  |  | 438 |  |  | 2.94 |  |  | 75,871 |  |  | 491 |  |  | 2.57 |
Other borrowings | 249,233 |  |  | 5,060 |  |  | 8.05 |  |  | 499,839 |  |  | 7,357 |  |  | 5.86 |
Total borrowings | 1,432,196 |  |  | 18,291 |  |  | 5.07 |  |  | 1,333,245 |  |  | 16,988 |  |  | 5.07 |
Total interest-bearing liabilities | 9,975,062 |  |  | 71,537 |  |  | 2.85 |  |  | 9,874,358 |  |  | 79,306 |  |  | 3.20 |
Non-interest-bearing deposits | 1,720,657 |  |  |  |  |  |  | 1,634,743 |  |  |  |  |
Non-interest-bearing liabilities | 199,582 |  |  |  |  |  |  | 240,560 |  |  |  |  |
Total liabilities | 11,895,301 |  |  |  |  |  |  | 11,749,661 |  |  |  |  |
Stockholders’ equity | 1,655,893 |  |  |  |  |  |  | 1,689,035 |  |  |  |  |
Total liabilities and stockholders’ equity | $ | 13,551,194 |  |  |  |  |  |  | $ | 13,438,696 |  |  |  |  |
Net interest income |  |  | $ | 90,657 |  |  |  |  |  |  | $ | 82,219 |  |  |
Net interest rate spread (4) |  |  |  |  | 2.36 | % |  |  |  |  |  | 2.06 | %
Net interest margin (5) |  |  |  |  | 2.91 | % |  |  |  |  |  | 2.67 | %
Total cost of deposits (including non-interest-bearing deposits) |  |  |  |  | 2.06 | % |  |  |  |  |  | 2.44 | %

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| For the Nine Months Ended September 30,
| 2025 |  | 2024
(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 | $ | 102,267 |  |  | $ | 3,188 |  |  | 4.17 | % |  | $ | 168,822 |  |  | $ | 6,966 |  |  | 5.51 | %
Securities (2) | 1,970,368 |  |  | 57,190 |  |  | 3.88 |  |  | 2,073,552 |  |  | 65,782 |  |  | 4.24 |
Loans receivable, net (3) |  |  |  |  |  |  |  |  |  |  |
Commercial | 6,848,512 |  |  | 303,852 |  |  | 5.93 |  |  | 6,851,021 |  |  | 309,922 |  |  | 6.04 |
Residential real estate | 3,103,008 |  |  | 95,816 |  |  | 4.12 |  |  | 2,981,822 |  |  | 87,345 |  |  | 3.91 |
Other consumer | 224,073 |  |  | 10,676 |  |  | 6.37 |  |  | 245,777 |  |  | 12,538 |  |  | 6.81 |
Allowance for loan credit losses, net of deferred loan costs and fees | (65,028) |  |  | — |  |  | — |  |  | (58,825) |  |  | — |  |  | — |
Loans receivable, net | 10,110,565 |  |  | 410,344 |  |  | 5.42 |  |  | 10,019,795 |  |  | 409,805 |  |  | 5.46 |
Total interest-earning assets | 12,183,200 |  |  | 470,722 |  |  | 5.16 |  |  | 12,262,169 |  |  | 482,553 |  |  | 5.25 |
Non-interest-earning assets | 1,188,063 |  |  |  |  |  |  | 1,216,562 |  |  |  |  |
Total assets | $ | 13,371,263 |  |  |  |  |  |  | $ | 13,478,731 |  |  |  |  |
Liabilities and Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |
Interest-bearing checking | $ | 4,041,710 |  |  | 63,292 |  |  | 2.09 | % |  | $ | 3,881,344 |  |  | 63,570 |  |  | 2.19 | %
Money market | 1,363,977 |  |  | 29,577 |  |  | 2.90 |  |  | 1,177,612 |  |  | 31,107 |  |  | 3.53 |
Savings | 1,032,239 |  |  | 5,138 |  |  | 0.67 |  |  | 1,202,533 |  |  | 9,284 |  |  | 1.03 |
Time deposits | 2,066,745 |  |  | 58,558 |  |  | 3.79 |  |  | 2,363,542 |  |  | 78,283 |  |  | 4.42 |
Total | 8,504,671 |  |  | 156,565 |  |  | 2.46 |  |  | 8,625,031 |  |  | 182,244 |  |  | 2.82 |
FHLB Advances | 1,000,796 |  |  | 34,086 |  |  | 4.55 |  |  | 704,911 |  |  | 25,657 |  |  | 4.86 |
Securities sold under agreements to repurchase | 61,250 |  |  | 1,284 |  |  | 2.80 |  |  | 72,239 |  |  | 1,380 |  |  | 2.55 |
Other borrowings | 264,222 |  |  | 13,842 |  |  | 7.00 |  |  | 513,951 |  |  | 22,566 |  |  | 5.86 |
Total borrowings | 1,326,268 |  |  | 49,212 |  |  | 4.96 |  |  | 1,291,101 |  |  | 49,603 |  |  | 5.13 |
Total interest-bearing liabilities | 9,830,939 |  |  | 205,777 |  |  | 2.80 |  |  | 9,916,132 |  |  | 231,847 |  |  | 3.12 |
Non-interest-bearing deposits | 1,653,007 |  |  |  |  |  |  | 1,631,841 |  |  |  |  |
Non-interest-bearing liabilities | 202,976 |  |  |  |  |  |  | 251,878 |  |  |  |  |
Total liabilities | 11,686,922 |  |  |  |  |  |  | 11,799,851 |  |  |  |  |
Stockholders’ equity | 1,684,341 |  |  |  |  |  |  | 1,678,880 |  |  |  |  |
Total liabilities and stockholders’ equity | $ | 13,371,263 |  |  |  |  |  |  | $ | 13,478,731 |  |  |  |  |
Net interest income |  |  | $ | 264,945 |  |  |  |  |  |  | $ | 250,706 |  |  |
Net interest rate spread (4) |  |  |  |  | 2.36 | % |  |  |  |  |  | 2.13 | %
Net interest margin (5) |  |  |  |  | 2.91 | % |  |  |  |  |  | 2.73 | %
Total cost of deposits (including non-interest-bearing deposits) |  |  |  |  | 2.06 | % |  |  |  |  |  | 2.37 | %

(1)Average yields and costs are annualized.
(2)Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank (“FRB”) 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.
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Comparison of Financial Condition at September 30, 2025 and December 31, 2024
Total assets increased by $903.4 million to $14.32 billion, from $13.42 billion, primarily due to increases in loans and debt securities available-for-sale. Total loans increased by $439.9 million to $10.56 billion, from $10.12 billion, while the loan pipeline increased by $557.3 million to $863.9 million, from $306.7 million, primarily due to an increase in the commercial loan pipeline of $513.4 million. For more information about the loan portfolio, see “Lending Activities.” Debt securities available-for-sale increased by $434.1 million to $1.26 billion, from $827.5 million, primarily due to new purchases in the current quarter. Debt securities held-to-maturity decreased by $126.1 million to $919.7 million, from $1.05 billion, primarily due to principal repayments. Other assets decreased by $27.2 million to $158.5 million, from $185.7 million, primarily due to a decrease in market values associated with customer interest rate swap programs.
Total liabilities increased by $952.7 million to $12.67 billion, from $11.72 billion primarily related to an increase in FHLB advances and deposits. FHLB advances increased by $633.0 million to $1.71 billion, from $1.07 billion. Deposits increased by $369.7 million to $10.44 billion, from $10.07 billion, mostly driven by Premier Banking deposits. Time deposits increased to $2.22 billion, from $2.08 billion, representing 21.2% and 20.7% of total deposits, respectively. Time deposits included an increase in brokered time deposits of $330.4 million, partly offset by a decrease in retail time deposits of $195.1 million. The loan-to-deposit ratio was 101.2%, as compared to 100.5%.
Other liabilities decreased by $55.5 million to $242.9 million, from $298.4 million, mostly due to a decrease in the market values of derivatives associated with customer interest rate swaps and related collateral received from counterparties.
Capital levels remain strong and in excess of “well-capitalized” regulatory levels at September 30, 2025, including the Company’s common equity tier one capital ratio which declined to 10.6%, driven primarily by loan growth, increased lending commitments and stock repurchases.
Total stockholders’ equity decreased to $1.65 billion, as compared to $1.70 billion, primarily due to the redemption of preferred stock for $55.5 million and capital returns comprised of dividends and share repurchases, partially offset by net income. Additionally, accumulated other comprehensive loss decreased by $7.1 million primarily due to increases in the fair market value of available-for-sale debt securities, net of tax.
During the nine months ended September 30, 2025, the Company repurchased 1,404,253 shares totaling $24.4 million representing a weighted average cost of $17.17, which includes repurchases of exercised options and awards from employees outside of the share repurchase program. On July 16, 2025, the Company announced its Board of Directors authorized a 2025 Stock Repurchase Program to repurchase up to an additional 3.0 million shares. As of September 30, 2025, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company’s stockholders’ equity to assets ratio was 11.54%, as compared to 12.69% and book value per share decreased to $28.81, as compared to $29.08, due to the drivers noted above.
Comparison of Operating Results for the Three and Nine Months Ended September 30, 2025 and September 30, 2024
General
Net income available to common stockholders decreased to $17.3 million and $54.0 million, or $0.30 and $0.94 per diluted share, respectively, as compared to $24.1 million and $75.1 million, or $0.42 and $1.29 per diluted share, for the corresponding prior year periods. Net income for the three and nine months ended September 30, 2025 included restructuring charges of $4.1 million for both periods, an FDIC special assessment release of $210,000 for both periods, and a net loss of $7,000 and net gain of $686,000 on equity investments, respectively. These items decreased net income by $3.0 million and $2.5 million, net of tax. Additionally, net income available to common stockholders for the nine months ended September 30, 2025 included a net loss on redemption of preferred stock of $1.8 million.
Net income for the three and nine months ended September 30, 2024 included net gains on equity investments of $1.4 million and $4.2 million, respectively, a net gain on sale of a portion of its trust business of $1.4 million and $2.6 million, respectively, and merger related expenses of $1.7 million for both periods. Net income for the nine months ended September 30, 2024 also included a special FDIC assessment of $418,000. These items increased net income by $919,000 and $3.6 million, net of tax, for the three and nine months ended September 30, 2024.
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Interest Income
Three months ended September 30, 2025 vs. September 30, 2024
Interest income for the three months ended September 30, 2025 increased to $162.2 million from $161.5 million for the corresponding prior year period. The average balance of interest-earning assets increased by $131.3 million primarily due to increases in commercial and residential loans, partly offset by a reduction in cash and securities. The average yield for interest-earning assets decreased to 5.21%, from 5.26% for the same prior year period, due to the lower interest rate environment.
Nine months ended September 30, 2025 vs. September 30, 2024
Interest income for the nine months ended September 30, 2025 decreased to $470.7 million from $482.6 million for the corresponding prior year period. The average balance of interest-earning assets decreased by $79.0 million, primarily driven by a decrease in securities and, to a lesser extent, interest-earning deposits and short-term investments, partly offset by an increase in residential loans. The yield on average interest-earning assets decreased to 5.16% from 5.25% for the same prior year period, due to the lower interest rate environment.
Interest Expense
Three months ended September 30, 2025 vs. September 30, 2024
Interest expense for the three months ended September 30, 2025 decreased to $71.5 million from $79.3 million in the corresponding prior year period. The average balance of interest-bearing liabilities increased by $100.7 million, primarily due to increases in FHLB advances, partly offset by a decrease in other borrowings. The cost of average interest-bearing liabilities decreased to 2.85% from 3.20% for the corresponding prior year period, primarily due to lower cost of deposits and, to a lesser extent, FHLB advances, partly offset by an increase in the cost of other borrowings. The total cost of deposits decreased 38 basis points to 2.06% from 2.44% for the same prior year period.
Nine months ended September 30, 2025 vs. September 30, 2024
Interest expense for the nine months ended September 30, 2025 decreased to $205.8 million from $231.8 million in the corresponding prior year period. The average balance of interest-bearing liabilities decreased by $85.2 million, primarily due to decreases in other borrowings and total deposits, partly offset by an increase in FHLB advances. The cost of average interest-bearing liabilities decreased to 2.80% from 3.12% for the corresponding prior year period, primarily due to lower cost of deposits and, to a lesser extent, FHLB advances, partly offset by an increase in the cost of other borrowings. The total cost of deposits decreased 31 basis points to 2.06% from 2.37% for the same prior year period.
Net Interest Income and Margin
Net interest income for the three and nine months ended September 30, 2025 increased to $90.7 million and $264.9 million, respectively, from $82.2 million and $250.7 million for the corresponding prior year periods, primarily reflecting the net impact of the decreasing interest rate environment. The net interest margin for the three and nine months ended September 30, 2025 increased to 2.91% for both current periods, from 2.67% and 2.73% for the same prior year periods, primarily due to the decrease in cost of funds.
Provision for Credit Losses
Provision for credit losses for the three and nine months ended September 30, 2025 was $4.1 million and $12.5 million, respectively, as compared to $517,000 and $4.2 million for the corresponding prior year periods. The current quarter provision was primarily driven by net loan growth and an increase in unfunded loan balances and commitments, partly offset by overall improvements in criticized and classified loans.
Net loan charge-offs were $617,000 and $3.5 million for the three and nine months ended September 30, 2025, respectively, as compared to net loan recoveries of $88,000 and net loan charge-offs $1.7 million for the same prior year periods. The current year included charge-offs of $1.6 million for two commercial relationships related to the Company’s recent acquisition and charge-offs of $445,000 related to sales of non-performing residential and consumer loans of $2.2 million. The nine months ended September 30, 2024 includes the impact of a $1.6 million charge-off related to a single commercial real estate relationship that was sold in the prior year.
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Non-interest Income
Three months ended September 30, 2025 vs. September 30, 2024
Other income decreased to $12.3 million, as compared to $14.7 million. Other income was adversely impacted by net losses on equity investments of $7,000 in the current quarter. For the prior year, other income was favorably impacted by net gains on equity investments of $1.4 million and a gain on sale of a portion of the Company’s trust business of $1.4 million. The remaining increase of $485,000 was primarily driven by increases in commercial loan swap income of $1.3 million due to new swaps, and net gain on sale of loans of $395,000, partly offset by a decrease in fees and service charges of $906,000, primarily due to lower retail deposit fees. In addition, the prior year included a non-recurring gain on sale of assets held for sale of $855,000.
Nine months ended September 30, 2025 vs. September 30, 2024
Other income decreased to $35.3 million, as compared to $38.0 million. Other income in the current period was favorably impacted by net gains on equity investments of $686,000. Other income in the prior period was favorably impacted by net gains on equity investments of $4.2 million and a gain on sale of a portion of the Company’s trust business of $2.6 million. The remaining increase of $3.5 million was primarily driven by increases related to commercial loan swap income of $1.7 million due to new swaps, net gain on sale of loans of $1.7 million, and non-recurring other income of $1.9 million in the current year. These were partly offset by a decrease of $855,000 related to a non-recurring gain on sale of assets held for sale in the prior year and a decrease in fees and service charges of $713,000, primarily due to lower retail deposit fees.
Non-interest Expense
Three months ended September 30, 2025 vs. September 30, 2024
Operating expenses increased to $76.3 million, as compared to $63.7 million. Operating expenses in the current quarter were adversely impacted by restructuring charges of $4.1 million related to outsourcing of residential loan originations and title business, partly offset by a reversal of FDIC special assessment fees of $210,000. Operating expenses in the prior year were adversely impacted by $1.7 million for merger related expenses. The remaining increase of $10.3 million was primarily driven by an increase in compensation and benefits of $5.5 million, mostly due to additional commercial banking team hires, acquisitions at the end of the prior year and annual merit increases. Additional drivers were increases in professional fees of $1.5 million, partly due to higher consulting fees, data processing expense of $1.2 million, occupancy expense of $941,000, partly due to additional space for commercial banking hires, addition of a new branch and acquisitions at the end of the prior year, and other operating expenses of $738,000, mostly due to additional loan servicing expenses.
Nine months ended September 30, 2025 vs. September 30, 2024
Operating expenses increased to $212.1 million, as compared to $181.0 million. Operating expenses in the current year were adversely impacted by restructuring charges of $4.1 million, partly offset by a reversal of FDIC special assessment fees of $210,000. Operating expenses in the prior year were adversely impacted by $2.1 million, related to merger related expenses and an FDIC special assessment. The remaining increase of $29.2 million was primarily driven by an increase in compensation and benefits of $16.6 million, mostly due to acquisitions at the end of the prior year, additional commercial banking team hires, and annual merit increases. Additional drivers were increases in other operating expenses of $3.7 million, mostly due to additional loan servicing expense, professional fees of $3.4 million, partly due to the recruitment of commercial bankers, data processing of $2.7 million, partly due to acquisitions at the end of the prior year, occupancy of $1.5 million, partly due to additional space for commercial banking hires, addition of a new branch and acquisitions from end of the prior year, and marketing of $637,000.
Income Tax Expense
The provision for income taxes was $5.2 million and $17.7 million for the three and nine months ended September 30, 2025, respectively, as compared to $7.5 million and $25.2 million for the same prior year periods, respectively. The effective tax rate was 22.9% and 23.4% for the three and nine months ended September 30, 2025, respectively, as compared to 22.9% and 24.4% for the same prior year periods. The effective tax rate for the prior year quarter was positively impacted by geographic mix and nine months ended September 30, 2024 was adversely impacted by a non-recurring write-off of a deferred tax asset of $1.2 million net of other state tax effects.
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Liquidity and Capital Resources
Liquidity Management
The Company manages its liquidity and funding needs through its Treasury function and the Asset Liability Committee. The Company has an internal policy that addresses liquidity and management monitors the adherence to policy limits to satisfy current and future cash flow needs. The policy includes internal limits, monitoring of key indicators, deposit concentrations, liquidity sources and availability, stress testing, collateral management, and other qualitative and quantitative metrics.
Management monitors cash on a daily basis to determine the liquidity needs of the Bank and OceanFirst Financial Corp. (the “Parent Company”), a separate legal entity from the Bank. Additionally, management performs multiple liquidity stress test scenarios on a periodic basis. As of September 30, 2025, the Bank and the Parent Company continued to maintain adequate liquidity under all stress scenarios. The Company also has a detailed contingency funding plan and obtains comprehensive reporting of funding trends on a monthly and quarterly basis, which are reviewed by management.
The Company continually evaluates its on-balance sheet liquidity, including cash and unpledged securities and funding capacity at the FHLB and FRB Discount Window, and periodically tests each of its lines of credit. As of September 30, 2025, total on-balance sheet liquidity and funding capacity was $3.6 billion.
The Company has a highly operational and granular deposit base, with long-standing client relationships across multiple customer segments providing stable funding. The vast majority of government deposits are protected by FDIC insurance as well as the State of New Jersey under the Government Unit Deposit Protection Act, which requires uninsured government deposits to be further collateralized by the Bank. At September 30, 2025, the Bank reported $6.37 billion of estimated uninsured deposits in its Call Report. This total included $2.55 billion of collateralized government deposits and $1.89 billion of intercompany deposits of fully consolidated subsidiaries, leaving estimated adjusted uninsured deposits of $1.93 billion, or 18.3% of total deposits. On-balance-sheet liquidity and funding capacity represented 189% of the estimated adjusted uninsured deposits.
The primary sources of liquidity specifically available to the Parent Company are dividends from the Bank, proceeds from the sale of investments, and the issuance of debt and common stock. For the nine months ended September 30, 2025, the Parent Company received dividend payments of $62.0 million from the Bank. At September 30, 2025, the Parent Company held $41.4 million in cash and cash equivalents.
The Bank’s primary sources of funds are deposits, principal and interest payments on loans and investments, FHLB advances, other borrowings and proceeds from the sale of loans and investments. While scheduled payments on loans and securities are predictable sources of funds, deposit flows, loan prepayments, and loan and investment sales are greatly influenced by interest rates, economic conditions, and competition. The Bank has other sources of liquidity if a need for additional funds arises, including lines of credit at multiple financial institutions and access to the FRB Discount Window.
As of September 30, 2025, the Company pledged $7.48 billion of loans with the FHLB and FRB to enhance the Company’s borrowing capacity, which included collateral pledged to the FHLB to obtain a letter of credit to collateralize certain municipal deposits. The Company also pledged $1.02 billion of securities to secure borrowings, enhance borrowing capacity, collateralize its repurchase agreements, and for other purposes required by law. The Company had $1.71 billion of FHLB advances, including $943.0 million of overnight borrowings as of September 30, 2025, as compared to $1.07 billion of FHLB term advances and no outstanding overnight borrowings from the FHLB at December 31, 2024.
The Company’s cash needs for the nine months ended September 30, 2025 were primarily satisfied by net proceeds from FHLB advances, increase in deposits and principal repayments of debt securities, and primarily utilized for the purchase of debt securities and fund loan growth.
Off-Balance Sheet Commitments and Contractual Obligations
In the normal course of business, the Bank routinely enters into various off-balance sheet commitments, primarily relating to the origination and funding of loans. At September 30, 2025, outstanding commitments to originate loans totaled $863.9 million and outstanding undrawn lines of credit totaled $1.71 billion, of which $1.43 billion were commitments to commercial and commercial construction borrowers and $277.5 million were commitments to consumer and residential construction borrowers. Commitments to fund undrawn lines of credit and commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the existing contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire
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without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company’s exposure to credit risk is represented by the contractual amount of the instruments.
At September 30, 2025, the Company also had various contractual obligations, which included debt obligations of $1.97 billion, including finance lease obligations of $1.2 million, and an additional $18.3 million in operating lease obligations included in other liabilities. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. Time deposits scheduled to mature in one year or less totaled $2.18 billion at September 30, 2025. If these deposits do not remain with the Company, it may need to seek other sources of funds, including other deposit products, advances from the Federal Home Loan Bank of New York and other borrowing sources. Depending on market conditions, the Company may be required to pay higher rates on such deposits or borrowings than it currently pays.
Liquidity Used in Stock Repurchases and Cash Dividends
Under the Company’s stock repurchase program, shares of OceanFirst Financial Corp. common stock may be purchased in the open market and through privately-negotiated transactions, from time-to-time, depending on market conditions. The repurchased shares are held as treasury stock for general corporate purposes. For the three and nine months ended September 30, 2025, the Company repurchased 2,308 and 1,404,253 shares of its common stock, respectively, totaling $42,000 and $24.4 million, respectively. Of these repurchased shares for the three and nine months ended September 30, 2025, 2,308 and 79,337 shares were repurchased outside of the Company’s stock repurchase program. The Company repurchased these shares from employees that elected to sell shares to cover their withholding tax obligations on vested stock awards and options. On July 16, 2025, the Company announced its Board of Directors authorized a 2025 Stock Repurchase Program to repurchase up to an additional 3.0 million shares. At September 30, 2025, there were 3,226,284 shares available to be repurchased under the authorized stock repurchase program.
Cash dividends on common stock declared and paid during the nine months ended September 30, 2025 were $34.8 million. Cash dividends on preferred stock declared and paid during the nine months ended September 30, 2025 were $2.0 million. On May 15, 2025, the Company redeemed all 57,370 shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. The aggregate payment of $57.4 million, at a redemption price of $25.00 per share, resulted in a net loss on redemption of $1.8 million.
The Parent Company’s ability to continue to repurchase shares of common stock and pay dividends depends on capital distributions from the Bank, which may be adversely affected by capital restraints imposed by applicable regulations. If applicable regulations or regulators prevent the Bank from paying a dividend to the Parent Company, the Parent Company may not have the liquidity necessary to repurchase shares of common stock or pay a dividend in the future or pay a dividend at the same rate as historically paid or be able to meet current debt obligations. Additionally, regulations of the Federal Reserve may prevent the Parent Company from either paying or increasing the cash dividend to common stockholders. These regulatory policies may affect the ability of the Parent Company to pay dividends, repurchase shares of common stock, or otherwise engage in capital distributions.
Capital Management
The Company manages its capital sources, uses, and expected future needs through its Treasury function and the Asset Liability Committee. The Company has an internal policy that addresses capital and management monitors the adherence to policy limits to satisfy current and future capital needs. The policy includes internal limits, monitoring of key indicators, sources and availability, intercompany transactions, forecasts and stress testing, and other qualitative and quantitative metrics.
Additionally, management performs multiple capital stress test scenarios periodically, varying loan growth, earnings, access to the capital markets, credit losses, and mark-to-market losses in the investment portfolio, including both available-for-sale and held-to-maturity. As of September 30, 2025, the Bank and Company continued to maintain adequate capital under all stress scenarios. The Bank and the Parent Company also have detailed contingency capital plans and obtain comprehensive reporting of capital trends on a regular basis, which are reviewed by management and the Board.
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Regulatory Capital Requirements
As of September 30, 2025 and December 31, 2024, the Company and the Bank satisfied all regulatory capital requirements currently applicable as follows (dollars in thousands):

|  | Actual |  | For capital adequacy purposes |  | To be well-capitalized under prompt corrective action
As of September 30, 2025 |  | Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
Company: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital (to average assets) |  | $ | 1,184,692 |  |  | 9.10 | % |  | $ | 520,498 |  |  | 4.00 | % |  | N/A |  | N/A
Common equity Tier 1 (to risk-weighted assets) |  | 1,109,223 |  |  | 10.56 |  |  | 735,042 |  |  | 7.00 |  | (1) | N/A |  | N/A
Tier 1 capital (to risk-weighted assets) |  | 1,184,692 |  |  | 11.28 |  |  | 892,551 |  |  | 8.50 |  | (1) | N/A |  | N/A
Total capital (to risk-weighted assets) |  | 1,371,264 |  |  | 13.06 |  |  | 1,102,563 |  |  | 10.50 |  | (1) | N/A |  | N/A
Bank: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital (to average assets) |  | $ | 1,172,077 |  |  | 9.07 | % |  | $ | 516,930 |  |  | 4.00 | % |  | $ | 646,163 |  |  | 5.00 | %
Common equity Tier 1 (to risk-weighted assets) |  | 1,172,077 |  |  | 11.27 |  |  | 728,132 |  |  | 7.00 |  | (1) | 676,123 |  |  | 6.50 |
Tier 1 capital (to risk-weighted assets) |  | 1,172,077 |  |  | 11.27 |  |  | 884,160 |  |  | 8.50 |  | (1) | 832,151 |  |  | 8.00 |
Total capital (to risk-weighted assets) |  | 1,258,649 |  |  | 12.10 |  |  | 1,092,198 |  |  | 10.50 |  | (1) | 1,040,189 |  |  | 10.00 |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Company: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital (to average assets) |  | $ | 1,235,832 |  |  | 9.50 | % |  | $ | 520,239 |  |  | 4.00 | % |  | N/A |  | N/A
Common equity Tier 1 (to risk-weighted assets) |  | 1,105,180 |  |  | 11.17 |  |  | 692,897 |  |  | 7.00 |  | (1) | N/A |  | N/A
Tier 1 capital (to risk-weighted assets) |  | 1,235,832 |  |  | 12.49 |  |  | 841,375 |  |  | 8.50 |  | (1) | N/A |  | N/A
Total capital (to risk-weighted assets) |  | 1,437,278 |  |  | 14.52 |  |  | 1,039,345 |  |  | 10.50 |  | (1) | N/A |  | N/A
Bank: |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital (to average assets) |  | $ | 1,161,564 |  |  | 8.99 | % |  | $ | 516,798 |  |  | 4.00 | % |  | $ | 645,998 |  |  | 5.00 | %
Common equity Tier 1 (to risk-weighted assets) |  | 1,161,564 |  |  | 11.83 |  |  | 687,383 |  |  | 7.00 |  | (1) | 638,284 |  |  | 6.50 |
Tier 1 capital (to risk-weighted assets) |  | 1,161,564 |  |  | 11.83 |  |  | 834,679 |  |  | 8.50 |  | (1) | 785,580 |  |  | 8.00 |
Total capital (to risk-weighted assets) |  | 1,238,011 |  |  | 12.61 |  |  | 1,031,074 |  |  | 10.50 |  | (1) | 981,975 |  |  | 10.00 |

(1)Includes the Capital Conservation Buffer of 2.50%.
At September 30, 2025 and December 31, 2024, the Company and the Bank satisfied the criteria to be “well-capitalized” under the Prompt Corrective Action regulations.
At September 30, 2025 and December 31, 2024, the Company maintained a stockholders’ equity to total assets ratio of 11.54% and 12.69%, respectively.
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Lending Activities
Loan Portfolio Composition. At September 30, 2025, the Company had total loans outstanding of $10.56 billion, of which $5.21 billion, or 49.4% of total loans, were investor owned commercial real estate, multi-family, and construction (including residential development loans), (collectively, “commercial real estate - investor”). The remainder of the portfolio consisted of commercial and industrial loans of which $997.1 million were commercial and industrial - real estate, or 9.4% of total loans; and $998.9 million were commercial and industrial - non-real estate loans, or 9.5% of total loans; $3.14 billion of residential real estate loans, or 29.7% of total loans; and $215.6 million of consumer loans, primarily home equity loans and lines of credit, or 2.0% of total loans.
In 2025, the Company reclassified loans secured by owner-occupied commercial real estate to commercial and industrial - real estate to reflect the variation in the management and underlying risk profile of such loans as compared with non-owner-occupied (“investor”) commercial real estate loans. Similarly, the Company also reclassified commercial and industrial loans that were not secured by real estate to commercial and industrial - non-real estate. Collectively, these two loan portfolios are referred to as “Commercial and industrial” loans.
Commercial Real Estate - Investor Owne d. At September 30, 2025, the Bank’s total investor owned commercial real estate loans outstanding were $5.21 billion, or 49.4% of total loans, as compared to $5.29 billion, or 52.3% of total loans at December 31, 2024. Th e Bank originates investor owned commercial real estate loans that are secured by properties, or properties under construction, that are generally used for busin ess purposes such as office, industrial, multi-family, or retail facilities. A substantial majority of the Bank’s investor owned commercial real estate loans are located in its primary market area.
The Bank performs extensive due diligence in underwriting commercial real estate loans due to the larger loan amounts and the riskier nature of such loans. The Bank assesses and mitigates the risk in several ways, including inspection of all such properties and the review of the overall financial condition of the borrower and guarantors, which include, for example, the review of the rent rolls and applicable leases/lease terms and conditions and the verification of income. A tenant analysis and market analysis are part of the underwriting.
Investor owned commercial real estate loans are among the largest of the Bank’s loans and may have higher credit risk and lending spreads. Because repayment is often dependent on the successful management of the properties, repayment of commercial real estate loans may be affected by adverse conditions in the real estate market or the economy, and as a result, the Bank is particularly vigilant of this portfolio. The Bank believes this portfolio is highly diversified with loans secured by a variety of property types and the portfolio exhibits stable credit quality.
The following table presents the Company’s commercial real estate - investor owned loans by industry as of September 30, 2025:

|  | As of September 30, 2025
(dollars in thousands) |  | Amount |  | Percent of Total |  | Weighted Average LTV (1) |  | Weighted Average Debt Service Coverage Ratio (2)
Office |  | $ | 507,027 |  |  | 11 | % |  | 50 | % |  | 1.9x
Medical |  | 270,755 |  |  | 6 |  |  | 56 |  |  | 1.8
Credit Tenant |  | 256,764 |  |  | 6 |  |  | 65 |  |  | 1.6
Total Office (3) |  | 1,034,546 |  |  | 23 |  |  | 55 |  |  | 1.8
Retail |  | 1,044,292 |  |  | 23 |  |  | 52 |  |  | 1.9
Multi-family (4) |  | 878,696 |  |  | 19 |  |  | 61 |  |  | 1.6
Industrial/warehouse |  | 755,287 |  |  | 16 |  |  | 46 |  |  | 2.1
Hospitality |  | 180,231 |  |  | 4 |  |  | 47 |  |  | 1.9
Other (5) |  | 701,779 |  |  | 15 |  |  | 45 |  |  | 1.3
Total |  | 4,594,831 |  |  | 100 | % |  | 52 |  |  | 1.8
Construction |  | 616,389 |  |  |  |  |  |  |
Total CRE investor owned |  | $ | 5,211,220 |  |  |  |  |  |  |

(1) Represents the weighted average of loan balances as of September 30, 2025 divided by their most recent appraisal value, which is generally obtained at the time of origination.
(2) Represents the weighted average of net operating income on the property before debt service divided by the loan’s respective annual debt service based on the most recent credit review of the borrower.
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(3) Central business district (“CBD”) exposure represented $119 million, or 7.2%, of the total office loan balance at September 30, 2025. Office CBD loans had a weighted average LTV of 54% and weighted average debt service coverage ratio of 1.9x at September 30, 2025. $84 million, or 71%, of the total office CBD exposure are to credit tenants, life sciences and medical borrowers at September 30, 2025. New York City office CBD loans represented $7 million, or 0.05% of the Company’s total assets at September 30, 2025.
(4) New York City rent-regulated multi-family loans, where the property has more than 50% of its units rent-regulated, represented $30 million, or 0.21% of the Company’s total assets at September 30, 2025.
(5) Other includes co-operatives, single purpose, stores and some living units / mixed use, investor owned 1-4 family, land / development, and other.
The following table presents total commercial real estate - investor owned loans by geography (generally based on location of collateral) as of September 30, 2025:

|  | As of September 30, 2025
(dollars in thousands) |  | Amount |  | Percent of Total
New York |  | $ | 1,405,833 |  |  | 31 | %
Pennsylvania and Delaware |  | 1,263,621 |  |  | 27 |
New Jersey |  | 1,232,289 |  |  | 27 |
Massachusetts |  | 127,571 |  |  | 3 |
Maryland and District of Columbia |  | 143,949 |  |  | 3 |
Other |  | 421,568 |  |  | 9 |
Total |  | 4,594,831 |  |  | 100 | %
Construction |  | 616,389 |  |  |
Total CRE investor owned |  | $ | 5,211,220 |  |  |

Asset quality. The following table sets forth information regarding the Company’s non-performing assets, consisting of non-performing loans and other real estate acquired through foreclosure. It is the policy of the Company to cease accruing interest on loans 90 days or more past due or in the process of foreclosure.

| September 30, |  | December 31,
| 2025 |  | 2024
| (dollars in thousands)
Non-performing assets (1): |  |  |
Commercial real estate – investor | $ | 23,570 |  |  | $ | 17,000 |
Commercial and industrial: |  |  |
Commercial and industrial - real estate | 7,469 |  |  | 4,787 |
Commercial and industrial - non-real estate | 394 |  |  | 32 |
Total commercial and industrial | 7,863 |  |  | 4,819 |
Residential real estate (2) | 7,334 |  |  | 10,644 |
Other consumer (2) | 2,496 |  |  | 3,064 |
Total non-performing loans | 41,263 |  |  | 35,527 |
Other real estate owned | 7,498 |  |  | 1,811 |
Total non-performing assets | $ | 48,761 |  |  | $ | 37,338 |
Allowance for loan credit losses | $ | 81,236 |  |  | $ | 73,607 |
Allowance for unfunded commitments | 4,636 |  |  | 3,264 |
PCD loans, net of allowance for loan credit losses | 19,003 |  |  | 22,006 |
Delinquent loans 30-89 days | 19,817 |  |  | 36,550 |
Allowance for loan credit losses as a percent of total loans (3) | 0.77 | % |  | 0.73 | %
Allowance for loan credit losses as a percent of total non-performing loans (3) | 196.87 |  |  | 207.19 |
Non-performing loans as a percent of total loans receivable | 0.39 |  |  | 0.35 |
Non-performing assets as a percent of total assets | 0.34 |  |  | 0.28 |

(1)Non-performing assets consist of non-performing loans and real estate acquired through foreclosure. Non-performing loans consist of all loans 90 days or more past due and other loans in the process of foreclosure.
(2)The nine months ended September 30, 2025 included the sale of non-performing residential and consumer loans of $7.3 million.
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(3)Loans acquired from acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, were $4.4 million and $6.0 million at September 30, 2025 and December 31, 2024, respectively.
Overall asset quality metrics remained stable. The Company’s non-performing loans represented 0.39% and 0.35% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 196.87%, as compared to 207.19%. The level of 30 to 89 days delinquent loans decreased to $19.8 million, from $36.6 million. The Company’s other real estate owned increased to $7.5 million from $1.8 million, primarily due to one commercial loan. The Company’s allowance for loan credit losses to total loans was 0.77%, as compared to 0.73%.
The Company classifies loans (other than loans held-for-sale) and other real estate owned in accordance with regulatory guidelines. The table below represents Special Mention and Substandard loans (other than loans held-for-sale) and other real estate owned (in thousands):

| September 30, |  | December 31,
| 2025 |  | 2024
Special Mention | $ | 18,972 |  |  | $ | 54,524 |
Substandard | 112,271 |  |  | 105,344 |
Total | $ | 131,243 |  |  | $ | 159,868 |

Special mention and substandard loans (other than loans held-for-sale) and other real estate owned decreased by $28.6 million to $131.2 million at September 30, 2025 from $159.9 million at December 31, 2024. Net migrations from special mention to substandard were primarily due to one commercial relationship totaling $21.3 million, which migrated during the nine months ended September 30, 2025. Additionally, net payoffs of substandard loans during the nine months ended September 30, 2025, primarily related to two commercial relationships totaling $15.1 million and upgrades from special mention loans primarily related to one commercial relationship totaling $10.8 million, during the same period.
Critical Accounting Policies and Estimates
Note 1 to the Company’s Audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), as supplemented by this report, contains a summary of significant accounting policies. Various elements of these accounting policies, by their nature, are subject to estimation techniques, valuation assumptions and other subjective assessments. Certain assets are carried on the consolidated statements of financial condition at estimated fair value or the lower of cost or estimated fair value.
Policies with respect to the methodology used to determine the allowance for credit losses is a critical accounting policy and estimate because of its importance to the presentation of the Company’s financial condition and results of operations and high level of subjectivity. A critical accounting policy involves a higher degree of complexity and requires management to make difficult and subjective judgments which often require assumptions or estimates about highly uncertain matters. The use of different judgments, assumptions, and estimates could result in material differences in the results of operations or financial condition. The critical accounting policy and its application is reviewed periodically, and at least annually, with the Audit Committee of the Board of Directors.
Goodwill in accordance with Accounting Standards Codification (“ASC”) 350, Intangibles - Goodwill and Other, was a critical accounting estimate in the preparation of the consolidated financial statements at September 30, 2025 and December 31, 2024. The Company bypassed the qualitative assessment and proceeded directly to the quantitative test on its annual impairment testing date of August 31, 2025. The Company estimated fair value of equity using the market capitalization method of the market approach, consideration of initiatives unknown by the market and evaluation of any implied control premium. The results of the quantitative assessment indicated that the fair value of the Company’s reporting unit exceeded its carrying amount, which resulted in no impairment loss at August 31, 2025.
Significant negative industry or economic trends, including declines in the market price of the Company’s stock, reduced estimates of future cash flows or business disruptions could result in impairments to goodwill in the future, which may result in recording an impairment loss. Any resulting impairment loss may have a material adverse impact on the Company’s financial condition and results of operations and is considered a non-cash event with no impact to the Company’s regulatory capital ratios, liquidity position, and ongoing operations.
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Management continued to carefully assess and evaluate all available information for potential triggering events after the August 31 annual testing date, and concluded no triggering events were identified subsequent to the annual test date. Management will continue evaluating the economic conditions at future reporting periods for triggering events.
Impact of New Accounting Pronouncements
Accounting Pronouncements Adopted in 2025
In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, “Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement”. The amendments in this ASU require that a joint venture, upon formation, apply a new basis of accounting and initially measure assets and liabilities at fair value, with exceptions to fair value measurement that are consistent with the business combinations guidance. This update will be effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Early adoption is permitted. The adoption of this standard did not have an impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect this standard to have a material impact on the Company’s consolidated financial statements.
In November 2024, FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this ASU require expanded disclosure and disaggregation of certain costs and expenses including, but not limited to, purchases of inventory, employee compensation, depreciation, depletion, and amortization. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements.
In November 2024, FASB issued ASU 2024-04, “Debt - Debt with Conversion and Other Options (Subtopic 470-20)”. The amendments in this ASU clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2025, and for interim periods beginning after December 15, 2026. Early adoption is permitted. Currently, this ASU does not have any impact to the consolidated financial statements.
In May 2025, FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810)”. The amendments in this ASU require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquired is a variable interest entity, to determine which entity is the accounting acquirer. The amendment requires that an entity apply the new guidance prospectively to any acquisition transaction that occurs after the initial application date. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. The Company does not expect this standard to have a material impact on the Company’s consolidated financial statements.
In September 2025, FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)”. The amendments in this ASU remove all references to prescriptive and sequential software development stages and provides disclosure requirements for related capitalized costs. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Currently this ASU does not have any impact to the consolidated financial statements.
In September 2025, FASB issued ASU 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606)”. The amendments in this ASU, related to Topic 815, exclude from derivative accounting any non-exchange traded contracts that are based on operations or activities specific to contracted parties, while providing specific exceptions to this exclusion. The amendments in this ASU, related to Topic 606, clarify that an entity should apply Topic 606 guidance to contracts with share-based noncash consideration from a customer in a revenue contract. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption is permitted. Topic 606 is not applicable to the Company. The Company is currently evaluating the impact of the standard for Topic 815 on the consolidated financial statements.
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Private Securities Litigation Reform Act Safe Harbor Statement
In addition to historical information, this quarterly report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. 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 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 and retaliatory responses, the effects of the federal government shutdown, 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, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current 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.
These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings. These risks 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.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Management of Interest Rate Risk (“IRR”)
Market risk is the risk of loss from adverse changes in market prices and rates. The Company’s market risk arises primarily from the IRR inherent in its lending, investment, deposit-taking, and funding activities. The Company’s profitability is affected by fluctuations in interest rates. Changes in interest rates may negatively or positively impact the Company’s earnings to the extent that the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis. Changes in interest rates may also negatively or positively impact the market value of the Company’s investment securities, in particular fixed-rate instruments. Net gains or losses in available-for-sale securities can increase or decrease accumulated other comprehensive income or loss and total stockholders’ equity. Management actively monitors and manages IRR. The extent of the movement of interest rates, higher or lower, is an uncertainty that could have a substantial impact on the earnings and stockholders’ equity of the Company.
The principal objectives of the IRR management function are to: evaluate the IRR inherent in the Company’s business; determine the level of risk appropriate given the Company’s business focus, operating and interest rate environment, capital and liquidity requirements, and performance objectives; and manage the risk consistent with Board approved guidelines. The Company maintains an Asset Liability Committee (“ALCO”) consisting of members of management, responsible for reviewing asset liability policies and the IRR position. ALCO meets regularly and reports the Company’s IRR position and trends to the Board on a regular basis.
The Company utilizes a number of strategies to manage IRR including, but not limited to: (1) managing the origination, purchase, sale, and retention of various types of loans with differing IRR profiles; (2) attempting to reduce the overall interest rate sensitivity of liabilities by emphasizing stable relationship-based deposits and longer-term deposits; (3) selectively purchasing interest rate swaps and caps converting the rates for customer loans to manage individual loans and the Company’s overall IRR profile; (4) managing the investment portfolio IRR profile; (5) managing the maturities and rate structures of borrowings and time deposits; and (6) purchasing interest rate swaps to manage overall balance sheet interest rate risk.
The matching of assets and liabilities may be analyzed by examining the extent to which such assets and liabilities are “interest rate sensitive.” Interest rate sensitivity is monitored through the use of an IRR model, which measures the change in the institution’s economic value of equity (“EVE”) and net interest income under various interest rate scenarios. EVE is the difference between the net present value of assets, liabilities and off-balance-sheet contracts. Interest rate sensitivity is monitored by management through the use of a model which measures IRR by modeling the change in EVE and net interest income over a range of interest rate scenarios. Modeled assets and liabilities are assumed to reprice at respective repricing or maturity dates. Pricing caps and floors are included in the results, where applicable. The Company uses prepayment expectations set forth by market sources as well as Company generated data where applicable. Generally, cash flows from loans and securities are assumed to be reinvested to maintain a static balance sheet. Other assumptions about balance sheet mix are generally held constant. The Company’s interest rate sensitivity should be reviewed in conjunction with the financial statements and notes thereto contained in the 2024 Form 10-K and this Quarterly Report on Form 10-Q.
The methodologies and assumptions used in this analysis are periodically evaluated and refined in response to changes in the market environment, changes in the Company’s balance sheet composition, enhancements in the Company’s modeling and other factors. Such changes may affect historical comparisons of these results. For loans, investments, borrowings and time deposits, the fair value used in the EVE closely aligns with the Company’s fair value measurements defined within Note 7, Fair Value Measurements to the consolidated financial statements. However, for non-maturity deposits, the fair value differs for EVE as it also considers the likelihood of deposit withdrawals and the current weighted average deposit rate relative to market rates. The Company’s weighted average age of non-maturity deposit accounts was approximately 12.4 years, and the weighted average cost was 2.01%.
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The Company performs a variety of EVE and twelve-month net interest income sensitivity scenarios. The following table sets forth sensitivity for a specific range of interest rate scenarios as of September 30, 2025 and December 31, 2024.

|  |  | September 30, 2025 |  | December 31, 2024
Change in Interest Rates in Basis Points |  |  | Economic Value of Equity |  |  |  |  |  | Net Interest Income |  |  |  | Economic Value of Equity |  |  |  |  |  | Net Interest Income
(Rate Shock) |  |  | % Change |  |  |  |  |  | % Change |  |  |  | % Change |  |  |  |  |  | % Change
300 |  |  | (5.3) | % |  |  |  |  |  | (3.5) | % |  |  |  | (6.2) | % |  |  |  |  |  | (0.8) | %
200 |  |  | (3.2) |  |  |  |  |  |  | (2.0) |  |  |  |  | (3.6) |  |  |  |  |  |  | 0.1 |
100 |  |  | (1.5) |  |  |  |  |  |  | (0.8) |  |  |  |  | (1.5) |  |  |  |  |  |  | 0.4 |
Static |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |
(100) |  |  | 0.4 |  |  |  |  |  |  | 0.5 |  |  |  |  | 1.5 |  |  |  |  |  |  | (0.5) |
(200) |  |  | (1.7) |  |  |  |  |  |  | 0.5 |  |  |  |  | 1.8 |  |  |  |  |  |  | (1.3) |
(300) |  |  | (6.7) |  |  |  |  |  |  | 0.5 |  |  |  |  | (0.6) |  |  |  |  |  |  | (2.6) |

The net interest income sensitivity results indicate that at September 30, 2025 the Company was modestly liability sensitive to rising rate scenarios and modestly asset sensitive to falling rate scenarios. The change in sensitivity between September 30, 2025 and December 31, 2024 was impacted by an increase and mix shift into fixed-rate investments, and an increase in overnight borrowings and short-term time deposits, partially offset by an increase and mix shift into floating-rate loans, execution of pay fixed derivative transactions and a deposit mix shift into non-maturity deposits with lower betas.
Overall, the measure of EVE at risk decreased in both rising and falling rate scenarios from December 31, 2024 to September 30, 2025. This was the result of an increase in fixed-rate investments, and an increase in overnight borrowings and short-term time deposits, partially offset by an increase in floating-rate loans, execution of pay fixed derivative transactions and a deposit mix shift within non-maturity deposits into lower betas.
Certain shortcomings are inherent in the methodology used in the EVE and net interest income IRR measurements. The model requires the making of certain assumptions, which may tend to oversimplify the manner in which actual yields and costs respond to changes in market interest rates. First, the model assumes that the composition of the Company’s interest sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured. Second, the model assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration to maturity or repricing of specific assets and liabilities. Third, the model does not take into account the Company’s business or strategic plans or any steps it may take to respond to changes in rates. Fourth, prepayment, rate sensitivity, and average life assumptions can have a significant impact on the IRR model results. Lastly, the model utilizes data derived from historical performance. Accordingly, although the above measurements provide an indication of the Company’s IRR exposure at a particular point in time, such measurements are not intended to provide a precise forecast of the effect of changes in market interest rates.
Item 4. Controls and Procedures
(a) Disclosure Controls and Procedures
The Company’s management, including the Company’s principal executive officer and principal financial officer, have evaluated the effectiveness of the Company’s “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Based upon their evaluation, the principal executive officer and principal financial officer concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective. Disclosure controls and procedures are the controls and other procedures that are designed to ensure that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission (the “SEC”) (1) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share amounts)

| September 30, |  | December 31,
| 2025 |  | 2024
| (Unaudited) |  |
Assets |  |  |
Cash and due from banks | $ | 274,125 |  |  | $ | 123,615 |
Debt securities available-for-sale, at estimated fair value | 1,261,580 |  |  | 827,500 |
Debt securities held-to-maturity, net of allowance for securities credit losses of $968 at September 30, 2025 and $967 at December 31, 2024 (estimated fair value of $856,550 at September 30, 2025 and $952,917 at December 31, 2024) | 919,734 |  |  | 1,045,875 |
Equity investments | 90,731 |  |  | 84,104 |
Restricted equity investments, at cost | 142,398 |  |  | 108,634 |
Loans receivable, net of allowance for loan credit losses of $81,236 at September 30, 2025 and $73,607 at December 31, 2024 | 10,489,852 |  |  | 10,055,429 |
Loans held-for-sale | 17,766 |  |  | 21,211 |
Interest and dividends receivable | 47,606 |  |  | 45,914 |
Other real estate owned | 7,498 |  |  | 1,811 |
Premises and equipment, net | 112,449 |  |  | 115,256 |
Bank owned life insurance | 269,136 |  |  | 270,208 |
Goodwill | 523,308 |  |  | 523,308 |
Intangibles | 9,934 |  |  | 12,680 |
Other assets | 158,547 |  |  | 185,702 |
Total assets | $ | 14,324,664 |  |  | $ | 13,421,247 |
Liabilities and Stockholders’ Equity |  |  |
Deposits | $ | 10,435,994 |  |  | $ | 10,066,342 |
Federal Home Loan Bank (“FHLB”) advances | 1,705,585 |  |  | 1,072,611 |
Securities sold under agreements to repurchase with customers | 64,869 |  |  | 60,567 |
Other borrowings | 198,138 |  |  | 197,546 |
Advances by borrowers for taxes and insurance | 23,708 |  |  | 23,031 |
Other liabilities | 242,943 |  |  | 298,393 |
Total liabilities | 12,671,237 |  |  | 11,718,490 |
Stockholders’ equity: |  |  |
Preferred stock, $0.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, 0 and 57,370 shares issued at September 30, 2025 and December 31, 2024, respectively | — |  |  | 1 |
Common stock, $0.01 par value, 150,000,000 shares authorized, 62,911,177 and 62,182,767 shares issued at September 30, 2025 and December 31, 2024, respectively; and 57,388,603 and 58,554,871 shares outstanding at September 30, 2025 and December 31, 2024, respectively | 625 |  |  | 613 |
Additional paid-in capital | 1,116,335 |  |  | 1,168,321 |
Retained earnings | 660,974 |  |  | 641,727 |
Accumulated other comprehensive loss | (8,788) |  |  | (15,853) |
Less: Unallocated common stock held by Employee Stock Ownership Plan ("ESOP") | (1,611) |  |  | (2,542) |
Treasury stock, 5,522,574 and 4,118,321 shares at September 30, 2025 and December 31, 2024, respectively | (114,998) |  |  | (90,617) |
OceanFirst Financial Corp. stockholders’ equity | 1,652,537 |  |  | 1,701,650 |
Non-controlling interest | 890 |  |  | 1,107 |
Total stockholders’ equity | 1,653,427 |  |  | 1,702,757 |
Total liabilities and stockholders’ equity | $ | 14,324,664 |  |  | $ | 13,421,247 |

See accompanying Notes to Unaudited Consolidated Financial Statements.
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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Unaudited) |  | (Unaudited)
Interest income: |  |  |  |  |  |  |
Loans | $ | 141,847 |  |  | $ | 136,635 |  |  | $ | 410,344 |  |  | $ | 409,805 |
Debt securities | 17,156 |  |  | 19,449 |  |  | 50,376 |  |  | 58,349 |
Equity investments and other | 3,191 |  |  | 5,441 |  |  | 10,002 |  |  | 14,399 |
Total interest income | 162,194 |  |  | 161,525 |  |  | 470,722 |  |  | 482,553 |
Interest expense: |  |  |  |  |  |  |
Deposits | 53,246 |  |  | 62,318 |  |  | 156,565 |  |  | 182,244 |
Borrowed funds | 18,291 |  |  | 16,988 |  |  | 49,212 |  |  | 49,603 |
Total interest expense | 71,537 |  |  | 79,306 |  |  | 205,777 |  |  | 231,847 |
Net interest income | 90,657 |  |  | 82,219 |  |  | 264,945 |  |  | 250,706 |
Provision for credit losses | 4,092 |  |  | 517 |  |  | 12,471 |  |  | 4,222 |
Net interest income after provision for credit losses | 86,565 |  |  | 81,702 |  |  | 252,474 |  |  | 246,484 |
Other income (loss): |  |  |  |  |  |  |
Bankcard services revenue | 1,663 |  |  | 1,615 |  |  | 4,745 |  |  | 4,602 |
Trust and asset management revenue | 384 |  |  | 384 |  |  | 1,164 |  |  | 1,329 |
Fees and service charges | 5,190 |  |  | 6,096 |  |  | 14,871 |  |  | 15,584 |
Net gain on sales of loans | 900 |  |  | 505 |  |  | 2,935 |  |  | 1,282 |
Net (loss) gain on equity investments | (7) |  |  | 1,420 |  |  | 686 |  |  | 4,230 |
Net gain (loss) from other real estate operations | 1 |  |  | — |  |  | (275) |  |  | — |
Income from bank owned life insurance | 1,988 |  |  | 1,779 |  |  | 5,626 |  |  | 5,367 |
Commercial loan swap income | 1,703 |  |  | 414 |  |  | 2,530 |  |  | 793 |
Other | 482 |  |  | 2,471 |  |  | 3,008 |  |  | 4,768 |
Total other income | 12,304 |  |  | 14,684 |  |  | 35,290 |  |  | 37,955 |
Operating expenses: |  |  |  |  |  |  |
Compensation and employee benefits | 41,387 |  |  | 35,844 |  |  | 118,369 |  |  | 101,739 |
Occupancy | 6,098 |  |  | 5,157 |  |  | 17,049 |  |  | 15,531 |
Equipment | 931 |  |  | 1,026 |  |  | 2,721 |  |  | 3,224 |
Marketing | 1,538 |  |  | 1,385 |  |  | 4,187 |  |  | 3,550 |
Federal deposit insurance and regulatory assessments | 2,616 |  |  | 2,618 |  |  | 8,497 |  |  | 8,438 |
Data processing | 7,164 |  |  | 5,940 |  |  | 20,619 |  |  | 17,914 |
Check card processing | 1,170 |  |  | 1,153 |  |  | 3,496 |  |  | 3,278 |
Professional fees | 3,467 |  |  | 1,970 |  |  | 10,228 |  |  | 6,863 |
Amortization of intangibles | 900 |  |  | 803 |  |  | 2,746 |  |  | 2,457 |
Merger related expenses | — |  |  | 1,669 |  |  | — |  |  | 1,669 |
Restructuring charges | 4,147 |  |  | — |  |  | 4,147 |  |  | — |
Other operating expenses | 6,909 |  |  | 6,171 |  |  | 20,036 |  |  | 16,365 |
Total operating expenses | 76,327 |  |  | 63,736 |  |  | 212,095 |  |  | 181,028 |
Income before provision for income taxes | 22,542 |  |  | 32,650 |  |  | 75,669 |  |  | 103,411 |
Provision for income taxes | 5,156 |  |  | 7,464 |  |  | 17,735 |  |  | 25,183 |
Net income | 17,386 |  |  | 25,186 |  |  | 57,934 |  |  | 78,228 |
Net income attributable to non-controlling interest | 56 |  |  | 70 |  |  | 49 |  |  | 72 |
Net income attributable to OceanFirst Financial Corp. | 17,330 |  |  | 25,116 |  |  | 57,885 |  |  | 78,156 |
Dividends on preferred shares | — |  |  | 1,004 |  |  | 2,008 |  |  | 3,012 |
Loss on redemption of preferred stock | — |  |  | — |  |  | 1,842 |  |  | — |
Net income available to common stockholders | $ | 17,330 |  |  | $ | 24,112 |  |  | $ | 54,035 |  |  | $ | 75,144 |
Basic earnings per share | $ | 0.30 |  |  | $ | 0.42 |  |  | $ | 0.94 |  |  | $ | 1.29 |
Diluted earnings per share | $ | 0.30 |  |  | $ | 0.42 |  |  | $ | 0.94 |  |  | $ | 1.29 |
Average basic shares outstanding | 57,031 |  |  | 58,065 |  |  | 57,599 |  |  | 58,405 |
Average diluted shares outstanding | 57,036 |  |  | 58,068 |  |  | 57,602 |  |  | 58,407 |

See accompanying Notes to Unaudited Consolidated Financial Statements.
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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Unaudited) |  | (Unaudited)
Net income | $ | 17,386 |  |  | $ | 25,186 |  |  | $ | 57,934 |  |  | $ | 78,228 |
Other comprehensive income: |  |  |  |  |  |  |
Net unrealized gain on debt securities (net of tax expense of $804 and $2,134 in 2025 and $1,225 and $2,569 in 2024, respectively) | 2,530 |  |  | 3,847 |  |  | 6,696 |  |  | 8,066 |
Accretion of unrealized loss on debt securities reclassified to held-to-maturity (net of tax expense of $41 and $159 in 2025 and $43 and $125 in 2024, respectively) | 56 |  |  | 62 |  |  | 229 |  |  | 180 |
Unrealized (loss) gain on cash flow derivative hedges (net of tax benefit of $2 and $32 in 2025 and net of tax expense of $267 and tax benefit of $133 in 2024, respectively) | (9) |  |  | 837 |  |  | (102) |  |  | (418) |
Reclassification adjustment for losses included in net income (net of tax expense of $21 and $76 in 2025 and $80 and $270 in 2024, respectively) | 72 |  |  | 254 |  |  | 242 |  |  | 849 |
Total other comprehensive income, net of tax | 2,649 |  |  | 5,000 |  |  | 7,065 |  |  | 8,677 |
Total comprehensive income | 20,035 |  |  | 30,186 |  |  | 64,999 |  |  | 86,905 |
Less: comprehensive income attributable to non-controlling interest | 56 |  |  | 70 |  |  | 49 |  |  | 72 |
Comprehensive income attributable to OceanFirst Financial Corp. | 19,979 |  |  | 30,116 |  |  | 64,950 |  |  | 86,833 |
Less: dividends on preferred shares | — |  |  | 1,004 |  |  | 2,008 |  |  | 3,012 |
Less: loss on redemption of preferred stock | — |  |  | — |  |  | 1,842 |  |  | — |
Total comprehensive income available to common stockholders | $ | 19,979 |  |  | $ | 29,112 |  |  | $ | 61,100 |  |  | $ | 83,821 |

See accompanying Notes to Unaudited Consolidated Financial Statements.
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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(dollars in thousands, except per share amounts)
(Unaudited)
For the Three Months Ended September 30, 2025 and 2024

| Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive (Loss) Income |  | Employee Stock Ownership Plan |  | Treasury Stock |  | Non-Controlling Interest |  |  |  |  |  | Total
Balance at June 30, 2024 | $ | 1 |  |  | $ | 613 |  |  | $ | 1,164,813 |  |  | $ | 620,021 |  |  | $ | (17,185) |  |  | $ | (3,161) |  |  | $ | (89,217) |  |  | $ | 784 |  |  |  |  |  |  | $ | 1,676,669 |
Net income | — |  |  | — |  |  | — |  |  | 25,116 |  |  | — |  |  | — |  |  | — |  |  | 70 |  |  |  |  |  |  | 25,186 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 5,000 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 5,000 |
Stock compensation | — |  |  | — |  |  | 1,383 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 1,383 |
Allocation of ESOP stock | — |  |  | — |  |  | (27) |  |  | — |  |  | — |  |  | 309 |  |  | — |  |  | — |  |  |  |  |  |  | 282 |
Cash dividend - $0.20 per share | — |  |  | — |  |  | — |  |  | (11,657) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (11,657) |
Exercise of stock options | — |  |  | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 48 |
Repurchase 87,324 shares of common stock | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1,400) |  |  | — |  |  |  |  |  |  | (1,399) |
Preferred stock dividend | — |  |  | — |  |  | — |  |  | (1,004) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (1,004) |
Balance at September 30, 2024 | $ | 1 |  |  | $ | 613 |  |  | $ | 1,166,218 |  |  | $ | 632,476 |  |  | $ | (12,185) |  |  | $ | (2,852) |  |  | $ | (90,617) |  |  | $ | 854 |  |  |  |  |  |  | $ | 1,694,508 |
Balance at June 30, 2025 | $ | — |  |  | $ | 625 |  |  | $ | 1,115,441 |  |  | $ | 655,095 |  |  | $ | (11,437) |  |  | $ | (1,922) |  |  | $ | (114,956) |  |  | $ | 834 |  |  |  |  |  |  | $ | 1,643,680 |
Net income | — |  |  | — |  |  | — |  |  | 17,330 |  |  | — |  |  | — |  |  | — |  |  | 56 |  |  |  |  |  |  | 17,386 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 2,649 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 2,649 |
Stock compensation | — |  |  | — |  |  | 869 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 869 |
Allocation of ESOP stock | — |  |  | — |  |  | (17) |  |  | — |  |  | — |  |  | 311 |  |  | — |  |  | — |  |  |  |  |  |  | 294 |
Cash dividend - $0.20 per share | — |  |  | — |  |  | — |  |  | (11,451) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (11,451) |
Exercise of stock options | — |  |  | — |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 42 |
Repurchase of 2,308 shares of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (42) |  |  | — |  |  |  |  |  |  | (42) |
Balance at September 30, 2025 | $ | — |  |  | $ | 625 |  |  | $ | 1,116,335 |  |  | $ | 660,974 |  |  | $ | (8,788) |  |  | $ | (1,611) |  |  | $ | (114,998) |  |  | $ | 890 |  |  |  |  |  |  | $ | 1,653,427 |

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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(dollars in thousands, except per share amounts)
(Unaudited)
For the Nine Months Ended September 30, 2025 and 2024

| Preferred Stock |  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive (Loss) Income |  | Employee Stock Ownership Plan |  | Treasury Stock |  | Non-Controlling Interest |  |  |  |  |  | Total
Balance at December 31, 2023 | $ | 1 |  |  | $ | 613 |  |  | $ | 1,161,755 |  |  | $ | 592,542 |  |  | $ | (20,862) |  |  | $ | (3,780) |  |  | $ | (69,106) |  |  | $ | 782 |  |  |  |  |  |  | $ | 1,661,945 |
Net income | — |  |  | — |  |  | — |  |  | 78,156 |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  |  |  |  |  | 78,228 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 8,677 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 8,677 |
Stock compensation | — |  |  | — |  |  | 4,515 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 4,515 |
Allocation of ESOP stock | — |  |  | — |  |  | (130) |  |  | — |  |  | — |  |  | 928 |  |  | — |  |  | — |  |  |  |  |  |  | 798 |
Cash dividend - $0.60 per share | — |  |  | — |  |  | — |  |  | (35,210) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (35,210) |
Exercise of stock options | — |  |  | — |  |  | 48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 48 |
Repurchase 1,383,238 shares of common stock | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | (21,511) |  |  | — |  |  |  |  |  |  | (21,481) |
Preferred stock dividend | — |  |  | — |  |  | — |  |  | (3,012) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (3,012) |
Balance at September 30, 2024 | $ | 1 |  |  | $ | 613 |  |  | $ | 1,166,218 |  |  | $ | 632,476 |  |  | $ | (12,185) |  |  | $ | (2,852) |  |  | $ | (90,617) |  |  | $ | 854 |  |  |  |  |  |  | $ | 1,694,508 |
Balance at December 31, 2024 | $ | 1 |  |  | $ | 613 |  |  | $ | 1,168,321 |  |  | $ | 641,727 |  |  | $ | (15,853) |  |  | $ | (2,542) |  |  | $ | (90,617) |  |  | $ | 1,107 |  |  |  |  |  |  | $ | 1,702,757 |
Net income | — |  |  | — |  |  | — |  |  | 57,885 |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  |  |  |  |  | 57,934 |
Other comprehensive income, net of tax | — |  |  | — |  |  | — |  |  | — |  |  | 7,065 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 7,065 |
Stock compensation | — |  |  | 12 |  |  | 3,403 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 3,415 |
Allocation of ESOP stock | — |  |  | — |  |  | (71) |  |  | — |  |  | — |  |  | 931 |  |  | — |  |  | — |  |  |  |  |  |  | 860 |
Cash dividend - $0.60 per share | — |  |  | — |  |  | — |  |  | (34,788) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (34,788) |
Exercise of stock options | — |  |  | — |  |  | 178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 178 |
Repurchase 1,404,253 shares of common stock | — |  |  | — |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | (24,381) |  |  | — |  |  |  |  |  |  | (24,350) |
Preferred stock dividend | — |  |  | — |  |  | — |  |  | (2,008) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (2,008) |
Redemption of preferred stock | (1) |  |  | — |  |  | (55,527) |  |  | (1,842) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (57,370) |
Distributions to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (266) |  |  |  |  |  |  | (266) |
Balance at September 30, 2025 | $ | — |  |  | $ | 625 |  |  | $ | 1,116,335 |  |  | $ | 660,974 |  |  | $ | (8,788) |  |  | $ | (1,611) |  |  | $ | (114,998) |  |  | $ | 890 |  |  |  |  |  |  | $ | 1,653,427 |

See accompanying Notes to Unaudited Consolidated Financial Statements.
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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)

| For the Nine Months Ended September 30,
| 2025 |  | 2024
| (Unaudited)
Cash flows from operating activities: |  |  |
Net income | $ | 57,934 |  |  | $ | 78,228 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization of premises and equipment | 7,697 |  |  | 8,277 |
Allocation of ESOP stock | 860 |  |  | 798 |
Stock compensation | 3,415 |  |  | 4,515 |
Net excess tax expense on stock compensation | 195 |  |  | 365 |
Amortization of servicing asset | 295 |  |  | 261 |
Net (discount) premium amortization in excess of discount accretion on securities | (366) |  |  | 561 |
Net amortization of deferred costs on borrowings | 239 |  |  | 463 |
Amortization of intangibles | 2,746 |  |  | 2,457 |
Net accretion of purchase accounting adjustments | (1,220) |  |  | (2,826) |
Net amortization of deferred fees/costs and premiums/discounts on loans | (7,058) |  |  | (1,574) |
Provision for credit losses | 12,471 |  |  | 4,222 |
Net loss (gain) on sale of fixed assets | 2 |  |  | (131) |
Net loss on sales of available-for-sale securities | 64 |  |  | 106 |
Net gain on equity investments | (686) |  |  | (4,230) |
Net gain on sales of loans | (2,935) |  |  | (1,282) |
Proceeds from sales of residential loans held for sale | 396,092 |  |  | 141,588 |
Residential loans originated for sale | (389,712) |  |  | (158,176) |
Write down of other real estate owned | 198 |  |  | — |
Increase in value of bank owned life insurance | (5,412) |  |  | (4,796) |
Net gain on sale of assets held for sale | — |  |  | (855) |
(Increase) decrease in interest and dividends receivable | (1,692) |  |  | 3,053 |
Deferred tax (benefit) provision | (25) |  |  | 935 |
Decrease in other assets | 34,662 |  |  | 19,330 |
(Decrease) increase in other liabilities | (56,556) |  |  | (43,849) |
Total adjustments | (6,726) |  |  | (30,788) |
Net cash provided by operating activities | 51,208 |  |  | 47,440 |
Cash flows from investing activities: |  |  |
Net (increase) decrease in loans receivable | (426,420) |  |  | 173,444 |
Proceeds from sales of non-performing loans | 6,361 |  |  | — |
Purchase of loan pools | (26,859) |  |  | — |
Discounts received on purchased loan pool | 2,562 |  |  | — |
Purchase of debt securities available-for-sale | (757,723) |  |  | (243,795) |
Purchase of debt securities held-to-maturity | — |  |  | (6,971) |
Purchase of equity investments | (6,620) |  |  | (3,032) |
Proceeds from maturities and calls of debt securities available-for-sale | 5,600 |  |  | 15,870 |
Proceeds from maturities and calls of debt securities held-to-maturity | 44,458 |  |  | 19,202 |
Proceeds from sales of debt securities available-for-sale | 99,187 |  |  | 2,121 |
Proceeds from calls and sales of equity investments | 365 |  |  | 11,256 |
Principal repayments on debt securities available-for-sale | 218,194 |  |  | 78,413 |
Principal repayments on debt securities held-to-maturity | 83,819 |  |  | 73,799 |
Proceeds from bank owned life insurance | 6,484 |  |  | 2,156 |
Proceeds from the redemption of restricted equity investments | 209,026 |  |  | 71,927 |
Purchases of restricted equity investments | (242,790) |  |  | (76,706) |
Proceeds from sale of other real estate owned | 912 |  |  | — |
Proceeds from sales of assets held-for-sale | — |  |  | 883 |
Purchases of premises and equipment | (4,819) |  |  | (5,949) |
Proceeds from disposal of premises and equipment | — |  |  | 3,380 |
Net cash consideration paid for acquisition | — |  |  | (1,000) |
Net cash (used in) provided by investing activities | (788,263) |  |  | 114,998 |

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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(dollars in thousands)

| For the Nine Months Ended September 30,
| 2025 |  | 2024
| (Unaudited)
Cash flows from financing activities: |  |  |
Increase (decrease) in deposits | $ | 369,654 |  |  | $ | (318,686) |
Increase in short-term borrowings | 4,247 |  |  | 7,949 |
Net proceeds from FHLB advances | 632,974 |  |  | 43,224 |
Net proceeds from other borrowings | — |  |  | 222,662 |
Increase in advances by borrowers for taxes and insurance | 677 |  |  | 4,875 |
Exercise of stock options | 178 |  |  | 48 |
Payment of employee taxes withheld from stock awards and phantom stock units | (1,383) |  |  | (2,354) |
Purchase of treasury stock | (24,350) |  |  | (21,481) |
Dividends paid | (36,796) |  |  | (38,222) |
Redemption of preferred stock | (57,370) |  |  | — |
Distributions to non-controlling interest | (266) |  |  | — |
Net cash provided by (used in) provided by financing activities | 887,565 |  |  | (101,985) |
Net increase in cash and due from banks and restricted cash | 150,510 |  |  | 60,453 |
Cash and due from banks and restricted cash at beginning of period | 123,615 |  |  | 153,718 |
Cash and due from banks and restricted cash at end of period | $ | 274,125 |  |  | $ | 214,171 |
Supplemental Disclosure of Cash Flow Information: |  |  |
Cash and due from banks at beginning of period | $ | 123,615 |  |  | $ | 153,718 |
Restricted cash at beginning of period | — |  |  | — |
Cash and due from banks and restricted cash at beginning of period | $ | 123,615 |  |  | $ | 153,718 |
Cash and due from banks at end of period | $ | 274,125 |  |  | $ | 214,171 |
Restricted cash at end of period | — |  |  | — |
Cash and due from banks and restricted cash at end of period | $ | 274,125 |  |  | $ | 214,171 |
Cash paid during the period for: |  |  |
Interest | $ | 205,654 |  |  | $ | 219,314 |
Income taxes | 17,661 |  |  | 26,890 |
Non-cash activities: |  |  |
Accretion of unrealized loss on securities reclassified to held-to-maturity | 388 |  |  | 305 |
Net loan charge-offs | 3,471 |  |  | 1,713 |
Transfer of securities from held-to-maturity to available-for-sale | — |  |  | 500 |
Transfer of loans receivable to other real estate owned | 6,797 |  |  | — |
Transfer of loans receivable to loans held-for-sale | 6,361 |  |  | — |

See accompanying Notes to Unaudited Consolidated Financial Statements.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements
Note 1. Basis of Presentation
The consolidated financial statements include the accounts of: OceanFirst Financial Corp. (the “Company”); its wholly-owned subsidiaries, OceanFirst Bank N.A. (the “Bank”) and OceanFirst Risk Management, Inc.; the Bank’s direct and indirect wholly-owned subsidiaries, OceanFirst REIT Holdings, Inc., OceanFirst Management Corp., OceanFirst Realty Corp., Casaba Real Estate Holdings Corporation, Country Property Holdings, Inc., OFB Acquisition LLC; Spring Garden Capital Group, LLC (and its subsidiaries), and a majority controlling interest in Trident Abstract Title Agency, LLC (“Trident”). All significant intercompany accounts and transactions have been eliminated in consolidation.
The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the full year 2025 or any other period. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates.
In 2025, the Company reclassified loans secured by owner-occupied commercial real estate to commercial and industrial - real estate to reflect the variation in the management and underlying risk profile of such loans as compared with non-owner-occupied (“investor”) commercial real estate loans. Similarly, the Company also reclassified commercial and industrial loans that were not secured by real estate to commercial and industrial - non-real estate. Collectively, these two loan portfolios are referred to as ‘Commercial and industrial’ loans.
Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Segment Reporting
The Company’s operations are solely in the financial services industry and provide a range of regional community banking services to retail and commercial customers. The Company operates throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia.
Operating segments are defined as components of an entity for which separate financial information is available and is regularly reviewed by the chief operating decision maker (“CODM”). The CODM makes operating decisions and manages the activities of the business on a consolidated basis. Therefore, management concluded the Company has a single operating segment, and therefore one reportable segment.
Further, the CODM allocates resources and assesses performance based on an ongoing review of the Company’s consolidated financial results. Specifically, the CODM reviews net income, reported within the consolidated statements of income, along with information in the consolidated statements of financial condition, to decide whether to reinvest profits into the Company or other strategic investments. Refer to the Consolidated Statements of Financial Condition and Consolidated Statements of Income for net income and all significant expenses regularly provided to and reviewed by the CODM.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 2. Earnings per Share
The following reconciles shares outstanding for basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average shares outstanding | 57,387 |  |  | 58,439 |  |  | 57,982 |  |  | 58,770 |
Less: Unallocated ESOP shares | (90) |  |  | (157) |  |  | (107) |  |  | (173) |
Unallocated incentive award shares | (266) |  |  | (217) |  |  | (276) |  |  | (192) |
Average basic shares outstanding | 57,031 |  |  | 58,065 |  |  | 57,599 |  |  | 58,405 |
Add: Effect of dilutive securities: |  |  |  |  |  |  |
Incentive awards | 5 |  |  | 3 |  |  | 3 |  |  | 2 |
Average diluted shares outstanding | 57,036 |  |  | 58,068 |  |  | 57,602 |  |  | 58,407 |

For the three and nine months ended September 30, 2025, antidilutive stock options of 1,359,000, for both periods, were excluded from the earnings per share calculation. For the three and nine months ended September 30, 2024, antidilutive stock options of 1,668,000 and 1,790,000, respectively, were excluded from the earnings per share calculation.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 3. Securities
The amortized cost, estimated fair value, and allowance for securities credit losses of debt securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024 are as follows (in thousands):

| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Allowance for Securities Credit Losses
At September 30, 2025 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 56,940 |  |  | $ | 2 |  |  | $ | (3,092) |  |  | $ | 53,850 |  |  | $ | — |
State and municipal debt obligations | 75,357 |  |  | 4,977 |  |  | — |  |  | 80,334 |  |  | — |
Corporate debt securities | 27,587 |  |  | 502 |  |  | (269) |  |  | 27,820 |  |  | — |
Asset-backed securities | 129,623 |  |  | 195 |  |  | (27) |  |  | 129,791 |  |  | — |
Mortgage-backed securities (“MBS”): |  |  |  |  |  |  |  |  |
Agency residential | 874,956 |  |  | 1,139 |  |  | (4,712) |  |  | 871,383 |  |  | — |
Agency commercial | 108,333 |  |  | — |  |  | (9,931) |  |  | 98,402 |  |  | — |
Total mortgage-backed securities | 983,289 |  |  | 1,139 |  |  | (14,643) |  |  | 969,785 |  |  | — |
Total excluding fair value hedge basis adjustment | 1,272,796 |  |  | 6,815 |  |  | (18,031) |  |  | 1,261,580 |  |  | — |
Fair value hedge basis adjustment (1) | (341) |  |  | — |  |  | 341 |  |  | — |  |  | — |
Total debt securities available-for-sale | $ | 1,272,455 |  |  | $ | 6,815 |  |  | $ | (17,690) |  |  | $ | 1,261,580 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 168,446 |  |  | $ | 295 |  |  | $ | (10,220) |  |  | $ | 158,521 |  |  | $ | (25) |
Corporate debt securities | 53,699 |  |  | 148 |  |  | (1,271) |  |  | 52,576 |  |  | (798) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 611,238 |  |  | 1,438 |  |  | (48,937) |  |  | 563,739 |  |  | — |
Agency commercial | 78,304 |  |  | 7 |  |  | (5,383) |  |  | 72,928 |  |  | — |
Non-agency commercial | 9,015 |  |  | 1 |  |  | (230) |  |  | 8,786 |  |  | (145) |
Total mortgage-backed securities | 698,557 |  |  | 1,446 |  |  | (54,550) |  |  | 645,453 |  |  | (145) |
Total debt securities held-to-maturity | $ | 920,702 |  |  | $ | 1,889 |  |  | $ | (66,041) |  |  | $ | 856,550 |  |  | $ | (968) |
Total debt securities | $ | 2,193,157 |  |  | $ | 8,704 |  |  | $ | (83,731) |  |  | $ | 2,118,130 |  |  | $ | (968) |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 62,396 |  |  | $ | 11 |  |  | $ | (5,022) |  |  | $ | 57,385 |  |  | $ | — |
Corporate debt securities | 14,042 |  |  | 43 |  |  | (762) |  |  | 13,323 |  |  | — |
Asset-backed securities | 197,116 |  |  | 235 |  |  | (84) |  |  | 197,267 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 465,108 |  |  | 1,256 |  |  | (801) |  |  | 465,563 |  |  | — |
Agency commercial | 108,610 |  |  | — |  |  | (14,648) |  |  | 93,962 |  |  | — |
Total mortgage-backed securities | 573,718 |  |  | 1,256 |  |  | (15,449) |  |  | 559,525 |  |  | — |
Total debt securities available-for-sale | $ | 847,272 |  |  | $ | 1,545 |  |  | $ | (21,317) |  |  | $ | 827,500 |  |  | $ | — |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |
State and municipal debt obligations | $ | 201,369 |  |  | $ | 199 |  |  | $ | (13,665) |  |  | $ | 187,903 |  |  | $ | (31) |
Corporate debt securities | 65,350 |  |  | 775 |  |  | (1,416) |  |  | 64,709 |  |  | (734) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Agency residential | 680,052 |  |  | 44 |  |  | (73,110) |  |  | 606,986 |  |  | — |
Agency commercial | 79,925 |  |  | 1 |  |  | (5,878) |  |  | 74,048 |  |  | — |
Non-agency commercial | 20,146 |  |  | — |  |  | (875) |  |  | 19,271 |  |  | (202) |
Total mortgage-backed securities | 780,123 |  |  | 45 |  |  | (79,863) |  |  | 700,305 |  |  | (202) |
Total debt securities held-to-maturity | $ | 1,046,842 |  |  | $ | 1,019 |  |  | $ | (94,944) |  |  | $ | 952,917 |  |  | $ | (967) |
Total debt securities | $ | 1,894,114 |  |  | $ | 2,564 |  |  | $ | (116,261) |  |  | $ | 1,780,417 |  |  | $ | (967) |

(1)Refer to Note 8, Derivatives and Hedging Activities for additional information.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity for the three and nine months ended September 30, 2025 and 2024 (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Allowance for securities credit losses |  |  |  |  |  |  |
Beginning balance | $ | (809) |  |  | $ | (958) |  |  | $ | (967) |  |  | $ | (1,133) |
(Provision) benefit for credit losses | (159) |  |  | 56 |  |  | (1) |  |  | 231 |
Total ending allowance balance | $ | (968) |  |  | $ | (902) |  |  | $ | (968) |  |  | $ | (902) |

The Company monitors the credit quality of debt securities held-to-maturity on a quarterly basis through the use of internal credit analysis supplemented by external credit ratings. Credit ratings of BBB- or Baa3 or higher are considered investment grade. Where multiple ratings are available, the Company considers the lowest rating when determining the allowance for securities credit losses. Under this approach, the amortized cost of debt securities held-to-maturity at September 30, 2025, aggregated by credit quality indicator, are as follows (in thousands):

| Investment Grade |  | Non-Investment Grade/Non-rated |  | Total
As of September 30, 2025 |  |  |  |  |
State and municipal debt obligations | $ | 168,446 |  |  | $ | — |  |  | $ | 168,446 |
Corporate debt securities | 40,072 |  |  | 13,627 |  |  | 53,699 |
Non-agency commercial MBS | 9,015 |  |  | — |  |  | 9,015 |
Total debt securities held-to-maturity | $ | 217,533 |  |  | $ | 13,627 |  |  | $ | 231,160 |

There were $8,000 and $64,000 of realized losses on sale of debt securities available-for-sale for the three and nine months ended September 30, 2025, respectively, as compared to no realized gains/losses and $106,000 of realized losses for the corresponding prior year periods. These realized gains/losses on debt securities are presented within Other and included within Total other income on the Consolidated Statements of Income.
The amortized cost and estimated fair value of debt securities at September 30, 2025 by contractual maturity are shown below (in thousands):

September 30, 2025 | Amortized Cost (1) |  | Estimated Fair Value
Less than one year | $ | 23,098 |  |  | $ | 22,892 |
Due after one year through five years | 175,115 |  |  | 169,392 |
Due after five years through ten years | 114,508 |  |  | 112,981 |
Due after ten years | 198,931 |  |  | 197,627 |
| $ | 511,652 |  |  | $ | 502,892 |

(1)The amortized cost of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
Actual maturities may differ from contractual maturities in instances where issuers have the right to call or prepay obligations with or without call or prepayment penalties. At September 30, 2025, corporate debt securities, state and municipal obligations, and asset-backed securities with an amortized cost, excluding the fair value hedge basis adjustments, of $80.7 million, $118.1 million, and $129.6 million, respectively, and an estimated fair value of $79.8 million, $122.5 million, and $129.8 million, respectively, were callable prior to the maturity date. Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The estimated fair value and unrealized losses for debt securities available-for-sale and held-to-maturity at September 30, 2025 and December 31, 2024, segregated by the duration of the unrealized losses, are as follows (in thousands):

| Less than 12 months |  | 12 months or longer |  | Total
| Estimated Fair Value |  | Unrealized Losses (1) |  | Estimated Fair Value |  | Unrealized Losses (1) |  | Estimated Fair Value |  | Unrealized Losses (1)
At September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | — |  |  | $ | — |  |  | $ | 52,101 |  |  | $ | (3,092) |  |  | $ | 52,101 |  |  | $ | (3,092) |
Corporate debt securities | 2,499 |  |  | (1) |  |  | 4,731 |  |  | (268) |  |  | 7,230 |  |  | (269) |
Asset-backed securities | 26,067 |  |  | (27) |  |  | — |  |  | — |  |  | 26,067 |  |  | (27) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 508,559 |  |  | (4,641) |  |  | 64,646 |  |  | (71) |  |  | 573,205 |  |  | (4,712) |
Agency commercial | 493 |  |  | (1) |  |  | 97,909 |  |  | (9,930) |  |  | 98,402 |  |  | (9,931) |
Total MBS | 509,052 |  |  | (4,642) |  |  | 162,555 |  |  | (10,001) |  |  | 671,607 |  |  | (14,643) |
Total debt securities available-for-sale | 537,618 |  |  | (4,670) |  |  | 219,387 |  |  | (13,361) |  |  | 757,005 |  |  | (18,031) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 1,486 |  |  | (5) |  |  | 144,190 |  |  | (10,215) |  |  | 145,676 |  |  | (10,220) |
Corporate debt securities | 2,864 |  |  | (754) |  |  | 18,867 |  |  | (517) |  |  | 21,731 |  |  | (1,271) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 2,365 |  |  | — |  |  | 463,352 |  |  | (48,937) |  |  | 465,717 |  |  | (48,937) |
Agency commercial | 178 |  |  | — |  |  | 71,950 |  |  | (5,383) |  |  | 72,128 |  |  | (5,383) |
Non-agency commercial | — |  |  | — |  |  | 7,785 |  |  | (230) |  |  | 7,785 |  |  | (230) |
Total MBS | 2,543 |  |  | — |  |  | 543,087 |  |  | (54,550) |  |  | 545,630 |  |  | (54,550) |
Total debt securities held-to-maturity | 6,893 |  |  | (759) |  |  | 706,144 |  |  | (65,282) |  |  | 713,037 |  |  | (66,041) |
Total debt securities | $ | 544,511 |  |  | $ | (5,429) |  |  | $ | 925,531 |  |  | $ | (78,643) |  |  | $ | 1,470,042 |  |  | $ | (84,072) |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency obligations | $ | 3,221 |  |  | $ | — |  |  | $ | 49,538 |  |  | $ | (5,022) |  |  | $ | 52,759 |  |  | $ | (5,022) |
Corporate debt securities | 4,793 |  |  | (55) |  |  | 6,029 |  |  | (707) |  |  | 10,822 |  |  | (762) |
Asset-backed securities | 31,588 |  |  | (21) |  |  | 59,148 |  |  | (63) |  |  | 90,736 |  |  | (84) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 202,961 |  |  | (801) |  |  | — |  |  | — |  |  | 202,961 |  |  | (801) |
Agency commercial | — |  |  | — |  |  | 93,962 |  |  | (14,648) |  |  | 93,962 |  |  | (14,648) |
Total MBS | 202,961 |  |  | (801) |  |  | 93,962 |  |  | (14,648) |  |  | 296,923 |  |  | (15,449) |
Total debt securities available-for-sale | 242,563 |  |  | (877) |  |  | 208,677 |  |  | (20,440) |  |  | 451,240 |  |  | (21,317) |
Debt securities held-to-maturity: |  |  |  |  |  |  |  |  |  |  |
State and municipal debt obligations | 7,098 |  |  | (176) |  |  | 169,434 |  |  | (13,489) |  |  | 176,532 |  |  | (13,665) |
Corporate debt securities | 1,247 |  |  | (219) |  |  | 25,518 |  |  | (1,197) |  |  | 26,765 |  |  | (1,416) |
MBS: |  |  |  |  |  |  |  |  |  |  |
Agency residential | 114,557 |  |  | (1,647) |  |  | 479,847 |  |  | (71,463) |  |  | 594,404 |  |  | (73,110) |
Agency commercial | 3,894 |  |  | (20) |  |  | 69,912 |  |  | (5,858) |  |  | 73,806 |  |  | (5,878) |
Non-agency commercial | — |  |  | — |  |  | 19,271 |  |  | (875) |  |  | 19,271 |  |  | (875) |
Total MBS | 118,451 |  |  | (1,667) |  |  | 569,030 |  |  | (78,196) |  |  | 687,481 |  |  | (79,863) |
Total debt securities held-to-maturity | 126,796 |  |  | (2,062) |  |  | 763,982 |  |  | (92,882) |  |  | 890,778 |  |  | (94,944) |
Total debt securities | $ | 369,359 |  |  | $ | (2,939) |  |  | $ | 972,659 |  |  | $ | (113,322) |  |  | $ | 1,342,018 |  |  | $ | (116,261) |

(1)The unrealized losses of available-for-sale securities excludes the portfolio layer fair value hedge basis adjustments of $341,000 at September 30, 2025.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The Company concluded that no debt securities were impaired at September 30, 2025 based on consideration of several factors. The Company noted that each issuer made all contractually due payments when required. There were no defaults on principal or interest payments, and no interest payments were deferred. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the net unrealized losses were primarily due to changes in the general credit and interest rate environment and not credit quality. Additionally, the Company has not utilized securities sales as a source of liquidity and the Company’s liquidity plans include adequate sources of liquidity outside securities sales.
Equity Investments
At September 30, 2025 and December 31, 2024, the Company held equity investments of $90.7 million and $84.1 million, respectively. The equity investments are primarily comprised of select financial services institutions’ preferred stocks, investments in other financial institutions and funds.
The realized and unrealized gains or losses on equity securities for the three and nine months ended September 30, 2025 and 2024 are shown in the table below (in thousands):

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net (loss) gain on equity investments | $ | (7) |  |  | $ | 1,420 |  |  | $ | 686 |  |  | $ | 4,230 |
Less: Net gains recognized on equity investments sold | 352 |  |  | — |  |  | 352 |  |  | — |
Unrealized (losses) gains recognized on equity investments still held | $ | (359) |  |  | $ | 1,420 |  |  | $ | 334 |  |  | $ | 4,230 |

Note 4. Loans Receivable, Net
Loans receivable, net at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

| September 30, |  | December 31,
| 2025 |  | 2024
Commercial: |  |  |
Commercial real estate – investor | $ | 5,211,220 |  |  | $ | 5,287,683 |
Commercial and industrial: |  |  |
Commercial and industrial – real estate | 997,122 |  |  | 902,219 |
Commercial and industrial – non-real estate | 998,860 |  |  | 647,945 |
Total commercial and industrial | 1,995,982 |  |  | 1,550,164 |
Total commercial | 7,207,202 |  |  | 6,837,847 |
Consumer: |  |  |
Residential real estate | 3,135,200 |  |  | 3,049,763 |
Home equity loans and lines and other consumer (“other consumer”) | 215,581 |  |  | 230,462 |
Total consumer | 3,350,781 |  |  | 3,280,225 |
Total loans receivable | 10,557,983 |  |  | 10,118,072 |
Deferred origination costs, net of fees | 13,105 |  |  | 10,964 |
Allowance for loan credit losses | (81,236) |  |  | (73,607) |
Total loans receivable, net | $ | 10,489,852 |  |  | $ | 10,055,429 |

The Company categorizes all loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, and current economic trends, among other factors. The Company evaluates risk ratings on an ongoing basis. The Company uses the following definitions for risk ratings:
Pass: Loans classified as Pass are well protected by the paying capacity and net worth of the borrower.
Special Mention: Loans classified as Special Mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.
Substandard: Loans classified as Substandard are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. These loans have a well-defined weakness or weaknesses that
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
jeopardize the collection or the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Doubtful: Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.
The following tables summarize total loans by year of origination, internally assigned credit grades and risk characteristics (in thousands):

|  | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Revolving lines of credit |  |  |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 327,577 |  |  | $ | 65,391 |  |  | $ | 167,114 |  |  | $ | 1,161,036 |  |  | $ | 1,259,394 |  |  | $ | 1,511,048 |  |  | $ | 632,889 |  |  |  |  | $ | 5,124,449 |
Special Mention |  | 167 |  |  | — |  |  | — |  |  | 2,945 |  |  | — |  |  | 8,769 |  |  | 2,536 |  |  |  |  | 14,417 |
Substandard |  | — |  |  | 85 |  |  | — |  |  | 20,916 |  |  | 298 |  |  | 42,108 |  |  | 8,947 |  |  |  |  | 72,354 |
Total commercial real estate - investor |  | 327,744 |  |  | 65,476 |  |  | 167,114 |  |  | 1,184,897 |  |  | 1,259,692 |  |  | 1,561,925 |  |  | 644,372 |  |  |  |  | 5,211,220 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 164,415 |  |  | 77,001 |  |  | 59,831 |  |  | 130,265 |  |  | 81,689 |  |  | 424,945 |  |  | 46,448 |  |  |  |  | 984,594 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 753 |  |  | — |  |  |  |  | 753 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,766 |  |  | 9 |  |  |  |  | 11,775 |
Total commercial and industrial - real estate |  | 164,415 |  |  | 77,001 |  |  | 59,831 |  |  | 130,265 |  |  | 81,689 |  |  | 437,464 |  |  | 46,457 |  |  |  |  | 997,122 |
Commercial and industrial - non-real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 217,889 |  |  | 191,599 |  |  | 43,435 |  |  | 31,625 |  |  | 9,110 |  |  | 53,456 |  |  | 436,298 |  |  |  |  | 983,412 |
Special Mention |  | 43 |  |  | 85 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 128 |
Substandard |  | — |  |  | 245 |  |  | 573 |  |  | 838 |  |  | 676 |  |  | 1,765 |  |  | 11,223 |  |  |  |  | 15,320 |
Total commercial and industrial - non-real estate |  | 217,932 |  |  | 191,929 |  |  | 44,008 |  |  | 32,463 |  |  | 9,786 |  |  | 55,221 |  |  | 447,521 |  |  |  |  | 998,860 |
Total commercial and industrial |  | 382,347 |  |  | 268,930 |  |  | 103,839 |  |  | 162,728 |  |  | 91,475 |  |  | 492,685 |  |  | 493,978 |  |  |  |  | 1,995,982 |
Residential real estate (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 308,198 |  |  | 255,431 |  |  | 226,780 |  |  | 516,548 |  |  | 759,508 |  |  | 1,061,702 |  |  | — |  |  |  |  | 3,128,167 |
Special Mention |  | 511 |  |  | 204 |  |  | — |  |  | — |  |  | 870 |  |  | 1,536 |  |  | — |  |  |  |  | 3,121 |
Substandard |  | — |  |  | 1,032 |  |  | 1,278 |  |  | 341 |  |  | 445 |  |  | 816 |  |  | — |  |  |  |  | 3,912 |
Total residential real estate |  | 308,709 |  |  | 256,667 |  |  | 228,058 |  |  | 516,889 |  |  | 760,823 |  |  | 1,064,054 |  |  | — |  |  |  |  | 3,135,200 |
Other consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 20,398 |  |  | 24,914 |  |  | 23,795 |  |  | 15,075 |  |  | 15,416 |  |  | 99,413 |  |  | 14,605 |  |  |  |  | 213,616 |
Special Mention |  | — |  |  | 193 |  |  | — |  |  | 152 |  |  | — |  |  | 208 |  |  | — |  |  |  |  | 553 |
Substandard |  | — |  |  | — |  |  | 95 |  |  | 36 |  |  | — |  |  | 1,281 |  |  | — |  |  |  |  | 1,412 |
Total other consumer |  | 20,398 |  |  | 25,107 |  |  | 23,890 |  |  | 15,263 |  |  | 15,416 |  |  | 100,902 |  |  | 14,605 |  |  |  |  | 215,581 |
Total loans |  | $ | 1,039,198 |  |  | $ | 616,180 |  |  | $ | 522,901 |  |  | $ | 1,879,777 |  |  | $ | 2,127,406 |  |  | $ | 3,219,566 |  |  | $ | 1,152,955 |  |  |  |  | $ | 10,557,983 |

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)

|  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 and prior |  | Revolving lines of credit |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - investor |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 75,225 |  |  | $ | 140,863 |  |  | $ | 1,142,790 |  |  | $ | 1,290,047 |  |  | $ | 510,906 |  |  | $ | 1,264,536 |  |  | $ | 750,607 |  |  | $ | 5,174,974 |
Special Mention |  | 15 |  |  | — |  |  | 21,285 |  |  | — |  |  | — |  |  | 18,225 |  |  | 4,477 |  |  | 44,002 |
Substandard |  | 95 |  |  | 8 |  |  | 3,784 |  |  | — |  |  | 6,111 |  |  | 44,636 |  |  | 14,073 |  |  | 68,707 |
Total commercial real estate - investor |  | 75,335 |  |  | 140,871 |  |  | 1,167,859 |  |  | 1,290,047 |  |  | 517,017 |  |  | 1,327,397 |  |  | 769,157 |  |  | 5,287,683 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 82,104 |  |  | 62,799 |  |  | 140,578 |  |  | 90,720 |  |  | 40,746 |  |  | 442,685 |  |  | 31,776 |  |  | 891,408 |
Special Mention |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,918 |  |  | — |  |  | 2,918 |
Substandard |  | — |  |  | — |  |  | — |  |  | — |  |  | 256 |  |  | 7,503 |  |  | 134 |  |  | 7,893 |
Total commercial and industrial - real estate |  | 82,104 |  |  | 62,799 |  |  | 140,578 |  |  | 90,720 |  |  | 41,002 |  |  | 453,106 |  |  | 31,910 |  |  | 902,219 |
Commercial and industrial - non-real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 81,867 |  |  | 30,084 |  |  | 35,469 |  |  | 14,276 |  |  | 3,873 |  |  | 180,695 |  |  | 278,217 |  |  | 624,481 |
Special Mention |  | — |  |  | 4,735 |  |  | — |  |  | — |  |  | 235 |  |  | 16 |  |  | 96 |  |  | 5,082 |
Substandard |  | — |  |  | 4,326 |  |  | 1,019 |  |  | 749 |  |  | — |  |  | 256 |  |  | 12,032 |  |  | 18,382 |
Total commercial and industrial - non-real estate |  | 81,867 |  |  | 39,145 |  |  | 36,488 |  |  | 15,025 |  |  | 4,108 |  |  | 180,967 |  |  | 290,345 |  |  | 647,945 |
Total commercial and industrial |  | 163,971 |  |  | 101,944 |  |  | 177,066 |  |  | 105,745 |  |  | 45,110 |  |  | 634,073 |  |  | 322,255 |  |  | 1,550,164 |
Residential real estate (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 277,009 |  |  | 270,225 |  |  | 547,093 |  |  | 796,790 |  |  | 366,649 |  |  | 783,204 |  |  | — |  |  | 3,040,970 |
Special Mention |  | — |  |  | 92 |  |  | 224 |  |  | 449 |  |  | — |  |  | 1,476 |  |  | — |  |  | 2,241 |
Substandard |  | 215 |  |  | 415 |  |  | 1,583 |  |  | 445 |  |  | — |  |  | 3,894 |  |  | — |  |  | 6,552 |
Total residential real estate |  | 277,224 |  |  | 270,732 |  |  | 548,900 |  |  | 797,684 |  |  | 366,649 |  |  | 788,574 |  |  | — |  |  | 3,049,763 |
Other consumer (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | 27,316 |  |  | 27,596 |  |  | 17,029 |  |  | 16,511 |  |  | 10,694 |  |  | 107,045 |  |  | 21,991 |  |  | 228,182 |
Special Mention |  | — |  |  | — |  |  | — |  |  | 62 |  |  | — |  |  | 219 |  |  | — |  |  | 281 |
Substandard |  | — |  |  | 97 |  |  | 18 |  |  | 343 |  |  | — |  |  | 1,541 |  |  | — |  |  | 1,999 |
Total other consumer |  | 27,316 |  |  | 27,693 |  |  | 17,047 |  |  | 16,916 |  |  | 10,694 |  |  | 108,805 |  |  | 21,991 |  |  | 230,462 |
Total loans |  | $ | 543,846 |  |  | $ | 541,240 |  |  | $ | 1,910,872 |  |  | $ | 2,210,392 |  |  | $ | 939,470 |  |  | $ | 2,858,849 |  |  | $ | 1,113,403 |  |  | $ | 10,118,072 |

(1)For residential real estate and other consumer loans, the Company evaluates credit quality based on the aging status of the loan and by payment activity.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
An analysis of the allowance for credit losses on loans for the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):

|  |  |  | Commercial and Industrial |  |  |  |  |  |  |  |
|  | Commercial Real Estate – Investor |  | Commercial and Industrial - Real Estate |  | Commercial and Industrial - Non-Real Estate |  | Residential Real Estate |  | Other Consumer |  |  |  | Total
For the three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 32,926 |  |  | $ | 3,934 |  |  | $ | 14,822 |  |  | $ | 26,570 |  |  | $ | 1,014 |  |  |  |  | $ | 79,266 |
(Benefit) provision for credit losses |  | (1,652) |  |  | 375 |  |  | 4,084 |  |  | (341) |  |  | 121 |  |  |  |  | 2,587 |
Charge-offs |  | (369) |  |  | — |  |  | (347) |  |  | (27) |  |  | (107) |  |  |  |  | (850) |
Recoveries |  | — |  |  | 3 |  |  | 191 |  |  | 3 |  |  | 36 |  |  |  |  | 233 |
Balance at end of period |  | $ | 30,905 |  |  | $ | 4,312 |  |  | $ | 18,750 |  |  | $ | 26,205 |  |  | $ | 1,064 |  |  |  |  | $ | 81,236 |
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 27,853 |  |  | $ | 3,931 |  |  | $ | 7,915 |  |  | $ | 27,833 |  |  | $ | 1,307 |  |  |  |  | $ | 68,839 |
Provision (benefit) for credit losses |  | 3,074 |  |  | (220) |  |  | 1,767 |  |  | (4,564) |  |  | 82 |  |  |  |  | 139 |
Charge-offs |  | — |  |  | — |  |  | — |  |  | (35) |  |  | (89) |  |  |  |  | (124) |
Recoveries |  | 123 |  |  | 4 |  |  | 2 |  |  | 29 |  |  | 54 |  |  |  |  | 212 |
Balance at end of period |  | $ | 31,050 |  |  | $ | 3,715 |  |  | $ | 9,684 |  |  | $ | 23,263 |  |  | $ | 1,354 |  |  |  |  | $ | 69,066 |
For the nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 30,780 |  |  | $ | 3,817 |  |  | $ | 10,471 |  |  | $ | 27,587 |  |  | $ | 952 |  |  |  |  | $ | 73,607 |
Provision (benefit) for credit losses |  | 2,184 |  |  | 478 |  |  | 8,400 |  |  | (290) |  |  | 328 |  |  |  |  | 11,100 |
Charge-offs |  | (2,214) |  |  | — |  |  | (347) |  |  | (1,119) |  |  | (383) |  |  |  |  | (4,063) |
Recoveries |  | 155 |  |  | 17 |  |  | 226 |  |  | 27 |  |  | 167 |  |  |  |  | 592 |
Balance at end of period |  | $ | 30,905 |  |  | $ | 4,312 |  |  | $ | 18,750 |  |  | $ | 26,205 |  |  | $ | 1,064 |  |  |  |  | $ | 81,236 |
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 27,899 |  |  | $ | 4,354 |  |  | $ | 6,867 |  |  | $ | 27,029 |  |  | $ | 988 |  |  |  |  | $ | 67,137 |
Provision (benefit) for credit losses |  | 4,671 |  |  | (668) |  |  | 2,808 |  |  | (3,913) |  |  | 744 |  |  |  |  | 3,642 |
Charge-offs |  | (1,646) |  |  | — |  |  | — |  |  | (35) |  |  | (484) |  |  |  |  | (2,165) |
Recoveries |  | 126 |  |  | 29 |  |  | 9 |  |  | 182 |  |  | 106 |  |  |  |  | 452 |
Balance at end of period |  | $ | 31,050 |  |  | $ | 3,715 |  |  | $ | 9,684 |  |  | $ | 23,263 |  |  | $ | 1,354 |  |  |  |  | $ | 69,066 |

The following tables summarize gross charge-offs by vintage (in thousands):

|  |  |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 and prior |  | Total
For the three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  |  |  | $ | (72) |  |  | $ | (297) |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (369) |
Commercial and industrial – non-real estate |  |  |  | (347) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (347) |
Residential real estate |  |  |  | (23) |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (27) |
Other consumer |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (107) |  |  | (107) |
Total charge-offs |  |  |  | $ | (442) |  |  | $ | (301) |  |  | $ | — |  |  | $ | — |  |  | $ | (107) |  |  | $ | (850) |
For the nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  |  |  | $ | (250) |  |  | $ | (1,862) |  |  | $ | (30) |  |  | $ | (24) |  |  | $ | (48) |  |  | $ | (2,214) |
Commercial and industrial – non-real estate |  |  |  | (347) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (347) |
Residential real estate |  |  |  | (91) |  |  | (59) |  |  | (255) |  |  | (344) |  |  | (370) |  |  | (1,119) |
Other consumer |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (383) |  |  | (383) |
Total charge-offs |  |  |  | $ | (688) |  |  | $ | (1,921) |  |  | $ | (285) |  |  | $ | (368) |  |  | $ | (801) |  |  | $ | (4,063) |

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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)

|  |  |  | 2023 |  |  |  | 2021 |  |  |  | 2019 and prior |  | Total
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  | $ | (33) |  |  |  |  | $ | — |  |  |  |  | $ | (2) |  |  | $ | (35) |
Other consumer |  |  |  | — |  |  |  |  | — |  |  |  |  | (89) |  |  | (89) |
Total charge-offs |  |  |  | $ | (33) |  |  |  |  | $ | — |  |  |  |  | $ | (91) |  |  | $ | (124) |
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  |  |  | $ | — |  |  |  |  | $ | (46) |  |  |  |  | $ | (1,600) |  |  | $ | (1,646) |
Residential real estate |  |  |  | (33) |  |  |  |  | — |  |  |  |  | (2) |  |  | (35) |
Other consumer |  |  |  | — |  |  |  |  | — |  |  |  |  | (484) |  |  | (484) |
Total charge-offs |  |  |  | $ | (33) |  |  |  |  | $ | (46) |  |  |  |  | $ | (2,086) |  |  | $ | (2,165) |

A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral and, therefore, is classified as non-accruing. At September 30, 2025 and December 31, 2024, the Company had collateral dependent loans with an amortized cost balance as follows: commercial real estate - investor of $18.6 million and $11.8 million, respectively, commercial and industrial - real estate of $7.2 million and $4.8 million, respectively, and commercial and industrial - non-real estate of $326,000 and $32,000, respectively. In addition, the Company had collateral dependent residential and consumer loans with an amortized cost balance of $5.3 million and $8.6 million at September 30, 2025 and December 31, 2024, respectively.
The following table presents the recorded investment in non-accrual loans, by loan portfolio segment as of September 30, 2025 and December 31, 2024 (in thousands):

| September 30, |  | December 31,
| 2025 |  | 2024
Commercial real estate – investor | $ | 23,570 |  |  | $ | 17,000 |
Commercial and industrial: |  |  |
Commercial and industrial - real estate | 7,469 |  |  | 4,787 |
Commercial and industrial - non-real estate | 394 |  |  | 32 |
Total commercial and industrial | 7,863 |  |  | 4,819 |
Residential real estate (1) | 7,334 |  |  | 10,644 |
Other consumer (1) | 2,496 |  |  | 3,064 |
Total non-performing loans | $ | 41,263 |  |  | $ | 35,527 |

(1) The nine months ended September 30, 2025 included the sale of non-performing residential and consumer loans of $7.3 million.
At September 30, 2025 and December 31, 2024, non-accrual loans were included in the allowance for credit loss calculation and the Company did not recognize or accrue interest income on these loans. At September 30, 2025 and December 31, 2024, there were no loans greater than 90 days past due that were accruing interest.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The following table presents the aging of the recorded investment in past due loans as of September 30, 2025 and December 31, 2024 by loan portfolio segment (in thousands):

| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or Greater Past Due |  | Total Past Due |  | Loans Not Past Due |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor | $ | 4,126 |  |  | $ | 2,161 |  |  | $ | 18,513 |  |  | $ | 24,800 |  |  | $ | 5,186,420 |  |  | $ | 5,211,220 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate | 925 |  |  | — |  |  | 3,935 |  |  | 4,860 |  |  | 992,262 |  |  | 997,122 |
Commercial and industrial - non-real estate | 5,273 |  |  | 89 |  |  | 326 |  |  | 5,688 |  |  | 993,172 |  |  | 998,860 |
Total commercial and industrial | 6,198 |  |  | 89 |  |  | 4,261 |  |  | 10,548 |  |  | 1,985,434 |  |  | 1,995,982 |
Residential real estate | 2,100 |  |  | 2,994 |  |  | 3,912 |  |  | 9,006 |  |  | 3,126,194 |  |  | 3,135,200 |
Other consumer | 1,616 |  |  | 533 |  |  | 1,410 |  |  | 3,559 |  |  | 212,022 |  |  | 215,581 |
Total loans | $ | 14,040 |  |  | $ | 5,777 |  |  | $ | 28,096 |  |  | $ | 47,913 |  |  | $ | 10,510,070 |  |  | $ | 10,557,983 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor | $ | 4,624 |  |  | $ | 8,880 |  |  | $ | 10,877 |  |  | $ | 24,381 |  |  | $ | 5,263,302 |  |  | $ | 5,287,683 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate | 941 |  |  | — |  |  | 1,392 |  |  | 2,333 |  |  | 899,886 |  |  | 902,219 |
Commercial and industrial - non-real estate | 3 |  |  | — |  |  | 16 |  |  | 19 |  |  | 647,926 |  |  | 647,945 |
Total commercial and industrial | 944 |  |  | — |  |  | 1,408 |  |  | 2,352 |  |  | 1,547,812 |  |  | 1,550,164 |
Residential real estate | 18,518 |  |  | 2,242 |  |  | 6,551 |  |  | 27,311 |  |  | 3,022,452 |  |  | 3,049,763 |
Other consumer | 1,060 |  |  | 282 |  |  | 1,999 |  |  | 3,341 |  |  | 227,121 |  |  | 230,462 |
Total loans | $ | 25,146 |  |  | $ | 11,404 |  |  | $ | 20,835 |  |  | $ | 57,385 |  |  | $ | 10,060,687 |  |  | $ | 10,118,072 |

Loan Modifications to Borrowers Experiencing Financial Difficulty
In accordance with Accounting Standards Update (“ASU”) 2022-02, the Company has modified and may modify in the future certain loans to borrowers experiencing financial difficulty. These modifications may include a reduction in interest rate, an extension in term, principal forgiveness and/or other than insignificant payment delay. Upon the Company’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount, and the allowance for credit losses is subsequently adjusted by an amount equal to the total loss rate as applied to the reduced amortized cost basis. As of September 30, 2025 and December 31, 2024, loans with modifications to borrowers experiencing financial difficulty totaled $31.6 million and $30.9 million, respectively. There were no outstanding commitments to lend additional funds to such borrowers with loan modifications as of September 30, 2025 or December 31, 2024.
The following table presents loan modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025 and 2024 (in thousands):

|  | Term Extension |  |  |  |  |  | Combination of Term Extension and Other Than Insignificant Payment Delay |  |  |  | Total |  | % of Total by Loan Portfolio Segment
For the three months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 246 |  |  |  |  |  |  | $ | — |  |  |  |  | $ | 246 |  |  | 0.01 | %
|  | $ | 246 |  |  |  |  |  |  | $ | — |  |  |  |  | $ | 246 |  |  | — | %
For the nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  | $ | 4,972 |  |  |  |  |  |  | $ | 4,423 |  |  |  |  | $ | 9,395 |  |  | 0.18 | %
Residential real estate |  | 246 |  |  |  |  |  |  | — |  |  |  |  | 246 |  |  | 0.01 |
|  | $ | 5,218 |  |  |  |  |  |  | $ | 4,423 |  |  |  |  | $ | 9,641 |  |  | 0.09 | %

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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)

|  | Term Extension |  | Interest Rate Reduction |  | Combination of Term Extension and Interest Rate Reduction |  |  |  | Other Than Insignificant Payment Delay |  | Total |  | % of Total by Loan Portfolio Segment |  |
For the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | — | % |  |
For the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate – investor |  | $ | — |  |  | $ | 4,878 |  |  | $ | 7,000 |  |  |  |  | $ | — |  |  | $ | 11,878 |  |  | 0.23 | % |  |
Commercial and industrial – real estate |  | — |  |  | — |  |  | — |  |  |  |  | 2,994 |  |  | 2,994 |  |  | 0.36 |  |  |
Residential real estate |  | 129 |  |  | — |  |  | — |  |  |  |  | — |  |  | 129 |  |  | — |  |  |
Other consumer |  | — |  |  | — |  |  | 148 |  |  |  |  | — |  |  | 148 |  |  | 0.06 |  |  |
|  | $ | 129 |  |  | $ | 4,878 |  |  | $ | 7,148 |  |  |  |  | $ | 2,994 |  |  | $ | 15,149 |  |  | 0.15 | % |  |

The modifications during the periods presented had an insignificant financial effect on the Company.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table provides the performance of loans modified to borrowers experiencing financial difficulty during the twelve months ended September 30, 2025 and 2024 (in thousands):

|  | Current |  | 60 - 89 Days past due |  |  |  | Total
September 30, 2025 |  |  |  |  |  |  |  |
Commercial real estate – investor |  | $ | 16,684 |  |  | $ | — |  |  |  |  | $ | 16,684 |
Residential real estate |  | 246 |  |  | — |  |  |  |  | 246 |
|  | $ | 16,930 |  |  | $ | — |  |  |  |  | $ | 16,930 |
September 30, 2024 |  |  |  |  |  |  |  |
Commercial real estate – investor |  | $ | 19,645 |  |  | $ | — |  |  |  |  | $ | 19,645 |
Commercial and industrial – real estate |  | 2,896 |  |  | — |  |  |  |  | 2,896 |
Residential real estate |  | 128 |  |  | — |  |  |  |  | 128 |
Other consumer |  | 47 |  |  | 147 |  |  |  |  | 194 |
|  | $ | 22,716 |  |  | $ | 147 |  |  |  |  | $ | 22,863 |

At September 30, 2025 and 2024, there were no loans to borrowers experiencing financial difficulty that were 90 days or greater past due.
Note 5. Deposits
The major types of deposits at September 30, 2025 and December 31, 2024 were as follows (in thousands):

Type of Account | September 30, |  | December 31,
2025 |  | 2024
Non-interest-bearing | $ | 1,731,760 |  |  | $ | 1,617,182 |
Interest-bearing checking | 4,090,930 |  |  | 4,000,553 |
Money market deposit | 1,397,434 |  |  | 1,301,197 |
Savings | 1,000,488 |  |  | 1,066,438 |
Time deposits | 2,215,382 |  |  | 2,080,972 |
Total deposits | $ | 10,435,994 |  |  | $ | 10,066,342 |

Included in time deposits at September 30, 2025 and December 31, 2024 was $440.5 million and $457.2 million, respectively, of deposits of $250,000 or more. Time deposits also include brokered deposits of $405.1 million and $74.7 million at September 30, 2025 and December 31, 2024, respectively.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 6. Borrowed Funds
Borrowed funds at September 30, 2025 and December 31, 2024 were as follows (in thousands):

| September 30, |  | December 31,
2025 |  | 2024
FHLB advances | $ | 1,705,585 |  |  | $ | 1,072,611 |
Securities sold under agreements to repurchase with customers | 64,869 |  |  | 60,567 |
Other borrowings | 198,138 |  |  | 197,546 |
Total borrowed funds | $ | 1,968,592 |  |  | $ | 1,330,724 |

At September 30, 2025, there were $762.6 million of term advances and $943.0 million of overnight borrowings from the FHLB, as compared to $1.07 billion and none at December 31, 2024, respectively.
Pledged assets
The following table presents the assets pledged to secure borrowings, borrowing capacity, repurchase agreements, letters of credit, and for other purposes required by law at carrying value (in thousands):

|  | Loans |  | Debt securities |  | Total
September 30, 2025 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,480,265 |  |  | $ | 964,222 |  |  | $ | 8,444,487 |
Repurchase agreements |  | — |  |  | 59,586 |  |  | 59,586 |
Total pledged assets |  | $ | 7,480,265 |  |  | $ | 1,023,808 |  |  | $ | 8,504,073 |
December 31, 2024 |  |  |  |  |  |
FHLB and FRB |  | $ | 7,427,247 |  |  | $ | 984,515 |  |  | $ | 8,411,762 |
Repurchase agreements |  | — |  |  | 85,529 |  |  | 85,529 |
Total pledged assets |  | $ | 7,427,247 |  |  | $ | 1,070,044 |  |  | $ | 8,497,291 |

The securities that collateralize the repurchase agreements are delivered to the lender, with whom each transaction is executed, to a third-party custodian, or held at the Company. The lender agrees to resell to the Company substantially the same securities at the maturity of the repurchase agreements.
Note 7. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact.
The Company uses valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability and developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and developed based on the best information available in the circumstances. In that regard, a fair value hierarchy has been established for valuation inputs that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means.
Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities.
Assets and Liabilities Measured at Fair Value
A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).
Debt Securities Available-for-Sale
Debt securities classified as available-for-sale are reported at fair value. Fair value of U.S. Treasuries are determined using quoted prices in active markets (Level 1). The majority of the other debt securities are determined using inputs other than quoted prices that are based on market observable information (Level 2). Level 2 debt securities are priced through third-party pricing services or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain debt securities without relying exclusively on quoted prices for the specific securities, but comparing the debt securities to benchmark or comparable debt securities.
Equity Investments
Equity investments with readily determinable fair value are reported at fair value. Fair value for these investments is primarily determined using a quoted price in an active market or exchange (Level 1) or using inputs other than quoted prices that are based on market observable information (Level 2). Equity investments without readily determinable fair values are carried at cost less impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer (measurement alternative). Certain equity investments without readily determinable fair values are measured at net asset value (“NAV”) per share as a practical expedient, which are excluded from the fair value hierarchy levels in the table below.
Interest Rate Derivatives
The Company’s interest rate swaps and cap contracts are reported at fair value utilizing discounted cash flow models provided by an independent, third-party and observable market data (Level 2). When entering into an interest rate swap or cap contract, the Company is exposed to fair value changes due to interest rate movements, and also the potential nonperformance of the contract counterparty.
Other Real Estate Owned and Loans Individually Measured for Impairment
Other real estate owned and loans measured for impairment based on the fair value of the underlying collateral are recorded at estimated fair value, less estimated selling costs. Fair value is generally based on independent appraisals (Level 3), which may be adjusted by management for qualitative factors, such as economic factors and estimated liquidation expenses.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):

|  |  | Fair Value Measurements at Reporting Date Using:
| Total Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
September 30, 2025 |  |  |  |  |  |  |
Items measured on a recurring basis: |  |  |  |  |  |  |
Debt securities available-for-sale | $ | 1,261,580 |  |  | $ | 45,398 |  |  | $ | 1,216,182 |  |  | $ | — |
Equity investments | 44,987 |  |  | — |  |  | 44,987 |  |  | — |
Interest rate derivative asset | 56,696 |  |  | — |  |  | 56,696 |  |  | — |
Interest rate derivative liability | (56,449) |  |  | — |  |  | (56,449) |  |  | — |
Items measured on a non-recurring basis: |  |  |  |  |  |  |
Equity investments (1) (2) | 45,744 |  |  | — |  |  | — |  |  | 40,163 |
Other real estate owned | 7,498 |  |  | — |  |  | — |  |  | 7,498 |
Loans measured for impairment based on the fair value of the underlying collateral (3) | 31,401 |  |  | — |  |  | — |  |  | 31,401 |
December 31, 2024 |  |  |  |  |  |  |
Items measured on a recurring basis: |  |  |  |  |  |  |
Debt securities available-for-sale | $ | 827,500 |  |  | $ | 49,466 |  |  | $ | 778,034 |  |  | $ | — |
Equity investments | 40,447 |  |  | — |  |  | 40,447 |  |  | — |
Interest rate derivative asset | 91,352 |  |  | — |  |  | 91,352 |  |  | — |
Interest rate derivative liability | (91,483) |  |  | — |  |  | (91,483) |  |  | — |
Items measured on a non-recurring basis: |  |  |  |  |  |  |
Equity investments (1) (2) | 43,657 |  |  | — |  |  | — |  |  | 39,676 |
Other real estate owned | 1,811 |  |  | — |  |  | — |  |  | 1,811 |
Loans measured for impairment based on the fair value of the underlying collateral (3) | 25,148 |  |  | — |  |  | — |  |  | 25,148 |

(1) As of September 30, 2025 and December 31, 2024, equity investments included $40.2 million and $39.7 million, respectively, of equity investments measured under the measurement alternative. There were $352,000 of realized gains for the nine months ended September 30, 2025 and none for the year ended December 31, 2024.
(2) As of September 30, 2025 and December 31, 2024, equity investments included $5.6 million and $4.0 million, respectively, of certain equity investment funds measured at NAV per share (or its equivalent) as a practical expedient to fair value and these equity investments have not been classified in the fair value hierarchy levels.
(3) Primarily consists of commercial loans, which are collateral dependent. The range of fair value adjustments may vary but is generally 0% to 8% on the discount for costs to sell and 0% to 10% on appraisal adjustments.
The Company recognizes transfers between levels of the valuation hierarchy at the end of the applicable reporting periods. There were no assets in Level 3 that were recognized at fair value on a recurring basis or transfers into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Assets and Liabilities Disclosed at Fair Value
A description of the valuation methodologies used for assets and liabilities disclosed at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below.
Cash and Due from Banks
For cash and due from banks, the carrying amount approximates fair value.
Debt Securities Held-to-Maturity
Debt securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these debt securities to maturity. The Company determines the fair value of the debt securities utilizing Level 2 inputs. Most of the Company’s debt securities are fixed income instruments that are not quoted on an exchange, but are bought and sold in active markets. Prices for these instruments are obtained through third-party pricing vendors or security industry sources that actively participate in the buying and selling of debt securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain debt securities without relying exclusively on quoted prices for the specific debt securities, but comparing the debt securities to benchmark or comparable debt securities.
Management’s policy is to obtain and review all available documentation from the third-party pricing service relating to their fair value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third-party pricing service and decides as to the level of the valuation inputs. Based on the Company’s review of the available documentation from the third-party pricing service, management concluded that Level 2 inputs were utilized for all securities.
Restricted Equity Investments
The fair value of these investments, which are primarily Federal Home Loan Bank of New York and Federal Reserve Bank stock, is its carrying value since this is the amount for which it could be redeemed. There is no active market for this stock and the Company is required to maintain a minimum investment as stipulated by the respective entities.
Loans Receivable and Loans Held-for-Sale
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential real estate, consumer and commercial. Each loan category is further segmented into fixed and adjustable rate interest terms.
Fair value of performing and non-performing loans, which is based on an exit price notion, was estimated by discounting the future cash flows, net of estimated prepayments, at market discount rates that reflect the credit and interest rate risk inherent in the loan.
Loans held for sale are carried at the lower of unpaid principal balance, net, or estimated fair value on an aggregate basis. Estimated fair value is generally determined based on bid quotations from secondary markets.
Deposits Other than Time Deposits
The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, savings, and interest-bearing checking accounts and money market accounts is, by definition, equal to the amount payable on demand. The related insensitivity of the majority of these deposits to interest rate changes creates a significant inherent value which is not reflected in the fair value reported.
Time Deposits
The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities.
FHLB Advances and Other Borrowings
Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities.
Securities Sold Under Agreements to Repurchase with Customers
Fair value approximates the carrying amount as these borrowings are payable on demand and the interest rate adjusts monthly.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The book value and estimated fair value of the Company’s significant financial instruments not recorded at fair value as of September 30, 2025 and December 31, 2024 are presented in the following tables (in thousands):

|  |  | Fair Value Measurements at Reporting Date Using:
| Book Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
September 30, 2025 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 274,125 |  |  | $ | 274,125 |  |  | $ | — |  |  | $ | — |
Debt securities held-to-maturity | 919,734 |  |  | — |  |  | 856,550 |  |  | — |
Restricted equity investments | 142,398 |  |  | — |  |  | — |  |  | 142,398 |
Loans receivable, net and loans held-for-sale | 10,507,618 |  |  | — |  |  | — |  |  | 10,114,619 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits other than time deposits (1) | 8,220,612 |  |  | — |  |  | 8,220,612 |  |  | — |
Time deposits | 2,215,382 |  |  | — |  |  | 2,209,693 |  |  | — |
FHLB advances and other borrowings | 1,903,723 |  |  | — |  |  | 1,911,055 |  |  | — |
Securities sold under agreements to repurchase with customers | 64,869 |  |  | 64,869 |  |  | — |  |  | — |
December 31, 2024 |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |
Cash and due from banks | $ | 123,615 |  |  | $ | 123,615 |  |  | $ | — |  |  | $ | — |
Debt securities held-to-maturity | 1,045,875 |  |  | — |  |  | 952,917 |  |  | — |
Restricted equity investments | 108,634 |  |  | — |  |  | — |  |  | 108,634 |
Loans receivable, net and loans held-for-sale | 10,076,640 |  |  | — |  |  | — |  |  | 9,551,156 |
Financial Liabilities: |  |  |  |  |  |  |
Deposits other than time deposits (1) | 7,985,370 |  |  | — |  |  | 7,985,370 |  |  | — |
Time deposits | 2,080,972 |  |  | — |  |  | 2,074,698 |  |  | — |
FHLB advances and other borrowings | 1,270,157 |  |  | — |  |  | 1,264,260 |  |  | — |
Securities sold under agreements to repurchase with customers | 60,567 |  |  | 60,567 |  |  | — |  |  | — |

(1) The estimated fair value of non-maturity deposits does not consider any inherent value and represents the amount payable on demand. However, non-maturity deposits do contain significant inherent value to the Company, particularly when overnight funding costs are greater than the deposit costs.
Limitations
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because a limited market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other significant unobservable inputs. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include premises and equipment, bank owned life insurance, and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 8. Derivatives and Hedging Activities
The Company enters into derivative financial instruments which involve, to varying degrees, interest rate and credit risk. The Company manages these risks as part of its asset and liability management process and through credit policies and procedures, seeking to minimize counterparty credit risk by establishing credit limits and collateral agreements. The Company utilizes derivative financial instruments to accommodate the business needs of its customers as well as to economically hedge the exposure that this creates for the Company. Additionally, the Company enters into certain derivative financial instruments to enhance its ability to manage interest rate risk that exists as part of its ongoing business operations. The Company does not use derivative financial instruments for trading purposes.
Customer Derivatives – Interest Rate Swaps and Cap Contracts
Derivatives Not Designated as Hedging Instruments
The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to an interest rate swap agreement, which serves to effectively swap the customer’s variable-rate loan into a fixed-rate loan. The Company then enters into a corresponding swap agreement with a third party in order to economically hedge its exposure through the customer agreement. The Company also enters into interest rate cap contracts that enable commercial loan customers to lock in a cap on a variable-rate commercial loan agreement. This feature prevents the loan from repricing to a level that exceeds the cap contract’s specified interest rate, which serves to hedge the risk from rising interest rates. The Company then enters into an offsetting interest rate cap contract with a third party in order to economically hedge its exposure through the customer agreement.
These interest rate swaps and cap contracts with both the customers and third parties are not designated as hedges under ASC Topic 815, Derivatives and Hedging, and therefore changes in fair value are reported in earnings. As the interest rate swaps and cap contracts are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by ASC Topic 820, Fair Value Measurements. The Company recognized losses of $3,000 and $28,000 in commercial loan swap income resulting from the fair value adjustments for the three and nine months ended September 30, 2025, respectively, as compared to losses of $25,000 and $14,000 for the corresponding prior year periods.
Derivatives Designated as Hedging Instruments
Cash Flow Hedge
During 2022, the Company entered into a three-year interest rate swap intended to add stability to its net interest income and to manage its exposure to future interest rate movements associated with a pool of floating-rate commercial loans. The swap requires the Company to pay variable-rate amounts indexed to one-month term Secured Overnight Financing Rate (“SOFR”) to the counterparty in exchange for the receipt of fixed-rate amounts at 4.0% from the counterparty. The swap was designated and qualified as a cash flow hedge under ASC Topic 815, Derivatives and Hedging. The changes in the fair value of cash flow hedges are initially reported in other comprehensive income. Amounts are subsequently reclassified from accumulated other comprehensive income to earnings when the hedged transactions occur, specifically within the same line item as the hedged item (interest income). Therefore, a portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest income as interest payments are made or received on the Company’s interest rate swaps.
The table below presents the effect on the Company’s accumulated other comprehensive income/loss (“AOCI” or “AOCL”) attributable to the cash flow hedge derivative, net of tax, and the related gains/losses reclassified from AOCI into income (in thousands):

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
AOCL balance at beginning of period, net of tax |  | $ | (52) |  |  | $ | (776) |  |  | $ | (87) |  |  | $ | (36) |
Unrealized (losses) gains recognized in OCI |  | (9) |  |  | 837 |  |  | (102) |  |  | (418) |
Losses reclassified from AOCI into interest income |  | 65 |  |  | 253 |  |  | 193 |  |  | 768 |
AOCI balance at end of period, net of tax |  | $ | 4 |  |  | $ | 314 |  |  | $ | 4 |  |  | $ | 314 |

For the year ending 2025, the Company estimates that an additional $5,000 will be reclassified as an addition t o interest income.
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Table of Contents
OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Fair Value Hedge
During the third quarter of 2025, the Company entered into interest rate swap derivatives to hedge the changes in fair value of AFS debt securities due to changes in interest rates. The swaps hedge the interest rate risk component of the change in fair value of the hedged items (i.e., hedged layers of AFS debt securities), and were designated and qualified as portfolio layer method fair value hedges under ASC Topic 815, Derivatives and Hedging. The last of the fair value hedges is scheduled to expire in October 2042.
For AFS securities that are included in a fair value hedge relationship, changes in fair value related to changes to the benchmark interest rate on AFS securities are immediately recognized into interest income in the Consolidated Statements of Income, and are offset by the change in the fair value of the interest rate swap derivatives. Changes in fair value of the AFS securities that are unrelated to interest rate risk are recorded in OCI as net unrealized gains (losses) on AFS securities. Throughout the life of the hedges, basis adjustments are maintained at the portfolio level and are allocated to individual assets only under certain circumstances. These circumstances include instances where the portfolio amount falls below the hedged layer amounts, or in cases of voluntary de-designation. The cumulative fair value hedge basis adjustments included in the carrying amount of hedged assets are reversed through the Consolidated Statements of Income in future periods as an adjustment to yield. All swaps involved in fair value hedges have been determined to be effective.
The following table presents the amortized cost and cumulative basis adjustment for closed portfolios of securities used to designate fair value hedging relationships (in thousands):

|  | As of September 30, 2025 |  |
AFS securities: |  |  |  |
Amortized cost (excluding fair value hedge basis adjustment) |  | $ | 651,231 |  |  |
Fair value hedge basis adjustment |  | (341) |  |  |

The table below presents the effects of fair value hedges on net interest income, as well as their location on the Consolidated Statements of Income (in thousands):

|  | Location of Gain/(Loss) Recognized in Income |  | Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
AFS securities: |  |  |  |  |  |
Gain recognized on derivatives |  | Interest income - debt securities |  | $ | 288 |  |  | $ | 288 |
Loss recognized on hedged items |  | Interest income - debt securities |  | (341) |  |  | (341) |
Net loss recognized on fair value hedges |  | Interest income - debt securities |  | $ | (53) |  |  | $ | (53) |

Derivatives Not Designated as Hedging Instruments and Designated as Hedging Instruments
The table below presents the notional amount and fair value of derivatives designated and not designated as hedging instruments, as well as their location on the Consolidated Statements of Financial Condition (in thousands):

|  | Notional |  | Fair Value |  |  |  |
|  |  | Other assets |  | Other liabilities |  |
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest rate swaps and cap contracts |  | $ | 1,456,192 |  |  | $ | 55,454 |  |  | $ | 55,499 |  |  |  |  |
Derivatives Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest rate swap contract - cash flow hedge |  | 100,000 |  |  | 5 |  |  | — |  |  |  |  |
Interest rate swap contracts - fair value hedge |  | 650,926 |  |  | 1,237 |  |  | 950 |  |  |  |  |
Total Derivatives |  | $ | 2,207,118 |  |  | $ | 56,696 |  |  | $ | 56,449 |  |  |  |  |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |
Derivatives Not Designated as Hedging Instruments |  |  |  |  |  |  |  |  |  |
Interest rate swaps and cap contracts |  | $ | 1,468,022 |  |  | $ | 91,352 |  |  | $ | 91,368 |  |  |  |  |
Derivatives Designated as Cash Flow Hedge |  |  |  |  |  |  |  |  |  |
Interest rate swap contract |  | 100,000 |  |  | — |  |  | 115 |  |  |  |  |
Total Derivatives |  | $ | 1,568,022 |  |  | $ | 91,352 |  |  | $ | 91,483 |  |  |  |  |

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Table of Contents
OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Credit Risk-Related Contingent Features
The Company is exposed to credit risk in the event of nonperformance by the interest rate derivative counterparty. The Company minimizes this risk by being a party to International Swaps and Derivatives Association agreements with third-party broker-dealers that require a minimum dollar transfer amount upon a margin call. This requirement is dependent on certain specified credit measures. There was no collateral posted by the Company with third parties at both September 30, 2025 and December 31, 2024. The amount of collateral received from third parties was $47.2 million and $93.3 million at September 30, 2025 and December 31, 2024, respectively. The amount of collateral posted with third parties and received from third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures. The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $56.4 million and $91.5 million at September 30, 2025 and December 31, 2024, respectively.
The interest rate derivatives which the Company executes with the commercial borrowers are collateralized by the borrowers’ commercial real estate financed by the Company.
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Table of Contents
OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 9. Leases
A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company’s leases are comprised of real estate property for branches, automated teller machine locations and office space with terms extending through 2038. The Company has one existing finance lease, which has a lease term through 2029.
The following table represents the classification of the Company’s Right of Use (“ROU”) assets and lease liabilities on the Consolidated Statements of Financial Condition (in thousands):

|  |  |  | September 30, |  | December 31,
|  |  |  | 2025 |  | 2024
Lease ROU Assets |  | Classification |  |  |  |
Operating lease ROU assets |  | Other assets |  | $ | 16,795 |  |  | $ | 15,452 |
Finance lease ROU asset |  | Premises and equipment, net |  | 896 |  |  | 1,071 |
Total lease ROU assets |  |  |  | $ | 17,691 |  |  | $ | 16,523 |
Lease Liabilities |  |  |  |  |  |
Operating lease liabilities (1) |  | Other liabilities |  | $ | 18,278 |  |  | $ | 17,114 |
Finance lease liability |  | Other borrowings |  | 1,214 |  |  | 1,421 |
Total lease liabilities |  |  |  | $ | 19,492 |  |  | $ | 18,535 |

(1) Operating lease liabilities excludes liabilities for future rent and estimated lease termination payments related to closed branches of $1.0 million and $4.4 million at September 30, 2025 and December 31, 2024, respectively.
The calculated amount of the ROU assets and lease liabilities are impacted by the lease term and the discount rate used to calculate the present value of the minimum lease payments. Lease agreements often include one or more options to renew the lease at the Company’s discretion. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the ROU asset and lease liability. For the discount rate, ASC Topic 842, Leases requires the Company to use the rate implicit in the lease, provided the rate is readily determinable. As this rate is not readily determinable, the Company generally utilizes its incremental borrowing rate, at lease inception, over a similar term. For operating leases existing prior to January 1, 2019, the Company used the incremental borrowing rate for the remaining lease term as of January 1, 2019. For the finance lease, the Company utilized its incremental borrowing rate at lease inception.

|  | September 30, |  | December 31,
|  | 2025 |  | 2024
Weighted-Average Remaining Lease Term |  |  |  |
Operating leases |  | 5.65 years |  | 5.84 years
Finance lease |  | 3.85 years |  | 4.59 years
Weighted-Average Discount Rate |  |  |  |
Operating leases |  | 3.45 | % |  | 3.08 | %
Finance lease |  | 5.63 |  |  | 5.63 |

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OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
The following table represents lease expenses and other lease information (in thousands):

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease Expense |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 1,309 |  |  | $ | 1,136 |  |  | $ | 3,739 |  |  | $ | 3,441 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | 59 |  |  | 59 |  |  | 175 |  |  | 175 |
Interest on lease liabilities (1) |  | 17 |  |  | 21 |  |  | 55 |  |  | 66 |
Total |  | $ | 1,385 |  |  | $ | 1,216 |  |  | $ | 3,969 |  |  | $ | 3,682 |
Other Information |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 1,322 |  |  | $ | 1,214 |  |  | $ | 3,927 |  |  | $ | 3,336 |
Operating cash flows from finance leases |  | 17 |  |  | 21 |  |  | 55 |  |  | 66 |
Financing cash flows from finance leases |  | 70 |  |  | 66 |  |  | 207 |  |  | 196 |

(1)Included in borrowed funds interest expense on the Consolidated Statements of Income. All other costs are included in occupancy expense on the Consolidated Statements of Income.
Future minimum payments for the finance lease and operating leases with initial or remaining terms were as follows (in thousands):

|  | Finance Lease |  | Operating Leases
For the Year Ending December 31, |  |  |  |
2025 |  | $ | 88 |  |  | $ | 1,297 |
2026 |  | 350 |  |  | 5,100 |
2027 |  | 350 |  |  | 3,808 |
2028 |  | 350 |  |  | 2,621 |
2029 |  | 209 |  |  | 2,337 |
Thereafter |  | — |  |  | 5,137 |
Total |  | 1,347 |  |  | 20,300 |
Less: Imputed interest |  | (133) |  |  | (2,022) |
Total lease liabilities |  | $ | 1,214 |  |  | $ | 18,278 |

Note 10. Variable Interest Entity
The Company accounts for Trident as a variable interest entity (“VIE”) under ASC 810, Consolidation, for which the Company is considered the primary beneficiary (i.e. the party that has a controlling financial interest). In accordance with ASC 810, Consolidation, the Company has consolidated Trident’s assets and liabilities.
The summarized financial information for the Company’s consolidated VIE at September 30, 2025 and December 31, 2024 consisted of the following (in thousands):

|  | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents |  | $ | 40,213 |  |  | $ | 21,642 |
Other assets |  | 309 |  |  | 457 |
Total assets |  | 40,522 |  |  | 22,099 |
Other liabilities |  | 38,297 |  |  | 19,333 |
Net assets |  | $ | 2,225 |  |  | $ | 2,766 |

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Table of Contents
OceanFirst Financial Corp.
Notes to Unaudited Consolidated Financial Statements (Continued)
Note 11. Subsequent Events
On October 29, 2025, the Company completed its offering of $185 million of 6.375% fixed-to-floating rate subordinated notes due 2035. The net proceeds of approximately $181.9 million will be used to repay existing indebtedness, including the redemption in full of the Company’s subordinated notes due May 15, 2030, of which $125.0 million in principal amount is currently outstanding, to support growth initiatives at the Company’s subsidiaries, including the Bank, and for general corporate purposes.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company and the Bank are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business. Such routine legal proceedings in the aggregate are believed by management to be immaterial to the Company’s financial condition or results of operations.
Item 1A. Risk Factors
For a summary of risk factors relevant to the Company, see Part I, Item 1A, “Risk Factors,” in the 2024 Form 10-K. There have been no material changes to risk factors relevant to the Company’s operations since December 31, 2024. Additional risks not presently known to the Company, or that the Company currently deems immaterial, may also adversely affect the business, financial condition or results of operations.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Purchases of Equity Securities
On June 25, 2021, the Company announced the authorization by the Board of Directors to repurchase up to 5% of the Company’s outstanding common stock, or 3.0 million shares. On July 16, 2025, the Company announced its Board of Directors authorized a 2025 Stock Repurchase Program to repurchase up to an additional 3.0 million shares. The stock repurchase plans have no scheduled expiration date and the Board of Directors has the right to suspend or discontinue the plans at any time. The Company did not repurchase any shares of its common stock from the stock repurchase programs during the three month period ended September 30, 2025. At September 30, 2025, there were 3,226,284 shares available for repurchase under the Company’s stock repurchase program.
For the three months ended September 30, 2025, 2,308 shares were repurchased outside of the Company’s stock repurchase program at an average share price of $18.40. The Company repurchased these shares from employees that elected to exercise vested stock options. These shares were repurchased pursuant to the terms of the applicable plan and not under the Company’s share repurchase program.

Item 3. Defaults Upon Senior Securities
Not Applicable.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
During the three months ended September 30, 2025, no directors or executive officers of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) and/or any “Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

Exhibit No: |  | Exhibit Description |  | Reference
31.1 |  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | Filed with this document
31.2 |  | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |  | Filed with this document
32.0 |  | Certification pursuant to 18 U.S.C. Section 1350 as added by Section 906 of the Sarbanes-Oxley Act of 2002 |  | Filed with this document
101.0 |  | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements |  |
104.0 |  | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) |  |

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| OceanFirst Financial Corp.
| Registrant

DATE: | November 4, 2025 | /s/ Christopher D. Maher
|  | Christopher D. Maher
|  | Chairman and Chief Executive Officer

DATE: | November 4, 2025 | /s/ Patrick S. Barrett
|  | Patrick S. Barrett
|  | Senior Executive Vice President and Chief Financial Officer

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