EX-99.1 2 ex991-earningsreleasesepte.htm EX-99.1

|  | Press Release

Exhibit 99.1
Company Contact:
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com
FOR IMMEDIATE RELEASE
OCEANFIRST FINANCIAL CORP.
ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS
RED BANK, NEW JERSEY, October 22, 2025 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $17.3 million, or $0.30 per diluted share, for the three months ended September 30, 2025, a decrease from $24.1 million, or $0.42 per diluted share, for the corresponding prior year period, and an increase from $16.2 million, or $0.28 per diluted share, for the linked quarter. For the nine months ended September 30, 2025, the Company reported net income available to common stockholders of $54.0 million, or $0.94 per diluted share, a decrease from $75.1 million, or $1.29 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

| For the Three Months Ended, |  | For the Nine Months Ended,
Performance Ratios (Annualized): | September 30, |  | June 30, |  | September 30, |  | September 30, |  | September 30,
2025 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Return on average assets | 0.51 | % |  | 0.49 | % |  | 0.71 | % |  | 0.54 | % |  | 0.74 | %
Return on average stockholders’ equity | 4.15 |  |  | 3.86 |  |  | 5.68 |  |  | 4.29 |  |  | 5.98 |
Return on average tangible stockholders’ equity (a) | 6.13 |  |  | 5.66 |  |  | 8.16 |  |  | 6.28 |  |  | 8.62 |
Return on average tangible common equity (a) | 6.13 |  |  | 5.66 |  |  | 8.57 |  |  | 6.28 |  |  | 9.05 |
Efficiency ratio | 74.13 |  |  | 71.93 |  |  | 65.77 |  |  | 70.64 |  |  | 62.71 |
Net interest margin | 2.91 |  |  | 2.91 |  |  | 2.67 |  |  | 2.91 |  |  | 2.73 |

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

Core earnings 1 for the three and nine months ended September 30, 2025 were $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, a decrease from $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, for the corresponding prior year periods, and an increase from $17.7 million, or $0.31 per diluted share, for the linked quarter.
Core earnings PTPP 1 for the three and nine months ended September 30, 2025 was $30.5 million and $89.3 million, or $0.54 and $1.55 per diluted share, a decrease from $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, for the corresponding prior year periods, and an increase from $26.4 million or $0.46 per diluted share, for the linked quarter. Selected performance metrics are as follows:

| For the Three Months Ended, |  | For the Nine Months Ended,
| September 30, |  | June 30, |  | September 30, |  | September 30, |  | September 30,
Core Ratios 1 (Annualized): | 2025 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Return on average assets | 0.60 | % |  | 0.53 | % |  | 0.69 | % |  | 0.58 | % |  | 0.71 | %
Return on average tangible stockholders’ equity | 7.19 |  |  | 6.17 |  |  | 7.85 |  |  | 6.79 |  |  | 8.20 |
Return on average tangible common equity | 7.19 |  |  | 6.17 |  |  | 8.24 |  |  | 6.79 |  |  | 8.61 |
Efficiency ratio | 70.30 |  |  | 72.28 |  |  | 66.00 |  |  | 69.49 |  |  | 63.49 |
Diluted earnings per share | $ | 0.36 |  |  | $ | 0.31 |  |  | $ | 0.39 |  |  | $ | 1.01 |  |  | $ | 1.22 |
PTPP diluted earnings per share | 0.54 |  |  | 0.46 |  |  | 0.53 |  |  | 1.55 |  |  | 1.71 |

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, merger related expenses, restructuring charges, net (gain) loss on equity investments, net gain on sale of trust business, the opening provision for credit losses in connection with the acquisition of Spring Garden Capital Group, LLC (“Spring Garden”), the Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, and the income tax effect of these items, as well as loss on redemption of preferred stock (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (exclusive of the Spring Garden opening provision). Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
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Key developments for the quarter are described below:
•Loan Growth: Total loans increased $372.9 million, representing a 14% annualized growth rate, which included $219.1 million of commercial and industrial loan growth. Commercial loan originations increased 74% to $739.2 million, from $425.9 million in the linked quarter, and the commercial loan pipeline remains robust at $710.9 million, as compared to a record high of $790.8 million in the linked quarter.
•Deposit Growth: Total deposits increased to $10.4 billion from $10.2 billion in the linked quarter. 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.
Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to present our current quarter results, which reflect increased earnings, driven by strong organic loan and deposit growth while maintaining a robust commercial loan pipeline. We are also announcing a shift in our residential business where we have partnered with a national mortgage banking company to originate residential loans, materially reducing the number of employees and operating expenses as we move into 2026.” Mr. Maher added, “Additionally, the Bank hosted its annual CommUNITYFirst Day last month. Thank you to our exceptional employees and nonprofit partners who help enrich our communities, not only during this event, but throughout the year.”
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The Company’s Board of Directors declared its 115 th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 14, 2025 to common stockholders of record on November 3, 2025.
Results of Operations
During the current quarter, the Company recognized $4.1 million of restructuring charges related to the Company’s residential outsourcing initiative.
Net Interest Income and Margin
Three months ended September 30, 2025 vs. September 30, 2024
Net interest income increased to $90.7 million, from $82.2 million, primarily due to increased balances and net interest margin. Net interest margin increased to 2.91%, from 2.67%, which included the impact of purchase accounting accretion and prepayment fees of 0.02% for both periods. Net interest margin increased primarily due to the decrease in cost of funds.
Average 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%, due to the lower interest rate environment.
The cost of average interest-bearing liabilities decreased to 2.85%, from 3.20%, primarily due to lower cost of deposits and, to a lesser extent, Federal Home Loan Bank (“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%. Average interest-bearing liabilities increased by $100.7 million, primarily due to increases in FHLB advances, partly offset by a decrease in other borrowings.
Nine months ended September 30, 2025 vs. September 30, 2024
Net interest income increased to $264.9 million, from $250.7 million, reflecting the net impact of the decreasing interest rate environment. Net interest margin increased to 2.91%, from 2.73%, which included the impact of purchase accounting accretion and prepayment fees of 0.03% and 0.04% for the respective periods.
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Average 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 average yield decreased to 5.16%, from 5.25%.
The cost of average interest-bearing liabilities decreased to 2.80%, from 3.12%. The total cost of deposits decreased to 2.06%, from 2.37%. Average 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.
Three months ended September 30, 2025 vs. June 30, 2025
Net interest income increased by $3.0 million, to $90.7 million from $87.6 million and net interest margin was 2.91% for both periods, primarily reflecting a net increase in interest-earning assets and yields. Net interest income included the impact of purchase accounting accretion and prepayment fees of 0.02% and 0.04%, respectively.
Average interest-earning assets increased by $298.5 million, primarily due to increases in commercial loans, residential loans, and securities. The yield on average interest-earning assets increased to 5.21%, from 5.14%.
The cost of average interest-bearing liabilities increased to 2.85%, from 2.77%, primarily due to an increase in the cost of other borrowings related to subordinated debt that repriced to a variable rate in May 2025. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $235.3 million, primarily due to an increase in FHLB advances.
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, and $3.0 million for the linked quarter. 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.
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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 of $1.7 million for the corresponding prior year periods and $2.2 million for the linked quarter. The linked quarter 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.
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 non-core operations related to net losses on equity investments of $7,000 in the current quarter. Other income was favorably impacted by net gains on equity investments of $1.4 million and a $1.4 million gain on sale of a portion of the Company’s trust business in the prior year quarter.
Excluding non-core operations, other income increased by $485,000. The primary drivers were 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 period 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 was favorably impacted by non-core operations related to net gains on equity investments of $686,000 and
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$4.2 million, for the respective periods, and a $2.6 million gain on sale of a portion of the Company’s trust business for the prior year period.
Excluding non-core operations, other income increased by $3.5 million. The primary drivers were 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 period. 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.
Three months ended September 30, 2025 vs. June 30, 2025
Other income in the linked quarter was $11.7 million and was favorably impacted by non-core operations of $488,000 related to net gain on equity investments. Excluding non-core operations, other income increased by $1.1 million. The primary drivers were an increase in commercial loan swap income of $1.5 million and a decrease in net loss on other real estate operations of $261,000, partly offset by non-recurring other income of $1.1 million in the prior quarter.
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 non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Operating expenses in the prior year were adversely impacted by non-core operations of $1.7 million for merger related expenses.
Excluding non-core operations, operating expenses increased by $10.3 million. The primary driver was 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
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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 expense.
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 non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Operating expenses in the prior year were adversely impacted by non-core operations of $2.1 million from merger related expenses and an FDIC special assessment expense.
Excluding non-core operations, operating expenses increased by $29.2 million. The primary driver was 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.
Three months ended September 30, 2025 vs. June 30, 2025
Operating expenses in the linked quarter were $71.5 million. Excluding non-core operations in the current quarter, operating expenses increased by $916,000. The primary drivers were increases in compensation and benefits of $1.1 million due to additional banking team hires in the prior quarter, and occupancy expense of $644,000, partly offset by a decrease in professional fees of $869,000, primarily due to recruitment fees in the prior quarter.
Income Tax Expense
The provision for income taxes was $5.2 million and $17.7 million for the three and nine months
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ended September 30, 2025, as compared to $7.5 million and $25.2 million for the same prior year periods and $5.8 million for the linked quarter. The effective tax rate was 22.9% and 23.4% for the three and nine months ended September 30, 2025, as compared to 22.9% and 24.4% for the same prior year periods and 23.2% for the linked quarter. 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.
Financial Condition
September 30, 2025 vs. 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. 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%.
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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.
The Company completed its annual goodwill impairment test as of August 31, 2025. Based on a quantitative assessment, the Company concluded that goodwill was not impaired. However, the Company continues to monitor its goodwill, and negative industry and economic trends and possible declines in the Company’s stock price may result in a re-evaluation before the next required annual test.
Capital levels remain strong and in excess of “well-capitalized” regulatory levels at September 30, 2025, including the Company’s estimated 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 tangible common equity 2 increased by $8.9 million to $1.12 billion. The Company’s stockholders’ equity to assets ratio was 11.54% at September 30, 2025, and tangible
2 Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
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common equity to tangible assets ratio decreased by 50 basis points during the year to 8.12%, primarily due to the drivers described above.
Book value per common share decreased to $28.81, as compared to $29.08. Tangible book value per common share 2 increased to $19.52, as compared to $18.98.
Asset Quality
September 30, 2025 vs. December 31, 2024
The Company’s non-performing loans increased to $41.3 million, from $35.5 million, and 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 decrease d to $19.8 million, from $36.6 million, primarily related to residential loans. Criticized and classified loans and other real estate owned decreased to $131.2 million, from $159.9 million. The Company’s allowance for loan credit losses was 0.77% of total loans, as compared to 0.73%. Refer to “Provision for Credit Losses” section for further discussion.
The Company’s asset quality, excluding purchased with credit deterioration (“PCD”) loans, was as follows. Non-performing loans increased to $35.6 million, from $27.6 million. The allowance for loan credit losses as a percentage of total non-performing loans was 228.28%, as compared to 266.73%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $16.8 million, from $33.6 million.
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Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.
Conference Call
As previously announced, the Company will host an earnings conference call on Thursday, October 23, 2025 at 8:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 969824. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (866) 813-9403 using the access code 865080, from one hour after the end of the call until October 31, 2025. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.
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OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $14.3 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com.
Forward-Looking Statements
In addition to historical information, this news release contains certain f orward-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 uncertai n. 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 saving 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 and 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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OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands)

|  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2024 |  | 2024
|  | (Unaudited) |  | (Unaudited) |  |  |  | (Unaudited)
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 274,125 |  |  | $ | 170,599 |  |  | $ | 123,615 |  |  | $ | 214,171 |
Debt securities available-for-sale, at estimated fair value |  | 1,261,580 |  |  | 735,561 |  |  | 827,500 |  |  | 911,753 |
Debt securities held-to-maturity, net of allowance for securities credit losses of $968 at September 30, 2025, $809 at June 30, 2025, $967 at December 31, 2024 and $902 at September 30, 2024 (estimated fair value of $856,550 at September 30, 2025, $896,090 at June 30, 2025, $952,917 at December 31, 2024 and $1,007,781 at September 30, 2024) |  | 919,734 |  |  | 968,969 |  |  | 1,045,875 |  |  | 1,075,131 |
Equity investments |  | 90,731 |  |  | 87,808 |  |  | 84,104 |  |  | 95,688 |
Restricted equity investments, at cost |  | 142,398 |  |  | 106,538 |  |  | 108,634 |  |  | 98,545 |
Loans receivable, net of allowance for loan credit losses of $81,236 at September 30, 2025, $79,266 at June 30, 2025, $73,607 at December 31, 2024 and $69,066 at September 30, 2024 |  | 10,489,852 |  |  | 10,119,781 |  |  | 10,055,429 |  |  | 9,963,598 |
Loans held-for-sale |  | 17,766 |  |  | 15,744 |  |  | 21,211 |  |  | 23,036 |
Interest and dividends receivable |  | 47,606 |  |  | 44,032 |  |  | 45,914 |  |  | 48,821 |
Other real estate owned |  | 7,498 |  |  | 7,680 |  |  | 1,811 |  |  | — |
Premises and equipment, net |  | 112,449 |  |  | 113,474 |  |  | 115,256 |  |  | 116,087 |
Bank owned life insurance |  | 269,136 |  |  | 271,184 |  |  | 270,208 |  |  | 269,138 |
Goodwill |  | 523,308 |  |  | 523,308 |  |  | 523,308 |  |  | 506,146 |
Intangibles |  | 9,934 |  |  | 10,834 |  |  | 12,680 |  |  | 7,056 |
Other assets |  | 158,547 |  |  | 152,335 |  |  | 185,702 |  |  | 159,313 |
Total assets |  | $ | 14,324,664 |  |  | $ | 13,327,847 |  |  | $ | 13,421,247 |  |  | $ | 13,488,483 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |
Deposits |  | $ | 10,435,994 |  |  | $ | 10,232,442 |  |  | $ | 10,066,342 |  |  | $ | 10,116,167 |
Federal Home Loan Bank advances |  | 1,705,585 |  |  | 938,687 |  |  | 1,072,611 |  |  | 891,860 |
Securities sold under agreements to repurchase with customers |  | 64,869 |  |  | 61,490 |  |  | 60,567 |  |  | 81,163 |
Other borrowings |  | 198,138 |  |  | 198,019 |  |  | 197,546 |  |  | 419,927 |
Advances by borrowers for taxes and insurance |  | 23,708 |  |  | 18,759 |  |  | 23,031 |  |  | 27,282 |
Other liabilities |  | 242,943 |  |  | 234,770 |  |  | 298,393 |  |  | 257,576 |
Total liabilities |  | 12,671,237 |  |  | 11,684,167 |  |  | 11,718,490 |  |  | 11,793,975 |
Stockholders’ equity: |  |  |  |  |  |  |  |
OceanFirst Financial Corp. stockholders’ equity |  | 1,652,537 |  |  | 1,642,846 |  |  | 1,701,650 |  |  | 1,693,654 |
Non-controlling interest |  | 890 |  |  | 834 |  |  | 1,107 |  |  | 854 |
Total stockholders’ equity |  | 1,653,427 |  |  | 1,643,680 |  |  | 1,702,757 |  |  | 1,694,508 |
Total liabilities and stockholders’ equity |  | $ | 14,324,664 |  |  | $ | 13,327,847 |  |  | $ | 13,421,247 |  |  | $ | 13,488,483 |

14

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)

|  | For the Three Months Ended, |  | For the Nine Months Ended,
|  | September 30, |  | June 30, |  | September 30, |  | September 30, |  | September 30,
|  | 2025 |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | |---------------------- (Unaudited) ----------------------| |  | |---------- (Unaudited) -----------|
Interest income: |  |  |  |  |  |  |  |  |  |
Loans |  | $ | 141,847 |  |  | $ | 135,478 |  |  | $ | 136,635 |  |  | $ | 410,344 |  |  | $ | 409,805 |
Debt securities |  | 17,156 |  |  | 15,950 |  |  | 19,449 |  |  | 50,376 |  |  | 58,349 |
Equity investments and other |  | 3,191 |  |  | 3,397 |  |  | 5,441 |  |  | 10,002 |  |  | 14,399 |
Total interest income |  | 162,194 |  |  | 154,825 |  |  | 161,525 |  |  | 470,722 |  |  | 482,553 |
Interest expense: |  |  |  |  |  |  |  |  |  |
Deposits |  | 53,246 |  |  | 52,273 |  |  | 62,318 |  |  | 156,565 |  |  | 182,244 |
Borrowed funds |  | 18,291 |  |  | 14,916 |  |  | 16,988 |  |  | 49,212 |  |  | 49,603 |
Total interest expense |  | 71,537 |  |  | 67,189 |  |  | 79,306 |  |  | 205,777 |  |  | 231,847 |
Net interest income |  | 90,657 |  |  | 87,636 |  |  | 82,219 |  |  | 264,945 |  |  | 250,706 |
Provision for credit losses |  | 4,092 |  |  | 3,039 |  |  | 517 |  |  | 12,471 |  |  | 4,222 |
Net interest income after provision for credit losses |  | 86,565 |  |  | 84,597 |  |  | 81,702 |  |  | 252,474 |  |  | 246,484 |
Other income (loss): |  |  |  |  |  |  |  |  |  |
Bankcard services revenue |  | 1,663 |  |  | 1,619 |  |  | 1,615 |  |  | 4,745 |  |  | 4,602 |
Trust and asset management revenue |  | 384 |  |  | 374 |  |  | 384 |  |  | 1,164 |  |  | 1,329 |
Fees and service charges |  | 5,190 |  |  | 4,969 |  |  | 6,096 |  |  | 14,871 |  |  | 15,584 |
Net gain on sales of loans |  | 900 |  |  | 1,177 |  |  | 505 |  |  | 2,935 |  |  | 1,282 |
Net (loss) gain on equity investments |  | (7) |  |  | 488 |  |  | 1,420 |  |  | 686 |  |  | 4,230 |
Net gain (loss) from other real estate operations |  | 1 |  |  | (260) |  |  | — |  |  | (275) |  |  | — |
Income from bank owned life insurance |  | 1,988 |  |  | 1,786 |  |  | 1,779 |  |  | 5,626 |  |  | 5,367 |
Commercial loan swap income |  | 1,703 |  |  | 207 |  |  | 414 |  |  | 2,530 |  |  | 793 |
Other |  | 482 |  |  | 1,373 |  |  | 2,471 |  |  | 3,008 |  |  | 4,768 |
Total other income |  | 12,304 |  |  | 11,733 |  |  | 14,684 |  |  | 35,290 |  |  | 37,955 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 41,387 |  |  | 40,242 |  |  | 35,844 |  |  | 118,369 |  |  | 101,739 |
Occupancy |  | 6,098 |  |  | 5,454 |  |  | 5,157 |  |  | 17,049 |  |  | 15,531 |
Equipment |  | 931 |  |  | 869 |  |  | 1,026 |  |  | 2,721 |  |  | 3,224 |
Marketing |  | 1,538 |  |  | 1,541 |  |  | 1,385 |  |  | 4,187 |  |  | 3,550 |
Federal deposit insurance and regulatory assessments |  | 2,616 |  |  | 2,898 |  |  | 2,618 |  |  | 8,497 |  |  | 8,438 |
Data processing |  | 7,164 |  |  | 6,808 |  |  | 5,940 |  |  | 20,619 |  |  | 17,914 |
Check card processing |  | 1,170 |  |  | 1,156 |  |  | 1,153 |  |  | 3,496 |  |  | 3,278 |
Professional fees |  | 3,467 |  |  | 4,336 |  |  | 1,970 |  |  | 10,228 |  |  | 6,863 |
Amortization of intangibles |  | 900 |  |  | 906 |  |  | 803 |  |  | 2,746 |  |  | 2,457 |
Merger related expenses |  | — |  |  | — |  |  | 1,669 |  |  | — |  |  | 1,669 |
Restructuring charges |  | 4,147 |  |  | — |  |  | — |  |  | 4,147 |  |  | — |
Other operating expenses |  | 6,909 |  |  | 7,264 |  |  | 6,171 |  |  | 20,036 |  |  | 16,365 |
Total operating expenses |  | 76,327 |  |  | 71,474 |  |  | 63,736 |  |  | 212,095 |  |  | 181,028 |
Income before provision for income taxes |  | 22,542 |  |  | 24,856 |  |  | 32,650 |  |  | 75,669 |  |  | 103,411 |
Provision for income taxes |  | 5,156 |  |  | 5,771 |  |  | 7,464 |  |  | 17,735 |  |  | 25,183 |
Net income |  | 17,386 |  |  | 19,085 |  |  | 25,186 |  |  | 57,934 |  |  | 78,228 |
Net income attributable to non-controlling interest |  | 56 |  |  | 39 |  |  | 70 |  |  | 49 |  |  | 72 |
Net income attributable to OceanFirst Financial Corp. |  | 17,330 |  |  | 19,046 |  |  | 25,116 |  |  | 57,885 |  |  | 78,156 |
Dividends on preferred shares |  | — |  |  | 1,004 |  |  | 1,004 |  |  | 2,008 |  |  | 3,012 |
Loss on redemption of preferred stock |  | — |  |  | 1,842 |  |  | — |  |  | 1,842 |  |  | — |
Net income available to common stockholders |  | $ | 17,330 |  |  | $ | 16,200 |  |  | $ | 24,112 |  |  | $ | 54,035 |  |  | $ | 75,144 |
Basic earnings per share |  | $ | 0.30 |  |  | $ | 0.28 |  |  | $ | 0.42 |  |  | $ | 0.94 |  |  | $ | 1.29 |
Diluted earnings per share |  | $ | 0.30 |  |  | $ | 0.28 |  |  | $ | 0.42 |  |  | $ | 0.94 |  |  | $ | 1.29 |
Average basic shares outstanding |  | 57,031 |  |  | 57,738 |  |  | 58,065 |  |  | 57,599 |  |  | 58,405 |
Average diluted shares outstanding |  | 57,036 |  |  | 57,740 |  |  | 58,068 |  |  | 57,602 |  |  | 58,407 |

15

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)

LOANS RECEIVABLE |  |  | At
|  |  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  |  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Commercial: |  |  |  |  |  |  |  |  |  |  |
Commercial real estate - investor |  |  | $ | 5,211,220 |  |  | $ | 5,068,125 |  |  | $ | 5,200,137 |  |  | $ | 5,287,683 |  |  | $ | 5,273,159 |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate |  | 997,122 |  |  | 914,406 |  |  | 896,647 |  |  | 902,219 |  |  | 841,930 |
Commercial and industrial - non-real estate |  | 998,860 |  |  | 862,504 |  |  | 748,575 |  |  | 647,945 |  |  | 660,879 |
Total commercial and industrial |  | 1,995,982 |  |  | 1,776,910 |  |  | 1,645,222 |  |  | 1,550,164 |  |  | 1,502,809 |
Total commercial |  | 7,207,202 |  |  | 6,845,035 |  |  | 6,845,359 |  |  | 6,837,847 |  |  | 6,775,968 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  | 3,135,200 |  |  | 3,119,232 |  |  | 3,053,318 |  |  | 3,049,763 |  |  | 3,003,213 |
Home equity loans and lines and other consumer ("other consumer") |  | 215,581 |  |  | 220,820 |  |  | 226,633 |  |  | 230,462 |  |  | 242,975 |
Total consumer |  | 3,350,781 |  |  | 3,340,052 |  |  | 3,279,951 |  |  | 3,280,225 |  |  | 3,246,188 |
Total loans |  | 10,557,983 |  |  | 10,185,087 |  |  | 10,125,310 |  |  | 10,118,072 |  |  | 10,022,156 |
Deferred origination costs (fees), net |  | 13,105 |  |  | 13,960 |  |  | 11,560 |  |  | 10,964 |  |  | 10,508 |
Allowance for loan credit losses |  |  | (81,236) |  |  | (79,266) |  |  | (78,798) |  |  | (73,607) |  |  | (69,066) |
Loans receivable, net |  | $ | 10,489,852 |  |  | $ | 10,119,781 |  |  | $ | 10,058,072 |  |  | $ | 10,055,429 |  |  | $ | 9,963,598 |
Mortgage loans serviced for others |  | $ | 340,740 |  |  | $ | 288,211 |  |  | $ | 222,963 |  |  | $ | 191,279 |  |  | $ | 142,394 |
| At September 30, 2025 Average Yield |  |  |  |  |  |  |  |  |  |
Loan pipeline (1): |  |  |  |  |  |  |  |  |  |  |
Commercial | 6.74 | % |  | $ | 710,933 |  |  | $ | 790,768 |  |  | $ | 375,622 |  |  | $ | 197,491 |  |  | $ | 199,818 |
Residential real estate | 6.23 |  |  | 136,797 |  |  | 146,921 |  |  | 116,121 |  |  | 97,385 |  |  | 137,978 |
Other consumer | 8.40 |  |  | 16,184 |  |  | 17,110 |  |  | 12,681 |  |  | 11,783 |  |  | 13,788 |
Total | 6.69 | % |  | $ | 863,914 |  |  | $ | 954,799 |  |  | $ | 504,424 |  |  | $ | 306,659 |  |  | $ | 351,584 |

| For the Three Months Ended |  |
| September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30, |  |
| 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024 |  |
| Average Yield |  |  |  |  |  |  |  |  |  |  |  |
Loan originations: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial (2) | 6.80 | % |  | $ | 739,154 |  |  | $ | 425,877 |  |  | $ | 233,968 |  |  | $ | 268,613 |  |  | $ | 245,886 |  |  |
Residential real estate | 6.41 |  |  | 250,066 |  |  | 274,314 |  |  | 167,162 |  |  | 235,370 |  |  | 169,273 |  |  |
Other consumer | 8.49 |  |  | 18,087 |  |  | 15,813 |  |  | 15,825 |  |  | 11,204 |  |  | 15,760 |  |  |
Total | 6.73 | % |  | $ | 1,007,307 |  |  | $ | 716,004 |  |  | $ | 416,955 |  |  | $ | 515,187 |  |  | $ | 430,919 |  |  |
Loans sold (3) |  |  | $ | 145,735 |  |  | $ | 142,431 |  |  | $ | 104,991 |  |  | $ | 127,508 |  |  | $ | 65,296 |  |  |

(1)Loan pipeline includes loans approved but not funded.
(2)Excludes commercial loan pool purchases of $24.3 million and $76.1 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
(3)Excludes sale of non-performing residential and consumer loans of $2.2 million and $5.1 million for the three months ended June 30, 2025 and March 31, 2025, respectively.

DEPOSITS | At
| September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
| 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Type of Account |  |  |  |  |  |  |  |  |
Non-interest-bearing | $ | 1,731,760 |  |  | $ | 1,686,627 |  |  | $ | 1,660,738 |  |  | $ | 1,617,182 |  |  | $ | 1,638,447 |
Interest-bearing checking | 4,090,930 |  |  | 3,845,602 |  |  | 4,006,653 |  |  | 4,000,553 |  |  | 3,896,348 |
Money market | 1,397,434 |  |  | 1,377,999 |  |  | 1,337,570 |  |  | 1,301,197 |  |  | 1,288,555 |
Savings | 1,000,488 |  |  | 1,022,918 |  |  | 1,052,504 |  |  | 1,066,438 |  |  | 1,071,946 |
Time deposits (1) | 2,215,382 |  |  | 2,299,296 |  |  | 2,119,558 |  |  | 2,080,972 |  |  | 2,220,871 |
Total deposits | $ | 10,435,994 |  |  | $ | 10,232,442 |  |  | $ | 10,177,023 |  |  | $ | 10,066,342 |  |  | $ | 10,116,167 |

(1)Includes brokered time deposits of $405.1 million, $522.8 million, $370.5 million, $74.7 million, and $201.0 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
16

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)

ASSET QUALITY (1) | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Non-performing loans: |  |  |  |  |  |  |  |  |
Commercial real estate - investor | $ | 23,570 |  |  | $ | 20,457 |  |  | $ | 23,595 |  |  | $ | 17,000 |  |  | $ | 12,478 |
Commercial and industrial: |  |  |  |  |  |  |  |  |
Commercial and industrial - real estate | 7,469 |  |  | 4,499 |  |  | 4,690 |  |  | 4,787 |  |  | 4,368 |
Commercial and industrial - non-real estate | 394 |  |  | 311 |  |  | 22 |  |  | 32 |  |  | 122 |
Total commercial and industrial | 7,863 |  |  | 4,810 |  |  | 4,712 |  |  | 4,819 |  |  | 4,490 |
Residential real estate | 7,334 |  |  | 5,318 |  |  | 5,709 |  |  | 10,644 |  |  | 9,108 |
Other consumer | 2,496 |  |  | 2,926 |  |  | 2,954 |  |  | 3,064 |  |  | 2,063 |
Total non-performing loans (1) | $ | 41,263 |  |  | $ | 33,511 |  |  | $ | 36,970 |  |  | $ | 35,527 |  |  | $ | 28,139 |
Other real estate owned | 7,498 |  |  | 7,680 |  |  | 1,917 |  |  | 1,811 |  |  | — |
Total non-performing assets | $ | 48,761 |  |  | $ | 41,191 |  |  | $ | 38,887 |  |  | $ | 37,338 |  |  | $ | 28,139 |
Delinquent loans 30 to 89 days | $ | 19,817 |  |  | $ | 14,740 |  |  | $ | 46,246 |  |  | $ | 36,550 |  |  | $ | 15,458 |
Modifications to borrowers experiencing financial difficulty (2) |  |  |  |  |  |  |  |  |
Non-performing (included in total non-performing loans above) | $ | 7,693 |  |  | $ | 8,129 |  |  | $ | 8,307 |  |  | $ | 3,232 |  |  | $ | 3,043 |
Performing | 23,952 |  |  | 31,986 |  |  | 27,592 |  |  | 27,631 |  |  | 20,652 |
Total modifications to borrowers experiencing financial difficulty (2) | $ | 31,645 |  |  | $ | 40,115 |  |  | $ | 35,899 |  |  | $ | 30,863 |  |  | $ | 23,695 |
Allowance for loan credit losses | $ | 81,236 |  |  | $ | 79,266 |  |  | $ | 78,798 |  |  | $ | 73,607 |  |  | $ | 69,066 |
Allowance for unfunded commitments | 4,636 |  |  | 3,289 |  |  | 2,846 |  |  | 3,264 |  |  | 2,797 |
Allowance for loan credit losses as a percent of total loans receivable (3) | 0.77 | % |  | 0.78 | % |  | 0.78 | % |  | 0.73 | % |  | 0.69 | %
Allowance for loan credit losses as a percent of total non-performing loans (3) | 196.87 |  |  | 236.54 |  |  | 213.14 |  |  | 207.19 |  |  | 245.45 |
Non-performing loans as a percent of total loans receivable | 0.39 |  |  | 0.33 |  |  | 0.37 |  |  | 0.35 |  |  | 0.28 |
Non-performing assets as a percent of total assets | 0.34 |  |  | 0.31 |  |  | 0.29 |  |  | 0.28 |  |  | 0.21 |
Supplemental PCD and non-performing loans |  |  |  |  |  |  |  |  |
PCD loans, net of allowance for loan credit losses | $ | 19,003 |  |  | $ | 20,934 |  |  | $ | 21,737 |  |  | $ | 22,006 |  |  | $ | 15,323 |
Non-performing PCD loans | 5,677 |  |  | 6,800 |  |  | 7,724 |  |  | 7,931 |  |  | 2,887 |
Delinquent PCD and non-performing loans 30 to 89 days | 2,987 |  |  | 2,590 |  |  | 10,489 |  |  | 2,997 |  |  | 1,279 |
PCD modifications to borrowers experiencing financial difficulty (2) | 20 |  |  | 20 |  |  | 22 |  |  | 23 |  |  | 24 |
Asset quality, excluding PCD loans |  |  |  |  |  |  |  |  |
Non-performing loans (1) | 35,586 |  |  | 26,711 |  |  | 29,246 |  |  | 27,596 |  |  | 25,252 |
Non-performing assets | 43,084 |  |  | 34,391 |  |  | 31,163 |  |  | 29,407 |  |  | 25,252 |
Delinquent loans 30 to 89 days (excludes non-performing loans) | 16,830 |  |  | 12,150 |  |  | 35,757 |  |  | 33,553 |  |  | 14,179 |
Modifications to borrowers experiencing financial difficulty (2) | 31,625 |  |  | 40,095 |  |  | 35,877 |  |  | 30,840 |  |  | 23,671 |
Allowance for loan credit losses as a percent of total non-performing loans (3) | 228.28 | % |  | 296.75 | % |  | 269.43 | % |  | 266.73 | % |  | 273.51 | %
Non-performing loans as a percent of total loans receivable | 0.34 |  |  | 0.26 |  |  | 0.29 |  |  | 0.27 |  |  | 0.25 |
Non-performing assets as a percent of total assets | 0.30 |  |  | 0.26 |  |  | 0.23 |  |  | 0.22 |  |  | 0.19 |

(1)The quarters ended June 30, 2025 and March 31, 2025 included the sale of non-performing residential and consumer loans of $2.2 million and $5.1 million, respectively.
(2)Balances represent only modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023.
(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, was $4.4 million, $5.0 million, $5.6 million, $6.0 million and $5.7 million at September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, respectively.
17

(continued)

NET LOAN (CHARGE-OFFS) RECOVERIES | For the Three Months Ended |  |
| September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30, |
| 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024 |
Net loan (charge-offs) recoveries: |  |  |  |  |  |  |  |  |  |  |
Loan charge-offs | $ | (850) |  |  | $ | (2,415) |  |  | $ | (798) |  |  | $ | (55) |  |  | $ | (124) |  |  |
Recoveries on loans | 233 |  |  | 197 |  |  | 162 |  |  | 213 |  |  | 212 |  |  |
Net loan (charge-offs) recoveries | $ | (617) |  |  | $ | (2,218) |  |  | $ | (636) |  |  | $ | 158 |  |  | $ | 88 |  |  |
Net loan (charge-offs) recoveries to average total loans (annualized) | 0.02 | % |  | 0.09 | % |  | 0.03 | % |  | NM* |  | NM* |  |
Net loan (charge-offs) recoveries detail: |  |  |  |  |  |  |  |  |  |  |
Commercial (1) | $ | (522) |  |  | $ | (1,666) |  |  | $ | 25 |  |  | $ | 92 |  |  | $ | 129 |  |  |
Residential real estate (2) | (24) |  |  | (348) |  |  | (720) |  |  | (17) |  |  | (6) |  |  |
Other consumer (2) | (71) |  |  | (204) |  |  | 59 |  |  | 83 |  |  | (35) |  |  |
Net loan (charge-offs) recoveries | $ | (617) |  |  | $ | (2,218) |  |  | $ | (636) |  |  | $ | 158 |  |  | $ | 88 |  |  |

(1)The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.
(2)The three months ended June 30, 2025 and March 31, 2025 included charge-offs of $445,000 and $720,000, respectively, related to the sale of non-performing residential and consumer loans.
* Not meaningful as amounts are net loan recoveries.
18

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME

| For the Three Months Ended
| September 30, 2025 |  | June 30, 2025 |  | September 30, 2024
(dollars in thousands) | Average Balance |  | Interest |  | Average Yield/ Cost (1) |  | Average Balance |  | Interest |  | Average Yield/ Cost (1) |  | Average Balance |  | Interest |  | Average Yield/ Cost (1)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning deposits and short-term investments | $ | 94,470 |  |  | $ | 1,115 |  |  | 4.68 | % |  | $ | 111,631 |  |  | $ | 1,090 |  |  | 3.92 | % |  | $ | 210,245 |  |  | $ | 2,971 |  |  | 5.62 | %
Securities (2) | 1,990,917 |  |  | 19,232 |  |  | 3.83 |  |  | 1,917,114 |  |  | 18,257 |  |  | 3.82 |  |  | 2,063,633 |  |  | 21,919 |  |  | 4.23 |
Loans receivable, net (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 6,975,780 |  |  | 105,587 |  |  | 6.01 |  |  | 6,786,611 |  |  | 100,004 |  |  | 5.91 |  |  | 6,782,777 |  |  | 102,881 |  |  | 6.03 |
Residential real estate | 3,151,177 |  |  | 32,685 |  |  | 4.15 |  |  | 3,091,227 |  |  | 31,861 |  |  | 4.12 |  |  | 2,992,138 |  |  | 29,677 |  |  | 3.97 |
Other consumer | 218,465 |  |  | 3,575 |  |  | 6.49 |  |  | 225,311 |  |  | 3,613 |  |  | 6.43 |  |  | 242,942 |  |  | 4,077 |  |  | 6.68 |
Allowance for loan credit losses, net of deferred loan costs and fees | (66,812) |  |  | — |  |  | — |  |  | (66,364) |  |  | — |  |  | — |  |  | (59,063) |  |  | — |  |  | — |
Loans receivable, net | 10,278,610 |  |  | 141,847 |  |  | 5.49 |  |  | 10,036,785 |  |  | 135,478 |  |  | 5.41 |  |  | 9,958,794 |  |  | 136,635 |  |  | 5.46 |
Total interest-earning assets | 12,363,997 |  |  | 162,194 |  |  | 5.21 |  |  | 12,065,530 |  |  | 154,825 |  |  | 5.14 |  |  | 12,232,672 |  |  | 161,525 |  |  | 5.26 |
Non-interest-earning assets | 1,187,197 |  |  |  |  |  |  | 1,182,543 |  |  |  |  |  |  | 1,206,024 |  |  |  |  |
Total assets | $ | 13,551,194 |  |  |  |  |  |  | $ | 13,248,073 |  |  |  |  |  |  | $ | 13,438,696 |  |  |  |  |
Liabilities and Stockholders’ Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing checking | $ | 4,000,804 |  |  | 21,253 |  |  | 2.11 | % |  | $ | 3,990,602 |  |  | 20,605 |  |  | 2.07 | % |  | $ | 3,856,281 |  |  | 21,731 |  |  | 2.24 | %
Money market | 1,426,586 |  |  | 10,507 |  |  | 2.92 |  |  | 1,342,194 |  |  | 9,718 |  |  | 2.90 |  |  | 1,256,536 |  |  | 11,454 |  |  | 3.63 |
Savings | 1,009,742 |  |  | 1,674 |  |  | 0.66 |  |  | 1,029,490 |  |  | 1,680 |  |  | 0.65 |  |  | 1,088,926 |  |  | 2,218 |  |  | 0.81 |
Time deposits | 2,105,734 |  |  | 19,812 |  |  | 3.73 |  |  | 2,175,564 |  |  | 20,270 |  |  | 3.74 |  |  | 2,339,370 |  |  | 26,915 |  |  | 4.58 |
Total | 8,542,866 |  |  | 53,246 |  |  | 2.47 |  |  | 8,537,850 |  |  | 52,273 |  |  | 2.46 |  |  | 8,541,113 |  |  | 62,318 |  |  | 2.90 |
FHLB Advances | 1,123,946 |  |  | 12,793 |  |  | 4.52 |  |  | 880,746 |  |  | 9,933 |  |  | 4.52 |  |  | 757,535 |  |  | 9,140 |  |  | 4.80 |
Securities sold under agreements to repurchase | 59,017 |  |  | 438 |  |  | 2.94 |  |  | 60,477 |  |  | 419 |  |  | 2.78 |  |  | 75,871 |  |  | 491 |  |  | 2.57 |
Other borrowings | 249,233 |  |  | 5,060 |  |  | 8.05 |  |  | 260,655 |  |  | 4,564 |  |  | 7.02 |  |  | 499,839 |  |  | 7,357 |  |  | 5.86 |
Total borrowings | 1,432,196 |  |  | 18,291 |  |  | 5.07 |  |  | 1,201,878 |  |  | 14,916 |  |  | 4.98 |  |  | 1,333,245 |  |  | 16,988 |  |  | 5.07 |
Total interest-bearing liabilities | 9,975,062 |  |  | 71,537 |  |  | 2.85 |  |  | 9,739,728 |  |  | 67,189 |  |  | 2.77 |  |  | 9,874,358 |  |  | 79,306 |  |  | 3.20 |
Non-interest-bearing deposits | 1,720,657 |  |  |  |  |  |  | 1,639,045 |  |  |  |  |  |  | 1,634,743 |  |  |  |  |
Non-interest-bearing liabilities | 199,582 |  |  |  |  |  |  | 186,653 |  |  |  |  |  |  | 240,560 |  |  |  |  |
Total liabilities | 11,895,301 |  |  |  |  |  |  | 11,565,426 |  |  |  |  |  |  | 11,749,661 |  |  |  |  |
Stockholders’ equity | 1,655,893 |  |  |  |  |  |  | 1,682,647 |  |  |  |  |  |  | 1,689,035 |  |  |  |  |
Total liabilities and stockholders’ equity | $ | 13,551,194 |  |  |  |  |  |  | $ | 13,248,073 |  |  |  |  |  |  | $ | 13,438,696 |  |  |  |  |
Net interest income |  |  | $ | 90,657 |  |  |  |  |  |  | $ | 87,636 |  |  |  |  |  |  | $ | 82,219 |  |  |
Net interest rate spread (4) |  |  |  |  | 2.36 | % |  |  |  |  |  | 2.37 | % |  |  |  |  |  | 2.06 | %
Net interest margin (5) |  |  |  |  | 2.91 | % |  |  |  |  |  | 2.91 | % |  |  |  |  |  | 2.67 | %
Total cost of deposits (including non-interest-bearing deposits) |  |  |  |  | 2.06 | % |  |  |  |  |  | 2.06 | % |  |  |  |  |  | 2.44 | %

19

(continued)

| 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 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.
20

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)

|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Selected Financial Condition Data: |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 14,324,664 |  |  | $ | 13,327,847 |  |  | $ | 13,309,278 |  |  | $ | 13,421,247 |  |  | $ | 13,488,483 |
Debt securities available-for-sale, at estimated fair value |  | 1,261,580 |  |  | 735,561 |  |  | 746,168 |  |  | 827,500 |  |  | 911,753 |
Debt securities held-to-maturity, net of allowance for securities credit losses |  | 919,734 |  |  | 968,969 |  |  | 1,005,476 |  |  | 1,045,875 |  |  | 1,075,131 |
Equity investments |  | 90,731 |  |  | 87,808 |  |  | 87,365 |  |  | 84,104 |  |  | 95,688 |
Restricted equity investments, at cost |  | 142,398 |  |  | 106,538 |  |  | 102,172 |  |  | 108,634 |  |  | 98,545 |
Loans receivable, net of allowance for loan credit losses |  | 10,489,852 |  |  | 10,119,781 |  |  | 10,058,072 |  |  | 10,055,429 |  |  | 9,963,598 |
Deposits |  | 10,435,994 |  |  | 10,232,442 |  |  | 10,177,023 |  |  | 10,066,342 |  |  | 10,116,167 |
Federal Home Loan Bank advances |  | 1,705,585 |  |  | 938,687 |  |  | 891,021 |  |  | 1,072,611 |  |  | 891,860 |
Securities sold under agreements to repurchase from customers and other borrowings |  | 263,007 |  |  | 259,509 |  |  | 262,940 |  |  | 258,113 |  |  | 501,090 |
Total stockholders’ equity |  | 1,653,427 |  |  | 1,643,680 |  |  | 1,709,117 |  |  | 1,702,757 |  |  | 1,694,508 |

|  | For the Three Months Ended,
|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Selected Operating Data: |  |  |  |  |  |  |  |  |  |
Interest income |  | $ | 162,194 |  |  | $ | 154,825 |  |  | $ | 153,703 |  |  | $ | 159,620 |  |  | $ | 161,525 |
Interest expense |  | 71,537 |  |  | 67,189 |  |  | 67,051 |  |  | 76,291 |  |  | 79,306 |
Net interest income |  | 90,657 |  |  | 87,636 |  |  | 86,652 |  |  | 83,329 |  |  | 82,219 |
Provision for credit losses (excluding Spring Garden) |  | 4,092 |  |  | 3,039 |  |  | 5,340 |  |  | 2,041 |  |  | 517 |
Spring Garden opening provision for credit losses |  | — |  |  | — |  |  | — |  |  | 1,426 |  |  | — |
Net interest income after provision for credit losses |  | 86,565 |  |  | 84,597 |  |  | 81,312 |  |  | 79,862 |  |  | 81,702 |
Other income (excluding equity investments and sale of trust) |  | 12,311 |  |  | 11,245 |  |  | 11,048 |  |  | 12,237 |  |  | 11,826 |
Net (loss) gain on equity investments |  | (7) |  |  | 488 |  |  | 205 |  |  | (5) |  |  | 1,420 |
Net gain on sale of trust business |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,438 |
Operating expenses (excluding merger related expenses, restructuring charges, and FDIC special assessment release) |  | 72,390 |  |  | 71,474 |  |  | 64,294 |  |  | 64,739 |  |  | 62,067 |
Merger related expenses |  | — |  |  | — |  |  | — |  |  | 110 |  |  | 1,669 |
Restructuring charges |  | 4,147 |  |  | — |  |  | — |  |  | — |  |  | — |
FDIC special assessment release |  | (210) |  |  | — |  |  | — |  |  | — |  |  | — |
Income before provision for income taxes |  | 22,542 |  |  | 24,856 |  |  | 28,271 |  |  | 27,245 |  |  | 32,650 |
Provision for income taxes |  | 5,156 |  |  | 5,771 |  |  | 6,808 |  |  | 5,083 |  |  | 7,464 |
Net income |  | 17,386 |  |  | 19,085 |  |  | 21,463 |  |  | 22,162 |  |  | 25,186 |
Net income (loss) attributable to non-controlling interest |  | 56 |  |  | 39 |  |  | (46) |  |  | 253 |  |  | 70 |
Net income attributable to OceanFirst Financial Corp. |  | $ | 17,330 |  |  | $ | 19,046 |  |  | $ | 21,509 |  |  | $ | 21,909 |  |  | $ | 25,116 |
Net income available to common stockholders |  | $ | 17,330 |  |  | $ | 16,200 |  |  | $ | 20,505 |  |  | $ | 20,905 |  |  | $ | 24,112 |
Diluted earnings per share |  | $ | 0.30 |  |  | $ | 0.28 |  |  | $ | 0.35 |  |  | $ | 0.36 |  |  | $ | 0.42 |
Net accretion/amortization of purchase accounting adjustments included in net interest income |  | $ | 510 |  |  | $ | 420 |  |  | $ | 219 |  |  | $ | 20 |  |  | $ | 741 |

21

(continued)

|  | At or For the Three Months Ended
|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Selected Financial Ratios and Other Data(1) (2): |  |  |  |  |  |  |  |  |  |
Performance Ratios (Annualized): |  |  |  |  |  |  |  |  |  |
Return on average assets (3) |  | 0.51 | % |  | 0.49 | % |  | 0.62 | % |  | 0.61 | % |  | 0.71 | %
Return on average tangible assets (3) (4) |  | 0.53 |  |  | 0.51 |  |  | 0.65 |  |  | 0.64 |  |  | 0.74 |
Return on average stockholders’ equity (3) |  | 4.15 |  |  | 3.86 |  |  | 4.85 |  |  | 4.88 |  |  | 5.68 |
Return on average tangible stockholders’ equity (3) (4) |  | 6.13 |  |  | 5.66 |  |  | 7.05 |  |  | 7.12 |  |  | 8.16 |
Return on average tangible common equity (3) (4) |  | 6.13 |  |  | 5.66 |  |  | 7.40 |  |  | 7.47 |  |  | 8.57 |
Stockholders’ equity to total assets |  | 11.54 |  |  | 12.33 |  |  | 12.84 |  |  | 12.69 |  |  | 12.56 |
Tangible stockholders’ equity to tangible assets (4) |  | 8.12 |  |  | 8.67 |  |  | 9.19 |  |  | 9.06 |  |  | 9.10 |
Tangible common equity to tangible assets (4) |  | 8.12 |  |  | 8.67 |  |  | 8.76 |  |  | 8.62 |  |  | 8.68 |
Net interest rate spread |  | 2.36 |  |  | 2.37 |  |  | 2.35 |  |  | 2.11 |  |  | 2.06 |
Net interest margin |  | 2.91 |  |  | 2.91 |  |  | 2.90 |  |  | 2.69 |  |  | 2.67 |
Operating expenses to average assets |  | 2.23 |  |  | 2.16 |  |  | 1.96 |  |  | 1.90 |  |  | 1.89 |
Efficiency ratio (5) |  | 74.13 |  |  | 71.93 |  |  | 65.67 |  |  | 67.86 |  |  | 65.77 |
Loan-to-deposit ratio |  | 101.20 |  |  | 99.50 |  |  | 99.50 |  |  | 100.50 |  |  | 99.10 |

|  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024
Performance Ratios (Annualized): |  |  |  |
Return on average assets (3) |  | 0.54 | % |  | 0.74 | %
Return on average tangible assets (3) (4) |  | 0.56 |  |  | 0.77 |
Return on average stockholders’ equity (3) |  | 4.29 |  |  | 5.98 |
Return on average tangible stockholders’ equity (3) (4) |  | 6.28 |  |  | 8.62 |
Return on average tangible common equity (3) (4) |  | 6.28 |  |  | 9.05 |
Net interest rate spread |  | 2.36 |  |  | 2.13 |
Net interest margin |  | 2.91 |  |  | 2.73 |
Operating expenses to average assets |  | 2.12 |  |  | 1.79 |
Efficiency ratio (5) |  | 70.64 |  |  | 62.71 |

22

(continued)

|  | At or For the Three Months Ended
|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Trust and Asset Management: |  |  |  |  |  |  |  |  |  |
Wealth assets under administration and management (“AUA/M”) |  | $ | 143,708 |  |  | $ | 141,921 |  |  | $ | 149,106 |  |  | $ | 147,956 |  |  | $ | 152,797 |
Nest Egg AUA/M |  | 463,906 |  |  | 462,664 |  |  | 453,803 |  |  | 431,434 |  |  | 430,413 |
Total AUA/M |  | 607,614 |  |  | 604,585 |  |  | 602,909 |  |  | 579,390 |  |  | 583,210 |
Per Share Data: |  |  |  |  |  |  |  |  |  |
Cash dividends per common share |  | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.20 |  |  | $ | 0.20 |
Book value per common share at end of period |  | 28.81 |  |  | 28.64 |  |  | 29.27 |  |  | 29.08 |  |  | 29.02 |
Tangible book value per common share at end of period (4) |  | 19.52 |  |  | 19.34 |  |  | 19.16 |  |  | 18.98 |  |  | 19.28 |
Common shares outstanding at end of period |  | 57,388,603 |  | 57,383,975 |  | 58,383,525 |  | 58,554,871 |  | 58,397,094
Preferred shares outstanding at end of period |  | — |  |  | — |  |  | 57,370 |  |  | 57,370 |  |  | 57,370 |
Number of full-service customer facilities: |  | 40 |  |  | 40 |  |  | 39 |  |  | 39 |  |  | 39 |
Quarterly Average Balances |  |  |  |  |  |  |  |  |  |
Total securities |  | $ | 1,990,917 |  |  | $ | 1,917,114 |  |  | $ | 2,003,206 |  |  | $ | 2,116,911 |  |  | $ | 2,063,633 |
Loans receivable, net |  | 10,278,610 |  |  | 10,036,785 |  |  | 10,013,383 |  |  | 10,018,742 |  |  | 9,958,794 |
Total interest-earning assets |  | 12,363,997 |  |  | 12,065,530 |  |  | 12,112,028 |  |  | 12,331,483 |  |  | 12,232,672 |
Total goodwill and intangibles |  | 533,835 |  |  | 534,734 |  |  | 535,657 |  |  | 534,942 |  |  | 513,731 |
Total assets |  | 13,551,194 |  |  | 13,248,073 |  |  | 13,311,893 |  |  | 13,545,052 |  |  | 13,438,696 |
Time deposits |  | 2,105,734 |  |  | 2,175,564 |  |  | 1,916,109 |  |  | 2,212,750 |  |  | 2,339,370 |
Total deposits (including non-interest-bearing deposits) |  | 10,263,523 |  |  | 10,176,895 |  |  | 10,030,051 |  |  | 10,286,489 |  |  | 10,175,856 |
Total borrowings |  | 1,432,196 |  |  | 1,201,878 |  |  | 1,343,757 |  |  | 1,328,016 |  |  | 1,333,245 |
Total interest-bearing liabilities |  | 9,975,062 |  |  | 9,739,728 |  |  | 9,775,836 |  |  | 9,987,129 |  |  | 9,874,358 |
Non-interest bearing deposits |  | 1,720,657 |  |  | 1,639,045 |  |  | 1,597,972 |  |  | 1,627,376 |  |  | 1,634,743 |
Stockholders' equity |  | 1,655,893 |  |  | 1,682,647 |  |  | 1,715,134 |  |  | 1,703,326 |  |  | 1,689,035 |
Tangible stockholders’ equity (4) |  | 1,122,058 |  |  | 1,147,913 |  |  | 1,179,477 |  |  | 1,168,384 |  |  | 1,175,304 |
Quarterly Yields and Costs |  |  |  |  |  |  |  |  |  |
Total securities |  | 3.83 | % |  | 3.82 | % |  | 3.99 | % |  | 4.09 | % |  | 4.23 | %
Loans receivable, net |  | 5.49 |  |  | 5.41 |  |  | 5.37 |  |  | 5.38 |  |  | 5.46 |
Total interest-earning assets |  | 5.21 |  |  | 5.14 |  |  | 5.13 |  |  | 5.15 |  |  | 5.26 |
Time deposits |  | 3.73 |  |  | 3.74 |  |  | 3.91 |  |  | 4.34 |  |  | 4.58 |
Total cost of deposits (including non-interest-bearing deposits) |  | 2.06 |  |  | 2.06 |  |  | 2.06 |  |  | 2.32 |  |  | 2.44 |
Total borrowed funds |  | 5.07 |  |  | 4.98 |  |  | 4.83 |  |  | 4.91 |  |  | 5.07 |
Total interest-bearing liabilities |  | 2.85 |  |  | 2.77 |  |  | 2.78 |  |  | 3.04 |  |  | 3.20 |
Net interest spread |  | 2.36 |  |  | 2.37 |  |  | 2.35 |  |  | 2.11 |  |  | 2.06 |
Net interest margin |  | 2.91 |  |  | 2.91 |  |  | 2.90 |  |  | 2.69 |  |  | 2.67 |

(1) With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2) Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3) Ratios for each period are based on net income available to common stockholders.
(4) Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5) Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
23

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

|  | For the Three Months Ended
|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Core Earnings: |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders (GAAP) |  | $ | 17,330 |  |  | $ | 16,200 |  |  | $ | 20,505 |  |  | $ | 20,905 |  |  | $ | 24,112 |
Adjustments to exclude the impact of non-recurring and non-core items: |  |  |  |  |  |  |  |  |  |
Spring Garden opening provision for credit losses |  | — |  |  | — |  |  | — |  |  | 1,426 |  |  | — |
Net loss (gain) on equity investments |  | 7 |  |  | (488) |  |  | (205) |  |  | 5 |  |  | (1,420) |
Net gain on sale of trust business |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,438) |
Restructuring charges |  | 4,147 |  |  | — |  |  | — |  |  | — |  |  | — |
FDIC special assessment release |  | (210) |  |  | — |  |  | — |  |  | — |  |  | — |
Merger related expenses |  | — |  |  | — |  |  | — |  |  | 110 |  |  | 1,669 |
Income tax (benefit) expense on items |  | (926) |  |  | 115 |  |  | 49 |  |  | (388) |  |  | 270 |
Loss on redemption of preferred stock |  | — |  |  | 1,842 |  |  | — |  |  | — |  |  | — |
Core earnings (Non-GAAP) |  | $ | 20,348 |  |  | $ | 17,669 |  |  | $ | 20,349 |  |  | $ | 22,058 |  |  | $ | 23,193 |
Income tax expense |  | $ | 5,156 |  |  | $ | 5,771 |  |  | $ | 6,808 |  |  | $ | 5,083 |  |  | $ | 7,464 |
Provision for credit losses |  | 4,092 |  |  | 3,039 |  |  | 5,340 |  |  | 3,467 |  |  | 517 |
Less: non-core provision for credit losses |  | — |  |  | — |  |  | — |  |  | 1,426 |  |  | — |
Less: income tax (benefit) expense on non-core items |  | (926) |  |  | 115 |  |  | 49 |  |  | (388) |  |  | 270 |
Core earnings PTPP (Non-GAAP) |  | $ | 30,522 |  |  | $ | 26,364 |  |  | $ | 32,448 |  |  | $ | 29,570 |  |  | $ | 30,904 |
Core earnings diluted earnings per share |  | $ | 0.36 |  |  | $ | 0.31 |  |  | $ | 0.35 |  |  | $ | 0.38 |  |  | $ | 0.39 |
Core earnings PTPP diluted earnings per share |  | $ | 0.54 |  |  | $ | 0.46 |  |  | $ | 0.56 |  |  | $ | 0.51 |  |  | $ | 0.53 |
Core Ratios (Annualized): |  |  |  |  |  |  |  |  |  |
Return on average assets |  | 0.60 | % |  | 0.53 | % |  | 0.62 | % |  | 0.65 | % |  | 0.69 | %
Return on average tangible stockholders’ equity |  | 7.19 |  |  | 6.17 |  |  | 7.00 |  |  | 7.51 |  |  | 7.85 |
Return on average tangible common equity |  | 7.19 |  |  | 6.17 |  |  | 7.34 |  |  | 7.89 |  |  | 8.24 |
Efficiency ratio |  | 70.30 |  |  | 72.28 |  |  | 65.81 |  |  | 67.74 |  |  | 66.00 |

24

(continued)

|  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024
Core Earnings: |  |  |  |
Net income available to common stockholders (GAAP) |  | $ | 54,035 |  |  | $ | 75,144 |
Adjustments to exclude the impact of non-recurring and non-core items: |  |  |  |
Net gain on equity investments |  | (686) |  |  | (4,230) |
Net gain on sale of trust business |  | — |  |  | (2,600) |
Restructuring charges |  | 4,147 |  |  | — |
FDIC special assessment (release) expense |  | (210) |  |  | 418 |
Merger related expenses |  | — |  |  | 1,669 |
Income tax (benefit) expense on items |  | (762) |  |  | 1,100 |
Loss on redemption of preferred stock |  | 1,842 |  |  | — |
Core earnings (Non-GAAP) |  | $ | 58,366 |  |  | $ | 71,501 |
Income tax expense |  | $ | 17,735 |  |  | $ | 25,183 |
Provision for credit losses |  | 12,471 |  |  | 4,222 |
Less: income tax (benefit) expense on non-core items |  | (762) |  |  | 1,100 |
Core earnings PTPP (Non-GAAP) |  | $ | 89,334 |  |  | $ | 99,806 |
Core diluted earnings per share |  | $ | 1.01 |  |  | $ | 1.22 |
Core earnings PTPP diluted earnings per share |  | $ | 1.55 |  |  | $ | 1.71 |
Core Ratios (Annualized): |  |  |  |
Return on average assets |  | 0.58 | % |  | 0.71 | %
Return on average tangible stockholders’ equity |  | 6.79 |  |  | 8.20 |
Return on average tangible common equity |  | 6.79 |  |  | 8.61 |
Efficiency ratio |  | 69.49 |  |  | 63.49 |

25

(continued)

|  | September 30, |  | June 30, |  | March 31, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2025 |  | 2024 |  | 2024
Tangible Equity: |  |  |  |  |  |  |  |  |  |
Total stockholders' equity |  | $ | 1,653,427 |  |  | $ | 1,643,680 |  |  | $ | 1,709,117 |  |  | $ | 1,702,757 |  |  | $ | 1,694,508 |
Less: |  |  |  |  |  |  |  |  |  |
Goodwill |  | 523,308 |  |  | 523,308 |  |  | 523,308 |  |  | 523,308 |  |  | 506,146 |
Intangibles |  | 9,934 |  |  | 10,834 |  |  | 11,740 |  |  | 12,680 |  |  | 7,056 |
Tangible stockholders' equity |  | 1,120,185 |  |  | 1,109,538 |  |  | 1,174,069 |  |  | 1,166,769 |  |  | 1,181,306 |
Less: |  |  |  |  |  |  |  |  |  |
Preferred stock |  | — |  |  | — |  |  | 55,527 |  |  | 55,527 |  |  | 55,527 |
Tangible common equity |  | $ | 1,120,185 |  |  | $ | 1,109,538 |  |  | $ | 1,118,542 |  |  | $ | 1,111,242 |  |  | $ | 1,125,779 |
Tangible Assets: |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 14,324,664 |  |  | $ | 13,327,847 |  |  | $ | 13,309,278 |  |  | $ | 13,421,247 |  |  | $ | 13,488,483 |
Less: |  |  |  |  |  |  |  |  |  |
Goodwill |  | 523,308 |  |  | 523,308 |  |  | 523,308 |  |  | 523,308 |  |  | 506,146 |
Intangibles |  | 9,934 |  |  | 10,834 |  |  | 11,740 |  |  | 12,680 |  |  | 7,056 |
Tangible assets |  | $ | 13,791,422 |  |  | $ | 12,793,705 |  |  | $ | 12,774,230 |  |  | $ | 12,885,259 |  |  | $ | 12,975,281 |
Tangible stockholders' equity to tangible assets |  | 8.12 | % |  | 8.67 | % |  | 9.19 | % |  | 9.06 | % |  | 9.10 | %
Tangible common equity to tangible assets |  | 8.12 | % |  | 8.67 | % |  | 8.76 | % |  | 8.62 | % |  | 8.68 | %

26