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Press Release
Company Contact:                                        
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com


FOR IMMEDIATE RELEASE


OCEANFIRST FINANCIAL CORP.
ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS
    RED BANK, NEW JERSEY, October 22, 2025 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $17.3 million, or $0.30 per diluted share, for the three months ended September 30, 2025, a decrease from $24.1 million, or $0.42 per diluted share, for the corresponding prior year period, and an increase from $16.2 million, or $0.28 per diluted share, for the linked quarter. For the nine months ended September 30, 2025, the Company reported net income available to common stockholders of $54.0 million, or $0.94 per diluted share, a decrease from $75.1 million, or $1.29 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):
For the Three Months Ended,For the Nine Months Ended,
Performance Ratios (Annualized):September 30,June 30,September 30,September 30,September 30,
20252025202420252024
Return on average assets 0.51 %0.49 %0.71 %0.54 %0.74 %
Return on average stockholders’ equity4.15 3.86 5.68 4.29 5.98 
Return on average tangible stockholders’ equity (a)
6.13 5.66 8.16 6.28 8.62 
Return on average tangible common equity (a)
6.13 5.66 8.57 6.28 9.05 
Efficiency ratio74.13 71.93 65.77 70.64 62.71 
Net interest margin2.91 2.91 2.67 2.91 2.73 
(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.



Core earnings1 for the three and nine months ended September 30, 2025 were $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, a decrease from $23.2 million and $71.5 million, respectively, or $0.39 and $1.22 per diluted share, for the corresponding prior year periods, and an increase from $17.7 million, or $0.31 per diluted share, for the linked quarter.
Core earnings PTPP1 for the three and nine months ended September 30, 2025 was $30.5 million and $89.3 million, or $0.54 and $1.55 per diluted share, a decrease from $30.9 million and $99.8 million, respectively, or $0.53 and $1.71 per diluted share, for the corresponding prior year periods, and an increase from $26.4 million or $0.46 per diluted share, for the linked quarter. Selected performance metrics are as follows:
For the Three Months Ended,For the Nine Months Ended,
September 30,June 30,September 30,September 30,September 30,
Core Ratios1 (Annualized):
20252025202420252024
Return on average assets 0.60 %0.53 %0.69 %0.58 %0.71 %
Return on average tangible stockholders’ equity7.19 6.17 7.85 6.79 8.20 
Return on average tangible common equity7.19 6.17 8.24 6.79 8.61 
Efficiency ratio70.30 72.28 66.00 69.49 63.49 
Diluted earnings per share$0.36 $0.31 $0.39 $1.01 $1.22 
PTPP diluted earnings per share 0.54 0.46 0.53 1.55 1.71 

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

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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 115th 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 equity2 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 share2 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 decreased 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 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 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,
2025202520242024
(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 value1,261,580 735,561 827,500 911,753 
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 investments90,731 87,808 84,104 95,688 
Restricted equity investments, at cost142,398 106,538 108,634 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-sale17,766 15,744 21,211 23,036 
Interest and dividends receivable47,606 44,032 45,914 48,821 
Other real estate owned7,498 7,680 1,811 — 
Premises and equipment, net112,449 113,474 115,256 116,087 
Bank owned life insurance269,136 271,184 270,208 269,138 
Goodwill523,308 523,308 523,308 506,146 
Intangibles9,934 10,834 12,680 7,056 
Other assets158,547 152,335 185,702 159,313 
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 advances1,705,585 938,687 1,072,611 891,860 
Securities sold under agreements to repurchase with customers64,869 61,490 60,567 81,163 
Other borrowings198,138 198,019 197,546 419,927 
Advances by borrowers for taxes and insurance23,708 18,759 23,031 27,282 
Other liabilities242,943 234,770 298,393 257,576 
Total liabilities12,671,237 11,684,167 11,718,490 11,793,975 
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity1,652,537 1,642,846 1,701,650 1,693,654 
Non-controlling interest890 834 1,107 854 
Total stockholders’ equity1,653,427 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 












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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,
20252025202420252024
|---------------------- (Unaudited) ----------------------||---------- (Unaudited) -----------|
Interest income:
Loans$141,847 $135,478 $136,635 $410,344 $409,805 
Debt securities17,156 15,950 19,449 50,376 58,349 
Equity investments and other3,191 3,397 5,441 10,002 14,399 
Total interest income162,194 154,825 161,525 470,722 482,553 
Interest expense:
Deposits53,246 52,273 62,318 156,565 182,244 
Borrowed funds18,291 14,916 16,988 49,212 49,603 
Total interest expense71,537 67,189 79,306 205,777 231,847 
Net interest income90,657 87,636 82,219 264,945 250,706 
Provision for credit losses4,092 3,039 517 12,471 4,222 
Net interest income after provision for credit losses86,565 84,597 81,702 252,474 246,484 
Other income (loss):
Bankcard services revenue1,663 1,619 1,615 4,745 4,602 
Trust and asset management revenue384 374 384 1,164 1,329 
Fees and service charges5,190 4,969 6,096 14,871 15,584 
Net gain on sales of loans900 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 operations1 (260)— (275)— 
Income from bank owned life insurance1,988 1,786 1,779 5,626 5,367 
Commercial loan swap income1,703 207 414 2,530 793 
Other482 1,373 2,471 3,008 4,768 
Total other income12,304 11,733 14,684 35,290 37,955 
Operating expenses:
Compensation and employee benefits41,387 40,242 35,844 118,369 101,739 
Occupancy6,098 5,454 5,157 17,049 15,531 
Equipment931 869 1,026 2,721 3,224 
Marketing1,538 1,541 1,385 4,187 3,550 
Federal deposit insurance and regulatory assessments2,616 2,898 2,618 8,497 8,438 
Data processing7,164 6,808 5,940 20,619 17,914 
Check card processing1,170 1,156 1,153 3,496 3,278 
Professional fees3,467 4,336 1,970 10,228 6,863 
Amortization of intangibles900 906 803 2,746 2,457 
Merger related expenses— — 1,669 — 1,669 
Restructuring charges4,147 — — 4,147 — 
Other operating expenses6,909 7,264 6,171 20,036 16,365 
Total operating expenses76,327 71,474 63,736 212,095 181,028 
Income before provision for income taxes22,542 24,856 32,650 75,669 103,411 
Provision for income taxes5,156 5,771 7,464 17,735 25,183 
Net income17,386 19,085 25,186 57,934 78,228 
Net income attributable to non-controlling interest56 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 outstanding57,031 57,738 58,065 57,599 58,405 
Average diluted shares outstanding57,036 57,740 58,068 57,602 58,407 
15

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLEAt
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
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 industrial1,995,982 1,776,910 1,645,222 1,550,164 1,502,809 
Total commercial7,207,202 6,845,035 6,845,359 6,837,847 6,775,968 
Consumer:
Residential real estate3,135,200 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 consumer3,350,781 3,340,052 3,279,951 3,280,225 3,246,188 
Total loans10,557,983 10,185,087 10,125,310 10,118,072 10,022,156 
Deferred origination costs (fees), net13,105 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):
Commercial6.74 %$710,933 $790,768 $375,622 $197,491 $199,818 
Residential real estate6.23 136,797 146,921 116,121 97,385 137,978 
Other consumer8.40 16,184 17,110 12,681 11,783 13,788 
Total6.69 %$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,
20252025202520242024
Average Yield
Loan originations:
Commercial (2)
6.80 %$739,154 $425,877 $233,968 $268,613 $245,886 
Residential real estate6.41 250,066 274,314 167,162 235,370 169,273 
Other consumer8.49 18,087 15,813 15,825 11,204 15,760 
Total6.73 %$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.
DEPOSITSAt
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Type of Account
Non-interest-bearing$1,731,760 $1,686,627 $1,660,738 $1,617,182 $1,638,447 
Interest-bearing checking4,090,930 3,845,602 4,006,653 4,000,553 3,896,348 
Money market1,397,434 1,377,999 1,337,570 1,301,197 1,288,555 
Savings1,000,488 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,
20252025202520242024
Non-performing loans:
Commercial real estate - investor$23,570 $20,457 $23,595 $17,000 $12,478 
Commercial and industrial:
Commercial and industrial - real estate7,469 4,499 4,690 4,787 4,368 
Commercial and industrial - non-real estate394 311 22 32 122 
Total commercial and industrial7,863 4,810 4,712 4,819 4,490 
Residential real estate7,334 5,318 5,709 10,644 9,108 
Other consumer2,496 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 owned7,498 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 
Performing23,952 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 commitments4,636 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 receivable0.39 0.33 0.37 0.35 0.28 
Non-performing assets as a percent of total assets0.34 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 loans5,677 6,800 7,724 7,931 2,887 
Delinquent PCD and non-performing loans 30 to 89 days2,987 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 assets0.30 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) RECOVERIESFor the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Net loan (charge-offs) recoveries:
Loan charge-offs $(850)$(2,415)$(798)$(55)$(124)
Recoveries on loans233 197 162 213 212 
Net loan (charge-offs) recoveries$(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, 2025June 30, 2025September 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)
Commercial6,975,780 105,587 6.01 6,786,611 100,004 5.91 6,782,777 102,881 6.03 
Residential real estate3,151,177 32,685 4.15 3,091,227 31,861 4.12 2,992,138 29,677 3.97 
Other consumer218,465 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, net10,278,610 141,847 5.49 10,036,785 135,478 5.41 9,958,794 136,635 5.46 
Total interest-earning assets12,363,997 162,194 5.21 12,065,530 154,825 5.14 12,232,672 161,525 5.26 
Non-interest-earning assets1,187,197 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 market1,426,586 10,507 2.92 1,342,194 9,718 2.90 1,256,536 11,454 3.63 
Savings1,009,742 1,674 0.66 1,029,490 1,680 0.65 1,088,926 2,218 0.81 
Time deposits2,105,734 19,812 3.73 2,175,564 20,270 3.74 2,339,370 26,915 4.58 
Total8,542,866 53,246 2.47 8,537,850 52,273 2.46 8,541,113 62,318 2.90 
FHLB Advances1,123,946 12,793 4.52 880,746 9,933 4.52 757,535 9,140 4.80 
Securities sold under agreements to repurchase59,017 438 2.94 60,477 419 2.78 75,871 491 2.57 
Other borrowings249,233 5,060 8.05 260,655 4,564 7.02 499,839 7,357 5.86 
Total borrowings1,432,196 18,291 5.07 1,201,878 14,916 4.98 1,333,245 16,988 5.07 
Total interest-bearing liabilities9,975,062 71,537 2.85 9,739,728 67,189 2.77 9,874,358 79,306 3.20 
Non-interest-bearing deposits1,720,657 1,639,045 1,634,743 
Non-interest-bearing liabilities199,582 186,653 240,560 
Total liabilities11,895,301 11,565,426 11,749,661 
Stockholders’ equity1,655,893 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,
 20252024
(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)
Commercial6,848,512 303,852 5.93 6,851,021 309,922 6.04 
Residential real estate3,103,008 95,816 4.12 2,981,822 87,345 3.91 
Other consumer224,073 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, net10,110,565 410,344 5.42 10,019,795 409,805 5.46 
Total interest-earning assets12,183,200 470,722 5.16 12,262,169 482,553 5.25 
Non-interest-earning assets1,188,063 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 market1,363,977 29,577 2.90 1,177,612 31,107 3.53 
Savings1,032,239 5,138 0.67 1,202,533 9,284 1.03 
Time deposits2,066,745 58,558 3.79 2,363,542 78,283 4.42 
Total8,504,671 156,565 2.46 8,625,031 182,244 2.82 
FHLB Advances1,000,796 34,086 4.55 704,911 25,657 4.86 
Securities sold under agreements to repurchase61,250 1,284 2.80 72,239 1,380 2.55 
Other borrowings264,222 13,842 7.00 513,951 22,566 5.86 
Total borrowings1,326,268 49,212 4.96 1,291,101 49,603 5.13 
Total interest-bearing liabilities9,830,939 205,777 2.80 9,916,132 231,847 3.12 
Non-interest-bearing deposits1,653,007 1,631,841 
Non-interest-bearing liabilities202,976 251,878 
Total liabilities11,686,922 11,799,851 
Stockholders’ equity1,684,341 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,
20252025202520242024
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 losses919,734 968,969 1,005,476 1,045,875 1,075,131 
Equity investments90,731 87,808 87,365 84,104 95,688 
Restricted equity investments, at cost142,398 106,538 102,172 108,634 98,545 
Loans receivable, net of allowance for loan credit losses10,489,852 10,119,781 10,058,072 10,055,429 9,963,598 
Deposits10,435,994 10,232,442 10,177,023 10,066,342 10,116,167 
Federal Home Loan Bank advances1,705,585 938,687 891,021 1,072,611 891,860 
Securities sold under agreements to repurchase from customers and other borrowings263,007 259,509 262,940 258,113 501,090 
Total stockholders’ equity1,653,427 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,
20252025202520242024
Selected Operating Data:
Interest income$162,194 $154,825 $153,703 $159,620 $161,525 
Interest expense71,537 67,189 67,051 76,291 79,306 
Net interest income90,657 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 losses86,565 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 charges4,147 — — — — 
FDIC special assessment release(210)— — — — 
Income before provision for income taxes22,542 24,856 28,271 27,245 32,650 
Provision for income taxes5,156 5,771 6,808 5,083 7,464 
Net income17,386 19,085 21,463 22,162 25,186 
Net income (loss) attributable to non-controlling interest56 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,
20252025202520242024
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 assets11.54 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 spread2.36 2.37 2.35 2.11 2.06 
Net interest margin2.91 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 ratio101.20 99.50 99.50 100.50 99.10 


For the Nine Months Ended September 30,
20252024
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 spread2.36 2.13 
Net interest margin2.91 2.73 
Operating expenses to average assets2.12 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,
20252025202520242024
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/M463,906 462,664 453,803 431,434 430,413 
Total AUA/M607,614 604,585 602,909 579,390 583,210 
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 period28.81 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 period57,388,60357,383,97558,383,52558,554,87158,397,094
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, net10,278,610 10,036,785 10,013,383 10,018,742 9,958,794 
Total interest-earning assets12,363,997 12,065,530 12,112,028 12,331,483 12,232,672 
Total goodwill and intangibles533,835 534,734 535,657 534,942 513,731 
Total assets13,551,194 13,248,073 13,311,893 13,545,052 13,438,696 
Time deposits2,105,734 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 borrowings1,432,196 1,201,878 1,343,757 1,328,016 1,333,245 
Total interest-bearing liabilities9,975,062 9,739,728 9,775,836 9,987,129 9,874,358 
Non-interest bearing deposits1,720,657 1,639,045 1,597,972 1,627,376 1,634,743 
Stockholders' equity1,655,893 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 securities3.83 %3.82 %3.99 %4.09 %4.23 %
Loans receivable, net5.49 5.41 5.37 5.38 5.46 
Total interest-earning assets5.21 5.14 5.13 5.15 5.26 
Time deposits3.73 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 funds5.07 4.98 4.83 4.91 5.07 
Total interest-bearing liabilities2.85 2.77 2.78 3.04 3.20 
Net interest spread2.36 2.37 2.35 2.11 2.06 
Net interest margin2.91 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,
20252025202520242024
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 investments7 (488)(205)5 (1,420)
Net gain on sale of trust business— — — — (1,438)
Restructuring charges4,147 — — — — 
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 losses4,092 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 assets0.60 %0.53 %0.62 %0.65 %0.69 %
Return on average tangible stockholders’ equity7.19 6.17 7.00 7.51 7.85 
Return on average tangible common equity7.19 6.17 7.34 7.89 8.24 
Efficiency ratio70.30 72.28 65.81 67.74 66.00 
24

(continued)

For the Nine Months Ended September 30,
20252024
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 charges4,147 — 
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 stock1,842 — 
Core earnings (Non-GAAP)
$58,366 $71,501 
Income tax expense$17,735 $25,183 
Provision for credit losses12,471 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 assets0.58 %0.71 %
Return on average tangible stockholders’ equity6.79 8.20 
Return on average tangible common equity6.79 8.61 
Efficiency ratio69.49 63.49 


25

(continued)

September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Tangible Equity:
Total stockholders' equity$1,653,427 $1,643,680 $1,709,117 $1,702,757 $1,694,508 
Less:
Goodwill523,308 523,308 523,308 523,308 506,146 
Intangibles9,934 10,834 11,740 12,680 7,056 
Tangible stockholders' equity1,120,185 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:
Goodwill523,308 523,308 523,308 523,308 506,146 
Intangibles9,934 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 assets8.12 %8.67 %9.19 %9.06 %9.10 %
Tangible common equity to tangible assets8.12 %8.67 %8.76 %8.62 %8.68 %


26