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

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Press Release
Exhibit 99.1
Company Contact:                                        
Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE


OCEANFIRST FINANCIAL CORP.
ANNOUNCES THIRD QUARTER
FINANCIAL RESULTS
    RED BANK, NEW JERSEY, October 27, 2026 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported net income available for common stockholders of $16.5 million, or $0.17 per diluted share1, for the three months ended September 30, 2026, as compared to $17.3 million, or $0.30 per diluted share, for the corresponding prior year period, and a net loss of $3.0 million, or $0.04 per diluted share, for the linked quarter. For the nine months ended September 30, 2026, the Company reported net income available to common stockholders of $33.9 million, or $0.45 per diluted share, as compared to $54.0 million, or $0.94 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,
20262026202520262025
Return (loss) on average assets 0.28 %(0.07)%0.51 %0.25 %0.54 %
Return (loss) on average stockholders’ equity2.70 (0.63)4.15 2.26 4.29 
Return (loss) on average tangible stockholders’ equity (a)
3.63 (0.88)6.13 3.14 6.28 
Return (loss) on average tangible common equity (a)
3.63 (0.88)6.13 3.14 6.28 
Efficiency ratio81.76 98.88 74.13 84.51 70.64 
Net interest margin3.18 3.05 2.91 3.07 2.91 
(a) Return (loss) on average tangible stockholders’ equity and return (loss) on average tangible common equity are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures” and tables included in this release for reconciliation and additional information regarding non-GAAP financial measures.
1 The number of shares outstanding and all common share-related calculations, including earnings per share, book value per share, and tangible book value per share, are calculated using both common stock and non-voting common equivalent (“NVCE”) stock, which are participating securities. All NVCE shares presented in this document are reported on an as-converted common stock equivalent basis.




Core earnings2 for the three and nine months ended September 30, 2026 were $46.9 million and $101.8 million, respectively, or $0.48 and $1.35 per diluted share, an increase from $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, for the corresponding prior year periods, and an increase from $30.5 million, or $0.43 per diluted share, for the linked quarter.
Core earnings PTPP2 for the three and nine months ended September 30, 2026 were $70.8 million and $149.7 million, respectively, or $0.72 and $1.99 per diluted share, an increase from $30.5 million and $89.3 million, respectively, or $0.54 and $1.55 per diluted share, for the corresponding prior year periods, and an increase from $44.5 million, or $0.63 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 Ratios2 (Annualized):
20262026202520262025
Return on average assets 0.80 %0.71 %0.60 %0.74 %0.58 %
Return on average tangible stockholders’ equity10.35 8.92 7.19 9.43 6.79 
Return on average tangible common equity10.35 8.92 7.19 9.43 6.79 
Efficiency ratio61.75 66.20 70.30 64.38 69.49 
Diluted earnings per share$0.48 $0.43 $0.36 $1.35 $1.01 
PTPP diluted earnings per share 0.72 0.63 0.54 1.99 1.55 
Key developments for the quarter, compared to the linked quarter, are described below:
•Loan Growth: Total loans increased $215.7 million, representing a 5% annualized growth rate, driven by $325.0 million of commercial loan growth. Commercial loan originations increased 15% to $734.8 million, from $641.5 million in the linked quarter.
•Deposit Growth: Total deposits increased $319.3 million to $18.1 billion from $17.8 billion.
2 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures that exclude certain non-core items. Refer to “Explanation of Non-GAAP Financial Measures” and “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

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•Completion of Core Conversion: The Company successfully completed its core system conversion and integration activities in September, positioning the Company to realize anticipated cost savings beginning in the fourth quarter of 2026.
•Capital Outlook: With the completion of the core conversion and substantially all major integration activities, the Company expects to resume excess capital accretion in the fourth quarter of 2026.
Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased with the increases in margin and profitability and the timely and successful completion of the Flushing integration. The integration of Flushing clients into OceanFirst was executed smoothly, allowing us to deliver a unified operating platform under the OceanFirst Bank brand. This achievement has allowed us to eliminate redundant back-office operating expenses, improve operational efficiencies, and launch our first advertising campaigns in the New York market.” Mr. Maher added, “With the integration complete, we are focused on leveraging the scale and capabilities of the combined company to enhance the customer experience and support long-term, profitable growth.”
The Company’s Board of Directors declared its 119th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 20, 2026, to common stockholders and NVCE stockholders of record on November 9, 2026.
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Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation and its wholly-owned subsidiary Flushing Bank (collectively, “Flushing”), and its results of operations from June 1, 2026 through September 30, 2026 are included in the consolidated results for the three and nine months ended September 30, 2026, but are not included in the results of operations for the corresponding prior year periods. The current quarter included $37.1 million of non-recurring merger-related expenses for the Flushing acquisition, representing $29.4 million net of tax, or $0.30 per share. Additionally, the current quarter included $5.5 million of non-recurring interest income related to payoffs of a non-performing investment and loan acquired from Flushing, including $4.0 million and $1.5 million of interest recoveries, respectively.
Net Interest Income and Margin
Three months ended September 30, 2026 vs. September 30, 2025
Net interest income increased to $172.1 million, from $90.7 million, reflecting the net impact of the acquisition of Flushing and the interest rate environment. Net interest margin increased to 3.18%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.02%, respectively, and the impact of purchase accounting on average interest-earning assets.
Average interest-earning assets increased by $9.13 billion, which was impacted by assets acquired from Flushing combined with increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.57%, from 5.21%, primarily due to the net impact of the Flushing acquisition, including purchase accounting and recovery of interest income, as well as repricing of assets and new originations.
The cost of average interest-bearing liabilities increased to 2.92%, from 2.85%, primarily due to the full quarter impact of higher-cost deposits acquired from Flushing, partially offset by the repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances. The total cost of
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deposits increased 11 basis points to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $7.62 billion, driven by liabilities assumed from Flushing, growth in deposits and increases in FHLB advances.
Nine months ended September 30, 2026 vs. September 30, 2025
Net interest income increased to $389.3 million, from $264.9 million, reflecting the acquisition of Flushing and the net impact of the interest rate environment. Net interest margin increased to 3.07%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.09% and 0.03%, respectively.
Average interest-earning assets increased by $4.76 billion, driven by assets acquired from Flushing and increases in commercial loans and, to a lesser extent, securities. The average yield for interest-earning assets increased to 5.36%, from 5.16%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.
The cost of average interest-bearing liabilities was 2.80% for both periods, primarily due to the full quarter impact of deposits acquired from Flushing at higher rates, offset by the net impact of repricing of deposits and FHLB advances. The total cost of deposits increased two basis points to 2.08%, from 2.06%. Average interest-bearing liabilities increased by $4.04 billion, driven by the acquisition of Flushing, with the remaining increases reflecting deposit growth and increased FHLB advances.
Three months ended September 30, 2026 vs. June 30, 2026
Net interest income increased by $51.4 million, to $172.1 million from $120.7 million, and net interest margin increased to 3.18%, from 3.05%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.05%, respectively.
Average interest-earning assets increased by $5.62 billion, and the yield on average interest-earning assets increased to 5.57%, from 5.29%. As discussed above, the current quarter was impacted by the drivers noted in the year-over-year discussion.
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The cost of average interest-bearing liabilities increased to 2.92%, from 2.74%. The total cost of deposits increased to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $4.60 billion, driven by the inclusion of Flushing balances for the full quarter, and an increase in FHLB advances.
Provision for Credit Losses
    Provision for credit losses for the three and nine months ended September 30, 2026 was $4.3 million and $11.0 million, as compared to $4.1 million and $12.5 million for the corresponding prior year periods, and $4.0 million in the linked quarter. The current quarter provision reflected continuing stable asset quality.
Net loan charge-offs were $1.5 million and $3.7 million for the three and nine months ended September 30, 2026, as compared to $617,000 and $3.5 million for the corresponding prior year periods and $1.5 million for the linked quarter. Annualized net loan charge-offs to average total loans were 0.04% for both the three and nine months ended September 30, 2026, as compared to 0.02% and 0.05% for the corresponding prior year periods and 0.05% for the linked quarter.
Non-interest Income
Three months ended September 30, 2026 vs. September 30, 2025    
Other income increased to $13.0 million, as compared to $12.3 million. The increase in other income of $715,000 was driven by an increase in income from bank owned life insurance of $2.5 million, partly offset by decreases in commercial loan swap income of $796,000. Additionally, net gain on sale of loans decreased by $683,000 due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year.
Nine months ended September 30, 2026 vs. September 30, 2025
Other income decreased to $30.4 million, as compared to $35.3 million. Other income included $711,000 of net losses on equity investments in the current period. The prior period other income
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included $686,000 of net gains on equity investments. Excluding the impact of these non-core operations, other income decreased by $3.5 million.
The primary drivers were decreases in fees and service charges of $3.4 million and net gain on sale of loans of $2.7 million, both due to the same discontinuation drivers noted above, partly offset by an increase in income from bank owned life insurance of $3.2 million. In addition, the prior period included non-recurring other income of $1.9 million.
Three months ended September 30, 2026 vs. June 30, 2026
Other income in the linked quarter was $10.6 million and included non-core operations of $347,000 related to net losses on equity investments. Excluding non-core operations, other income increased by $2.1 million. The primary drivers were increases in income from bank owned life insurance of $2.0 million and fees and service charges of $1.9 million, primarily due to a full quarter of Flushing activity. This was partly offset by decreases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $747,000.
Non-interest Expense
Three months ended September 30, 2026 vs. September 30, 2025
Operating expenses increased to $151.4 million, as compared to $76.3 million. Operating expenses in the current quarter were impacted by non-core operations of $37.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $41.9 million.
The primary drivers were increases in compensation and benefits of $19.9 million, amortization of intangibles of $5.2 million, data processing of $5.1 million, occupancy expense of $4.9 million and other operating expenses of $3.8 million, which all increased primarily due to the acquisition of Flushing.
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Nine months ended September 30, 2026 vs. September 30, 2025
Operating expenses increased to $354.6 million, as compared to $212.1 million. Operating expenses in the current year were impacted by non-core operations of $84.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $62.5 million.
The primary drivers were increases in compensation and benefits of $32.6 million, occupancy expense of $7.1 million, amortization of intangibles of $6.8 million, data processing of $6.4 million and other operating expenses of $4.9 million, which all increased primarily due to the acquisition of Flushing.
Three months ended September 30, 2026 vs. June 30, 2026
Operating expenses in the linked quarter were $129.9 million and included non-core operations of $42.7 million, primarily related to merger-related expenses. Excluding non-core operations, operating expenses increased by $27.2 million, which was primarily due to a full quarter of Flushing activity. The primary drivers were increases in compensation and benefits of $11.1 million, data processing of $4.6 million, occupancy expense of $3.6 million, amortization of intangibles of $3.5 million, and other operating expense of $3.0 million.
Income Tax Expense
The provision for income taxes was $13.0 million and $20.1 million for the three and nine months ended September 30, 2026, as compared to $5.2 million and $17.7 million for the same prior year periods and $496,000 for the linked quarter. The effective tax rate was 44.2% and 37.2% for the three and nine months ended September 30, 2026, as compared to 22.9% and 23.4% for the same prior year periods and (19.6)% for the linked quarter.
The effective tax rate for the three and nine months ended September 30, 2026 was adversely impacted by non-deductible merger-related expenses, and the effective tax rate for the nine month
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period was partially offset by the revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the tax impact of non-deductible merger-related expenses, the effective tax rate would have been 26.6% and 29.5% for the three and nine months ended September 30, 2026, respectively.
Financial Condition3
September 30, 2026 vs. June 30, 2026
Total assets increased by $100.4 million to $23.37 billion, primarily due to increases in total loans of $215.7 million, debt securities held-to-maturity of $134.3 million and other assets of $60.9 million, partially offset by a decrease in debt securities available-for-sale of $296.7 million.
Total liabilities increased by $115.6 million to $20.97 billion, primarily due to increases in deposits of $319.3 million and FHLB advances of $42.6 million, partially offset by a decrease in other liabilities of $197.5 million, mainly reflecting the settlement of security purchases that were outstanding at the end of the prior quarter.
Total stockholders’ equity decreased by $15.1 million, primarily due to an increase in accumulated other comprehensive loss of $14.4 million, net of tax, driven by decreases in the fair market value of available-for-sale debt securities of $25.4 million partially offset by increases in the market value of derivative hedges of $10.5 million.
September 30, 2026 vs. December 31, 2025
Total assets increased by $8.81 billion to $23.37 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.46 billion to $16.49 billion, from $11.03 billion, primarily due to Flushing totaling $6.20 billion partly offset by $1.31 billion of multifamily loans sold in the prior quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.65 billion, primarily due to the acquisition of Flushing totaling $1.56 billion and the reinvestment of proceeds from loan sales into securities. Bank owned life insurance increased by $237.1 million to $507.4 million, from $270.3
3 Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.

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million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance increased to $530.8 million, from $517.5 million and intangibles increased to $84.5 million, from $9.0 million.
Other assets increased by $278.5 million to $427.8 million, from $149.3 million, primarily due to deferred tax assets acquired from the Flushing acquisition and an increase in market values of derivatives associated with customer interest rate swaps.
Total liabilities increased by $8.07 billion to $20.97 billion, from $12.90 billion, primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $7.11 billion to $18.08 billion, from $10.96 billion, primarily due to acquired deposits from Flushing. At the date of acquisition, the estimated fair value of Flushing deposits was $7.44 billion. Time deposits increased by $1.88 billion to $4.35 billion, from $2.47 billion, representing 24.1% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.44 billion and brokered time deposits of $439.6 million. FHLB advances increased by $377.8 million to $1.77 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $241.3 million to $496.6 million, from $255.2 million, driven by the addition of subordinated debt and trust preferred securities from the acquisition of Flushing. The loan-to-deposit ratio was 91.2%, as compared to 100.6%.
Other liabilities increased by $292.3 million to $501.6 million, from $209.3 million, mostly related to increases in market values of derivatives associated with customer interest rate swaps.
Capital levels remain strong and in excess of “well-capitalized” regulatory levels at September 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.6%.
    Total stockholders’ equity increased to $2.40 billion, as compared to $1.66 billion, primarily due to the acquisition of Flushing, which added $535.6 million to stockholders’ equity. The current period also included a $225 million capital raise consisting of approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock, and warrants to purchase 11.4 million shares of
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NVCE stock. Additionally, accumulated other comprehensive loss increased by $15.6 million, net of tax, primarily due to decreases in the fair market value of available-for-sale debt securities of $26.2 million partially offset by increases in the market value of derivative hedges of $9.9 million.
During the nine months ended September 30, 2026, the Company repurchased 415,348 shares of common stock related to exercised options and vesting of employee awards outside of the authorized share repurchase program, at a weighted average cost of $18.76. The repurchases, including applicable excise tax, reduced stockholders’ equity by $7.9 million. As of September 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.
The Company’s tangible common equity4 increased by $644.6 million to $1.78 billion. The Company’s stockholders’ equity to assets ratio was 10.25% at September 30, 2026, and tangible common equity to tangible assets ratio decreased by 26 basis points during the year to 7.83%, primarily due to the drivers described above.
Book value per common share decreased to $24.32, as compared to $28.97. Tangible book value per common share4 decreased to $18.08, as compared to $19.79.

Asset Quality
September 30, 2026 vs. December 31, 2025
The Company’s allowance for loan credit losses was 1.29% of total loans, as compared to 0.76%. The increase in the allowance for credit losses was largely driven by incremental allowance for loan credit losses of $121 million added for the Flushing portfolio on June 1 and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.
Non-performing loans increased to $140.7 million, from $27.8 million, primarily due to $84.6 million of non-performing loans acquired from Flushing. Non-performing loans represented 0.85% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of
4 Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Tangible book value per common share is based on common shares outstanding at period end. Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.
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total non-performing loans was 150.84%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $43.1 million, from $47.8 million, which was partially offset by $13.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans, and other real estate owned, increased to $529.6 million, from $122.1 million, largely due to Flushing loans that were re-risked at acquisition.
At September 30, 2026, the Company had $727.1 million of purchased with credit deterioration (“PCD”) loans, excluding the related allowance, from the Flushing acquisition, which largely consisted of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $79.3 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $7.1 million of PCD loans acquired from Flushing.
The Company’s asset quality measures, excluding PCD loans, were as follows. Non-performing loans increased to $60.9 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 348.74%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $26.2 million, from $44.7 million.
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Explanation of Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets and goodwill, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.
Conference Call
    As previously announced, the Company will host an earnings conference call on Wednesday, October 28, 2026 at 8:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 545140997. For those unable to participate in the conference call, a replay will be available at the following URL: https://events.q4inc.com/attendee/545140997. The conference call will also be available (listen-only) by internet webcast at https://ir.oceanfirst.com/. Web users should go to the site at least fifteen minutes prior to the call to register.
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    OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.4 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements

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

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

September 30,June 30,December 31,September 30,
2026202620252025
(Unaudited)(Unaudited)(Unaudited)
Assets
Cash and due from banks$269,825 $274,057 $135,130 $274,125 
Debt securities available-for-sale, at estimated fair value1,770,923 2,067,668 1,231,827 1,261,580 
Debt securities held-to-maturity, net of allowance for securities credit losses of $601 at September 30, 2026, $663 at June 30, 2026, $811 at December 31, 2025, and $968 at September 30, 2025 (estimated fair value of $2,822,226 at September 30, 2026, $2,803,466 at June 30, 2026, $825,790 at December 31, 2025, and $856,550 at September 30, 2025)
2,996,502 2,862,196 881,568 919,734 
Equity investments65,845 75,965 91,882 90,731 
Restricted equity investments, at cost184,051 180,711 129,329 142,398 
Loans receivable, net of allowance for loan credit losses of $212,288 at September 30, 2026, $209,716 at June 30, 2026, $83,726 at December 31, 2025, and $81,236 at September 30, 2025
16,297,353 16,086,532 10,970,666 10,489,852 
Loans held-for-sale— — 5,768 17,766 
Interest and dividends receivable95,449 91,497 49,010 47,606 
Other real estate owned13,575 13,453 10,266 7,498 
Premises and equipment, net126,414 126,609 112,743 112,449 
Bank owned life insurance507,363 503,910 270,301 269,136 
Goodwill530,846 529,836 517,481 523,308 
Intangibles84,491 90,613 9,046 9,934 
Other assets427,819 366,963 149,300 158,547 
Total assets$23,370,456 $23,270,010 $14,564,317 $14,324,664 
Liabilities and Stockholders’ Equity
Deposits$18,079,389 $17,760,073 $10,964,405 $10,435,994 
Federal Home Loan Bank advances1,774,967 1,732,373 1,397,179 1,705,585 
Securities sold under agreements to repurchase with customers32,852 61,329 54,434 64,869 
Other borrowings496,565 493,216 255,233 198,138 
Advances by borrowers for taxes and insurance89,126 112,876 21,245 23,708 
Other liabilities501,586 699,063 209,271 242,943 
Total liabilities20,974,485 20,858,930 12,901,767 12,671,237 
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity2,395,971 2,411,080 1,662,550 1,652,537 
Non-controlling interest— — — 890 
Total stockholders’ equity2,395,971 2,411,080 1,662,550 1,653,427 
Total liabilities and stockholders’ equity$23,370,456 $23,270,010 $14,564,317 $14,324,664 












15

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,
20262026202520262025
|---------------------- (Unaudited) ----------------------||---------- (Unaudited) -----------|
Interest income:
Loans$237,051 $178,982 $141,847 $561,357 $410,344 
Debt securities59,974 26,633 17,156 106,417 50,376 
Equity investments and other4,674 3,989 3,191 11,820 10,002 
Total interest income301,699 209,604 162,194 679,594 470,722 
Interest expense:
Deposits96,997 68,308 53,246 219,000 156,565 
Borrowed funds32,586 20,566 18,291 71,301 49,212 
Total interest expense129,583 88,874 71,537 290,301 205,777 
Net interest income172,116 120,730 90,657 389,293 264,945 
Provision for credit losses4,268 4,002 4,092 11,008 12,471 
Net interest income after provision for credit losses167,848 116,728 86,565 378,285 252,474 
Other income (loss):
Bankcard services revenue1,895 1,772 1,663 5,296 4,745 
Trust and asset management revenue509 384 384 1,326 1,164 
Fees and service charges5,273 3,389 5,190 11,475 14,871 
Net gain on sales of loans217 38 900 227 2,935 
Net (loss) gain on equity investments(10)(347)(7)(711)686 
Net (loss) gain from other real estate operations(247)1,203 1 792 (275)
Income from bank owned life insurance4,518 2,471 1,988 8,863 5,626 
Commercial loan swap income907 1,654 1,703 2,906 2,530 
Other(43)34 482 191 3,008 
Total other income13,019 10,598 12,304 30,365 35,290 
Operating expenses:
Compensation and employee benefits61,310 50,202 41,387 150,996 118,369 
Occupancy10,975 7,333 6,098 24,140 17,049 
Equipment1,452 1,111 931 3,484 2,721 
Marketing2,087 1,894 1,538 4,944 4,187 
Federal deposit insurance and regulatory assessments4,617 4,130 2,616 11,962 8,497 
Data processing12,291 7,655 7,164 26,998 20,619 
Check card processing1,179 1,097 1,170 3,374 3,496 
Professional fees3,596 3,405 3,467 10,223 10,228 
Amortization of intangibles6,121 2,586 900 9,555 2,746 
Merger-related expenses37,088 42,765 — 84,003 — 
Restructuring (release) charges(49)(71)4,147 8 4,147 
Other operating expenses10,707 7,752 6,909 24,949 20,036 
Total operating expenses151,374 129,859 76,327 354,636 212,095 
Income (loss) before provision for income taxes29,493 (2,533)22,542 54,014 75,669 
Provision for income taxes13,031 496 5,156 20,075 17,735 
Net income (loss)16,462 (3,029)17,386 33,939 57,934 
Net income attributable to non-controlling interest— — 56 — 49 
Net income (loss) attributable to OceanFirst Financial Corp.16,462 (3,029)17,330 33,939 57,885 
Dividends on preferred shares— — — — 2,008 
Loss on redemption of preferred stock— — — — 1,842 
Net income (loss) available to common stockholders$16,462 $(3,029)$17,330 $33,939 $54,035 
Basic earnings (loss) per share$0.17 $(0.04)$0.30 $0.45 $0.94 
Diluted earnings (loss) per share$0.17 $(0.04)$0.30 $0.45 $0.94 
Average basic shares outstanding98,051 70,239 57,031 75,205 57,599 
Average diluted shares outstanding98,101 70,239 57,036 75,232 57,602 
16

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLEAt
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Commercial:
Commercial real estate - investor$9,327,705 $9,125,313 $5,478,832 $5,420,989 $5,211,220 
Commercial and industrial:
Commercial and industrial - real estate
1,833,051 1,800,501 1,016,912 986,431 997,122 
Commercial and industrial - non-real estate 1,997,819 1,907,719 1,302,128 1,227,556 998,860 
Total commercial and industrial3,830,870 3,708,220 2,319,040 2,213,987 1,995,982 
Total commercial13,158,575 12,833,533 7,797,872 7,634,976 7,207,202 
Consumer:
Residential real estate3,144,328 3,245,311 3,128,023 3,194,264 3,135,200 
Home equity loans and lines and other consumer ("other consumer")188,516 196,908 198,048 202,763 215,581 
Total consumer3,332,844 3,442,219 3,326,071 3,397,027 3,350,781 
Total loans16,491,419 16,275,752 11,123,943 11,032,003 10,557,983 
Deferred origination costs (fees), net18,222 20,496 21,442 22,389 13,105 
Allowance for loan credit losses(212,288)(209,716)(86,110)(83,726)(81,236)
Loans receivable, net$16,297,353 $16,086,532 $11,059,275 $10,970,666 $10,489,852 
Residential mortgage loans serviced for others$322,573 $333,605 $344,316 $365,431 $340,740 
At September 30, 2026 Average Yield
Loan pipeline (1):
Commercial7.00 %$541,234 $409,448 $417,356 $464,602 $710,933 
Residential real estate (2)
— — — 461 9,457 136,797 
Other consumer (2)
— — — — — 16,184 
Total7.00 %$541,234 $409,448 $417,817 $474,059 $863,914 
For the Three Months Ended
September 30,June 30March 31,December 31,September 30,
20262026202620252025
Average Yield
Loan originations:
Commercial7.10 %$734,830 $641,505 $422,907 $786,186 $739,154 
Residential real estate (2)
— — 406 5,824 249,540 250,066 
Other consumer (2)
— — — — 14,859 18,087 
Total7.10 %$734,830 $641,911 $428,731 $1,050,585 $1,007,307 
(1)Loan pipeline includes loans approved but not funded.
(2)As of December 31, 2025, the Company has discontinued its residential and consumer originations.

DEPOSITSAt
September 30,June 30March 31,December 31,September 30,
20262026202620252025
Type of Account
Non-interest-bearing$2,875,003 $2,836,711 $1,757,097 $1,741,958 $1,731,760 
Interest-bearing checking6,333,822 6,276,653 4,536,726 4,354,485 4,090,930 
Money market3,470,934 3,375,564 1,488,653 1,412,917 1,397,434 
Savings1,047,597 1,060,481 986,208 986,195 1,000,488 
Time deposits (1)
4,352,033 4,210,664 2,387,232 2,468,850 2,215,382 
  Total deposits$18,079,389 $17,760,073 $11,155,916 $10,964,405 $10,435,994 
(1)Includes brokered time deposits of $1.05 billion, $885.7 million, $487.9 million, $609.8 million, and $405.1 million at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.
17

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
ASSET QUALITY (1) (2)
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Non-performing loans:
Commercial real estate - investor$103,225 $76,721 $18,970 $13,636 $23,570 
Commercial and industrial:
Commercial and industrial - real estate20,058 16,980 5,541 4,813 7,469 
Commercial and industrial - non-real estate3,635 5,045 228 640 394 
Total commercial and industrial23,693 22,025 5,769 5,453 7,863 
Residential real estate11,232 7,043 7,011 6,200 7,334 
Other consumer2,586 2,452 2,888 2,502 2,496 
Total non-performing loans (2) (3)
$140,736 $108,241 $34,638 $27,791 $41,263 
Other real estate owned13,575 13,453 10,393 10,266 7,498 
Non-performing investment (4)
— 20,729 — — — 
Total non-performing assets
$154,311 $142,423 $45,031 $38,057 $48,761 
Delinquent loans 30 to 89 days (3)
$43,142 $47,097 $55,876 $47,808 $19,817 
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)$8,078 $7,151 $5,460 $956 $7,693 
Performing16,683 15,072 15,083 23,898 23,952 
Total modifications to borrowers experiencing financial difficulty$24,761 $22,223 $20,543 $24,854 $31,645 
Allowance for loan credit losses$212,288 $209,716 $86,110 $83,726 $81,236 
Allowance for unfunded commitments4,345 4,194 3,738 4,028 4,636 
Allowance for loan credit losses as a percent of total loans receivable1.29 %1.29 %0.77 %0.76 %0.77 %
Allowance for loan credit losses as a percent of total non-performing loans150.84 193.75 248.60 301.27 196.87 
Non-performing loans as a percent of total loans receivable0.85 0.67 0.31 0.25 0.39 
Non-performing assets as a percent of total assets0.66 0.61 0.31 0.26 0.34 
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses (3)
$674,201 $696,763 $14,604 $14,968 $19,003 
Non-performing PCD loans (3)
79,864 54,190 5,900 5,432 5,677 
Delinquent PCD and non-performing loans 30 to 89 days (3)
16,919 10,221 8,794 3,103 2,987 
PCD modifications to borrowers experiencing financial difficulty (2)
1,709 1,710 16 18 20 
Asset quality, excluding PCD loans
Non-performing loans (2)
60,872 54,051 28,738 22,359 35,586 
Non-performing assets
74,447 88,233 39,131 32,625 43,084 
Delinquent loans 30 to 89 days (excludes non-performing loans)
26,223 36,876 47,082 44,705 16,830 
Modifications to borrowers experiencing financial difficulty (2)
23,052 20,513 20,527 24,836 31,625 
Allowance for loan credit losses as a percent of total non-performing loans 348.74 %388.00 %299.64 %374.46 %228.28 %
Non-performing loans as a percent of total loans receivable
0.37 0.33 0.26 0.20 0.34 
Non-performing assets as a percent of total assets0.32 0.38 0.27 0.22 0.30 
(1)Asset quality metrics exclude loans held for sale.
(2)The quarter ended September 30, 2026 included the sale of non-performing commercial real estate - investor loans of $1.4 million. The quarters ended June 30, 2026 and December 31, 2025, included the sale of non-performing residential and consumer loans of $2.0 million and $2.5 million, respectively.
(3)The quarters ended September 30, 2026 and June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans as of September 30, 2026 included $84.6 million, $13.2 million, and $727.1 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans as of September 30, 2026 included $79.3 million and $7.1 million, respectively, from Flushing.
(4)Non-performing investment acquired from Flushing, which was subsequently sold during the quarter ended September 30, 2026.
18

(continued)

NET LOAN CHARGE-OFFSFor the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Net loan charge-offs:
Loan charge-offs $(2,599)$(1,776)$(956)$(2,190)$(850)
Recoveries on loans1,143 262 255 216 233 
Net loan charge-offs$(1,456)

$(1,514)$(701)$(1,974)$(617)
Net loan charge-offs to average total loans (annualized)0.04 %0.05 %0.03 %0.07 %0.02 %
Net loan (charge-offs) recoveries detail:
Commercial$(1,500)$(1,074)$(736)$(1,676)$(522)
Residential real estate (1)
(10)(352)(7)(268)(24)
Other consumer (1)
54 (88)42 (30)(71)
Net loan charge-offs$(1,456)$(1,514)$(701)$(1,974)$(617)
(1)The three months ended December 31, 2025 included charge-offs of $342,000, related to the sale of non-performing residential and consumer loans.


19

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
For the Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
(dollars in thousands)Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments$174,345 $1,459 3.32 %$158,816 $1,375 3.47 %$94,470 $1,115 4.68 %
Securities (2)
5,145,177 63,189 4.87 2,789,029 29,247 4.21 1,990,917 19,232 3.83 
Loans receivable, net (3)
Commercial13,006,563 200,603 6.12 9,701,371 142,903 5.91 6,975,780 105,587 6.01 
Residential real estate3,172,827 33,521 4.23 3,145,110 33,135 4.21 3,151,177 32,685 4.15 
Other consumer185,142 2,927 6.27 188,131 2,944 6.28 218,465 3,575 6.49 
Allowance for loan credit losses, net of deferred loan costs and fees(191,171)— — (104,773)— — (66,812)— — 
Loans receivable, net16,173,361 237,051 5.82 12,929,839 178,982 5.55 10,278,610 141,847 5.49 
Total interest-earning assets21,492,883 301,699 5.57 15,877,684 209,604 5.29 12,363,997 162,194 5.21 
Non-interest-earning assets1,814,874 1,399,341 1,187,197 
Total assets$23,307,757 $17,277,025 $13,551,194 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$6,506,421 40,366 2.46 %$5,107,262 28,186 2.21 %$4,000,804 21,253 2.11 %
Money market3,506,127 25,777 2.92 2,120,250 14,128 2.67 1,426,586 10,507 2.92 
Savings1,055,990 1,386 0.52 1,003,045 1,284 0.51 1,009,742 1,674 0.66 
Time deposits3,798,395 29,468 3.08 2,990,624 24,710 3.31 2,105,734 19,812 3.73 
Total14,866,933 96,997 2.59 11,221,181 68,308 2.44 8,542,866 53,246 2.47 
FHLB Advances2,090,088 21,183 4.02 1,312,502 13,169 4.02 1,123,946 12,793 4.52 
Securities sold under agreements to repurchase45,998 263 2.27 60,009 399 2.67 59,017 438 2.94 
Other borrowings591,751 11,140 7.47 397,793 6,998 7.06 249,233 5,060 8.05 
Total borrowings2,727,837 32,586 4.74 1,770,304 20,566 4.66 1,432,196 18,291 5.07 
Total interest-bearing liabilities17,594,770 129,583 2.92 12,991,485 88,874 2.74 9,975,062 71,537 2.85 
Non-interest-bearing deposits2,891,503 2,107,561 1,720,657 
Non-interest-bearing liabilities403,944 247,077 199,582 
Total liabilities20,890,217 15,346,123 11,895,301 
Stockholders’ equity2,417,540 1,930,902 1,655,893 
Total liabilities and stockholders’ equity$23,307,757 $17,277,025 $13,551,194 
Net interest income$172,116 $120,730 $90,657 
Net interest rate spread (4)
2.65 %2.55 %2.36 %
Net interest margin (5)
3.18 %3.05 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.17 %2.06 %2.06 %






20

(continued)
For the Nine Months Ended September 30,
20262025
(dollars in thousands)Average
Balance		Interest
Average
Yield/
Cost (1)
Average
Balance		Interest
Average
Yield/
Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments$139,067 $3,497 3.36 %$102,267 $3,188 4.17 %
Securities (2)
3,416,108 114,740 4.49 1,970,368 57,190 3.88 
Loans receivable, net (3)
Commercial10,151,282 452,604 5.96 6,848,512 303,852 5.93 
Residential real estate3,161,753 99,797 4.21 3,103,008 95,816 4.12 
Other consumer190,812 8,956 6.28 224,073 10,676 6.37 
Allowance for loan credit losses, net of deferred loan costs and fees(119,748)— — (65,028)— — 
Loans receivable, net13,384,099 561,357 5.60 10,110,565 410,344 5.42 
Total interest-earning assets16,939,274 679,594 5.36 12,183,200 470,722 5.16 
Non-interest-earning assets1,471,296 1,188,063 
Total assets$18,410,570 $13,371,263 
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking$5,381,821 91,372 2.27 %$4,041,710 63,292 2.09 %
Money market2,373,903 48,713 2.74 1,363,977 29,577 2.90 
Savings1,016,245 3,975 0.52 1,032,239 5,138 0.67 
Time deposits3,059,169 74,940 3.28 2,066,745 58,558 3.79 
Total11,831,138 219,000 2.47 8,504,671 156,565 2.46 
FHLB Advances1,557,891 47,236 4.05 1,000,796 34,086 4.55 
Securities sold under agreements to repurchase55,220 1,046 2.53 61,250 1,284 2.80 
Other borrowings430,890 23,019 7.14 264,222 13,842 7.00 
Total borrowings2,044,001 71,301 4.66 1,326,268 49,212 4.96 
Total interest-bearing liabilities13,875,139 290,301 2.80 9,830,939 205,777 2.80 
Non-interest-bearing deposits2,247,866 1,653,007 
Non-interest-bearing liabilities275,884 202,976 
Total liabilities16,398,889 11,686,922 
Stockholders’ equity2,011,681 1,684,341 
Total liabilities and stockholders’ equity$18,410,570 $13,371,263 
Net interest income$389,293 $264,945 
Net interest rate spread (4)
2.56 %2.36 %
Net interest margin (5)
3.07 %2.91 %
Total cost of deposits (including non-interest-bearing deposits)2.08 %2.06 %
(1)    Average yields and costs are annualized.
(2)    Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.
(3)    Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held-for-sale and non-performing loans.
(4)    Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5)    Net interest margin represents net interest income divided by average interest-earning assets.
21

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Selected Financial Condition Data:
Total assets$23,370,456 $23,270,010 $14,556,336 $14,564,317 $14,324,664 
Debt securities available-for-sale, at estimated fair value
1,770,923 2,067,668 1,181,087 1,231,827 1,261,580 
Debt securities held-to-maturity, net of allowance for securities credit losses2,996,502 2,862,196 852,917 881,568 919,734 
Equity investments65,845 75,965 88,239 91,882 90,731 
Restricted equity investments, at cost184,051 180,711 119,503 129,329 142,398 
Loans receivable, net of allowance for loan credit losses16,297,353 16,086,532 11,059,275 10,970,666 10,489,852 
Deposits18,079,389 17,760,073 11,155,916 10,964,405 10,435,994 
Federal Home Loan Bank advances1,774,967 1,732,373 1,180,179 1,397,179 1,705,585 
Securities sold under agreements to repurchase from customers and other borrowings529,417 554,545 322,767 309,667 263,007 
Total stockholders’ equity2,395,971 2,411,080 1,669,368 1,662,550 1,653,427 

For the Three Months Ended,
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Selected Operating Data:
Interest income$301,699 $209,604 $168,291 $171,732 $162,194 
Interest expense129,583 88,874 71,844 76,454 71,537 
Net interest income172,116 120,730 96,447 95,278 90,657 
Provision for credit losses4,268 4,002 2,738 3,700 4,092 
Net interest income after provision for credit losses167,848 116,728 93,709 91,578 86,565 
Other income (excluding equity investments)13,029 10,945 7,102 9,181 12,311 
Net (loss) gain on equity investments(10)(347)(354)230 (7)
Operating expenses (excluding non-core operations)114,335 87,165 69,125 71,227 72,390 
Restructuring (release) charges(49)(71)128 7,379 4,147 
Credit risk transfer execution expense— — — 1,283 — 
FDIC special assessment release— — — — (210)
Merger-related expenses37,088 42,765 4,150 4,253 — 
Income (loss) before provision for income taxes29,493 (2,533)27,054 16,847 22,542 
Provision for income taxes13,031 496 6,548 3,754 5,156 
Net income (loss)16,462 (3,029)20,506 13,093 17,386 
Net income attributable to non-controlling interest— — — — 56 
Net income (loss) attributable to OceanFirst Financial Corp.$16,462 $(3,029)$20,506 $13,093 $17,330 
Net income (loss) available to common stockholders$16,462 $(3,029)$20,506 $13,093 $17,330 
Diluted earnings (loss) per share (6)
$0.17 $(0.04)$0.36 $0.23 $0.30 
Net accretion/amortization of purchase accounting adjustments included in net interest income$7,697 $1,151 $59 $222 $510 
22

(continued)
At or For the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return (loss) on average assets (3)
0.28 %(0.07)%0.57 %0.36 %0.51 %
Return (loss) on average tangible assets (3) (4)
0.29 (0.07)0.59 0.38 0.53 
Return (loss) on average stockholders’ equity (3)
2.70 (0.63)4.95 3.12 4.15 
Return (loss) on average tangible stockholders’ equity (3) (4)
3.63 (0.88)7.22 4.57 6.13 
Return (loss) on average tangible common equity (3) (4)
3.63 (0.88)7.22 4.57 6.13 
Stockholders’ equity to total assets10.25 10.36 11.47 11.42 11.54 
Tangible stockholders’ equity to tangible assets (4)
7.83 7.91 8.15 8.09 8.12 
Tangible common equity to tangible assets (4)
7.83 7.91 8.15 8.09 8.12 
Net interest rate spread2.65 2.55 2.44 2.36 2.36 
Net interest margin3.18 3.05 2.93 2.87 2.91 
Operating expenses to average assets 2.58 3.01 2.05 2.33 2.23 
Efficiency ratio (5)
81.76 98.88 71.13 80.37 74.13 
Loan-to-deposit ratio91.20 91.60 99.70 100.60 101.20 


For the Nine Months Ended September 30,
20262025
Performance Ratios (Annualized):
Return on average assets (3)
0.25 %0.54 %
Return on average tangible assets (3) (4)
0.25 0.56 
Return on average stockholders’ equity (3)
2.26 4.29 
Return on average tangible stockholders’ equity (3) (4)
3.14 6.28 
Return on average tangible common equity (3) (4)
3.14 6.28 
Net interest rate spread2.56 2.36 
Net interest margin3.07 2.91 
Operating expenses to average assets2.58 2.12 
Efficiency ratio (5)
84.51 70.64 


23

(continued)
At or For the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)$158,057 $158,650 $142,962 $142,030 $143,708 
Nest Egg AUA/M502,243 503,818 469,586 485,606 463,906 
Total AUA/M660,300 662,468 612,548 627,636 607,614 
Per Share Data:
Cash dividends per common share (6)
$0.20 $0.20 $0.20 $0.20 $0.20 
Book value per common share at end of period (6)
24.32 24.50 28.98 28.97 28.81 
Tangible book value per common share at end of period (4) (6)
18.08 18.19 19.86 19.79 19.52 
Common shares outstanding at end of period (6)
98,507,99198,416,19557,600,06957,390,56957,388,603
Number of full-service customer facilities:72 71 41 41 40 
Quarterly Average Balances
Total securities$5,145,177 $2,789,029 $2,282,663 $2,339,646 $1,990,917 
Loans receivable, net16,173,361 12,929,839 10,992,163 10,724,240 10,278,610 
Total interest-earning assets21,492,883 15,877,684 13,357,862 13,157,360 12,363,997 
Total goodwill and intangibles618,356 557,717 526,228 529,006 533,835 
Total assets23,307,757 17,277,025 14,550,698 14,337,776 13,551,194 
Time deposits3,798,395 2,990,624 2,372,824 2,270,671 2,105,734 
Total deposits (including non-interest-bearing deposits)17,758,436 13,328,742 11,076,407 11,122,681 10,263,523 
Total borrowings2,727,837 1,770,304 1,621,709 1,350,390 1,432,196 
Total interest-bearing liabilities17,594,770 12,991,485 10,966,327 10,717,860 9,975,062 
Non-interest bearing deposits2,891,503 2,107,561 1,731,789 1,755,211 1,720,657 
Stockholders' equity2,417,540 1,930,902 1,678,482 1,665,201 1,655,893 
Tangible stockholders’ equity (4)
1,799,184 1,373,185 1,152,254 1,136,195 1,122,058 
Quarterly Yields and Costs
Total securities4.87 %4.21 %3.96 %4.10 %3.83 %
Loans receivable, net5.82 5.55 5.34 5.43 5.49 
Total interest-earning assets5.57 5.29 5.10 5.19 5.21 
Time deposits3.08 3.31 3.55 3.68 3.73 
Total cost of deposits (including non-interest-bearing deposits)2.17 2.06 1.97 2.13 2.06 
Total borrowed funds4.74 4.66 4.54 4.95 5.07 
Total interest-bearing liabilities2.92 2.74 2.66 2.83 2.85 
Net interest spread2.65 2.55 2.44 2.36 2.36 
Net interest margin3.18 3.05 2.93 2.87 2.91 
(1)    With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)    Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3)    Ratios for each period are based on net income available to common stockholders.
(4)    Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5)    Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
(6)    Shares include NVCE stock of 1,812,000 as of September 30, 2026 and June 30, 2026. Those shares are participating securities, and are presented on an as-converted common stock equivalent basis.



24



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

NON-GAAP RECONCILIATION
For the Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Core Earnings:
Net income available to common stockholders (GAAP)
$16,462 $(3,029)$20,506 $13,093 $17,330 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments10 347 354 (230)7 
Restructuring (release) charges(49)(71)128 7,379 4,147 
Credit risk transfer execution expense— — — 1,283 — 
FDIC special assessment release— — — — (210)
Merger-related expenses37,088 42,765 4,150 4,253 — 
Income tax benefit on items(6,586)(9,467)(806)(2,254)(926)
Core earnings (Non-GAAP)
$46,925 $30,545 $24,332 $23,524 $20,348 
Income tax expense$13,031 $496 $6,548 $3,754 $5,156 
Provision for credit losses4,268 4,002 2,738 3,700 4,092 
Less: income tax benefit on non-core items(6,586)(9,467)(806)(2,254)(926)
Core earnings PTPP (Non-GAAP)
$70,810 $44,510 $34,424 $33,232 $30,522 
Core earnings diluted earnings per share$0.48 $0.43 $0.43 $0.41 $0.36 
Core earnings PTPP diluted earnings per share$0.72 $0.63 $0.60 $0.58 $0.54 
Core Ratios (Annualized):
Return on average assets0.80 %0.71 %0.68 %0.65 %0.60 %
Return on average tangible stockholders’ equity10.35 8.92 8.56 8.21 7.19 
Return on average tangible common equity10.35 8.92 8.56 8.21 7.19 
Efficiency ratio61.75 66.20 66.76 68.19 70.30 
25

For the Nine Months Ended September 30,
20262025
Core Earnings:
Net income available to common stockholders (GAAP)
$33,939 $54,035 
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments711 (686)
Restructuring charges8 4,147 
FDIC special assessment release— (210)
Merger related expenses84,003 — 
Income tax benefit on items(16,859)(762)
Loss on redemption of preferred stock— 1,842 
Core earnings (Non-GAAP)
$101,802 $58,366 
Income tax expense$20,075 $17,735 
Provision for credit losses11,008 12,471 
Less: income tax benefit on non-core items(16,859)(762)
Core earnings PTPP (Non-GAAP)
$149,744 $89,334 
Core diluted earnings per share$1.35 $1.01 
Core earnings PTPP diluted earnings per share$1.99 $1.55 
Core Ratios (Annualized):
Return on average assets0.74 %0.58 %
Return on average tangible stockholders’ equity9.43 6.79 
Return on average tangible common equity9.43 6.79 
Efficiency ratio64.38 69.49 


26

(continued)

September 30,June 30,March 31,December 31,September 30,
20262026202620252025
Tangible Equity:
Total stockholders' equity$2,395,971 $2,411,080 $1,669,368 $1,662,550 $1,653,427 
Less:
Goodwill530,846 529,836 517,481 517,481 523,308 
Intangibles84,491 90,613 8,198 9,046 9,934 
Tangible stockholders' equity1,780,634 1,790,631 1,143,689 1,136,023 1,120,185 
Less:
Preferred stock— — — — — 
Tangible common equity$1,780,634 $1,790,631 $1,143,689 $1,136,023 $1,120,185 
Tangible Assets:
Total assets$23,370,456 $23,270,010 $14,556,336 $14,564,317 $14,324,664 
Less:
Goodwill530,846 529,836 517,481 517,481 523,308 
Intangibles84,491 90,613 8,198 9,046 9,934 
Tangible assets$22,755,119 $22,649,561 $14,030,657 $14,037,790 $13,791,422 
Tangible stockholders' equity to tangible assets7.83 %7.91 %8.15 %8.09 %8.12 %
Tangible common equity to tangible assets7.83 %7.91 %8.15 %8.09 %8.12 %


27

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

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

At June 1, 2026
Flushing Book ValuePurchase Accounting AdjustmentsEstimated Fair Value
Total Purchase Price:538,351 
Assets Acquired:
Cash and cash equivalents$308,470 $— $308,470 
Securities1,560,808 (332)1,560,476 
Loans receivable, net of allowance for loan credit losses5,221,067 (226,079)4,994,988 
Loans held-for-sale1,309,849 (106,635)1,203,214 
Core deposit intangible647 84,353 85,000 
Other assets457,057 76,557 533,614 
Total assets acquired8,857,898 (172,136)8,685,762 
Liabilities assumed:
Deposits7,436,454 7,497 7,443,951 
FHLB advances and other borrowings406,241 (5,894)400,347 
Other liabilities316,879 (401)316,478 
Total liabilities assumed8,159,574 1,202 8,160,776 
Net assets acquired$698,324 $(173,338)$524,986 
Goodwill recorded in the merger$13,365 

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

28