Annual report
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2025 ANNUAL REPORT Investing in Opportunity
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As a financial institution that has grown and thrived over the past 30 years—and has been in existence for well over a century—OceanFirst has a proud history of investing in people, products, and technology—along with a sharp focus on deep personal client relationships, exceptional customer service, and prudent capital and risk management. 2025 Annual Report
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FINANCIAL SUMMARY 2025 Total Assets ($ in billions) Assets ($ in billions) ’21 ’22 ’23 ’24 ’25 0 3 6 9 12 15 Loans Receivable ($ in billions) Deposits ($ in billions) 0 2 4 6 8 10 12 0 2 4 6 8 10 12 0 2 4 6 8 10 $12 0 3 6 9 12 $15 Loans Receivable ($ in billions) ’21 ’22 ’23 ’24 ’25 Total Stockholders’ Equity ($ in billions) ’21 ’22 ’23 ’24 ’25 0 2 4 6 8 10 $12 Deposits ($ in billions) ’21 ’22 ’23 ’24 ’25 0.0 0.5 1.0 1.5 2.0 0 0.5 1.0 1.5 $2.0 Tangible Book Value per Common Share ’21 ’22 ’23 ’24 ’25 0 5 10 15 20 0 5 10 15 $20 At or for the year ended December 31, (dollars in thousands, except per share amounts) 2025 2024 2023 2022 2021 Selected Financial Condition Data Total assets $14,564,317 $13,421,247 $13,538,253 $13,103,896 $11,739,616 Loans receivable, net of allowance for loan credit losses 10,970,666 10,055,429 10,136,721 9,868,718 8,583,352 Deposits 10,964,405 10,066,342 10,434,949 9,675,206 9,732,816 Total stockholders’ equity 1,662,550 1,702,757 1,661,945 1,585,464 1,516,553 Selected Operating Data Net interest income 360,223 334,035 369,731 377,477 305,338 Other income (1) 44,701 50,187 33,624 59,094 51,931 Operating expenses (1) 296,237, 245,877 248,912 234,881 226,860 Net income available to common stockholders (1) 67,128 96,049 100,013 142,587 106,060 Diluted earnings per share (1) 1.17 1.65 1.70 2.42 1.78 Selected Financial Ratios and Other Data (1) Tangible book value per common share(2) 19.79 18.98 18.35 17.08 15.93 Book value per common share at end of period 28.98 29.08 27.96 26.81 25.63 Cash dividends per common share 0.80 0.80 0.80 0.74 0.68 Tangible stockholders’ equity to tangible assets (2) 8.09 % 9.06 % 8.80 % 8.47 % 8.89 % Stockholders’ equity to total assets 11.42 12.69 12.28 12.10 12.92 Return on average assets (1) (3) 0.49 0.71 0.74 1.15 0.91 Return on average tangible stockholders’ equity (1) (2) (3) 5.86 8.24 8.97 13.96 10.73 Return on average stockholders’ equity (1) (3) 4.00 5.70 6.13 9.24 7.02 Net interest margin 2.90 2.72 3.02 3.37 2.93 Operating expenses to average assets (1) 2.18 1.82 1.85 1.90 1.94 Efficiency ratio (1) 73.16 63.99 61.71 53.80 63.50 Common equity tier 1 (CET1) capital ratio 10.72 11.17 10.86 9.93 10.26 Non-performing loans as a percent of total loans receivable 0.25 0.35 0.29 0.23 0.30 (1) Performance ratios for 2025 included a net expense related to net gain on equity investments, restructuring charges, loss on redemption of preferred stock, credit risk transfer execution expense, Federal Deposit Insurance Corporation ("FDIC") special assessment release and merger related expenses of $15.9 million, or $12.9 million, net of tax benefit. Performance ratios for 2024 incluced a net benefit related to Spring Garden Capital Group, LLC ("Spring Garden") opening provision for credit losses, a net gain on equity investments, a net gain on sale of trust business, FDIC special assessment and merger related expenses of $3.2 million, or $2.5 million, net of tax expense. Performance ratios for 2023 included a net expense related to merger related expenses, net branch consolidation expense, FDIC special assessment, net loss on sale of investments and net gain on equity investments of $6.2 million, or $4.7 million, net of tax benefit. Performance ratios for 2022 included a net benefit related to merger related expenses, net branch consolidation expense, and gain on equity investments of $6.2 million, or $4.6 million, net of tax expense. Performance ratios for 2021 included merger related expenses, branch consolidation expenses, and a net gain on equity investments of $6.7 million or $5.1 million, net of tax benefit. (2) These are non-GAAP measures; refer to ‘Explanation of non-GAAP Financial Measures’ and the ‘Non-GAAP Reconciliation’ table in the Company’s Earnings Release furnished as Exhibit 99.1 to Form 8-K as filed with the SEC on January 22, 2026. (3) 'Ratios for each period are based on net income available to common stockholders. ANNUAL REPORT 2025 1
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In July 2026, OceanFirst Financial Corp. will celebrate the 30th anniversary of our initial public offering—an event that marked the Company’s entry into the capital markets and set the stage for our strategic transformation into a regional banking leader. This milestone provides an opportunity to pause and reflect on our progress over the past three decades. At the time of our IPO in 1996, the Company had total assets over $1.2 billion and eight branch locations in New Jersey, compared to $14.6 billion in total assets and 41 branches along the Northeast Corridor at the end of 2025. Our strong growth has enabled us to greatly expand the choices available to our customers, adding offerings in commercial business and real estate banking, treasury management, equipment finance, trust and investment services, and the technology to interact with us across all forms of digital products, among a wide array of other solutions. We also have delivered significant value for stockholders. The Company’s stock price has risen 269%, from a split-adjusted $6.67 per share in the initial public offering to $17.95 per share at December 31, 2025. Over the same period, our market capitalization grew from $168 million to over $1 billion. Total stockholders’ equity has risen considerably since the IPO, ending 2025 at $1.7 billion, with tangible book value per common share of $19.79. In addition, OceanFirst has paid cash dividends for 115 consecutive quarters, equal to cumulative dividends per share of $7.95. Total shareholder return over our lifetime as a public company is a robust 440%. As we write these words, the U.S. and world economies have entered yet another period of uncertainty, triggered by global and national events, including the conflict in the Middle East. This is just the latest reminder that the business environment in which we operate is repeatedly buffeted by momentous events. In the years since our 1996 IPO, the world has experienced the 1997 Asian Debt Crisis, the bursting of the dot-com bubble, the 9/11 attacks, a Gulf War, the Global Financial Crisis, and a global pandemic among many other impactful events. Looking back even further, since the Bank’s founding in 1902, we have weathered multiple global wars, recessions, a depression, and even the pandemic of 1918. In short, OceanFirst is no stranger to volatile and challenging operating environments. And yet, as a public financial institution that has grown and thrived over the past 30 years—and has been in existence for well over a century—we remain confident in our long-term future. What has stood us well over that time is OceanFirst’s determined focus on several fundamental areas: deep personal client relationships, exceptional customer Dear Fellow Stockholders OUR GROWTH AS A PUBLIC COMPANY HAS ENABLED US TO EXPAND THE CHOICES AVAILABLE TO OUR CUSTOMERS AND COMMUNITIES, WHILE DELIVERING SIGNIFICANT VALUE FOR OUR STOCKHOLDERS. 2 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC
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service, prudent capital and risk management, and a sustained commitment to investing in new technologies, products, solutions and opportunities. In this annual report, we highlight OceanFirst’s most recent investments, which have positioned us well for 2026 and beyond. We are proud of our history of making strategic investments in people, products and technology, as well as in the physical infrastructure to serve key markets along the Northeast Corridor, which is economically vital to the country. In 2025 alone, our investments included a successful expansion of our presence in New York, the addition of talented banking professionals in key markets, the targeted adoption of technologies such as artificial intelligence (AI), and the entry into a transformative business combination with Flushing Financial, which should close later this year. Together with our investments in prior years, these recent initiatives are designed to elevate OceanFirst to new levels of competitive strength, customer service, operational excellence, and financial performance. Flushing Financial: Platform for Profitable Growth At the end of last year, we took one of the most significant steps in our journey to establish OceanFirst as a leading regional banking franchise and to build a platform for long-term, profitable growth. In December 2025, we announced an agreement to acquire Flushing Financial Corporation, the holding company for Flushing Bank, through an all- stock merger. As part of the transaction, funds managed by the private equity firm Warburg Pincus LLC committed to make a $225 million equity investment in the combined Company, providing additional capital to support future growth. The merger is expected to close in the first half of 2026, subject to customary regulatory and shareholder approvals. While bank acquisitions are often met initially with market skepticism and near-term pressure on stock performance, long-term value is ultimately determined by disciplined execution, strategic fit, and financial returns. Over the past decade, OceanFirst has successfully integrated multiple acquisitions. We approach each transaction with a clear focus on risk-adjusted returns and sustained shareholder value and have a strong track record of executing acquisitions in a manner that enhances earnings, strengthens our balance sheet, and expands our footprint, while continuing to deliver a quality customer experience. ANNUAL REPORT 2025 3 Christopher D. Maher Chairman of the Board and Chief Executive Officer 440% TOTAL SHAREHOLDER RETURN SINCE 1996 ANNUAL REPORT 2025 3
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The acquisition of Flushing Financial reflects this same disciplined approach. While the transaction offers meaningful near-term financial benefits, including improved operating leverage and earnings power, it is equally important for its strategic positioning and long-term growth potential. The acquisition of Flushing Bank: • Accelerates our expansion into New York City and Long Island, among the deepest and most valuable banking markets in the United States. • Provides positive operating leverage to improve key performance metrics, including return on assets and earnings per share growth over the next several quarters. • Reflects a lower execution risk profile in an environment where integration timelines can be swift, allowing for a strategic transaction to be consummated and completed in less than a year. • Establishes critical scale in a market with limited regional bank competition, positioning the Company for sustained growth and creating long-term scarcity value. Expanding In New York Placing the Flushing Bank acquisition in the context of our strategic plan and long-term franchise value is important. While New York is a market dominated by behemoth, global players, OceanFirst has successfully competed in the market for years. We entered the New York market in 2019, shortly prior to the pandemic. In the years since, we have quietly built a $2 billion asset position in New York. In 2025, we stepped up the pace of investment by hiring an additional 36 bankers and opening our fifth branch, in Melville, Long Island. Our expansion in New York was one reason the Company posted such strong growth in the third and fourth quarters of 2025. The combined organization will operate under the OceanFirst brand and will have approximately $23 billion in total assets, $17 billion in total loans, and $18 billion in total deposits. The merger will more than double the total number of branches we operate in the greater New York Metropolitan Area, giving us a meaningful presence in the attractive markets of Suffolk, Nassau, Queens, Brooklyn, and Manhattan, and providing an expanded distribution network for our robust product and service offering. In a banking industry that is rapidly pursuing scale, the proposed merger will strengthen the Company’s competitive position in the highly sought-after New York-New Jersey regional market, which represents nearly $2.8 trillion Joseph J. Lebel III President and Chief Operating Officer 4 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC THE PROPOSED FLUSHING FINANCIAL MERGER IS A MAJOR STEP IN ESTABLISHING OCEANFIRST AS A LEADING REGIONAL BANKING FRANCHISE AND BUILDING A PLATFORM FOR LONG-TERM, PROFITABLE GROWTH. LETTER TO STOCKHOLDERS
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in deposits1, and is home to almost 20 million residents2 and 3.5 million small businesses. 3 The resulting organization would hold the #2 community bank deposit market shares in both New Jersey and Long Island. 4 Increasing Profitability While organic growth can be exceptionally valuable, entering new markets organically can pressure short-term earnings performance as the investments in talent and branch locations need time to mature. Acquiring Flushing Bank allows OceanFirst to achieve immediate brand scale while also contributing 30 profitable branch locations. Adding a mature branch network should accelerate improvements in profitability by avoiding the extended payback period typically required for organic growth. We expect the merger of OceanFirst and Flushing Financial to be measurably accretive to our financial performance. For 2027, the first full year of operations as a combined organization, we are targeting a Return on Average Tangible Common Equity of 12.60%, a Return on Average Assets of 1.00%, and an Efficiency Ratio of 53%. With an expected Common Equity Tier 1 (CET1) ratio of 10.8%, our combined organization will be a strongly capitalized institution with a continued focus on maintaining sound risk management and pristine asset quality. $1.61B $1.55B $2.21B TOTAL COMMERCIAL AND INDU STRIAL LOANS ANNUAL REPORT 2025 5 2023 2024 2025 (1) FDIC BankFind Suite, Summary of Deposits, June 30, 2025. (2) New York-Newark-Jersey City, NY-NJ Metro Area - Profile data - Census Reporter (3) 2025 Small Business Profiles for the States, NY and NJ. (4) Reflects deposit market share for community banks, defined as institutions with less than $50 billion in assets.
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6 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC M&A Risk Profiles Have Changed Time is risk. Over the past several years, bank M&A regulatory approvals have commonly taken 18-24 months to complete—increasing execution risk while prolonging the merger integration process and lengthening the earn- back horizon. However, the current regulatory environment should enable us to close the transaction, implement the systems integration, and realize the anticipated synergies within 12 months of the announcement. That is simply a materially lower risk position than the very same transaction would have experienced just a few years ago. Long-Term Franchise Value The core markets in which we operate have experienced substantial competitive disruption. As a result, we have the extraordinary oppor- tunity to aggressively compete for business owners and consumers who place a premium on deep relationships and sophisticated com - mercial bank capabilities. Over the past several years, banks with headquarters or a significant competitive presence in our market have either ceased operations or been absorbed into much larger businesses. At least 17 banks or major operating divisions, ranging in asset size from $5 billion to $230 billion, have been acquired in recent years or are in the process of merging. In basketball terms, we see this as a jump ball for opportunities in the New York market. The additional resources provided by the Flushing acquisition, including branch delivery, profitability, and operating scale, should improve our chances of success. Post-integration, we expect that OceanFirst will provide a more competitive value proposition for talented commercial bankers and clients. Commercial Banking: Building Relationships During the past year, we continued the expansion of our commercial banking business by adding 16 seasoned commercial and industrial (C&I) bankers who contributed to our substantial growth in C&I lending for 2025. Since 2005, we’ve hired 99 C&I bankers across our regional footprint, and we look forward to adding more in the coming year. As part of our New York expansion in the commercial bank, we recruited a talented group of bankers and established our Premier Banking Business—a deposit-focused suite of customized solutions designed to meet the financial needs of commercial businesses and organizations, their owners, and senior managers. As has been our practice with commercial bankers, and building on OceanFirst’s historical level of superior delivery, every Premier Banker serves as a primary point-of-contact for their customers, EXPANDING CAPABILITIES AND REACH COMMERCIAL BANKING CONTINUES TO PROVIDE US WITH AN EXCEPTIONAL OPPORTUNITY TO ATTRACT NEW CLIENTS AND ENHANCE OUR SERVICES TO EXISTING CLIENTS.
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delivering exclusive, highly personalized, relationship-based solutions to meet their individualized needs across a wide range of services, including deposit accounts, lending and credit options, treasury management, financial planning tools, and other resources. Commercial banking continues to provide us with an exceptional opportunity to attract new clients—and enhance our services to existing clients, as we expand our market presence and commercial relationships through the Flushing Financial merger. Talent and Technology: Expanding Capabilities OceanFirst has continued to drive organic growth by adding talented individuals, including the commercial bankers already referenced above, and investing in an enhanced set of products and solutions. To strengthen our resources in small community- based real estate project finance, the Company acquired Spring Garden Capital Group, LLC in 2024. Now, in partnership with OceanFirst, Spring Garden has continued to offer an array of services for real estate entrepreneurs, including loans, equity capital and other financing solutions. Spring Garden has historically operated in markets such as Philadelphia, Pittsburgh, Baltimore, Washington, DC, and more recently, major Ohio markets. Since the acquisition, we have expanded Spring Garden’s markets to include New York and Boston. The New York expansion has gone particularly well and now represents Spring Garden’s highest volume market for loan originations. We expect growth in New York to accelerate further as our brand and relationships benefit from the proposed Flushing Bank acquisition. OceanFirst has continued to invest in and apply advanced technology, including AI, with the goal of boosting efficiency and scalability, while enhancing the customer experience. AI tools, particularly those that support the rapid development of process automation, are becoming integral to almost every aspect of the Bank. Nearly two years ago, we began an effort to feed the critical data elements of each business line or operation into a data infrastructure and analytics layer, where it can be accessed by AI models. For example, we are using AI for such functions as analyzing bond portfolios, which can now be done in minutes rather than hours. Another example relates to the workflows used to facilitate compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, critically important functions that benefit greatly from process automation. Over the years, our investments in technology have contributed significantly to OceanFirst’s ability to operate more cost-effectively. The level of assets that can be supported by our team members has increased dramatically in the process—from approximately $11.6 million per employee just a few years ago to ANNUAL REPORT 2025 7 INVESTMENTS IN TECHNOLOGY HAVE CONTRIBUTED SIGNIFICANTLY TO OCEANFIRST’S ABILITY TO OPERATE MORE COST-EFFECTIVELY.
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$15.7 million today. We are continually seeking additional ways to use technology to do things faster, smarter, more economically, and with better outcomes for the Company and our customers. 2025 Financial Results: Investments Powered by Performance OceanFirst’s financial performance for 2025 reflected strong fundamentals, as well as our commitment to making strategic investments in growth. On a GAAP basis, net income available to common stockholders for 2025 was $67.1 million, or $1.17 per diluted share, versus $96.0 million, or $1.65 per diluted share, for the prior year. However, the headline numbers don’t tell the full story. Under the covers, there were two critical financial developments in 2025. First, our substantial investment in talent weighed on 2025 earnings as we hired commercial bankers to boost growth rates. Second, two years of an inverted yield curve, from mid-2022 to mid- 2024, weighed heavily on net interest margins. As rates normalized, margins expanded and net interest income increased materially. Our discipline and strategy paid off in the second half of 2025 as core EPS bounced off a multi- year trough of $0.31 per share in the second quarter, to $0.41 per share by the fourth quarter. The 32% improvement in EPS in the second half of 2025 was driven by $900 million of growth in both loans and deposits, which directly resulted from investments made in late 2024 and the first half of 2025. Core earnings (pre-tax-pre-provision) for 2025, excluding adjustments related to the merger and other strategic actions, were $122.6 million, or $2.13 per diluted share, compared with $129.4 million, or $2.22 per diluted share, a year earlier. The 2025 core earnings represented a Return on Average Assets of 0.60% and Return on Average Tangible Common Equity of 7.14%. Strong organic growth was one of the highlights of 2025. Total assets rose by $1.1 billion over the prior year, to total $14.6 billion, mostly due to increases in loans and securities. Total loans increased by $914 million, to $11 billion, primarily driven by growth in the commercial loan portfolio. Largely due to robust commercial demand, our loan pipeline at year-end 2025 was a robust $474 million, increasing by $167 million over the prior year. Deposits increased by $898 million, to reach $11 billion. We continued to maintain exceptional asset quality. Non-performing loans as of December 31, 2025, decreased to $27.8 million, or 0.25% of total loans, from $35.5 million, or 0.35% of total loans, a year earlier. The allowance for loan credit losses as a percentage of total non-performing loans increased to 301%, compared to 207% in the prior year. Capital levels remained strong and in excess of “well-capitalized” regulatory levels. Total stockholders’ equity was $1.7 billion at December 31, 2025, and the Company’s CET1 capital ratio stood at 10.7%. OceanFirst has continued to be a good steward of shareholder value. Tangible book value per common share increased to 8 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC OCEANFIRST’S FINANCIAL PERFORMANCE FOR 2025 REFLECTED STRONG FUNDAMENTALS, AS WELL AS OUR COMMITMENT TO MAKING STRATEGIC INVESTMENTS IN GROWTH. EXPANDING CAPABILITIES AND REACH
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$50M OCEANFIRST FOUNDATION GRANTS TO NONPROFIT ORGANIZATIONS (1996-2025) ANNUAL REPORT 2025 9 $19.79, compared to $18.98 a year earlier. The Company paid cash dividends on our common stock totaling $0.80 per share in 2025, and our Board of Directors approved our first quarterly cash dividend for the new year of $0.20 per common share in January 2026. During 2025, we repurchased 1,433,537 shares totaling $24.9 million at a weighted average cost of $17.21. In July 2025, the Board of Directors approved an increase in the share buyback authorization of up to an additional 3.0 million shares. As of December 31, 2025, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs. Corporate Citizenship, Community Impact OceanFirst is motivated by a strong purpose— to provide our customers and communities with the resources to pursue their goals for financial security and success. As a banking institution that has served the needs of our neighbors for over 124 years, we are proud of our many initiatives to invest in our communities and expand their access to opportunity. For example, OceanFirst made more than $17 million in new community development investments and $148 million in community development loans last year, financing a range of projects. Also, the Bank is a strong supporter of financial literacy programs in our core market areas and, in 2025 invested more than 977 volunteer hours to deliver 190 presentations providing age-appropriate information to individuals served by over 68 organizations. OceanFirst Foundation was created in 1996 in connection with the Company’s initial public offering—and is also celebrating its 30th anniversary this year. The Foundation provides grants to assist families, organizations, schools and communities in our market area. Since inception, it has contributed over $50 million in grants to organizations that promote access to housing, youth development and education, health and wellness, arts and culture, and the overall quality of life in our communities. We strongly encourage and support our colleagues who wish to give back to their communities by volunteering with nonprofit organizations. Our employees, known as WaveMakers, devoted over 9,100 volunteer hours to local nonprofits in 2025. An annual tradition at OceanFirst, CommUNITYFirst Day provides paid time-off to employees who give a helping hand to their neighbors. In 2025, all OceanFirst branch locations and loan offices closed on the afternoon of September 25 for CommUNITYFirst Day, enabling employees to volunteer at more than 23 nonprofit organizations in five states, with over 700 team members joining in these efforts.
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OCEANFIRST HAS CONTINUED TO BE A GOOD STEWARD OF SHAREHOLDER VALUE. Christopher D. Maher Chairman of the Board and Chief Executive Officer Joseph J. Lebel III President and Chief Operating Officer 10 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC Total Assets ($ in billions) Assets ($ in billions) ’21 ’22 ’23 ’24 ’25 0 3 6 9 12 15 Loans Receivable ($ in billions) Deposits ($ in billions) 0 2 4 6 8 10 12 0 2 4 6 8 10 12 0 2 4 6 8 10 $12 0 3 6 9 12 $15 Loans Receivable ($ in billions) ’21 ’22 ’23 ’24 ’25 Total Stockholders’ Equity ($ in billions) ’21 ’22 ’23 ’24 ’25 0 2 4 6 8 10 $12 Deposits ($ in billions) ’21 ’22 ’23 ’24 ’25 0.0 0.5 1.0 1.5 2.0 0 0.5 1.0 1.5 $2.0 Tangible Book Value per Common Share ’21 ’22 ’23 ’24 ’25 0 5 10 15 20 0 5 10 15 $20 Unlocking Opportunities We deeply appreciate the professionalism and dedication of our OceanFirst employees, who display a passion for excellence in everything they do, every day. We are confident that our soon-to- be colleagues at Flushing Bank share that commitment, and we look forward to welcoming them to our team. We are also most grateful for the loyalty of our customers, the confidence of our stockholders, and the sound guidance of our Board of Directors. We are tremendously excited about the opportunities that lie ahead for OceanFirst as a result of our investments, and especially the potential of the Flushing Bank combination. Together, we will be a stronger, more competitive regional bank with a major presence in a large and attractive marketplace. Our expanded distribution network will allow us to reach a substantially larger customer base with our talented team members and comprehensive array of products, services and solutions. We also expect the resulting organization to continue to be a magnet for the top-tier talent needed to serve our customers and support our growth. Going forward, we are committed to building on our greater strength and scale—and our enhanced potential for operational and financial performance—to continue investing in innovation, providing a best-in-class customer experience, and delivering increasing shareholder value. Sincerely, April 16, 2026
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ANNUAL REPORT 2025 11 THREE DECADES OF GROWTH OceanFirst's strong market presence today is the product of 30 years of growth and progress since the IPO. ($ in billions ) 0 3000 6000 9000 12000 15000 0 3000 6000 9000 12000 15000 0 3 6 9 12 $15 0 3000 6000 9000 12000 15000 Net Loans Receivable T otal Assets Stockholders’ Equity 1996 2006 2016 2025
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1996 The Company converted from mutual to stock ownership through an initial public offering (IPO) and established OceanFirst Financial Corp. (NASDAQ: OCFC) as our holding company. The initial public offering raised $168 million, the first step toward a market valuation that now tops $1 billion. OceanFirst became the first bank to create a charitable foundation in connection with an IPO, endowing OceanFirst Foundation with stock valued at $13 million, and becoming a model for similar organizations across the U.S. banking industry. The Foundation supports our communities by providing grants to nonprofit organizations that promote health and wellness, access to housing, economic opportunity, youth development and education, the arts, and overall quality of life. Former Chairman and CEO John Garbarino, and former CFO Michael Fitzpatrick, who collectively served the Company for over 70 years, led OceanFirst through the milestone IPO and the formation of the Foundation. Commercial Lending services introduced, expanding the scope of products and services available for businesses in our local communities. In 2026, we celebrate the 30th anniversary of OceanFirst’s initial public offering. While our roots date back to 1902— when Point Pleasant Building and Loan Association first began offering home mortgage loans and savings accounts to our neighbors in northern Ocean County, NJ—our 1996 IPO was a transformational event. It not only provided access to additional capital, but also set the stage for three decades of growth and progress. Since that time, OceanFirst has launched new products and services for our customers, expanded into a regional banking institution, developed an exceptionally talented team, and delivered performance and value for our stockholders, all while supporting our local communities. A number of milestones along our journey of growth and progress, as well as key external events that reflect our strength and resilience, are noted below. Our forward momentum continues today, with our pending merger with Flushing Financial Corp. OCEANFIRST’S IPO: MILESTONES AND MOMENTUM 12 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC Founded in Point Pleasant Beach, New Jersey 19961902
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1997 OceanFirst’s Board of Directors initiated a cash dividend policy soon after our debut as a public company. To date, we have declared cash dividends for 115 consecutive quarters, with stockholders from the IPO receiving cumulative dividends per share of $18.07. 1999 Three years after the IPO, we changed our name to OceanFirst Bank, reflecting our strategic aspiration to provide a wider array of financial products and services. Online Banking services introduced, to provide greater convenience and choice for our customers. 2006 Assets of OceanFirst Financial Corp. reached $2.1 billion. 2008 The Global Financial Crisis triggers unprece- dented economic turmoil. OceanFirst posted solid, consistent operating earnings in each quarter during 2008 despite an extremely challenging national and worldwide economic picture. 2010 Mobile Banking app is made available through iTunes Store. $2.1B ANNUAL REPORT 2025 13 LO G O C O LO R S 3 RGB Color R 2 G 64 B 139 HTML Color 02408B RGB Color R 0 G 155 B 58 HTML Color 009B3A RGB Color R 0 G 161 B 222 HTML Color 00A1DE RGB / HTML is generally used for online and video applications. RGB Color R 0 G 155 B 58 HTML Color 009B3A RGB Color R 2 G 64 B 139 HTML Color 02408B 1999 2008 1997 2006 2010
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2012 Superstorm Sandy strikes the Middle Atlantic region with devastating impact on our customers. OceanFirst Bank originates over $72 million in construction loans specifically related to Sandy recovery and OceanFirst Foundation provides critical leadership in support of the Sandy Long Term Recovery Group. 2016 The assets of OceanFirst Financial Corp. reached $5.2 billion, achieved through organic growth along with the acquisition of Colonial American Bank in 2015, and Cape Bancorp and Ocean Shore Holding Co. in 2016. 2018 OceanFirst Bank N.A. became the updated name of our banking subsidiary, with the move to a national charter designed to accelerate growth and differentiate us as a regional financial services provider. 2019 Established commercial banking teams serving metropolitan New York and greater Philadelphia. 2020 The world is ravaged by the COVID-19 pandemic. OceanFirst continued to deliver essential financial services, waiving some payments and expediting $550 million in Paycheck Protection Program (PPP) loans to over 3,400 businesses benefitting 64,000 employees. In 2021, the Bank originated an additional 646 PPP loans for $73 million. OCEANFIRST’S IPO: MILESTONES AND MOMENTUM 14 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC 2018 20202012 2016 2019
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2021 Opened first Pennsylvania retail branch in Center City Philadelphia, and expanded commercial lending teams into Baltimore; Washington, DC; and Boston. OceanFirst Foundation grants total $40 million since inception. In what will become an annual event, CommUNITYFirst Day is launched to encourage employees to volunteer with local organizations. 2024 Acquisition of Spring Garden Capital Group, LLC expands our product offerings to include a full array of financial and advisory services for real estate entrepreneurs. 2025 Announced agreement to acquire Flushing Financial Corp. The merger will create a dynamic regional bank with approximately $23 billion in total assets, 70 branch locations, and a strong competitive position in the highly attractive New York-New Jersey regional market. 2026 Growth in recent years was largely driven by strategic organic initiatives as well as four more whole bank acquisitions: Sun Bancorp (2018), Capital Bank of New Jersey (2019), and Two River Community Bank and Country Bank (2020). Since inception, OceanFirst Foundation has awarded more than $50 million to over 1,500 nonprofits assisting hundreds of thousands of our neighbors. The Flushing Financial transaction is approved by the shareholders of both companies, setting the stage for completion in 2026. ANNUAL REPORT 2025 15 2024 2026 2021 2025
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16 OCEANFIRST FINANCIAL CORP. NASDAQ:OCFC A GROWING MARKET PRESENCE ALONG THE NORTHEAST CORRIDOR ME NH VT NY CT NJ MD DE DC VAWV KY PA RI MA OH FOCUSED ON AN EXTRAORDINARY MARKET THAT INCLUDES OVER 50 MILLION AMERICANS Stephen Adamo Executive Vice President President of Consumer Banking Anthony Giordano Executive Vice President Chief of Staff to CEO/Chief of Banking Operations George Destafney Executive Vice President Chief CRE Banking Officer Daniel Harris Executive Vice President Chief CRE Credit Officer Susanne Svizeny Executive Vice President Chief C&I Banking Officer Neena Miller Executive Vice President Chief C&I Credit Officer Catherine Donald Grove Senior Vice President Executive Director Treasury Management Nicholas Scarabino Senior Vice President Director Of Escrow & Special Account Services Brian Wyremski Senior Vice President Executive Director Premier Banking SENIOR LEADERS
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DIRECTORS AND OFFICERS BOARD OF DIRECTORS John F. Barros Managing Principal Civitas Builders Anthony R. Coscia, Esq. Partner Windels Marx Jack M. Farris Retired Verizon Communications, Inc. Robert C. Garrett CEO Hackensack Meridian Health Kimberly M. Guadagno, Esq. President and Chief Executive Officer Mercy Center Nicos Katsoulis Retired Sun National Bank Joseph J. Lebel III President and Chief Operating Officer OceanFirst Bank, N.A. Christopher D. Maher Chairman of the Board and Chief Executive Officer OceanFirst Bank, N.A Joseph M. Murphy, Jr. Retired Country Bank Holding Company, Inc. Steven M. Scopellite Consultant Retired –Goldman Sachs Grace C. Torres Trustee Prudential Retail Mutual Funds Patricia L. Turner, MD Executive Director and CEO American College of Surgeons Dalila Wilson-Scott Executive Vice President and Chief Impact & Inclusion Officer Comcast Corporation DIRECTOR EMERITUS Angelo J. Catania John W. Chadwick John R. Garbarino Donald E. McLaughlin Diane F. Rhine John E. Walsh OCEANFIRST FINANCIAL CORP. CORPORATE OFFICERS Christopher D. Maher Chairman of the Board, President and Chief Executive Officer Joseph J. Lebel III Senior Executive Vice President and Chief Operating Officer Patrick S. Barrett Senior Executive Vice President and Chief Financial Officer Steven J. Tsimbinos Senior Executive Vice President and Corporate Secretary David L. Berninger Senior Executive Vice President and Chief Risk Officer David R. Howard Executive Vice President and Treasurer Patrick Chong Senior Vice President and Principal Accounting Officer Alfred Goon Senior Vice President, Corporate Development, Strategy, and Investor Relations B. Matthew McCue Vice President and Assistant Corporate Secretary OCEANFIRST BANK N.A. CORPORATE OFFICERS Christopher D. Maher Chairman of the Board and Chief Executive Officer Joseph J. Lebel III President and Chief Operating Officer Patrick S. Barrett Senior Executive Vice President and Chief Financial Officer David L. Berninger Senior Executive Vice President and Chief Risk Officer Michele B. Estep Senior Executive Vice President and Chief Administrative Officer Brian Schaeffer Senior Executive Vice President and Chief Information Officer Steven J. Tsimbinos Senior Executive Vice President and General Counsel
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Equal Opportunity Lender Equal Housing Lender Operations 975 Hooper Avenue Toms River, NJ 08753 Administrative 110 West Front Street Red Bank, NJ 07701 www.oceanfirst.com Virtual Annual Meeting of Stockholders The annual meeting of stockholders will be held virtually. Instructions to access the virtual meeting are referenced in the proxy statement and available at www.oceanfirst. com in the Investor Relations area. Investor Relations Copies of the Company’s earnings releases and financial publications, including the annual report on Form 10-K (without exhibits) filed with the Securities and Exchange Commission are available without charge by contacting: Alfred Goon, Senior Vice President, 1.888.623.2633 Extension 27516 or investorrelations@oceanfirst.com. Independent Registered Public Accounting Firm Deloitte & Touche LLP 1700 Market Street Philadelphia, PA 19103 Stock Transfer and Registrar Shareholders wishing to change the name, address or ownership of stock, to report lost certificates or to consolidate accounts are asked to contact the Company’s stock registrar and transfer agent directly: Broadridge Corporate Issuer Solutions P.O. Box 1342 Brentwood, NY 11717 (877) 724-6454 NASDAQ: OCFC Join OceanFirst Bank