Earnings release
Page 1
Press Release Exhibit 99.1 Company Contact: Patrick S. BarrettChief Financial OfficerOceanFirst Financial Corp.Tel: (732) 240-4500, ext. 27507Email: pbarrett@oceanfirst.com FOR IMMEDIATE RELEASE OCEANFIRST FINANCIAL CORP.ANNOUNCES SECOND QUARTERFINANCIAL RESULTS RED BANK, NEW JERSEY, July 30, 2026 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share, for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter. For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 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 Six Months Ended, Performance Ratios (Annualized): June 30, March 31, June 30, June 30, June 30,2026 2026 2025 2026 2025Return on average assets (0.07)% 0.57 % 0.49 % 0.22 % 0.56 %Return on average stockholders’ equity (0.63) 4.95 3.86 1.95 4.36 Return on average tangible stockholders’ equity (0.88) 7.22 5.66 2.79 6.36 Return on average tangible common equity (0.88) 7.22 5.66 2.79 6.36 Efficiency ratio 98.88 71.13 71.93 86.67 68.82 Net interest margin 3.05 2.93 2.91 2.99 2.91 (a) Return on average tangible stockholders’ equity and return 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 inthis release for reconciliation and additional information regarding non-GAAP financial measures. 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. 1 (a) (a) 1
Page 2
Core earnings for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter. Core earnings PTPP for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter. Selected performance metrics are as follows: For the Three Months Ended, For the Six Months Ended,June 30, March 31, June 30, June 30, June 30,Core Ratios(Annualized): 2026 2026 2025 2026 2025Return on average assets 0.71 % 0.68 % 0.53 % 0.70 % 0.58 %Return on average tangible stockholders’ equity 8.92 8.56 6.17 8.76 6.59 Return on average tangible common equity 8.92 8.56 6.17 8.76 6.59 Efficiency ratio 66.20 66.76 72.28 66.44 69.06 Diluted earnings per share $ 0.43 $ 0.43 $ 0.31 $ 0.86 $ 0.66 PTPP diluted earnings per share 0.63 0.60 0.46 1.24 1.02 Key developments for the quarter, compared to the linked quarter, are described below: • Organic Growth: The Company generated continued organic growth across its legacy portfolio, with commercial loans increasing $154 million, or 2%, non-interest bearing deposits increasing $101 million, or 6%, and $150 million of deposit growth from Premier Banking teams, reflecting the Company’s focus on core relationships. These results underscore the continued strength of the core growth initiatives, which the Flushing franchise will further bolster. 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. 2 2 2 2 2
Page 3
• Net Interest Margin Expansion: Net interest margin increased 12 basis points to 3.05% from 2.93%, and net interest income increased by $24.3 million to $120.7 million. • Flushing Acquisition: On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation (“Flushing”), the holding company of Flushing Bank. Flushing added $8.69 billion to total assets, $6.19 billion to loans and loans held for sale, and $7.44 billion to deposits. Flushing added 30 retail branches across New York City and Long Island. • Balance Sheet Repositioning: The Company sold $1.31 billion of multifamily loans from the Flushing acquisition at a price of 92.25% and invested the $1.20 billion of net proceeds into highly-liquid, investment grade securities. The repositioning reduces commercial real estate concentration by approximately 50 percentage points to 381%, while increasing liquidity as indicated by on-hand liquidity increasing to 11.5% of assets and the loan-to-deposit ratio falling to 91.60%. Additionally, the allowance for credit losses increased to 1.29% of total loans receivable. • Operating Expenses: The Company anticipates full integration of Flushing’s operations and systems in the third quarter of 2026. The resulting operating synergies are expected to improve efficiency and reduce operating expenses in future periods. Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to see continued momentum in our core business and to have welcomed Flushing into the OceanFirst family during the quarter. Full integration and the rebranding of Flushing branches is scheduled to occur in the third quarter of 2026, allowing for the realization of synergies well before year-end. We look forward to building on the strong customer relationships Flushing has developed Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory commercial real estate divided by Tier 1 capital plus the ACL. On-hand liquidity equals cash, unpledged securities and funding capacity at the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Discount Window. 3 4 3 4 3
Page 4
over the years.” Mr. Maher added, “The execution of the loan sale reduced the Company’s exposure to rent-regulated properties in New York City. These actions reflect our commitment to maintain a strong balance sheet and an enhanced liquidity profile, positioning the combined organization for sustainable, long-term growth.” The Company’s Board of Directors declared its 118 consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on August 21, 2026, to common stockholders and NVCE stockholders of record on August 10, 2026. Results of Operations On June 1, 2026, the Company completed its acquisition of Flushing and its results of operations from June 1, 2026 through June 30, 2026 are included in the consolidated results for the three and six months ended June 30, 2026, but are not included in the results of operations for the corresponding prior year periods. Further, the current quarter included $42.8 million of non- recurring merger-related expenses for the Flushing acquisition, representing $33.6 million net of tax, or $0.48 per share. Net Interest Income and Margin Three months ended June 30, 2026 vs. June 30, 2025 Net interest income increased to $120.7 million, from $87.6 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing, which added $19.1 million of net interest income. Net interest margin increased to 3.05%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.04%, respectively, and the impact of purchase accounting on average-interest earning assets. Average interest-earning assets increased by $3.81 billion, which was impacted by $2.50 billion of average interest-earning assets acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.29%, from 5.14%, primarily due th 4
Page 5
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 decreased to 2.74%, from 2.77%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $3.25 billion, driven by liabilities assumed from Flushing, and the remainder attributable to increases in deposits and FHLB advances. Six months ended June 30, 2026 vs. June 30, 2025 Net interest income increased to $217.2 million, from $174.3 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing. Net interest margin increased to 2.99%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% for both periods. Average interest-earning assets increased by $2.53 billion, driven by $1.26 billion acquired from Flushing and increases in commercial loans and securities. The average yield for interest- earning assets increased to 5.20%, from 5.14%, 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 decreased to 2.70%, from 2.77%, primarily due to repricing of deposits and FHLB advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits decreased four basis points to 2.02%, from 2.06%. Average interest-bearing liabilities increased by $2.23 billion, driven by the acquisition of Flushing, with the remaining increases related to deposits and FHLB advances. 5
Page 6
Three months ended June 30, 2026 vs. March 31, 2026 Net interest income increased by $24.3 million, to $120.7 million from $96.4 million, and net interest margin increased to 3.05%, from 2.93%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.01%, respectively. Average interest-earning assets increased by $2.52 billion, and the yield on average interest-earning assets increased to 5.29%, from 5.10%. As noted above, the current quarter was impacted by interest-earning assets acquired from Flushing and repricing of assets and new originations. The cost of average interest-bearing liabilities increased to 2.74%, from 2.66%. The total cost of deposits increased to 2.06%, from 1.97%. Average interest-bearing liabilities increased by $2.03 billion, driven by Flushing as noted above, partly offset by government deposit outflows. Provision for Credit Losses Provision for credit losses for the three and six months ended June 30, 2026 was $4.0 million and $6.7 million, as compared to $3.0 million and $8.4 million for the corresponding prior year periods, and $2.7 million in the linked quarter. The current quarter provision was primarily driven by a reserve build of $2.5 million and replenishment of net charge-offs of $1.5 million. Net loan charge-offs were $1.5 million and $2.2 million for the three and six months ended June 30, 2026, as compared to $2.2 million and $2.9 million for the corresponding prior year periods and $701,000 for the linked quarter. Net loan charge-offs to average total loans were 0.05% and 0.04% for the three and six months ended June 30, 2026, as compared to 0.09% and 0.06% for the corresponding prior year periods and 0.03% for the linked quarter. Non-interest Income Three months ended June 30, 2026 vs. June 30, 2025 Other income decreased to $10.6 million, as compared to $11.7 million. Other income was adversely impacted by non-core operations of $347,000 related to net losses on equity investments in the current quarter. The prior period other income was favorably impacted by non-core operations of 6
Page 7
$488,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $300,000. The current year period includes $1.4 million of other income from the acquisition of Flushing which largely was offset by the reduction in fees and services charges from the discontinuation of our title business for the comparable prior year period. Excluding the impact of non-core operations and Flushing, the decrease in other income of $1.7 million was driven by a decrease in fees and service charges of $1.8 million and a decrease in net gain on sale of loans of $1.2 million due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year. In addition, the prior period included non-recurring other income of $1.1 million. This was partly offset by increases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $1.4 million. Six months ended June 30, 2026 vs. June 30, 2025 Other income decreased to $17.3 million, as compared to $23.0 million. Other income was adversely impacted by non-core operations of $701,000 related to net losses on equity investments in the current period. The prior period other income was favorably impacted by non-core operations of $693,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $4.2 million. This was partly offset by the acquisition of Flushing, as noted above. The remaining decrease in other income by $5.6 million was driven by a decrease in fees and service charges of $3.6 million and a decrease in a net gain on sale of loans of $2.1 million due to the same drivers as noted above. In addition, the prior period included non-recurring other income of $1.9 million. This was partly offset by increases in net gain on other real estate operations of $1.3 million and commercial loan swap income of $1.1 million. Three months ended June 30, 2026 vs. March 31, 2026 Other income in the linked quarter was $6.7 million and included non-core operations of $354,000 related to net losses on equity investments. Excluding non-core operations and Flushing’s other income stated above, other income increased by $2.5 million. The primary drivers were increases 7
Page 8
in net gain on other real estate operations of $1.4 million and commercial loan swap income of $1.2 million. Non-interest Expense Three months ended June 30, 2026 vs. June 30, 2025 Operating expenses increased to $129.9 million, as compared to $71.5 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $42.7 million, due to merger-related expenses. Excluding the impact of non-core operations, other expenses increased by $15.7 million, primarily due to $14.8 million of operating expenses recognized in June from the acquisition of Flushing. The remaining increase in operating expenses of $877,000 was driven by an increase in compensation and benefits of $2.5 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Additional drivers were decreases in professional fees of $1.3 million, mostly due to recruitment fees for the Company’s commercial banking hires in the prior year. Six months ended June 30, 2026 vs. June 30, 2025 Operating expenses increased to $203.3 million, as compared to $135.8 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $47.0 million, due to merger-related expenses and restructuring charges. Excluding the impact of non-core operations, other expenses increased by $20.5 million primarily due to the acquisition of Flushing, as noted above. The remaining increase in operating expenses of $5.7 million was driven by an increase in compensation and benefits of $5.3 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Three months ended June 30, 2026 vs. March 31, 2026 Operating expenses in the linked quarter were $73.4 million and included non-core operations of $4.3 million related to merger-related expenses and restructuring charges. Excluding non- core 8
Page 9
operations and Flushing’s other expense stated above, operating expenses increased by $3.2 million. The primary drivers were increases in compensation and benefits of $3.3 million, partly due to new hires and an additional working day, and marketing expense of $646,000. These were partly offset by a decrease in data processing expense of $975,000. Income Tax Expense The provision for income taxes was $496,000 and $7.0 million for the three and six months ended June 30, 2026, as compared to $5.8 million and $12.6 million for the same prior year periods and $6.5 million for the linked quarter. The effective tax rate was (19.6)% and 28.7% for the three and six months ended June 30, 2026, as compared to 23.2% and 23.7% for the same prior year period and 24.2% for the linked quarter. The effective tax rate for the three and six months ended June 30, 2026 was adversely impacted by non-deductible merger related expenses, which were offset by a one-time revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the impact of these adjustments, the effective tax rate would have been 28.1% and increased as a result of the new tax profile due to the acquisition of Flushing. Financial Condition June 30, 2026 vs. December 31, 2025 Total assets increased by $8.71 billion to $23.27 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.24 billion to $16.28 billion, from $11.03 billion, primarily due to Flushing totaling $6.19 billion partly offset by $1.31 billion of multifamily loans sold during the quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.82 billion, primarily due to the acquisition of Flushing totaling $1.54 billion and the reinvestment of proceeds from the loan sales into securities. Bank owned life insurance increased by $233.6 million to $503.9 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted. 5 5 9
Page 10
increased to $529.8 million, from $517.5 million and intangibles increased to $90.6 million, from $9.0 million. Other assets increased by $217.7 million to $367.0 million, from $149.3 million primarily due to revaluation of deferred tax assets as a result of the acquisition of Flushing and increase in market values of derivatives associated with customer interest rate swaps. Total liabilities increased by $7.96 billion to $20.86 billion, from $12.90 billion primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $6.80 billion to $17.76 billion, from $10.96 billion, primarily due to acquired deposits from Flushing totaling $7.44 billion. Excluding Flushing, the decrease in deposits was primarily attributable to a decrease in government deposits due to seasonality. Time deposits increased by $1.74 billion to $4.21 billion, from $2.47 billion, representing 23.7% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.41 billion and brokered time deposits of $276.0 million. FHLB advances increased by $335.2 million to $1.73 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $238.0 million to $493.2 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 91.6%, as compared to 100.6%. Other liabilities increased by $489.8 million to $699.1 million, from $209.3 million, mostly related to $337.0 million of unsettled security purchases and 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 June 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%. Total stockholders’ equity increased to $2.41 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 strategic investment from affiliates of funds managed by Warburg, in exchange for approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock, 10
Page 11
and warrants to purchase 11.4 million shares of NVCE stock. Additionally, accumulated other comprehensive loss increased by $1.2 million primarily due to decreases in the fair market value of available-for-sale debt securities and derivative hedges, net of tax. During the six months ended June 30, 2026, the Company repurchased 376,277 shares totaling $7.1 million representing a weighted average cost of $18.70, for repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. On June 1, 2026 the Company donated 273,973 shares totaling $5.0 million to the OceanFirst Foundation, which was funded through treasury stock. As of June 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs. The Company’s tangible common equity increased by $654.6 million to $1.79 billion. The Company’s stockholders’ equity to assets ratio was 10.36% at June 30, 2026, and tangible common equity to tangible assets ratio decreased by 18 basis points during the year to 7.91%, primarily due to the drivers described above. Book value per common share decreased to $24.50, as compared to $28.97. Tangible book value per common share decreased to $18.19, as compared to $19.79. Asset Quality June 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 and the reserve build. Refer to “Provision for Credit Losses” section for further discussion. Non-performing loans increased to $108.2 million, from $27.8 million, primarily due to $53.8 million of non-performing loans acquired from Flushing and one commercial relationship of 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 bookvalue 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 financialmeasures. 6 6 6 11
Page 12
$20.6 million. Non-performing loans represented 0.67% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 193.75%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $47.1 million, from $47.8 million, primarily due to the one commercial relationship noted above, which was partially offset by $18.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans and investment, and other real estate owned, increased to $541.5 million, from $122.1 million, primarily due to $293.2 million of loans and a $20.7 million investment acquired from Flushing, which were re-risked at the date of acquisition based on the Company’s credit standards. The remaining increase was driven by two commercial relationships totaling $56.1 million. The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition largely consisting of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $51.6 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $8.6 million of PCD loans acquired from Flushing. The Company’s asset quality, excluding PCD loans, was as follows. Non-performing loans increased to $54.1 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 388.00%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $36.9 million, from $44.7 million. 12
Page 13
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 Friday, July 31, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 387420595. For those unable to participate in the conference call, a replay will be available which can be accessed through the following URL: https://events.q4inc.com/attendee/387420595. 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. * * * 13
Page 14
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.3 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 arebased 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-lookingstatements 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 assumptionsand 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 PrivateSecurities 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, general economic conditions, including potential recessionary conditions, levels ofunemployment 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 futurefederal 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 andcomposition 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 financialservices 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 ofcapital, 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, databreaches, 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 failure to maintain currenttechnologies 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 andthe Bank’s ability to successfully integrate acquired operations. You 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 fromtime 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 toreflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 14
Page 15
OceanFirst Financial Corp.CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(dollars in thousands) June 30, March 31, December 31, June 30,2026 2026 2025 2025(Unaudited) (Unaudited) (Unaudited)AssetsCash and due from banks $ 274,057 $ 136,981 $ 135,130 $ 170,599 Debt securities available-for-sale, at estimated fair value 2,067,668 1,181,087 1,231,827 735,561 Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026, $754 at March 31, 2026, $811 at December 31, 2025, and $809 atJune 30, 2025 (estimated fair value of $2,803,466 at June 30, 2026, $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $896,090 at June 30, 2025) 2,862,196 852,917 881,568 968,969 Equity investments 75,965 88,239 91,882 87,808 Restricted equity investments, at cost 180,711 119,503 129,329 106,538 Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026, $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $79,266 at June 30,2025 16,086,532 11,059,275 10,970,666 10,119,781 Loans held-for-sale — — 5,768 15,744 Interest and dividends receivable 91,497 49,588 49,010 44,032 Other real estate owned 13,453 10,393 10,266 7,680 Premises and equipment, net 126,609 112,066 112,743 113,474 Bank owned life insurance 503,910 271,650 270,301 271,184 Goodwill 529,836 517,481 517,481 523,308 Intangibles 90,613 8,198 9,046 10,834 Other assets 366,963 148,958 149,300 152,335 Total assets $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 13,327,847 Liabilities and Stockholders’ EquityDeposits $ 17,760,073 $ 11,155,916 $ 10,964,405 $ 10,232,442 Federal Home Loan Bank advances 1,732,373 1,180,179 1,397,179 938,687 Securities sold under agreements to repurchase with customers 61,329 67,249 54,434 61,490 Other borrowings 493,216 255,518 255,233 198,019 Advances by borrowers for taxes and insurance 112,876 25,851 21,245 18,759 Other liabilities 699,063 202,255 209,271 234,770 Total liabilities 20,858,930 12,886,968 12,901,767 11,684,167 Stockholders’ equity:OceanFirst Financial Corp. stockholders’ equity 2,411,080 1,669,368 1,662,550 1,642,846 Non-controlling interest — — — 834 Total stockholders’ equity 2,411,080 1,669,368 1,662,550 1,643,680 Total liabilities and stockholders’ equity $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 13,327,847 15
Page 16
OceanFirst Financial Corp.CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share amounts) For the Three Months Ended, For the Six Months Ended,June 30, March 31, June 30, June 30, June 30,2026 2026 2025 2026 2025|---------------------- (Unaudited) ----------------------| |---------- (Unaudited) -----------|Interest income:Loans $ 178,982 $ 145,324 $ 135,478 $ 324,306 $ 268,497 Debt securities 26,633 19,810 15,950 46,443 33,220 Equity investments and other 3,989 3,157 3,397 7,146 6,811 Total interest income 209,604 168,291 154,825 377,895 308,528 Interest expense:Deposits 68,308 53,695 52,273 122,003 103,319 Borrowed funds 20,566 18,149 14,916 38,715 30,921 Total interest expense 88,874 71,844 67,189 160,718 134,240 Net interest income 120,730 96,447 87,636 217,177 174,288 Provision for credit losses 4,002 2,738 3,039 6,740 8,379 Net interest income after provision for credit losses 116,728 93,709 84,597 210,437 165,909 Other income (loss):Bankcard services revenue 1,772 1,629 1,619 3,401 3,082 Trust and asset management revenue 384 433 374 817 780 Fees and service charges 3,389 2,813 4,969 6,202 9,681 Net gain (loss) on sales of loans 38 (28) 1,177 10 2,035 Net (loss) gain on equity investments (347) (354) 488 (701) 693 Net gain (loss) from other real estate operations 1,203 (164) (260) 1,039 (276)Income from bank owned life insurance 2,471 1,874 1,786 4,345 3,638 Commercial loan swap income 1,654 345 207 1,999 827 Other 34 200 1,373 234 2,526 Total other income 10,598 6,748 11,733 17,346 22,986 Operating expenses:Compensation and employee benefits 50,202 39,484 40,242 89,686 76,982 Occupancy 7,333 5,832 5,454 13,165 10,951 Equipment 1,111 921 869 2,032 1,790 Marketing 1,894 963 1,541 2,857 2,649 Federal deposit insurance and regulatory assessments 4,130 3,215 2,898 7,345 5,881 Data processing 7,655 7,052 6,808 14,707 13,455 Check card processing 1,097 1,098 1,156 2,195 2,326 Professional fees 3,405 3,222 4,336 6,627 6,761 Amortization of intangibles 2,586 848 906 3,434 1,846 Merger-related expenses 42,765 4,150 — 46,915 — Restructuring (release) charges (71) 128 — 57 — Other operating expenses 7,752 6,490 7,264 14,242 13,127 Total operating expenses 129,859 73,403 71,474 203,262 135,768 (Loss) Income before provision for income taxes (2,533) 27,054 24,856 24,521 53,127 Provision for income taxes 496 6,548 5,771 7,044 12,579 Net (loss) income (3,029) 20,506 19,085 17,477 40,548 Net gain (loss) attributable to non-controlling interest — — 39 — (7)Net (loss) income attributable to OceanFirst Financial Corp. (3,029) 20,506 19,046 17,477 40,555 Dividends on preferred shares — — 1,004 — 2,008 Loss on redemption of preferred stock — — 1,842 — 1,842 Net (loss) income available to common stockholders $ (3,029) $ 20,506 $ 16,200 $ 17,477 $ 36,705 Basic earnings per share $ (0.04) $ 0.36 $ 0.28 $ 0.27 $ 0.63 Diluted earnings per share $ (0.04) $ 0.36 $ 0.28 $ 0.27 $ 0.63 Average basic shares outstanding 70,239 57,043 57,738 63,630 57,889 Average diluted shares outstanding 70,239 57,048 57,740 63,638 57,891 16
Page 17
OceanFirst Financial Corp.SELECTED LOAN AND DEPOSIT DATA(dollars in thousands)LOANS RECEIVABLE AtJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Commercial:Commercial real estate - investor $ 9,125,313 $ 5,478,832 $ 5,420,989 $ 5,211,220 $ 5,068,125 Commercial and industrial:Commercial and industrial - real estate 1,800,501 1,016,912 986,431 997,122 914,406 Commercial and industrial - non-real estate 1,907,719 1,302,128 1,227,556 998,860 862,504 Total commercial and industrial 3,708,220 2,319,040 2,213,987 1,995,982 1,776,910 Total commercial 12,833,533 7,797,872 7,634,976 7,207,202 6,845,035 Consumer:Residential real estate 3,245,311 3,128,023 3,194,264 3,135,200 3,119,232 Home equity loans and lines and other consumer ("other consumer") 196,908 198,048 202,763 215,581 220,820 Total consumer 3,442,219 3,326,071 3,397,027 3,350,781 3,340,052 Total loans 16,275,752 11,123,943 11,032,003 10,557,983 10,185,087 Deferred origination costs (fees), net 20,496 21,442 22,389 13,105 13,960 Allowance for loan credit losses (209,716) (86,110) (83,726) (81,236) (79,266)Loans receivable, net $ 16,086,532 $ 11,059,275 $ 10,970,666 $ 10,489,852 $ 10,119,781 Residential mortgage loans serviced for others $ 333,605 $ 344,316 $ 365,431 $ 340,740 $ 288,211 At June 30, 2026 Average YieldLoan pipeline :Commercial 6.54 %$ 409,448 $ 417,356 $ 464,602 $ 710,933 $ 790,768 Residential real estate — — 461 9,457 136,797 146,921 Other consumer — — — — 16,184 17,110 Total 6.54 %$ 409,448 $ 417,817 $ 474,059 $ 863,914 $ 954,799 For the Three Months EndedJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Average YieldLoan originations:Commercial 6.71 %$ 641,505 $ 422,907 $ 786,186 $ 739,154 $ 425,877 Residential real estate 6.07 406 5,824 249,540 250,066 274,314 Other consumer — — — 14,859 18,087 15,813 Total 6.71 %$ 641,911 $ 428,731 $ 1,050,585 $ 1,007,307 $ 716,004 (1) Loan pipeline includes loans approved but not funded.(2) As of December 31, 2025, the Company has discontinued its residential and consumer originations. DEPOSITS AtJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Type of AccountNon-interest-bearing $ 2,836,711 $ 1,757,097 $ 1,741,958 $ 1,731,760 $ 1,686,627 Interest-bearing checking 6,276,653 4,536,726 4,354,485 4,090,930 3,845,602 Money market 3,375,564 1,488,653 1,412,917 1,397,434 1,377,999 Savings 1,060,481 986,208 986,195 1,000,488 1,022,918 Time deposits 4,210,664 2,387,232 2,468,850 2,215,382 2,299,296 Total deposits $ 17,760,073 $ 11,155,916 $ 10,964,405 $ 10,435,994 $ 10,232,442 (1) Includes brokered time deposits of $885.7 million, $487.9 million, $609.8 million, $405.1 million, and $522.8 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively. (1) (2) (2) (2) (2) (1) 17
Page 18
OceanFirst Financial Corp.ASSET QUALITY(dollars in thousands) ASSET QUALITY June 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Non-performing loans:Commercial real estate - investor $ 76,721 $ 18,970 $ 13,636 $ 23,570 $ 20,457 Commercial and industrial:Commercial and industrial - real estate 16,980 5,541 4,813 7,469 4,499 Commercial and industrial - non-real estate 5,045 228 640 394 311 Total commercial and industrial 22,025 5,769 5,453 7,863 4,810 Residential real estate 7,043 7,011 6,200 7,334 5,318 Other consumer 2,452 2,888 2,502 2,496 2,926 Total non-performing loans $ 108,241 $ 34,638 $ 27,791 $ 41,263 $ 33,511 Other real estate owned 13,453 10,393 10,266 7,498 7,680 Non-performing investment 20,729 — — — — Total non-performing assets $ 142,423 $ 45,031 $ 38,057 $ 48,761 $ 41,191 Delinquent loans 30 to 89 days $ 47,097 $ 55,876 $ 47,808 $ 19,817 $ 14,740 Modifications to borrowers experiencing financial difficultyNon-performing (included in total non-performing loans above) $ 7,151 $ 5,460 $ 956 $ 7,693 $ 8,129 Performing 15,072 15,083 23,898 23,952 31,986 Total modifications to borrowers experiencing financial difficulty $ 22,223 $ 20,543 $ 24,854 $ 31,645 $ 40,115 Allowance for loan credit losses $ 209,716 $ 86,110 $ 83,726 $ 81,236 $ 79,266 Allowance for unfunded commitments 4,194 3,738 4,028 4,636 3,289 Allowance for loan credit losses as a percent of total loans receivable 1.29 % 0.77 % 0.76 % 0.77 % 0.78 %Allowance for loan credit losses as a percent of total non-performing loans 193.75 248.60 301.27 196.87 236.54 Non-performing loans as a percent of total loans receivable 0.67 0.31 0.25 0.39 0.33 Non-performing assets as a percent of total assets 0.61 0.31 0.26 0.34 0.31 Supplemental PCD and non-performing loansPCD loans, net of allowance for loan credit losses $ 696,763 $ 14,604 $ 14,968 $ 19,003 $ 20,934 Non-performing PCD loans 54,190 5,900 5,432 5,677 6,800 Delinquent PCD and non-performing loans 30 to 89 days 10,221 8,794 3,103 2,987 2,590 PCD modifications to borrowers experiencing financial difficulty 1,710 16 18 20 20 Asset quality, excluding PCD loansNon-performing loans 54,051 28,738 22,359 35,586 26,711 Non-performing assets 88,233 39,131 32,625 43,084 34,391 Delinquent loans 30 to 89 days (excludes non-performing loans) 36,876 47,082 44,705 16,830 12,150 Modifications to borrowers experiencing financial difficulty 20,513 20,527 24,836 31,625 40,095 Allowance for loan credit losses as a percent of total non-performing loans 388.00 % 299.64 % 374.46 % 228.28 % 296.75 %Non-performing loans as a percent of total loans receivable 0.33 0.26 0.20 0.34 0.26 Non-performing assets as a percent of total assets 0.38 0.27 0.22 0.30 0.26 (1) Asset quality metrics exclude loans held for sale.(2) The quarters ended June 30, 2026, December 31, 2025, and June 30, 2025 included the sale of non-performing residential and consumer loans of $2.0 million, $2.5 million and $2.2 million, respectively.(3) The quarter ended June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans included $53.8 million, $18.2 million, and $750.4 million, respectively, of acquired loans from Flushing. Non-performing PCD anddelinquent 30 to 89 days PCD loans included $51.6 million and $8.6 million, respectively, from Flushing.(4) Non-performing investment acquired from Flushing. (1) (2) (2) (3) (4) (3) (3) (3) (3) (2) (2) (2) 18
Page 19
(continued) NET LOAN CHARGE-OFFS For the Three Months EndedJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Net loan charge-offs:Loan charge-offs $ (1,776) $ (956) $ (2,190) $ (850) $ (2,415)Recoveries on loans 262 255 216 233 197 Net loan charge-offs $ (1,514) $ (701) $ (1,974) $ (617) $ (2,218) Net loan charge-offs to average total loans (annualized) 0.05 % 0.03 % 0.07 % 0.02 % 0.09 %Net loan (charge-offs) recoveries detail:Commercial $ (1,074) $ (736) $ (1,676) $ (522) $ (1,666)Residential real estate (352) (7) (268) (24) (348)Other consumer (88) 42 (30) (71) (204)Net loan charge-offs $ (1,514) $ (701) $ (1,974) $ (617) $ (2,218) (1) The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.(2) The three months ended December 31, 2025 and June 30, 2025 included charge-offs of $342,000 and $445,000, respectively, related to the sale of non-performing residential and consumer loans. (1) (2) (2) 19
Page 20
OceanFirst Financial Corp.ANALYSIS OF NET INTEREST INCOME For the Three Months EndedJune 30, 2026 March 31, 2026 June 30, 2025 (dollars in thousands) Average Balance Interest AverageYield/Cost Average Balance Interest AverageYield/Cost Average Balance Interest AverageYield/Cost Assets:Interest-earning assets:Interest-earning deposits and short-term investments $ 158,816 $ 1,375 3.47 %$ 83,036 $ 662 3.23 %$ 111,631 $ 1,090 3.92 %Securities 2,789,029 29,247 4.21 2,282,663 22,305 3.96 1,917,114 18,257 3.82 Loans receivable, net Commercial 9,701,371 142,903 5.91 7,687,461 109,097 5.76 6,786,611 100,004 5.91 Residential real estate 3,145,110 33,135 4.21 3,167,262 33,141 4.19 3,091,227 31,861 4.12 Other consumer 188,131 2,944 6.28 199,318 3,086 6.28 225,311 3,613 6.43 Allowance for loan credit losses, net of deferred loancosts and fees (104,773) — — (61,878) — — (66,364) — — Loans receivable, net 12,929,839 178,982 5.55 10,992,163 145,324 5.34 10,036,785 135,478 5.41 Total interest-earning assets 15,877,684 209,604 5.29 13,357,862 168,291 5.10 12,065,530 154,825 5.14 Non-interest-earning assets 1,399,341 1,192,836 1,182,543 Total assets $ 17,277,025 $ 14,550,698 $ 13,248,073 Liabilities and Stockholders’ Equity:Interest-bearing liabilities:Interest-bearing checking $ 5,107,262 28,186 2.21 %$ 4,509,841 22,820 2.05 %$ 3,990,602 20,605 2.07 %Money market 2,120,250 14,128 2.67 1,472,989 8,808 2.43 1,342,194 9,718 2.90 Savings 1,003,045 1,284 0.51 988,964 1,306 0.54 1,029,490 1,680 0.65 Time deposits 2,990,624 24,710 3.31 2,372,824 20,761 3.55 2,175,564 20,270 3.74 Total 11,221,181 68,308 2.44 9,344,618 53,695 2.33 8,537,850 52,273 2.46 FHLB Advances 1,312,502 13,169 4.02 1,261,984 12,884 4.14 880,746 9,933 4.52 Securities sold under agreements to repurchase 60,009 399 2.67 59,806 384 2.60 60,477 419 2.78 Other borrowings 397,793 6,998 7.06 299,919 4,881 6.60 260,655 4,564 7.02 Total borrowings 1,770,304 20,566 4.66 1,621,709 18,149 4.54 1,201,878 14,916 4.98 Total interest-bearing liabilities 12,991,485 88,874 2.74 10,966,327 71,844 2.66 9,739,728 67,189 2.77 Non-interest-bearing deposits 2,107,561 1,731,789 1,639,045 Non-interest-bearing liabilities 247,077 174,100 186,653 Total liabilities 15,346,123 12,872,216 11,565,426 Stockholders’ equity 1,930,902 1,678,482 1,682,647 Total liabilities and stockholders’ equity $ 17,277,025 $ 14,550,698 $ 13,248,073 Net interest income $ 120,730 $ 96,447 $ 87,636 Net interest rate spread 2.55 % 2.44 % 2.37 % Net interest margin 3.05 % 2.93 % 2.91 %Total cost of deposits (including non-interest-bearingdeposits) 2.06 % 1.97 % 2.06 % (1) (1) (1) (2) (3) (4) (5) 20
Page 21
(continued) For the Six Months Ended June 30, 2026 2025 (dollars in thousands) Average Balance Interest AverageYield/Cost Average Balance Interest AverageYield/Cost Assets:Interest-earning assets:Interest-earning deposits and short-term investments $ 121,135 $ 2,037 3.39 %$ 106,230 $ 2,073 3.94 %Securities 2,537,245 51,552 4.10 1,959,922 37,958 3.91 Loans receivable, net Commercial 8,699,979 252,000 5.84 6,783,823 198,265 5.89 Residential real estate 3,156,125 66,276 4.20 3,078,524 63,131 4.10 Other consumer 193,693 6,030 6.28 226,923 7,101 6.31 Allowance for loan credit losses, net of deferred loan costs and fees (83,445) — — (64,121) — — Loans receivable, net 11,966,352 324,306 5.46 10,025,149 268,497 5.39 Total interest-earning assets 14,624,732 377,895 5.20 12,091,301 308,528 5.14 Non-interest-earning assets 1,296,661 1,188,506 Total assets $ 15,921,393 $ 13,279,807 Liabilities and Stockholders’ Equity:Interest-bearing liabilities:Interest-bearing checking $ 4,810,202 51,006 2.14 %$ 4,062,502 42,039 2.09 %Money market 1,798,408 22,936 2.57 1,332,154 19,070 2.89 Savings 996,043 2,589 0.52 1,043,674 3,465 0.67 Time deposits 2,683,430 45,472 3.42 2,046,927 38,745 3.82 Total 10,288,083 122,003 2.39 8,485,257 103,319 2.46 FHLB Advances 1,287,383 26,053 4.08 938,200 21,293 4.58 Securities sold under agreements to repurchase 59,908 783 2.64 62,385 846 2.73 Other borrowings 349,126 11,879 6.86 271,840 8,782 6.51 Total borrowings 1,696,417 38,715 4.60 1,272,425 30,921 4.90 Total interest-bearing liabilities 11,984,500 160,718 2.70 9,757,682 134,240 2.77 Non-interest-bearing deposits 1,920,713 1,618,622 Non-interest-bearing liabilities 210,791 204,702 Total liabilities 14,116,004 11,581,006 Stockholders’ equity 1,805,389 1,698,801 Total liabilities and stockholders’ equity $ 15,921,393 $ 13,279,807 Net interest income $ 217,177 $ 174,288 Net interest rate spread 2.50 % 2.37 % Net interest margin 2.99 % 2.91 % Total cost of deposits (including non-interest-bearing deposits) 2.02 % 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. (1) (1) (2) (3) (4) (5) 21
Page 22
OceanFirst Financial Corp.SELECTED QUARTERLY FINANCIAL DATA(in thousands, except per share amounts) June 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Selected Financial Condition Data:Total assets $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 14,324,664 $ 13,327,847 Debt securities available-for-sale, at estimated fair value 2,067,668 1,181,087 1,231,827 1,261,580 735,561 Debt securities held-to-maturity, net of allowance for securities credit losses 2,862,196 852,917 881,568 919,734 968,969 Equity investments 75,965 88,239 91,882 90,731 87,808 Restricted equity investments, at cost 180,711 119,503 129,329 142,398 106,538 Loans receivable, net of allowance for loan credit losses 16,086,532 11,059,275 10,970,666 10,489,852 10,119,781 Deposits 17,760,073 11,155,916 10,964,405 10,435,994 10,232,442 Federal Home Loan Bank advances 1,732,373 1,180,179 1,397,179 1,705,585 938,687 Securities sold under agreements to repurchase from customers and other borrowings 554,545 322,767 309,667 263,007 259,509 Total stockholders’ equity 2,411,080 1,669,368 1,662,550 1,653,427 1,643,680 For the Three Months Ended,June 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Selected Operating Data:Interest income $ 209,604 $ 168,291 $ 171,732 $ 162,194 $ 154,825 Interest expense 88,874 71,844 76,454 71,537 67,189 Net interest income 120,730 96,447 95,278 90,657 87,636 Provision for credit losses 4,002 2,738 3,700 4,092 3,039 Net interest income after provision for credit losses 116,728 93,709 91,578 86,565 84,597 Other income (excluding equity investments) 10,945 7,102 9,181 12,311 11,245 Net (loss) gain on equity investments (347) (354) 230 (7) 488 Operating expenses (excluding non-core operations) 87,165 69,125 71,227 72,390 71,474 Restructuring (release) charges (71) 128 7,379 4,147 — Credit risk transfer execution expense — — 1,283 — — FDIC special assessment release — — — (210) — Merger-related expenses 42,765 4,150 4,253 — — (Loss) income before provision for income taxes (2,533) 27,054 16,847 22,542 24,856 Provision for income taxes 496 6,548 3,754 5,156 5,771 Net (loss) income (3,029) 20,506 13,093 17,386 19,085 Net income (loss) attributable to non-controlling interest — — — 56 39 Net (loss) income attributable to OceanFirst Financial Corp. $ (3,029) $ 20,506 $ 13,093 $ 17,330 $ 19,046 Net (loss) income available to common stockholders $ (3,029) $ 20,506 $ 13,093 $ 17,330 $ 16,200 Diluted earnings per share $ (0.04) $ 0.36 $ 0.23 $ 0.30 $ 0.28 Net accretion/amortization of purchase accounting adjustments included in net interest income $ 1,151 $ 59 $ 222 $ 510 $ 420 (6) 22
Page 23
(continued) At or For the Three Months EndedJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Selected Financial Ratios and Other Data :Performance Ratios (Annualized):Return on average assets (0.07)% 0.57 % 0.36 % 0.51 % 0.49 %Return on average tangible assets (0.07) 0.59 0.38 0.53 0.51 Return on average stockholders’ equity (0.63) 4.95 3.12 4.15 3.86 Return on average tangible stockholders’ equity (0.88) 7.22 4.57 6.13 5.66 Return on average tangible common equity (0.88) 7.22 4.57 6.13 5.66 Stockholders’ equity to total assets 10.36 11.47 11.42 11.54 12.33 Tangible stockholders’ equity to tangible assets 7.91 8.15 8.09 8.12 8.67 Tangible common equity to tangible assets 7.91 8.15 8.09 8.12 8.67 Net interest rate spread 2.55 2.44 2.36 2.36 2.37 Net interest margin 3.05 2.93 2.87 2.91 2.91 Operating expenses to average assets 3.01 2.05 2.33 2.23 2.16 Efficiency ratio 98.88 71.13 80.37 74.13 71.93 Loan-to-deposit ratio 91.60 99.70 100.60 101.20 99.50 For the Six Months Ended June 30,2026 2025Performance Ratios (Annualized):Return on average assets 0.22 % 0.56 %Return on average tangible assets 0.23 0.58 Return on average stockholders’ equity 1.95 4.36 Return on average tangible stockholders’ equity 2.79 6.36 Return on average tangible common equity 2.79 6.36 Net interest rate spread 2.50 2.37 Net interest margin 2.99 2.91 Operating expenses to average assets 2.57 2.06 Efficiency ratio 86.67 68.82 (1) (2) (3) (3) (4) (3) (3) (4) (3) (4) (4) (4) (5) (3) (3) (4) (3) (3) (4) (3) (4) (5) 23
Page 24
(continued) At or For the Three Months EndedJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Trust and Asset Management:Wealth assets under administration and management (“AUA/M”) $ 158,650 $ 142,962 $ 142,030 $ 143,708 $ 141,921 Nest Egg AUA/M 503,818 469,586 485,606 463,906 462,664 Total AUA/M 662,468 612,548 627,636 607,614 604,585 Per Share Data:Cash dividends per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 Book value per common share at end of period 24.50 28.98 28.97 28.81 28.64 Tangible book value per common share at end of period 18.19 19.86 19.79 19.52 19.34 Common shares outstanding at end of period 98,416,195 57,600,069 57,390,569 57,388,603 57,383,975Number of full-service customer facilities: 71 41 41 40 40 Quarterly Average BalancesTotal securities $ 2,789,029 $ 2,282,663 $ 2,339,646 $ 1,990,917 $ 1,917,114 Loans receivable, net 12,929,839 10,992,163 10,724,240 10,278,610 10,036,785 Total interest-earning assets 15,877,684 13,357,862 13,157,360 12,363,997 12,065,530 Total goodwill and intangibles 557,717 526,228 529,006 533,835 534,734 Total assets 17,277,025 14,550,698 14,337,776 13,551,194 13,248,073 Time deposits 2,990,624 2,372,824 2,270,671 2,105,734 2,175,564 Total deposits (including non-interest-bearing deposits) 13,328,742 11,076,407 11,122,681 10,263,523 10,176,895 Total borrowings 1,770,304 1,621,709 1,350,390 1,432,196 1,201,878 Total interest-bearing liabilities 12,991,485 10,966,327 10,717,860 9,975,062 9,739,728 Non-interest bearing deposits 2,107,561 1,731,789 1,755,211 1,720,657 1,639,045 Stockholders' equity 1,930,902 1,678,482 1,665,201 1,655,893 1,682,647 Tangible stockholders’ equity 1,373,185 1,152,254 1,136,195 1,122,058 1,147,913 Quarterly Yields and CostsTotal securities 4.21 % 3.96 % 4.10 % 3.83 % 3.82 %Loans receivable, net 5.55 5.34 5.43 5.49 5.41 Total interest-earning assets 5.29 5.10 5.19 5.21 5.14 Time deposits 3.31 3.55 3.68 3.73 3.74 Total cost of deposits (including non-interest-bearing deposits) 2.06 1.97 2.13 2.06 2.06 Total borrowed funds 4.66 4.54 4.95 5.07 4.98 Total interest-bearing liabilities 2.74 2.66 2.83 2.85 2.77 Net interest spread 2.55 2.44 2.36 2.36 2.37 Net interest margin 3.05 2.93 2.87 2.91 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 June 30, 2026 which are participating securities, and represents an as-converted common stock equivalent basis. (6) (6) (4) (6) (6) (4) 24
Page 25
OceanFirst Financial Corp.OTHER ITEMS(dollars in thousands, except per share amounts) NON-GAAP RECONCILIATION For the Three Months EndedJune 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Core Earnings:Net income available to common stockholders (GAAP) $ (3,029) $ 20,506 $ 13,093 $ 17,330 $ 16,200 Adjustments to exclude the impact of non-recurring and non-core items:Net loss (gain) on equity investments 347 354 (230) 7 (488)Restructuring (release) charges (71) 128 7,379 4,147 — Credit risk transfer execution expense — — 1,283 — — FDIC special assessment release — — — (210) — Merger-related expenses 42,765 4,150 4,253 — — Income tax (benefit) expense on items (9,467) (806) (2,254) (926) 115 Loss on redemption of preferred stock — — — — 1,842 Core earnings (Non-GAAP) $ 30,545 $ 24,332 $ 23,524 $ 20,348 $ 17,669 Income tax expense $ 496 $ 6,548 $ 3,754 $ 5,156 $ 5,771 Provision for credit losses 4,002 2,738 3,700 4,092 3,039 Less: income tax (benefit) expense on non-core items (9,467) (806) (2,254) (926) 115 Core earnings PTPP (Non-GAAP) $ 44,510 $ 34,424 $ 33,232 $ 30,522 $ 26,364 Core earnings diluted earnings per share $ 0.43 $ 0.43 $ 0.41 $ 0.36 $ 0.31 Core earnings PTPP diluted earnings per share $ 0.63 $ 0.60 $ 0.58 $ 0.54 $ 0.46 Core Ratios (Annualized):Return on average assets 0.71 % 0.68 % 0.65 % 0.60 % 0.53 %Return on average tangible stockholders’ equity 8.92 8.56 8.21 7.19 6.17 Return on average tangible common equity 8.92 8.56 8.21 7.19 6.17 Efficiency ratio 66.20 66.76 68.19 70.30 72.28 25
Page 26
For the Six Months Ended June 30,2026 2025Core Earnings:Net income available to common stockholders (GAAP) $ 17,477 $ 36,705 Adjustments to exclude the impact of non-recurring and non-core items:Net loss (gain) on equity investments 701 (693)Restructuring charges 57 — Merger related expenses 46,915 — Income tax (benefit) expense on items (10,273) 164 Loss on redemption of preferred stock — 1,842 Core earnings (Non-GAAP) $ 54,877 $ 38,018 Income tax expense $ 7,044 $ 12,579 Provision for credit losses 6,740 8,379 Less: income tax (benefit) expense on non-core items (10,273) 164 Core earnings PTPP (Non-GAAP) $ 78,934 $ 58,812 Core diluted earnings per share $ 0.86 $ 0.66 Core earnings PTPP diluted earnings per share $ 1.24 $ 1.02 Core Ratios (Annualized):Return on average assets 0.70 % 0.58 %Return on average tangible stockholders’ equity 8.76 6.59 Return on average tangible common equity 8.76 6.59 Efficiency ratio 66.44 69.06 26
Page 27
(continued) June 30, March 31, December 31, September 30, June 30,2026 2026 2025 2025 2025Tangible Equity:Total stockholders' equity $ 2,411,080 $ 1,669,368 $ 1,662,550 $ 1,653,427 $ 1,643,680 Less:Goodwill 529,836 517,481 517,481 523,308 523,308 Intangibles 90,613 8,198 9,046 9,934 10,834 Tangible stockholders' equity 1,790,631 1,143,689 1,136,023 1,120,185 1,109,538 Less:Preferred stock — — — — — Tangible common equity $ 1,790,631 $ 1,143,689 $ 1,136,023 $ 1,120,185 $ 1,109,538 Tangible Assets:Total assets $ 23,270,010 $ 14,556,336 $ 14,564,317 $ 14,324,664 $ 13,327,847 Less:Goodwill 529,836 517,481 517,481 523,308 523,308 Intangibles 90,613 8,198 9,046 9,934 10,834 Tangible assets $ 22,649,561 $ 14,030,657 $ 14,037,790 $ 13,791,422 $ 12,793,705 Tangible stockholders' equity to tangible assets 7.91 % 8.15 % 8.09 % 8.12 % 8.67 % Tangible common equity to tangible assets 7.91 % 8.15 % 8.09 % 8.12 % 8.67 % 27
Page 28
ACQUISITION DATE - FAIR VALUE BALANCE SHEET The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Flushing, net of the total consideration paid (in thousands): At June 1, 2026 Flushing Book Value Purchase AccountingAdjustments Estimated Fair ValueTotal Purchase Price: 538,351 Assets Acquired:Cash and cash equivalents $ 308,470 $ — $ 308,470 Securities 1,560,808 (332) 1,560,476 Loans receivable, net of allowance for loan credit losses 5,221,067 (229,810) 4,991,257 Loans held-for-sale 1,309,849 (108,063) 1,201,786 Core deposit intangible 647 84,353 85,000 Other assets 457,057 82,513 539,570 Total assets acquired 8,857,898 (171,339) 8,686,559 Liabilities assumed:Deposits 7,436,454 7,497 7,443,951 FHLB advances and other borrowings 406,241 (6,106) 400,135 Other liabilities 316,879 (401) 316,478 Total liabilities assumed 8,159,574 990 8,160,564 Net assets acquired $ 698,324 $ (172,329) $ 525,995 Goodwill recorded in the merger $ 12,356 The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relativeto the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets andliabilities, certain adjustments to the recorded carrying values may be required. 28