8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 19, 2023

OCEANFIRST FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware	001-11713	22-3412577
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(IRS Employer Identification No.)

110 West Front Street, Red Bank, New Jersey 07701

(Address of principal executive offices, including zip code)

(732)240-4500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange in which registered
Common stock, $0.01 par value per share	OCFC	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock)	OCFCP	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 19, 2023, OceanFirst Financial Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2023. That press release is attached to this Report as Exhibit 99.1.

ITEM 7.01    REGULATION FD DISCLOSURE

The Company is scheduled to make presentations to current and prospective investors after October 19, 2023. Attached as Exhibit 99.2 of this Form 8-K is a copy of the presentation which OceanFirst Financial Corp. will make available at these presentations and will post on its website at www.oceanfirst.com. This report is being furnished to the SEC and shall not be deemed “filed” for any purpose.

ITEM 8.01OTHER EVENTS

In the press release described in Item 2.02, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.4375 per share for every depositary share, representing 1/40th interest in the Series A Preferred Stock, payable on November 15, 2023 to stockholders of record on October 31, 2023.

In the press release described in Item 2.02, the Company announced that the Board of Directors declared a regular quarterly cash dividend on the Company’s outstanding common stock. The cash dividend will be in the amount of $0.20 per share and will be payable on November 17, 2023 to the stockholders of record at the close of business on November 6, 2023.

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS

(d)	EXHIBITS
99.1	Press Release dated	October 19, 2023
99.2	Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after October 19, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		OCEANFIRST FINANCIAL CORP.
Dated:	October 19, 2023	/s/ Patrick S. Barrett
		Patrick S. Barrett
		Executive Vice President and Chief Financial Officer

EX-99.1

Press Release

Exhibit 99.1

Company Contact:                                        

Patrick S. Barrett

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732) 240-4500, ext. 27507

Email: pbarrett@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

ANNOUNCES THIRD QUARTER

FINANCIAL RESULTS

    RED BANK, NEW JERSEY, October 19, 2023 - OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced net income available to common stockholders of $19.7 million, or $0.33 per diluted share, for the three months ended September 30, 2023, as compared to $37.6 million, or $0.64 per diluted share, for the corresponding prior year period, and $26.8 million, or $0.45 per diluted share, for the prior linked quarter. For the nine months ended September 30, 2023, the Company reported net income available to common stockholders of $73.3 million, or $1.24 per diluted share, as compared to $90.3 million, or $1.53 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,						For the Nine Months Ended,
Performance Ratios (Annualized):	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022
Return on average assets	0.57	%	0.80	%	1.19	%	0.73	%	0.99	%
Return on average stockholders’ equity	4.75		6.61		9.68		6.03		7.87
Return on average tangible stockholders’ equity (a)	6.93		9.70		14.62		8.85		11.91
Return on average tangible common equity (a)	7.29		10.21		15.47		9.31		12.60
Efficiency ratio	63.37		62.28		53.10		62.15		57.90
Net interest margin	2.91		3.02		3.36		3.09		3.28

(a) Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”), which are non-GAAP (“generally accepted accounting principles”) financial measures, exclude the impact of intangible assets and goodwill from both assets and stockholders’ equity. ROTCE also excludes preferred stock from stockholders’ equity. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

Core earnings1 for the three and nine months ended September 30, 2023 were $18.6 million and $78.4 million, respectively, or $0.32 and $1.33 per diluted share, representing a decrease from $35.0 million and $98.4 million, or $0.60 and $1.67 per diluted share, for the corresponding prior year periods, and a decrease from $27.2 million, or $0.46 per diluted share, for the prior linked quarter.

Core earnings PTPP1 for the three and nine months ended September 30, 2023 were $35.0 million and $118.7 million, respectively, or $0.59 and $2.01 per diluted share, as compared to $47.5 million and $134.2 million, or $0.81 and $2.28 per diluted share, for the corresponding prior year periods, and $37.6 million, or $0.64 per diluted share, for the prior linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,									For the Nine Months Ended,
	September 30,			June 30,			September 30,			September 30,			September 30,
Core Ratios1 (Annualized):	2023			2023			2022			2023			2022
Return on average assets	0.54		%	0.81		%	1.11		%	0.78		%	1.08		%
Return on average tangible stockholders’ equity	6.54			9.84			13.62			9.46			12.98
Return on average tangible common equity	6.88			10.36			14.40			9.96			13.73
Efficiency ratio	64.29			61.94			54.80			60.79			55.51
Core diluted earnings per share	$	0.32		$	0.46		$	0.60		$	1.33		$	1.67
Core PTPP diluted earnings per share	0.59			0.64			0.81			2.01			2.28

1 Core earnings and core earnings before income taxes and provision for credit losses (“PTPP or Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures. For the periods presented, core earnings exclude merger related expenses, net branch consolidation expense (benefit), net loss (gain) on equity investments, net loss on sale of investments, and the income tax effect of these items, (collectively referred to as “non-core” operations). PTPP excludes the aforementioned pre-tax “non-core” items along with income tax expense (benefit) and provision for credit losses (benefit). Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

2

Key developments for the recent quarter are described below:

•Deposit Growth: Total deposits increased $375.6 million, or 4%, as compared to the prior linked quarter. The current quarter includes a reduction in brokered time deposits of $425.7 million and a loan-to-deposit ratio of 96.10%. The Company’s non-interest-bearing deposits declined modestly and represented 17% of the total deposits.

•Asset Quality: Asset quality metrics remains strong, despite the impact of a charge-off related to a single credit relationship announced on September 14, 2023. Criticized and classified loans, and non-performing loans both as a percent of total loans were 1.30% and 0.20%, respectively, at September 30, 2023.

•Strong Capital: The Company’s estimated common equity tier 1 capital ratio remained above “well-capitalized” levels, at 10.36% at September 30, 2023. Book value and tangible book value per share were $27.56 and $17.932, respectively, increasing $0.19 and $0.21 from the prior linked quarter.

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report continued growth in deposits, a reduction on brokered deposits, and strengthened capital position. While our margin compressed, we remain focused on high quality growth and prudent management of the balance sheet for long-term market conditions.” Mr. Maher added, “Additionally, thank you to our exemplary employees who volunteered over 2,900 hours across 90 projects serving our communities during our second annual CommUNITYFirst day.”

The Company’s Board of Directors declared its 107th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 17, 2023 to common stockholders of record on November 6, 2023. The Company’s Board of Directors also declared a quarterly cash dividend on preferred stock of $0.4375 per depositary share,

2 Tangible book value per common share and tangible common equity to tangible assets, non-GAAP financial measures, exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Refer to “Explanation of Non-GAAP Financial Measures” and the “Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.

3

representing 1/40th interest in the Series A Preferred Stock. This dividend will be paid on November 15, 2023 to preferred stockholders of record on October 31, 2023.

Results of Operations

The current quarter results were impacted by the following matters. Net interest income and margin were adversely impacted by a continued mix-shift and repricing to higher cost deposits that outpaced the repricing and increase in yields on interest-earning assets. Deposit betas increased modestly to 35%, from 29%3. Additionally, the current quarter results were impacted by an increase in non-performing loans due to a single commercial real estate credit relationship totaling $17 million, which was written down to an estimated realizable value of $8.8 million4. The credit was originated in June 2019 and is secured by an office building in Midtown Manhattan, New York City. The credit was also included in total delinquent loans 30 to 89 days at September 30, 2023. Lastly, the Company recognized one-time compensation and benefits expenses of $2.4 million attributable to severance and other program costs relating to the Company’s performance improvement initiatives.

Net Interest Income and Margin

Three months ended September 30, 2023 vs. September 30, 2022

Net interest income decreased to $91.0 million, from $96.0 million, primarily reflecting the net impact of the higher interest rate environment.

Net interest margin decreased to 2.91%, from 3.36%. Excluding the impact of purchase accounting accretion and prepayment fees of 0.06% and 0.08% for the respective three months, net interest margin decreased to 2.85%, from 3.28%. Net interest margin decreased primarily due to the

3 Deposit beta measures the change in the interest rates paid for interest-bearing deposit accounts versus the change in the federal funds target rate. Represents the deposit beta for total deposits (interest-bearing and non-interest bearing) for the current rate cycle (since December 31, 2021).

4 Refer to the previously filed Current Report on Form 8-K filed September 14, 2023 for additional information.

4

increase in cost of funds outpacing the increase in yield on average interest earning assets in the current interest rate environment and elevated levels of on-balance sheet cash.

Average interest-earning assets increased by $1.06 billion, primarily driven by increases of $414.2 million in commercial loans and $405.2 million in deposits and short-term investments. The average yield for interest-earning assets increased to 5.08%, from 3.88%.

The cost of average interest-bearing liabilities increased to 2.71%, from 0.69%, due to higher cost of deposits and higher costs of Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits (including non-interest bearing deposits) increased to 1.99%, from 0.36%.

Nine months ended September 30, 2023 vs. September 30, 2022

Net interest income increased to $281.9 million, from $271.0 million, reflecting the net impact of the higher interest rate environment.

Net interest margin decreased to 3.09%, from 3.28%. Excluding the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.13% for the respective nine months, net interest margin decreased to 3.04%, from 3.15%.

Average interest-earning assets increased by $1.17 billion, primarily driven by loan growth of $819.7 million. The cost of average interest-bearing liabilities increased to 2.29%, from 0.49%. The total cost of deposits (including non-interest bearing deposits) increased to 1.48%, from 0.24%. The yield on average interest earning assets increased to 4.90% from 3.64%. The drivers for the three months ended were also the drivers for the nine months ended September 30, 2023.

Three months ended September 30, 2023 vs. June 30, 2023

Net interest income decreased by $1.1 million, reflecting a decrease in net interest margin to 2.91%, from 3.02%, as the increase in cost of funds outpaced the increase in yield of average interest earning assets. Excluding the impact of purchase accounting accretion and prepayment fees of 0.06% and 0.05% for the respective three months, net interest margin decreased to 2.85%, from 2.97%. The

5

compression in net interest margin was primarily attributable to higher cost of deposits and the impact of excess cash held.

Average interest-earning assets increased by $134.7 million, primarily due to elevated levels of cash held. The yield on average interest-earning assets increased to 5.08%, from 4.91%.

The total cost of average interest-bearing liabilities increased to 2.71%, from 2.39%, and the total cost of deposits (including non-interest bearing deposits) increased to 1.99%, from 1.52%. Average interest-bearing liabilities increased $157.2 million, which included a mix-shift from FHLB advances to time deposits.

Provision for Credit Losses

Provision for credit losses for the three and nine months ended September 30, 2023 was $10.3 million and $14.5 million, respectively, as compared to $1.0 million and $4.1 million for the corresponding prior year periods, and $1.2 million in the prior linked quarter. The current quarter provision included the net impact of the $8.4 million charge-off noted above and, to a lesser extent, elevated risks and uncertainty in macro-economic conditions in a downside forecast scenario.

Net loan charge-offs were $8.3 million for both the three and nine months ended September 30, 2023, respectively, as compared to net loan recoveries of $252,000 and $335,000 for the three and nine months ended September 30, 2022, respectively. Net loan charge-offs were $123,000 in the prior linked quarter. Refer to “Asset Quality” section for further discussion.

Non-interest Income

Three months ended September 30, 2023 vs. September 30, 2022

Other income decreased to $10.8 million, as compared to $15.2 million. Other income was favorably impacted by non-core operations of $1.5 million and $3.4 million, for the respective quarters, primarily related to net gains on equity investments.

Excluding non-core operations, other income decreased $2.5 million. The primary drivers were decreases in commercial loan swap income of $1.5 million and fees and service charges of $1.1 million,

6

which were adversely impacted by the current interest rate environment resulting in lower swap volume and mortgage activity.

Nine months ended September 30, 2023 vs. September 30, 2022

Other income decreased to $21.8 million, as compared to $31.5 million. Other income was adversely impacted by non-core operations of $6.6 million and $7.5 million, for the respective periods, primarily related to net losses on equity investments. The current year’s non-core operations also included $5.3 million of losses related to the sale of investments in the first quarter.

Excluding non-core operations, other income decreased $10.7 million. The primary drivers were decreases in commercial loan swap income on lower volume of $5.8 million, fees and service charges of $1.1 million on lower title activity, and income from bank owned life insurance of $1.0 million on non-recurring death benefits recognized in the prior year. Additionally, bankcard services revenue decreased $3.4 million, due to the Durbin Amendment which became effective for the Company on July 1, 2022.

Three months ended September 30, 2023 vs. June 30, 2023

Other income in the prior linked quarter was $8.9 million and included non-core operations of $559,000 primarily related to net losses on preferred stock equity investments. Excluding non-core operations, other income decreased by $177,000.

Non-interest Expense

Three months ended September 30, 2023 vs. September 30, 2022

7

Operating expenses increased by $5.4 million from $59.0 million to $64.5 million. This was due to increases in professional fees of $2.8 million and $2.4 million in compensation and employee benefits expenses related to the Company’s ongoing investments to improve profitability and operational efficiencies, and one-time related severance and other program costs. The increase in compensation and benefits expense were partly offset by decreased employee medical benefit claims. The current quarter also included increases to federal deposit insurance and regulatory assessments of $800,000 primarily due to new assessment rates that went into effect on January 1, 2023.

Nine months ended September 30, 2023 vs. September 30, 2022

Operating expenses increased to $188.7 million, as compared to $175.2 million. Operating expenses for the periods were adversely impacted by $92,000 and $3.1 million of non-core operations, respectively.

Excluding non-core operations, operating expenses increased by $16.5 million. This was due to increases in professional fees of $7.1 million and federal deposit insurance and regulatory assessments of $1.3 million that were driven by the same factors for the three months ended. The increase in compensation and benefits expense of $5.7 million was due to the $2.4 million increase noted above and merit-related increases.

Three months ended September 30, 2023 vs. June 30, 2023

Operating expenses increased $1.6 million primarily due to an increase in compensation and benefits expense of $1.3 million.

Income Tax Expense

The provision for income taxes was $6.5 million and $24.1 million for the three and nine months ended September 30, 2023, respectively, as compared to $12.3 million and $29.2 million for the same prior year periods, and $9.0 million for the prior linked quarter. The effective tax rate was 23.9% and 24.0% for the three and nine months ended September 30, 2023, respectively, as compared to 24.1% and 23.7% for the same prior year periods, and 24.4% for the prior linked quarter.

8

Financial Condition

September 30, 2023 vs. December 31, 2022

Total assets increased by $394.3 million to $13.50 billion, from $13.10 billion, primarily due to higher cash balances and loan growth. Cash and due from banks increased $240.9 million to $408.9 million, from $167.9 million as the Company maintained elevated levels of on-balance sheet cash from net deposit inflows. Total loans increased by $205.5 million to $10.12 billion, from $9.92 billion, due to loan originations.

Total liabilities increased by $342.1 million to $11.86 billion, from $11.52 billion. Deposits increased by $858.7 million to $10.53 billion, from $9.68 billion. Time deposits increased to $2.65 billion, from $1.54 billion, or 25.2% and 15.9% of total deposits, respectively. Brokered time deposits increased $122.1 million and retail time deposits increased $988.0 million. The loan-to-deposit ratio was 96.10%, as compared to 102.50%. FHLB advances decreased by $605.1 million to $606.1 million, from $1.21 billion.

Other liabilities increased by $65.6 million to $411.7 million, from $346.2 million, primarily due to an increase in the market values associated with customer interest rate swaps and related collateral received from counterparties.

Total stockholders’ equity increased to $1.64 billion, as compared to $1.59 billion, primarily reflecting net income net of dividends for the nine months ended September 30, 2023. Additionally, accumulated other comprehensive loss decreased by $7.2 million primarily due to increases in fair market value of available-for-sale debt securities, net of tax.

The Company completed its annual goodwill impairment test as of August 31, 2023. Based on a quantitative assessment, the Company concluded that goodwill was not impaired. However, the Company continues to monitor its goodwill as further and continued negative industry and economic trends and decline in the Company’s stock price may result in a re-evaluation before the next required annual test.

9

For the nine months ended September 30, 2023, the Company did not repurchase shares under its stock repurchase program. There were 2,934,438 shares available for repurchase at September 30, 2023 under the existing repurchase program. Book value per common share increased to $27.56, as compared to $26.81. Tangible book value per common share2 increased to $17.93, as compared to $17.08.

Asset Quality

September 30, 2023 vs. December 31, 2022

At September 30, 2023, non-performing loans and 30 to 89 days delinquent loans included the remaining exposure of $8.8 million on the commercial real estate relationship that was charged-off during the period.

The Company’s non-performing loans increased to $30.1 million from $23.3 million and represented 0.30% and 0.23% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 212.23%, as compared to 244.25%. The level of 30 to 89 days delinquent loans increased to $20.6 million, from $14.1 million. The Company’s allowance for loan credit losses was 0.63% of total loans, as compared to 0.57%. Refer to “Provision for Credit Losses” section for further discussion.

The Company’s asset quality excluding purchased with credit deterioration (“PCD”) loans were as follows. Non-performing loans increased to $26.9 million, from $19.3 million. The allowance for loan credit losses as a percentage of total non-performing loans was 237.28%, as compared to 294.10%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $7.6 million, from $10.5 million. The allowance for loan credit losses plus the unamortized credit and PCD marks amounted to $72.6 million, or 0.72% of total loans, as compared to $68.2 million, or 0.69% of total loans.

10

Explanation of Non-GAAP Financial Measures

    Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets, goodwill or preferred stock, 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, October 20, 2023 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 470-1428, using the access code 472846. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (808) 304-5227, access code 728904, from one hour after the end of the call until November 19, 2023. The conference call, as well as the replay, are also available (listen-only) by internet webcast at www.oceanfirst.com in the Investor Relations section.

* * *

11

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, potential goodwill impairment, future natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, changes in liquidity, including the size and composition of the Company’s deposit portfolio, including the percentage of uninsured deposits in the portfolio, competition, demand for financial services in the Company’s market area, changes in consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

12

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)

	September 30,		June 30,		December 31,		September 30,
	2023		2023		2022		2022
	(Unaudited)		(Unaudited)				(Unaudited)
Assets
Cash and due from banks	$	408,882	$	457,747	$	167,946	$	170,668
Debt securities available-for-sale, at estimated fair value	453,208		452,016		457,648		470,300
Debt securities held-to-maturity, net of allowance for securities credit losses of $932 at September 30, 2023, $964 at June 30, 2023, $1,128 at December 31, 2022, and $1,234 at September 30, 2022 (estimated fair value of $1,047,342 at September 30, 2023, $1,109,756 at June 30, 2023, $1,110,041 at December 31, 2022, and $905,426 at September 30, 2022)	1,189,339		1,222,507		1,221,138		1,027,712
Equity investments	97,908		96,452		102,037		81,722
Restricted equity investments, at cost	82,484		105,305		109,278		77,556
Loans receivable, net of allowance for loan credit losses of $63,877 at September 30, 2023, $61,791 at June 30, 2023, $56,824 at December 31, 2022 and $53,521 at September 30, 2022	10,068,156		10,030,106		9,868,718		9,672,488
Loans held-for-sale	—		4,200		690		3,549
Interest and dividends receivable	50,030		47,933		44,704		38,388
Premises and equipment, net	122,646		124,139		126,705		127,868
Bank owned life insurance	265,071		263,836		261,603		261,118
Assets held for sale	3,004		3,608		2,719		3,216
Goodwill	506,146		506,146		506,146		506,146
Core deposit intangible	10,489		11,476		13,497		14,656
Other assets	240,820		213,432		221,067		228,066
Total assets	$	13,498,183	$	13,538,903	$	13,103,896	$	12,683,453
Liabilities and Stockholders’ Equity
Deposits	$	10,533,929	$	10,158,337	$	9,675,206	$	9,959,469
Federal Home Loan Bank advances	606,056		1,091,666		1,211,166		514,200
Securities sold under agreements to repurchase with customers	82,981		74,452		69,097		96,289
Other borrowings	196,183		195,925		195,403		194,914
Advances by borrowers for taxes and insurance	29,696		27,839		21,405		25,457
Other liabilities	411,734		364,401		346,155		352,908
Total liabilities	11,860,579		11,912,620		11,518,432		11,143,237
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity	1,636,891		1,625,435		1,584,662		1,539,253
Non-controlling interest	713		848		802		963
Total stockholders’ equity	1,637,604		1,626,283		1,585,464		1,540,216
Total liabilities and stockholders’ equity	$	13,498,183	$	13,538,903	$	13,103,896	$	12,683,453

13

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

	For the Three Months Ended,						For the Nine Months Ended,
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2023		2022		2023		2022
	|---------------------- (Unaudited) ----------------------|						|---------- (Unaudited) -----------|
Interest income:
Loans	$	133,931	$	129,104	$	100,141	$	384,755	$	273,340
Debt securities	15,223		14,320		8,479		43,829		23,456
Equity investments and other	9,256		6,672		1,879		18,956		4,102
Total interest income	158,410		150,096		110,499		447,540		300,898
Interest expense:
Deposits	53,287		37,934		9,238		112,551		17,596
Borrowed funds	14,127		20,053		5,296		53,082		12,313
Total interest expense	67,414		57,987		14,534		165,633		29,909
Net interest income	90,996		92,109		95,965		281,907		270,989
Provision for credit losses	10,283		1,229		1,016		14,525		4,121
Net interest income after provision for credit losses	80,713		90,880		94,949		267,382		266,868
Other income:
Bankcard services revenue	1,507		1,544		1,509		4,381		7,782
Trust and asset management revenue	662		645		568		1,919		1,835
Fees and service charges	5,178		5,602		6,320		15,939		17,026
Net gain on sales of loans	66		33		168		119		348
Net gain (loss) on equity investments	1,452		(559)		3,362		(5,908)		(7,502)
Net gain from other real estate operations	—		—		—		—		48
Income from bank owned life insurance	1,390		1,182		1,356		3,853		4,881
Commercial loan swap income	11		—		1,471		712		6,546
Other	496		481		396		748		579
Total other income	10,762		8,928		15,150		21,763		31,543
Operating expenses:
Compensation and employee benefits	35,534		34,222		34,124		103,676		97,972
Occupancy	5,466		5,265		5,288		15,970		15,790
Equipment	1,172		1,101		1,150		3,478		3,856
Marketing	1,183		961		655		3,126		2,242
Federal deposit insurance and regulatory assessments	2,557		2,465		1,757		6,771		5,435
Data processing	6,086		6,165		6,560		18,405		18,466
Check card processing	1,154		1,214		1,231		3,649		3,728
Professional fees	5,258		5,083		2,502		15,439		8,296
Amortization of core deposit intangible	987		994		1,171		3,008		3,559
Branch consolidation (benefit) expense, net	—		—		(346)		70		602
Merger related expenses	—		—		298		22		2,459
Other operating expense	5,087		5,460		4,607		15,109		12,748
Total operating expenses	64,484		62,930		58,997		188,723		175,153
Income before provision for income taxes	26,991		36,878		51,102		100,422		123,258
Provision for income taxes	6,459		8,996		12,298		24,109		29,212
Net income	20,532		27,882		38,804		76,313		94,046
Net (loss) income attributable to non-controlling interest	(135)		85		193		(34)		715
Net income attributable to OceanFirst Financial Corp.	20,667		27,797		38,611		76,347		93,331
Dividends on preferred shares	1,004		1,004		1,004		3,012		3,012
Net income available to common stockholders	$	19,663	$	26,793	$	37,607	$	73,335	$	90,319
Basic earnings per share	$	0.33	$	0.45	$	0.64	$	1.24	$	1.54
Diluted earnings per share	$	0.33	$	0.45	$	0.64	$	1.24	$	1.53
Average basic shares outstanding	59,104		59,147		58,681		59,037		58,777
Average diluted shares outstanding	59,111		59,153		58,801		59,068		58,918

14

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(dollars in thousands)

LOANS RECEIVABLE			At
			September 30,		June 30,		March 31,		December 31,		September 30,
			2023		2023		2023		2022		2022
Commercial:
Commercial real estate - investor			$	5,334,279	$	5,319,686	$	5,296,661	$	5,171,952	$	5,007,637
Commercial real estate - owner-occupied			957,216		981,618		986,366		997,367		983,784
Commercial and industrial			652,119		620,284		622,201		622,372		652,620
Total commercial			6,943,614		6,921,588		6,905,228		6,791,691		6,644,041
Consumer:
Residential real estate			2,928,259		2,906,556		2,881,811		2,861,991		2,813,209
Home equity loans and lines and other consumer ("other consumer")			251,698		255,486		252,773		264,372		261,510
Total consumer			3,179,957		3,162,042		3,134,584		3,126,363		3,074,719
Total loans			10,123,571		10,083,630		10,039,812		9,918,054		9,718,760
Deferred origination costs (fees), net			8,462		8,267		7,332		7,488		7,249
Allowance for loan credit losses			(63,877)		(61,791)		(60,195)		(56,824)		(53,521)
Loans receivable, net			$	10,068,156	$	10,030,106	$	9,986,949	$	9,868,718	$	9,672,488
Mortgage loans serviced for others			$	52,796	$	50,820	$	50,421	$	51,736	$	53,869
	At September 30, 2023 Average Yield
Loan pipeline (1):
Commercial	7.85	%	$	50,756	$	39,164	$	236,550	$	114,232	$	339,487
Residential real estate	7.11		66,682		58,022		61,258		36,958		80,591
Other consumer	7.87		13,795		18,621		20,589		14,890		19,395
Total	7.48	%	$	131,233	$	115,807	$	318,397	$	166,080	$	439,473

	For the Three Months Ended
	September 30,				June 30,		March 31,		December 31,			September 30,
	2023				2023		2023		2022			2022
	Average Yield
Loan originations:
Commercial	8.11	%	$	90,263	$	197,732	$	200,504	$	539,949		$	356,726
Residential real estate	6.69		92,299		100,542		65,580		101,530		(2)	129,808
Other consumer	7.96		17,019		22,487		15,927		42,624			57,254
Total	7.44	%	$	199,581	$	320,761	$	282,011	$	684,103		$	543,788
Loans sold			$	15,404	$	18,664	$	3,861	$	2,340		$	9,425	(3)

(1)Loan pipeline includes loans approved but not funded.

(2)Excludes residential real estate loan pool purchases of $9.9 million for the three months ended December 31, 2022.

(3)Excludes the sale of a small business administration loan of $1.2 million for the three months ended September 30, 2022.    

DEPOSITS	At
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Type of Account
Non-interest-bearing	$	1,827,381	$	1,854,136	$	1,984,197	$	2,101,308	$	2,325,547
Interest-bearing checking	3,708,874		3,537,834		3,697,223		3,829,683		3,909,864
Money market	860,025		770,440		615,993		714,386		749,229
Savings	1,484,000		1,229,897		1,308,715		1,487,809		1,570,472
Time deposits (1)	2,653,649		2,766,030		2,386,967		1,542,020		1,404,357
Total deposits	$	10,533,929	$	10,158,337	$	9,993,095	$	9,675,206	$	9,959,469

(1)Includes brokered time deposits of $995.5 million, $1.42 billion, $1.24 billion, $873.4 million, and $828.7 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

15

OceanFirst Financial Corp.

ASSET QUALITY

(dollars in thousands)

ASSET QUALITY (1)	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Non-performing loans:
Commercial real estate - investor	$	20,723		$	13,000		$	13,643		$	10,483		$	9,866
Commercial real estate - owner-occupied	240			565			251			4,025			1,976
Commercial and industrial	1,120			199			162			331			321
Residential real estate	5,624			6,174			5,650			5,969			5,958
Other consumer	2,391			2,820			2,731			2,457			3,377
Total non-performing loans	$	30,098		$	22,758		$	22,437		$	23,265		$	21,498
Delinquent loans 30 to 89 days	$	20,591		$	3,136		$	11,232		$	14,148		$	11,846
Modifications to borrowers experiencing financial difficulty (2)
Non-performing (included in total non-performing loans above)	$	6,679		$	6,882		$	6,556		$	6,361		$	10,047
Performing	7,645			7,516			7,619			7,530			6,065
Total modifications to borrowers experiencing financial difficulty (2)	$	14,324		$	14,398		$	14,175		$	13,891		$	16,112
Allowance for loan credit losses	$	63,877		$	61,791		$	60,195		$	56,824		$	53,521
Allowance for loan credit losses as a percent of total loans receivable (3)	0.63		%	0.61		%	0.60		%	0.57		%	0.55		%
Allowance for loan credit losses as a percent of total non-performing loans (3)	212.23			271.51			268.28			244.25			248.96
Non-performing loans as a percent of total loans receivable	0.30			0.23			0.22			0.23			0.22
Non-performing assets as a percent of total assets	0.22			0.17			0.17			0.18			0.17
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses	$	18,640		$	18,872		$	20,513		$	27,129		$	29,249
Non-performing PCD loans	3,177			3,171			3,929			3,944			3,043
Delinquent PCD and non-performing loans 30 to 89 days	13,007			1,976			2,248			3,657			1,434
PCD modifications to borrowers experiencing financial difficulty (2)	750			755			758			765			715
Asset quality, excluding PCD loans (4)
Non-performing loans	26,921			19,587			18,508			19,321			18,455
Delinquent loans 30 to 89 days (excludes non-performing loans)	7,584			1,160			8,984			10,491			10,412
Modifications to borrowers experiencing financial difficulty(2)	13,574			13,643			13,417			13,126			15,397
Allowance for loan credit losses as a percent of total non-performing loans (3)	237.28		%	315.47		%	325.24		%	294.10		%	290.01		%
Non-performing loans as a percent of total loans receivable	0.27			0.19			0.18			0.19			0.19
Non-performing assets as a percent of total assets	0.20			0.14			0.14			0.15			0.15

(1)At September 30, 2023, non-performing loans and 30 to 89 days delinquent loans included the remaining exposure of $8.8 million on the commercial real estate relationship that was charged-off during the quarter ended September 30, 2023.

(2)For periods in 2023, balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings. For periods in 2022, the balances only include troubled debt restructurings.

(3)Loans acquired from prior bank acquisitions were recorded at fair value. The net unamortized credit and PCD marks on these loans, not reflected in the allowance for loan credit losses, was $8.8 million, $9.8 million, $10.5 million, $11.4 million and $13.6 million at September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

(4)All balances and ratios exclude PCD loans.

16

(continued)

NET LOAN (CHARGE-OFFS) RECOVERIES	For the Three Months Ended
	September 30,			June 30,			March 31,		December 31,		September 30,
	2023			2023			2023		2022		2022
Net loan (charge-offs) recoveries:
Loan charge-offs	$	(8,379)		$	(206)		$	(10)	$	(138)	$	(5)
Recoveries on loans	108			83			57		143		257
Net loan (charge-offs) recoveries	$	(8,271)		$	(123)		$	47	$	5	$	252
Net loan (charge-offs) recoveries to average total loans (annualized)	0.33		%	—		%	NM*		NM*		NM*
Net loan (charge-offs) recoveries detail:
Commercial	$	(8,332)		$	(117)		$	—	$	(46)	$	117
Residential real estate	17			9			8		9		44
Other consumer	44			(15)			39		42		91
Net loan (charge-offs) recoveries	$	(8,271)		$	(123)		$	47	$	5	$	252

* Not meaningful as amounts are net loan recoveries.

17

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	For the Three Months Ended
	September 30,						June 30,						September 30,
	2023						2023						2022
(dollars in thousands)	Average Balance		Interest		Average Yield/ Cost (1)		Average Balance		Interest		Average Yield/ Cost (1)		Average Balance		Interest		Average Yield/ Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	470,825	$	6,440	5.43	%	$	308,238	$	4,283	5.57	%	$	65,648	$	336	2.03	%
Securities (2)	1,873,450		18,039		3.82		1,931,032		16,709		3.47		1,748,687		10,022		2.27
Loans receivable, net (3)
Commercial	6,923,743		103,069		5.91		6,912,698		99,350		5.76		6,509,515		74,309		4.53
Residential real estate	2,918,612		26,765		3.67		2,895,629		25,936		3.58		2,791,067		22,818		3.27
Other consumer	252,126		4,097		6.45		255,785		3,818		5.99		256,638		3,014		4.66
Allowance for loan credit losses, net of deferred loan costs and fees	(53,959)		—		—		(53,327)		—		—		(44,773)		—		—
Loans receivable, net	10,040,522		133,931		5.30		10,010,785		129,104		5.17		9,512,447		100,141		4.18
Total interest-earning assets	12,384,797		158,410		5.08		12,250,055		150,096		4.91		11,326,782		110,499		3.88
Non-interest-earning assets	1,252,416						1,217,666						1,191,173
Total assets	$	13,637,213					$	13,467,721					$	12,517,955
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	3,692,500	14,938		1.61	%	$	3,718,289	11,964		1.29	%	$	3,873,968	2,671		0.27	%
Money market	832,729		5,698		2.71		694,311		3,678		2.12		793,230		721		0.36
Savings	1,391,811		3,311		0.94		1,248,312		389		0.12		1,603,147		187		0.05
Time deposits	2,867,921		29,340		4.06		2,458,872		21,903		3.57		1,467,297		5,659		1.53
Total	8,784,961		53,287		2.41		8,119,784		37,934		1.87		7,737,642		9,238		0.47
FHLB Advances	701,343		8,707		4.93		1,246,914		15,406		4.96		352,392		2,208		2.49
Securities sold under agreements to repurchase	76,620		261		1.35		71,752		192		1.07		96,147		35		0.14
Other borrowings (4)	317,210		5,159		6.45		284,460		4,455		6.28		194,755		3,053		6.22
Total borrowings	1,095,173		14,127		5.12		1,603,126		20,053		5.02		643,294		5,296		3.27
Total interest-bearing liabilities	9,880,134		67,414		2.71		9,722,910		57,987		2.39		8,380,936		14,534		0.69
Non-interest-bearing deposits	1,841,198						1,873,226						2,328,700
Non-interest-bearing liabilities(4)	272,982						244,892						266,564
Total liabilities	11,994,314						11,841,028						10,976,200
Stockholders’ equity	1,642,899						1,626,693						1,541,755
Total liabilities and equity	$	13,637,213					$	13,467,721					$	12,517,955
Net interest income			$	90,996					$	92,109					$	95,965
Net interest rate spread (5)					2.37	%					2.52	%					3.19	%
Net interest margin (6)					2.91	%					3.02	%					3.36	%
Total cost of deposits (including non-interest-bearing deposits)					1.99	%					1.52	%					0.36	%

18

(continued)

	For the Nine Months Ended September 30,
	2023						2022
(dollars in thousands)	Average Balance		Interest		Average Yield/ Cost (1)		Average Balance		Interest		Average Yield/ Cost (1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	304,184	$	11,661	5.13	%	$	73,886	$	472	0.85	%
Securities (2)	1,919,660		51,124		3.56		1,801,978		27,086		2.01
Loans receivable, net (3)
Commercial	6,892,456		295,199		5.73		6,275,836		198,054		4.22
Residential real estate	2,895,601		77,862		3.59		2,685,080		66,899		3.32
Other consumer	257,063		11,694		6.08		254,891		8,387		4.40
Allowance for loan credit losses, net of deferred loan costs and fees	(52,626)		—		—		(42,987)		—		—
Loans receivable, net	9,992,494		384,755		5.15		9,172,820		273,340		3.98
Total interest-earning assets	12,216,338		447,540		4.90		11,048,684		300,898		3.64
Non-interest-earning assets	1,234,942						1,191,358
Total assets	$	13,451,280					$	12,240,042
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	3,757,417	33,171		1.18	%	$	4,088,759	6,433		0.21	%
Money market	744,689		11,136		2.00		773,666		1,317		0.23
Savings	1,336,497		4,034		0.40		1,617,354		473		0.04
Time deposits	2,388,299		64,210		3.59		1,060,027		9,373		1.18
Total	8,226,902		112,551		1.83		7,539,806		17,596		0.31
FHLB Advances	1,055,106		38,530		4.88		308,043		3,890		1.69
Securities sold under agreements to repurchase	73,441		544		0.99		105,821		117		0.15
Other borrowings (4)	302,649		14,008		6.19		205,796		8,306		5.40
Total borrowings	1,431,196		53,082		4.96		619,660		12,313		2.66
Total interest-bearing liabilities	9,658,098		165,633		2.29		8,159,466		29,909		0.49
Non-interest-bearing deposits	1,913,624						2,352,606
Non-interest-bearing liabilities (4)	253,014						193,147
Total liabilities	11,824,736						10,705,219
Stockholders’ equity	1,626,544						1,534,823
Total liabilities and equity	$	13,451,280					$	12,240,042
Net interest income			$	281,907					$	270,989
Net interest rate spread (5)					2.61	%					3.15	%
Net interest margin (6)					3.09	%					3.28	%
Total cost of deposits (including non-interest-bearing deposits)					1.48	%					0.24	%

(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)    For the 2023 periods, the average balances of derivative cash collateral have been reclassified from non-interest bearing liabilities to other borrowings.

(5)    Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(6)    Net interest margin represents net interest income divided by average interest-earning assets.

19

OceanFirst Financial Corp.

SELECTED QUARTERLY FINANCIAL DATA

(in thousands, except per share amounts)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Selected Financial Condition Data:
Total assets	$	13,498,183	$	13,538,903	$	13,555,175	$	13,103,896	$	12,683,453
Debt securities available-for-sale, at estimated fair value	453,208		452,016		452,195		457,648		470,300
Debt securities held-to-maturity, net of allowance for securities credit losses	1,189,339		1,222,507		1,245,424		1,221,138		1,027,712
Equity investments	97,908		96,452		101,007		102,037		81,722
Restricted equity investments, at cost	82,484		105,305		115,750		109,278		77,556
Loans receivable, net of allowance for loan credit losses	10,068,156		10,030,106		9,986,949		9,868,718		9,672,488
Deposits	10,533,929		10,158,337		9,993,095		9,675,206		9,959,469
Federal Home Loan Bank advances	606,056		1,091,666		1,346,566		1,211,166		514,200
Securities sold under agreements to repurchase and other borrowings	279,164		270,377		266,601		264,500		291,203
Total stockholders’ equity	1,637,604		1,626,283		1,610,371		1,585,464		1,540,216

	For the Three Months Ended,
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Selected Operating Data:
Interest income	$	158,410	$	150,096	$	139,034	$	130,277	$	110,499
Interest expense	67,414		57,987		40,232		23,789		14,534
Net interest income	90,996		92,109		98,802		106,488		95,965
Provision for credit losses	10,283		1,229		3,013		3,647		1,016
Net interest income after provision for credit losses	80,713		90,880		95,789		102,841		94,949
Other income (excluding activity related to debt and equity investments)	9,310		9,487		9,571		10,364		11,788
Net gain (loss) on equity investments	1,452		(559)		(2,193)		17,187		3,362
Net loss on sale of investments	—		—		(5,305)		—		—
Operating expenses (excluding merger related and branch consolidation expense (benefit), net)	64,484		62,930		61,217		59,341		59,045
Branch consolidation expense (benefit), net	—		—		70		111		(346)
Merger related expenses	—		—		22		276		298
Income before provision for income taxes	26,991		36,878		36,553		70,664		51,102
Provision for income taxes	6,459		8,996		8,654		17,353		12,298
Net income	20,532		27,882		27,899		53,311		38,804
Net (loss) income attributable to non-controlling interest	(135)		85		16		39		193
Net income attributable to OceanFirst Financial Corp.	$	20,667	$	27,797	$	27,883	$	53,272	$	38,611
Net income available to common stockholders	$	19,663	$	26,793	$	26,879	$	52,268	$	37,607
Diluted earnings per share	$	0.33	$	0.45	$	0.46	$	0.89	$	0.64
Net accretion/amortization of purchase accounting adjustments included in net interest income	$	1,745	$	1,152	$	1,237	$	2,278	$	2,004

20

(continued)

	At or For the Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2022		2023		2022		2022
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets (3)	0.57	%	0.80	%	0.82	%	1.62	%	1.19	%
Return on average tangible assets (3) (4)	0.59		0.83		0.86		1.68		1.24
Return on average stockholders’ equity (3)	4.75		6.61		6.77		13.25		9.68
Return on average tangible stockholders’ equity (3) (4)	6.93		9.70		10.00		19.85		14.62
Return on average tangible common equity (3) (4)	7.29		10.21		10.53		20.97		15.47
Stockholders’ equity to total assets	12.13		12.01		11.88		12.10		12.14
Tangible stockholders’ equity to tangible assets (4)	8.64		8.51		8.37		8.47		8.38
Tangible common equity to tangible assets (4)	8.21		8.09		7.95		8.03		7.92
Net interest rate spread	2.37		2.52		2.94		3.37		3.19
Net interest margin	2.91		3.02		3.34		3.64		3.36
Operating expenses to average assets	1.88		1.87		1.88		1.85		1.87
Efficiency ratio (5)	63.37		62.28		60.78		44.56		53.10
Loan-to-deposit ratio	96.10		99.30		100.50		102.50		97.60

	For the Nine Months Ended September 30,
	2023		2022
Performance Ratios (Annualized):
Return on average assets (3)	0.73	%	0.99	%
Return on average tangible assets (3) (4)	0.76		1.03
Return on average stockholders’ equity (3)	6.03		7.87
Return on average tangible stockholders’ equity (3) (4)	8.85		11.91
Return on average tangible common equity (3) (4)	9.31		12.60
Net interest rate spread	2.61		3.15
Net interest margin	3.09		3.28
Operating expenses to average assets	1.88		1.91
Efficiency ratio (5)	62.15		57.90

21

(continued)

	At or For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)	$	336,913		$	339,890		$	333,436		$	324,066		$	273,815
Nest Egg AUA/M	385,317			397,927			400,227			403,538			402,256
Total AUA/M	722,230			737,817			733,663			727,604			676,071
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	27.56			27.37			27.07			26.81			26.04
Tangible book value per common share at end of period (4)	17.93			17.72			17.42			17.08			16.30
Common shares outstanding at end of period	59,421,498			59,420,859			59,486,086			59,144,128			59,138,507
Preferred shares outstanding at end of period	57,370			57,370			57,370			57,370			57,370
Number of full-service customer facilities:	38			38			38			38			38
Quarterly Average Balances
Total securities	$	1,873,450		$	1,931,032		$	1,955,399		$	1,764,764		$	1,748,687
Loans receivable, net	10,040,522			10,010,785			9,924,905			9,771,104			9,512,447
Total interest-earning assets	12,384,797			12,250,055			12,010,044			11,605,891			11,326,782
Total goodwill and core deposit intangible	517,282			518,265			519,282			520,400			521,566
Total assets	13,637,213			13,467,721			13,244,593			12,834,411			12,517,955
Time deposits	2,867,921			2,458,872			1,826,662			1,486,410			1,467,297
Total deposits (including non-interest-bearing deposits)	10,626,159			9,993,010			9,793,256			9,975,509			10,066,342
Total borrowings	1,095,173			1,603,126			1,600,845			915,565			643,294
Total interest-bearing liabilities	9,880,134			9,722,910			9,365,594			8,669,190			8,380,936
Non-interest bearing deposits	1,841,198			1,873,226			2,028,507			2,221,884			2,328,700
Stockholders' equity	1,642,899			1,626,693			1,609,677			1,564,856			1,541,755
Tangible stockholders’ equity (4)	1,125,617			1,108,428			1,090,395			1,044,456			1,020,189
Quarterly Yields and Costs
Total securities	3.82		%	3.47		%	3.40		%	2.83		%	2.27		%
Loans receivable, net	5.30			5.17			4.96			4.76			4.18
Total interest-earning assets	5.08			4.91			4.68			4.46			3.88
Time deposits	4.06			3.57			2.88			1.95			1.53
Total cost of deposits (including non-interest-bearing deposits)	1.99			1.52			0.88			0.53			0.36
Total borrowed funds	5.12			5.02			4.79			4.49			3.27
Total interest-bearing liabilities	2.71			2.39			1.74			1.09			0.69
Net interest spread	2.37			2.52			2.94			3.37			3.19
Net interest margin	2.91			3.02			3.34			3.64			3.36

(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 “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 intangible assets related to goodwill and core deposit intangible. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, core deposit intangible and preferred equity. Refer to “Non-GAAP Reconciliation.”

(5)    Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.

22

OceanFirst Financial Corp.

OTHER ITEMS

(dollars in thousands, except per share amounts)

NON-GAAP RECONCILIATION

	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Core Earnings:
Net income available to common stockholders (GAAP)	$	19,663		$	26,793		$	26,879		$	52,268		$	37,607
(Less) add non-recurring and non-core items:
Net (gain) loss on equity investments(1)	(1,452)			559			2,193			(17,187)			(3,362)
Net loss on sale of investments(1)	—			—			5,305			—			—
Merger related expenses	—			—			22			276			298
Branch consolidation expense (benefit), net	—			—			70			111			(346)
Income tax expense (benefit) on items	351			(162)			(1,797)			4,060			824
Core earnings (Non-GAAP)	$	18,562		$	27,190		$	32,672		$	39,528		$	35,021
Income tax expense	$	6,459		$	8,996		$	8,654		$	17,353		$	12,298
Provision for credit losses	10,283			1,229			3,013			3,647			1,016
Less: income tax expense (benefit) on non-core items	351			(162)			(1,797)			4,060			824
Core earnings PTPP (Non-GAAP)	$	34,953		$	37,577		$	46,136		$	56,468		$	47,511
Core earnings diluted earnings per share	$	0.32		$	0.46		$	0.55		$	0.67		$	0.60
Core earnings PTPP diluted earnings per share	$	0.59		$	0.64		$	0.78		$	0.96		$	0.81
Core Ratios (Annualized):
Return on average assets	0.54		%	0.81		%	1.00		%	1.22		%	1.11		%
Return on average tangible stockholders’ equity	6.54			9.84			12.15			15.01			13.62
Return on average tangible common equity	6.88			10.36			12.80			15.86			14.40
Efficiency ratio	64.29			61.94			56.49			50.78			54.80
(1) The sale of specific positions in two financial institutions impacted both equity investments and debt securities for the three months ended March 31, 2023. On the Consolidated Statements of Income, the losses on sale of equity investments and debt securities are reported within net gain (loss) on equity investments ($4.6 million) and other ($697,000), respectively, for the three months ended March 31, 2023.

23

	For the Nine Months Ended September 30,
	2023			2022
Core Earnings:
Net income available to common stockholders (GAAP)	$	73,335		$	90,319
Add (less) non-recurring and non-core items:
Net loss on equity investments(1)	1,300			7,502
Net loss on sale of investments(1)	5,305			—
Merger related expenses	22			2,459
Branch consolidation expense, net	70			602
Income tax benefit on items	(1,608)			(2,449)
Core earnings (Non-GAAP)	$	78,424		$	98,433
Income tax expense	$	24,109		$	29,212
Credit loss provision	14,525			4,121
Less: income tax benefit on non-core items	(1,608)			(2,449)
Core earnings PTPP (Non-GAAP)	$	118,666		$	134,215
Core diluted earnings per share	$	1.33		$	1.67
Core earnings PTPP diluted earnings per share	$	2.01		$	2.28
Core Ratios (Annualized):
Return on average assets	0.78		%	1.08		%
Return on average tangible stockholders’ equity	9.46			12.98
Return on average tangible common equity	9.96			13.73
Efficiency ratio	60.79			55.51
(1) The sale of specific positions in two financial institutions impacted both equity investments and debt securities for the three months ended March 31, 2023. On the Consolidated Statements of Income, the losses on sale of equity investments and debt securities are reported within net gain (loss) on equity investments ($4.6 million) and other ($697,000), respectively, for the three months ended March 31, 2023.

24

(continued)

	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Tangible Equity:
Total stockholders' equity	$	1,637,604		$	1,626,283		$	1,610,371		$	1,585,464		$	1,540,216
Less:
Goodwill	506,146			506,146			506,146			506,146			506,146
Core deposit intangible	10,489			11,476			12,470			13,497			14,656
Tangible stockholders' equity	1,120,969			1,108,661			1,091,755			1,065,821			1,019,414
Less:
Preferred stock	55,527			55,527			55,527			55,527			55,527
Tangible common equity	$	1,065,442		$	1,053,134		$	1,036,228		$	1,010,294		$	963,887
Tangible Assets:
Total assets	$	13,498,183		$	13,538,903		$	13,555,175		$	13,103,896		$	12,683,453
Less:
Goodwill	506,146			506,146			506,146			506,146			506,146
Core deposit intangible	10,489			11,476			12,470			13,497			14,656
Tangible assets	$	12,981,548		$	13,021,281		$	13,036,559		$	12,584,253		$	12,162,651
Tangible stockholders' equity to tangible assets	8.64		%	8.51		%	8.37		%	8.47		%	8.38		%
Tangible common equity to tangible assets	8.21		%	8.09		%	7.95		%	8.03		%	7.92		%

25

EX-99.2

. . . 1 The 3Q 2023 Earnings Release Supplement should be read in conjunction with the Earnings Release furnished as Exhibit 99.1 to Form 8-K filed with the SEC on October 19, 2023. Exhibit 99.2 OceanFirst Financial Corp. 3Q 2023 Earnings Release Supplement1 October 2023

. . .Legal Disclaimer FORWARD LOOKING STATEMENTS. In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, potential recessionary conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, potential goodwill impairment, future natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, 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, changes in liquidity, including the size and composition of the Company’s deposit portfolio, including the percentage of uninsured deposits in the portfolio, competition, demand for financial services in the Company’s market area, changes in consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of the COVID-19 pandemic or any other pandemic on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, under Item 1A - Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. NON-GAAP FINANCIAL INFORMATION. This presentation contains certain non-GAAP (generally accepted accounting principles) measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measures of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See reconciliations of certain non-GAAP measures included in the Company’s Earnings Release furnished as Exhibit 99.1 to Form 8-K as filed with the SEC on October 19, 2023. MARKET AND INDUSTRY DATA. This presentation references certain market, industry and demographic data, forecasts and other statistical information. We have obtained this data, forecasts and information from various independent, third-party industry sources and publications. Nothing in the data, forecasts or information used or derived from third party sources should be construed as advice. Some data and other information are also based on our good faith estimates, which are derived from our review of industry publications and surveys and independent sources. We believe that these sources and estimates are reliable but have not independently verified them. Statements as to our market position are based on market data currently available to us. These estimates involve inherent risks and uncertainties and are based on assumptions that are subject to change. 2

. . .Q3-23 Financial Highlights 3 (1) For non-GAAP financial measures, please refer to the ‘Non-GAAP Reconciliations’ in the Appendices for a reconciliation to GAAP financial information. Financial Highlights $0.32 Core Diluted EPS 1 $91 million Net Interest Income 0.54% Core ROAA 1 6.88% Core ROTCE 1 $0.59 Core PTPP Diluted EPS 1 10.4% CET1 Ratio  Net deposit growth of $376 million and prudent loan growth, resulted in a loan-to-deposit ratio of 96%. Net deposit growth funded a reduction in brokered time deposits of $426 million.  Asset quality metrics remain strong. Criticized and classified loans as a percent of total loans were 1.30% and non-performing loans as a percent of total loans were 0.20%.  CET1 remained above “well capitalized” levels at 10.4% as of September 30, 2023.

. . . I N V E S T O R P R E S E N T A T I O N 4 Quarterly Earnings Update

. . .Loan Portfolio Trends 5 Moderated Loan Growth in the Portfolio ($’millions)  Loan growth has moderated prudently, with the expectation of low single-digit growth for the remainder of the year.  Improving loan yields. 5,008 5,172 5,297 5,320 5,334 984 997 986 982 957 653 622 622 620 652 2,813 2,862 2,882 2,907 2,928 264 Q3-23 262 4.18% 4.76% Q3-22 9,918 Q4-22 252 4.96% 9,719 253 Q1-23 5.17% 255 5.30% Q2-23 10,040 10,084 10,124 Average Loan Yield C&I Home Equity & Consumer Residential CRE Owner Occupied CRE Investor Owned

. . .Credit Quality Historically Top Quartile and Well Positioned  Underlying collateral is diversified: The underlying collateral for the CRE Investor Owned (“Investor”) portfolio is highly diversified and focused in low risk collateral types.  Maturity wall is modest and has a minimal impact: Our maturity wall, totaling $415 million (or 4% of total loans), is set to mature in 2023 and 2024 with weighted average rates of 6.92% and 5.80%, for each respective cohort.  A repricing analysis(2) was performed on the vast majority of the CRE Investor and Construction portfolio. Results indicated the portfolio continues to service debt without unusual stress.  The weighted average DSCR of loans subject to the stress test is 1.32.  Greater than 90% of the CRE Investor portfolio is organically originated or acquired through whole bank acquisition.  Refer to the Appendices for additional disclosures on the Office portfolio. 6 CRE Investor Owner Portfolio by Geography Notes: All data presented represents CRE Investor balances, excluding purchase accounting marks and Construction as of September 30, 2023, unless otherwise noted. (1) Other includes co-operatives, single purpose, stores and some living units / mixed use, investor owned 1-4 family, land / development, and other. (2) Repricing analysis as of Q1-23 included stressing portfolio with an increase to 7% interest rates while keeping unwritten rents constant. We are actively tracking CRE loan underlying cash flows and noted no material change from Q1-23. As such, we have deemed the results from the repricing analysis to be relevant for the current quarter. 21% 31%28% 8% 10% NY MA PA/DE MD/DC NJ 2% Other CRE Investor Owned - Collateral Details $'millions CRE: Investor Owned % of Total WA LTV WA DSCR Retail 1,085 23.1% 56.3 1.61 Office 1,090 23.2% 56.4 1.80 Multi-Family 951 20.3% 64.5 1.62 Industrial / Warehouse 738 15.7% 56.6 2.27 Hospitality 135 2.9% 66.2 1.23 Other 1 693 14.8% 49.5 1.69 CRE: Investor Owned 4,692 100.0% 57.3 1.76 Construction 642 CRE IO and Construction Total 5,334 Maturity Wall Detail Balance Weighted Average % of Maturity Year ($'millions) Rate LTV DSCR Loans 2023 58 6.92 64.82 1.70 0.57% 2024 357 5.80 68.20 1.92 3.53% Total 415 5.95 67.73 1.89 4.10% Note: Weighted Average DSCR calculations exclude credits for which DSCR is not calculated.

. . . Strong asset quality trends driven by prudent loan growth and credit decisioning. Quarterly Credit Trends (1 of 2) 7 Non-Performing Loans and Assets ($’000)1, 2 Special Mention and Substandard Loans ($’000) Note: At September 30, 2023, of the Special Mention loans and Substandard loans represented above, 95% and 72% were current on payments, respectively. Note #2: Peer data is on a one quarter lag. 0.15% 0.19% Q3-22 0.15% 0.19% Q4-22 0.14% 0.18% Q1-23 0.14% 0.19% Q2-23 0.27% Q3-23 Non-performing loans to total loans Non-performing assets to total assets Non-performing loans 18,455 19,321 18,508 26,921 (1) PCD loans are not included in these metrics. Refer to Asset Quality section in the Earnings Release for additional information. (2) In Q3-23 the Bank charged-off $8 million on a single commercial real estate credit relationship. The remaining exposure of $9 million is included in the non-performing loan balance. 19,587 0.20% 97,353 50,776 86,765 88,152 86,596 54,330 48,214 23,980 30,859 44,940 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 1.30% 2.58% 1.56% 2.46% 1.00% 2.39% 1.10% 2.53% 1.18% Peer Average Criticized Loans / Total Loans OCFC Criticized Loans / Total Loans Special Mention Substandard

. . .Quarterly Credit Trends (2 of 2) 8 Loan Allowance for Credit Losses (ACL) Plus PCD & General Credit Marks / Total Loans NCOs / (Recoveries) and Provision for Credit Loss Expense ($’000) 0.14% 0.55% Q3-22 0.12% 0.57% Q4-22 0.10% 0.60% Q1-23 0.10% 0.61% Q2-23 0.09% 0.63% Q3-23 0.69% 0.69% 0.70% 0.71% 0.72% PCD & General Credit Marks ACL 10,283 (252) (47) 123 8,271 1,016 Q3-22 3,647 Q4-22 3,013 Q1-23 1,229 Q2-23 Q3-23 (5) Provision Expense Net Charge-offs (Recoveries) Driven by a charge-off on a single commercial real estate credit relationship announced on September 14, 2023. NCOs to Avg Loans YTD Q3-23 totaled 0.11%.

. . . COVID-19 Pandemic Track Record of Strong Credit Performance 9  From 2006 to 2022, inclusive of the Global Financial Crisis, Hurricane Sandy, and the COVID-19 Pandemic, OCFC’s CRE NCO to average CRE loans totaled 6 bps per year compared to 81 bps for all commercial banks between $10 - $50 billion in assets.  Peak CRE net charge-offs for OCFC totaled 47 bps in 2020, related to proactively de-risking our balance sheet. Peak CRE charge- offs for commercial banks between $10-$50 billion in assets were 455 bps in 2010. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1-23 Q2-23 OCFC CRE NCO / Avg Assets OCFC NCO / Avg Assets Commercial Banks ($10-50 bn) CRE NCO / Avg Assets Commercial Banks ($10-50 bn) NCO / Avg Assets Global Financial Crisis Cumulative CRE charge-offs for OCFC between 2006 and Q3-23 were minimal, totaling $35 million. Hurricane Sandy Source: S&P Global. Note: Commercial bank reporting is on a one quarter lag.

. . .Deposit Trends 10 (1) Deposit beta is calculated as the increase in rate paid on total deposits per quarter divided by the incremental increase in the fed funds rate since January 1, 2022.  Deposits (excl. brokered CDs) increased by 9% from the linked quarter.  High yield savings grew by $328 million from the previous quarter, driving an improvement in the quality of our deposit base as these will reprice should rates moderate next year.  Decline in Q3-23 time deposits is driven by a decrease in brokered CDs of ~$426 million.  We maintain prudent price discipline resulting in an overall deposit beta of 35%. Excluding brokered CDs, our deposit beta totaled 30%. We expect deposit betas to continue to rise as the competitive landscape for deposits increases. Shift in Deposit Mix to Drive Retention ($’millions) 6.7% 0.4% Q3-22 9.8% 0.6% Q4-22 20.0% 1.1% Q1-23 28.8% 1.6% Q2-23 34.9% 2.0% Q3-23 Deposit Beta (1) Cost of Deposits (Spot) 1,404 1,542 2,387 2,766 2,654749 714 616 770 8601,570 1,488 1,309 1,230 1,484 3,910 3,830 3,697 3,538 3,709 2,326 2,101 1,984 1,854 1,827 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 9,959 9,675 9,993 10,158 10,534 Non Int. Bearing Int. Bearing Checking Savings Money Market Time Deposits Deposit Beta and Cost Trend Cost of Deposits Type of Account Qtr. Avg. Sept 30 Spot Int. Bearing Checking 1.61% 1.64% Money Market 2.71% 2.83% Savings 0.94% 1.36% Time Deposits 4.06% 4.06% Total (incl. non-int bearing) 1.99% 2.02%

. . .~84% of Deposits Are Insured/Collateralized, Long Tenured, and Granular 11  OCFC’s deposit composition is extremely granular with 98% of all deposit accounts by number less than $250K.  OCFC customers have long tenured relationships with an average age of 9 years. The median age of a deposit relationship is 7 years.  Average non-government deposit account is well below the FDIC insurance limit.  Government deposits in New Jersey are protected by the State under the NJ Government Unit Deposit Protection Act and fully collateralized by OCFC. Note: Refer to Appendices for detailed adjusted uninsured deposit bridge as of 9/30/23. Q1-23 and prior periods are reported under historical methodology. Note #2: All data presented is as of September 30, 2023, unless otherwise noted. (1)The State of NJ requires collateralization on municipal deposits and administers a backstop to protect these deposits. Deposit Accounts by Size Length of Customer Relationships 77.5% 78.7% 81.4% 84.9% 84.4% 22.5% 21.3% 18.6% 15.1% 15.6% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Adj Uninsured Deposits Adj Insured Deposits 9,959 9,675 9,993 Total Deposits ($’millions) 98% < $250K 2% > $250K 244.2K Accounts 33% 20% 17% 20% 10% < 5 years 5-10 Years 10-15 Years 15-25 Years > 25 Years 153.7K Customers 10,534 Note #3: The reduction in adjusted uninsured deposits percentage of total deposits in Q2-23 onward is due to a change in methodology to improve accuracy of estimated adjusted uninsured deposits. 10,158 Customer Segment Segment Average Balance Personal $22K Business $110K Government1 $966K

. . .Net Interest Income and Net Interest Margin Trends 12 (1) Core NIM excludes purchase accounting and prepayment fee income. Refer to the Earnings Release for additional information. Core NIM1 vs NIM NIM Bridge 0.01 Q2-23 NIM -0.08 Ordinary course rate impacts Quarter-specific impacts (PA accretion for payoffs) -0.04 Excess liquidity Q3-23 NIM 3.02% 2.91% 3.36% 3.28% Q3-22 3.64% 3.54% Q4-22 3.34% 3.30% Q1-23 3.02% 2.97% Q2-23 2.91% 2.85% Q3-23 NIM Core NIM Net Interest Income ($’000) 95,965 Q3-22 106,488 Q4-22 98,802 Q1-23 92,109 Q2-23 90,996 Q3-23 Net Interest Income Headwinds  Competitive market environment as peers compete on rate for quality credit.  Remaining disciplined on deposit pricing and managing funding costs.

. . . Core Efficiency Ratio1 Expense Discipline and Focused Investment 13 Core Non-Interest Expense1 ($’000) 42,331 45,711 45,981 47,610 49,910 13,937 11,111 13,108 12,923 11,873 2,397 2,777 Q3-22 2,1282,519 59,045 Q1-23Q4-22 Q2-23 2,701 Q3-23 59,341 61,217 62,930 64,484 Other Core Non-Int ExpTrident Technology Expense 1.88% 64.29% 1.87% 54.80% Q3-22 50.78% Q4-22 1.87% 56.49% Q1-23 61.94% Q2-23 Q3-23 1.91% 1.88% Core Efficiency Ratio Core Non-Interest Expense to Average Assets (Annualized) (1For non-GAAP financial measures, please refer to the ‘Non-GAAP Reconciliations’ in the Appendices for a reconciliation to GAAP financial information.  Q3-23 core operating expenses increased $1.6 million from the prior linked quarter and totaled $64.5 million, of which $2.4 million were non-recurring staff costs.  Non-recurring staff costs comprised a combination of severance and other compensation and benefits reductions related to our performance improvement initiative.  We are implementing a series of operating leverage strategies that are expected to reduce total operating expenses to $58-$59 million run-rate beginning in Q4-23 and continuing into 2024.

. . .Generating Consistent Returns 14 Book Value and Tangible Book Value per Common Share ($)1 Core ROAA1, ROTE1, and ROTCE1 • Tangible book value per common share increased by $1.63 (or 10%) compared to the same quarter last year. • Capital ratios remain above "well-capitalized" levels even if the Company were to include the marks on its AFS/HTM portfolio in CET1. Capital Management ($’millions) 16.30 17.08 17.42 17.72 17.93 26.04 26.81 27.07 27.37 27.56 Q3-23Q3-22 Q4-22 Q1-23 Q2-23 Tangible Book Value per Common ShareBook Value per Share Q3-22 15.86% 13.62% 15.01% 14.40% 1.11% 1.22% Q4-22 10.36% 12.15% 12.80% 1.00% 0.54% Q1-23 9.84% 0.81% Q2-23 Q3-23 6.54% 6.88% Core ROTE Core ROTCE Core ROAA 12 12 12 12 12 00 8.38% Q4-22 8.47% 0 Q3-22 0 8.37% 8.64% Q1-23 8.51% 0 Q2-23 Q3-23 Tangible Stockholders’ Equity to Tangible Assets1 Share Repurchases Cash Dividend (1) For non-GAAP financial measures, please refer to the ‘Non-GAAP Reconciliations’ in the Appendices for a reconciliation to GAAP financial information.

. . .Leading TBV Growth Supported by Prudent Liquidity Management 15 Tangible Book Value per Share Growth (Q2-22 to Q2-23)(1) (1) Peers include those companies defined in definitive proxy statement filed April 21, 2023. Excludes Investors Bancorp due to the sale to Citizens Financial Group. 11.0 -5% 0% 5% 10% 15 Peer 1 Peer 2 OCFC Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 Peer 21

. . .Management 2023 Outlook – Update 16 Loans Deposits Operating Expenses Net Interest Margin Capital • Continued focus on credit risk management, anchored by our diversified CRE portfolio that has performed well in market downturns • Maintain loan-to-deposit ratio ~100% for remainder of the year • Accounts for uncertainty in deposit flows. Our expectation is moderate outflow of non-maturity deposits, offset by an increase in promo CDs and high yield savings accounts Low single-digit growth for full year Low single-digit growth for full year Q4-23 expected to stabilize in the $58 to $59 million range Similar decline as Q3, then stable Robust CET1 ratio (~10%) Guidance Key Assumptions / Commentary • The current quarter included $2.4 million of non-recurring compensation and benefits related expenses consisting of severance and other program costs relating to our performance improvement initiative • This does not include the potential one-time proposed FDIC special assessment. The final ruling is pending • We are working on incremental opportunities to reduce expenses modestly in 2024

. . . I N V E S T O R P R E S E N T A T I O N 17 Appendix

. . .CBD Office Concentration Exposure Is Moderate Office Portfolio  Central business district loans comprised 1% of total assets and have a weighted average LTV of 53.0% and weighted average DSCR of 1.85.  Criticized and classified office loans totaled 2% of total office loans. 18 CBD Office Portfolio by Geography 13% 36% 32% 19% Philadelphia New York City Newark Boston Central Business District (CBD) - Office $'millions Book Balance % of Total WA LTV WA DSCR Credit Tenant 44 36.1% 61.7 2.17 Office 42 34.1% 56.2 1.97 Life Sciences & Medical 36 29.8% 38.9 1.31 CBD - Office 122 11.2% 53.0 1.85 % of Total Loans 1.2% CRE Investor Owned: Office $'millions Book Balance % of Total WA LTV WA DSCR Office 530 48.6% 51.9 1.72 Life Sciences & Medical 330 30.3% 57.8 1.71 Credit Tenant 230 21.1% 64.6 2.07 Total Office 1,090 100.0% 56.4 1.79 % of Total Loans 10.8%

. . .Liquidity Sources are Robust and Diverse 19 Liquidity remains robust:  Adjusted uninsured deposits accounted for 16% of total deposits.  Cash held on balance sheet totaled $304 million(1).  OCFC had no outstanding borrowings from the Federal Reserve Discount Window or Bank Term Funding Program, strong sources of backstop liquidity.  As the banking environment continues to stabilize, we will evaluate our liquidity position and needs through Q4-23, with potential reductions in excess liquidity to be redeployed into new loans. 829 1,650 2,534 816 145 Liquidity Sources Adjusted Uninsured Deposits 4,324 FRB Discount Window Capacity FedFunds and Repo Lines Available FHLB Remaining Capacity Cash and Unpledged Securities Adjusted Uninsured Deposits Note: All data presented is as of September 30, 2023. (1) Excludes estimated cash used in daily banking operations. (2) Refer to adjusted uninsured deposits bridge in the Appendices. 262% Numbers in the above table are in $’millions. (2)

. . .High Quality and Low Risk Investment Portfolio 20  Unrealized gain on AFS debt securities of $2 million in Q3-23 ($8 million in the YTD period).  Portfolio remains high quality and investment grade with 83% rated AAA or AA.  Total duration on the investment portfolio totaled 4 years. Investment Portfolio Composition 4% 55%13% 17% 4% 6% US Government & Agency Agency MBS 1% MBS State and Municipal Asset-Backed Corporate Debt Other Total: $1.7B 1,749 1,765 1,955 1,931 1,873 2.27% Q3-22 2.83% Q4-22 3.40% Q1-23 3.47% Q2-23 3.82% Q3-23 Average Investments ($ millions) Yield on Investments (%) Portfolio Trends and Yield (1) Note: All data presented is as of September 30, 2023, unless otherwise noted. (1) Average investments includes restricted equity investments comprised primarily of FHLB and FRB stock. Rate Exposure: • 22% floating • 78% fixed Investment Portfolio Composition AFS HTM Equities $'millions Fair Value Duration (Yrs) Amortized Cost Duration (Yrs) Fair Value Duration (Yrs) Asset-Backed 290 (0) - - - US Gov & Agency 64 3 - - - Agency MBS 90 6 870 4 - - Corporate Debt 9 2 69 1 - - State and Municipal - - 229 5 - - MBS - - 21 2 - - Other - - - 98 5 Total 453 1,189 98

. . .Customer Base Values Operational Support Deposit base is highly operational and values individualized service and support. OCFC customers initiated over 43 million total transactions in 2022 for over $100 billion, turning over our September 30, 2023 deposit balance ~10 times per year. 13.6% 30.3% 52.0% 0.2% 2.2% 1.7% 58.1% 15.8% 24.6% 0.5% 1.0%43 million transactions >$100 billion Volume Dollars Wires ACH TransactionsBill Pay eWallet Debit Card (Visa) Checks Cleared Legend 1 (1) Legend applies to both volume and dollar charts.

. . .Adjusted Uninsured Deposit Bridge Detail 22 Note #1: Uninsured deposits are reported at the consolidated Bank level per the Call Report. (1) The State of NJ requires collateralization on municipal deposits and administers a backstop to protect these deposits. (2) Gross exclusions relate to intercompany deposits. Adjusted Uninsured Deposit Bridge $'millions Schedule/Line September 30, 2023 Estimated Uninsured Deposits RC-O Line M.2 5,271 Less: Collateralized Municipal Deposits1 (2,164) Less: Gross Exclusion Deposits2 (1,457) Estimated Adjusted Uninsured Deposits, net of exclusions 1,650 Total Deposits RC-O Line 1 12,057 Less: Gross Exclusion Deposits2 (1,457) Total Deposits, net of exclusions RC Line 13.a 10,600 % of Total Deposits, net of exclusions 15.6%

. . .Non-GAAP Reconciliations (1 of 2) (1) The sale of specific positions in two financial institutions impacted both equity investments and debt securities for the three months ended March 31, 2023. On the Consolidated Statements of Income, the losses on sale of equity investments and debt securities are reported within net gain (loss) on equity investments ($4.6 million) and other ($697,000), respectively, for the three months ended March 31, 2023. Non-GAAP Reconciliation For the Three Months Ended $'000 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Core Earnings: Net income available to common stockholders (GAAP) 19,663 26,793 26,879 52,268 37,607 Add (less) non-recurring and non-core items: Merger related expenses - - 22 276 298 Branch consolidation expense (benefit), net - - 70 111 (346) Net (gain) loss on equity investments (1) (1,452) 559 2,193 (17,187) (3,362) Net loss on sale of investments (1) - - 5,305 - - Income tax expense (benefit) on items 351 (162) (1,797) 4,060 824 Core earnings (Non-GAAP) 18,562 27,190 32,672 39,528 35,021 Income tax expense 6,459 8,996 8,654 17,353 12,298 Provision for credit losses 10,283 1,229 3,013 3,647 1,016 Less: income tax expense (benefit) on non-core items 351 (162) (1,797) 4,060 824 Core earnings PTPP (Non-GAAP) 34,953 37,577 46,136 56,468 47,511 Core earnings diluted earnings per share 0.32 0.46 0.55 0.67 0.60 Core earnings PTPP diluted earnings per share 0.59 0.64 0.78 0.96 0.81 Core Ratios (Annualized): Return on average assets 0.54% 0.81% 1.00% 1.22% 1.11% Return on average tangible stockholders' equity 6.54 9.84 12.15 15.01 13.62 Return on average tangible common equity 6.88 10.36 12.80 15.86 14.40 Efficiency ratio 64.29 61.94 56.49 50.78 54.80

. . .Non-GAAP Reconciliations (2 of 2) Non-GAAP Reconciliation $'000 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Tangible Equity Total stockholders' equity 1,637,604 1,626,283 1,610,371 1,585,464 1,540,216 Less: Goodwill 506,146 506,146 506,146 506,146 506,146 Core deposit intangible 10,489 11,476 12,470 13,497 14,656 Tangible stockholders' equity 1,120,969 1,108,661 1,091,755 1,065,821 1,019,414 Less: Preferred Stock 55,527 55,527 55,527 55,527 55,527 Tangible common equity 1,065,442 1,053,134 1,036,228 1,010,294 963,887 Tangible Assets Total Assets 13,498,183 13,538,903 13,555,175 13,103,896 12,683,453 Less: Goodwill 506,146 506,146 506,146 506,146 506,146 Core deposit intangible 10,489 11,476 12,470 13,497 14,656 Tangible assets 12,981,548 13,021,281 13,036,559 12,584,253 12,162,651

XML

Document and Entity Information	Oct. 19, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 19, 2023
Entity Registrant Name	OCEANFIRST FINANCIAL CORP.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11713
Entity Tax Identification Number	22-3412577
Entity Address, Address Line One	110 West Front Street
Entity Address, City or Town	Red Bank
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07701
City Area Code	732
Local Phone Number	240-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001004702
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	OCFC
Security Exchange Name	NASDAQ
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 7.0% Series A Non-Cumulative, perpetual preferred stock)
Trading Symbol	OCFCP
Security Exchange Name	NASDAQ