8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

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, 2005

OCEANFIRST FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

Delaware	0-27428	22-3412577
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(IRS Employer Identification No.)

975 HOOPER AVENUE, TOMS RIVER, NEW JERSEY 08753

(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 140.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition

On October 20, 2005, OceanFirst Financial Corp. (the “Company”) announced its financial results for the three months ended September 30, 2005. For more information, reference is made to the Company’s press release dated October 20, 2005, a copy of which is attached to this Report as Exhibit 99.1 and is furnished herewith.

ITEM 8.01 Other Events

On October 20, 2005, the Company announced that the Company’s Board of Directors has 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 11, 2005 to the stockholders of record at the close of business on October 28, 2005. For further information see the Company’s press release dated October 20, 2005, which is incorporated herein by reference and is filed herewith as Exhibit 99.1.

On October 19, 2005, the Company announced its intention to repurchase in the open market up to 636,036 shares, or 5%, its outstanding common stock. For further information see the Company’s press release dated October 19, 2005, which is incorporated herein by reference and is filed herewith as Exhibit 99.2.

ITEM 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) The following exhibits are filed herewith:

Exhibit 99.1      Press Release dated October 20, 2005

Exhibit 99.2      Press Release dated October 19, 2005

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.

/S/ Michael Fitzpatrick

Michael Fitzpatrick

Executive Vice President and

Chief Financial Officer

Dated: October 21, 2005

EX-99.1

Exhibit 99.1

Company:

Michael J. Fitzpatrick

Chief Financial Officer

OceanFirst Financial Corp.

Tel: (732)240-4500, ext. 7506

Fax: (732)349-5070

email:Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OceanFirst Financial Corp.

ANNOUNCES 14.3% INCREASE IN QUARTERLY EARNINGS

AND CONTINUATION OF QUARTERLY DIVIDEND

TOMS RIVER, NEW JERSEY, October 20, 2005…OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that diluted earnings per share for the quarter ended September 30, 2005 increased 14.3% to $.40 from $.35 for the corresponding prior year period. For the nine months ended September 30, 2005 diluted earnings per share increased 17.6% to $1.20, from $1.02 for the corresponding prior year period. The Company also announced that its Board of Directors declared a regular quarterly cash dividend of $.20 per share—covering the three month period ended September 30, 2005—to be paid on November 11, 2005, to shareholders of record on October 28, 2005.

In making today’s announcement, John R. Garbarino, Chairman, President and Chief Executive Officer said, “In the face of strong pressures on our margin, our solid third quarter earnings sustains the momentum of the last three quarters and is reflective of our efforts to grow core deposits and expand our loan production platform. Core deposits increased $24.9 million during the quarter, an 11.6% annualized rate. Additionally, loans receivable increased $44.8 million, an 11.4% annualized rate.”

Mr. Garbarino continued “I am also pleased to announce our thirty-fifth consecutive quarterly cash dividend reflecting an attractive 3.6% yield on our common stock.”

Results of Operations

Net interest income for the three and nine months ended September 30, 2005 increased to $15.4 million and $45.5 million, respectively, as compared to $14.3 million and $41.5 million, respectively, in the same prior year periods, reflecting a higher net interest margin and higher levels of interest-earning assets. The net interest margin increased to 3.28% and 3.32%, respectively, for the three and nine months ended September 30, 2005 from 3.24% in the same prior year periods. The margin was unchanged from the linked quarter. The yield on interest-earning assets increased to 5.61% and 5.50%, respectively, for the three and nine months ended September 30, 2005, as compared to 5.26% and 5.25%, respectively, for the same prior year periods. The cost of interest-bearing liabilities increased to 2.57% and 2.41%, respectively, for the three and nine months ended September 30, 2005, as compared to 2.23% and 2.22%, respectively, in the same prior year periods. Balance sheet growth was also sustained as average interest-earning assets increased by $114.6 million and $121.0 million, respectively, for the three and nine months ended September 30, 2005, as compared to the same prior year periods. The growth was concentrated in average loans receivable which grew $162.4 million, or 10.8% for the three months ended September 30, 2005, as compared to the same prior year period. For the nine months ended September 30, 2005 average loans receivable increased $140.3 million or 9.6%, as compared to the same prior year period. The loan growth was funded by interest-bearing deposits which grew $130.5 million, or 11.8% for the three months ended September 30, 2005, as compared to the same prior year period. For the nine months ended September 30, 2005 average interest-bearing deposits increased $140.2 million, or 13.1%, as compared to the same prior year period.

Revenue growth also continued as other income increased to $6.3 million and $18.1 million for the three and nine months ended September 30, 2005, respectively, from $5.0 million and $14.1 million,

respectively, in the same prior year periods. For the three and nine months ended September 30, 2005, the Company recorded gains of $3.5 million and $10.1 million, respectively, on the sale of loans and securities, as compared to gains of $2.4 million and $6.8 million, respectively, in the same prior year periods. For the three and nine months ended September 30, 2004, the gain on sale of loans and securities includes a gain of $186,000 on the sale of equity securities. Loans sold for the three and nine month periods ended September 30, 2005 increased to $212.4 million and $538.7 million, respectively, from $162.2 million and $351.6 million, respectively, in the same prior year periods. In the third quarter of 2004, the Company expanded its loan production platform through the acquisition of a consumer direct lending operation by Columbia Home Loans, LLC, the Company’s mortgage banking subsidiary. Fees and service charges increased $256,000, or 11.9% and $805,000, or 13.0%, for the three and nine months ended September 30, 2005, respectively, as compared to the same prior year periods primarily related to increases in investment services and trust fees.

Operating expenses amounted to $14.2 million and $40.7 million, respectively, for the three and nine months ended September 30, 2005, as compared to $12.3 million and $35.4 million, respectively, for the corresponding prior year periods. The increases were partly due to the costs related to the acquisition of the consumer direct lending operation, as well as increased incentive plan costs.

Financial Condition

Loans receivable net, increased by $145.4 million, or 13.2% on an annualized basis, at September 30, 2005 as compared to December 31, 2004. Deposits increased to $1,369.4 million at September 30, 2005 from $1,270.5 million at December 31, 2004, a 10.4% annualized rate of growth. Core deposits (all deposits except time deposits) grew $86.5 million, 14.5% on an annualized basis. During the quarter, the holding company issued subordinated debt for $5.0 million, the proceeds of which were partly used to fund the Company’s continuing common stock repurchase program.

Stockholders’ equity decreased by $1.4 million to $136.5 million at September 30, 2005, as compared to $138.0 million at December 31, 2004. For the nine months ended September 30, 2005, 611,566 common shares were repurchased at a total cost of $14.1 million. Under the 10% repurchase program authorized by the Board of Directors in October 2003, 138,489 shares remain to be purchased as of September 30, 2005. A new repurchase program, the Company’s twelfth, was announced on October 19, 2005. Under this 5% repurchase program, an additional 636,036 shares are available for repurchase. The reduction in stockholders’ equity due to common stock repurchases was partly offset by current net income, proceeds from stock option exercises and related tax benefit, and Employee Stock Ownership Plan amortization.

Asset Quality

The Company’s non-performing assets totaled $1.7 million at September 30, 2005 as compared to $3.8 million at December 31, 2004. For the nine months ended September 30, 2005 the Company realized net loan charge-offs of $628,000, an annualized charge-off ratio of 5 basis points of average loans.

Conference Call

As previously announced, the Company will host an earnings conference call on Friday, October 21, 2005 at 11:00 a.m. Eastern time. The direct dial number for the call is (877) 407-8035. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (877) 660-6853, Account #286, Conference ID #171828, from one hour after the end of the call until midnight on Friday, October 28, 2005.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered stock savings bank with $2.0 billion in assets and eighteen branches located in Ocean, Monmouth and Middlesex counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available at no charge by visiting us on the worldwide web at http://www.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements 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,” or similar expressions. 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 the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties 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.

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands, except per share amounts)

	September 30, 2005			December 31, 2004			September 30, 2004
	(Unaudited)						(Unaudited)
ASSETS
Cash and due from banks	$	31,614		$	74,021		$	38,843
Investment securities available for sale		84,507			83,960			83,753
Federal Home Loan Bank of New York stock, at cost		19,450			21,250			23,285
Mortgage-backed securities available for sale		92,571			124,478			134,819
Loans receivable, net		1,618,304			1,472,907			1,462,652
Mortgage loans held for sale		66,240			63,961			74,891
Interest and dividends receivable		7,360			6,033			6,690
Real estate owned, net		278			288			320
Premises and equipment, net		15,521			16,037			16,140
Servicing asset		9,671			8,790			8,361
Bank Owned Life Insurance		35,846			34,990			34,640
Intangible Assets		1,298			1,376			1,402
Other assets		6,893			6,184			5,633
Total assets	$	1,989,553		$	1,914,275		$	1,891,429
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits	$	1,369,414		$	1,270,535		$	1,233,277
Securities sold under agreements to repurchase with retail customers		67,727			45,072			43,306
Securities sold under agreements to repurchase with the Federal Home Loan Bank		59,000			106,000			112,000
Federal Home Loan Bank advances		330,000			312,000			342,000
Subordinated debenture		5,000			—			—
Advances by borrowers for taxes and insurance		8,517			6,289			6,376
Other liabilities		13,359			36,423			17,591
Total liabilities		1,853,017			1,776,319			1,754,550
Stockholders’ equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued		—			—			—
Common stock, $.01 par value, 55,000,000 shares authorized, 27,177,372 shares issued and 12,720,732, 13,024,204 and 13,130,873 shares outstanding at September 30, 2005, December 31, 2004 and September 30, 2004, respectively		272			272			272
Additional paid-in capital		196,924			193,723			192,830
Retained earnings		162,450			157,575			155,023
Accumulated other comprehensive loss		(1,256	)		(667	)		(721	)
Less: Unallocated common stock held by Employee Stock Ownership Plan		(7,766	)		(8,652	)		(8,967	)
Treasury stock, 14,456,640, 14,153,168 and 14,046,499 shares at September 30, 2005, December 31, 2004 and September 30, 2004, respectively		(214,088	)		(204,295	)		(201,558	)
Common stock acquired by Deferred Compensation Plan		1,365			986			977
Deferred Compensation Plan Liability		(1,365	)		(986	)		(977	)
Total stockholders’ equity		136,536			137,956			136,879
Total liabilities and stockholders’ equity	$	1,989,553		$	1,914,275		$	1,891,429

OceanFirst Financial Corp.

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

	For the three months ended September 30,					For the nine months ended September 30,
	2005		2004			2005		2004
	(Unaudited)					(Unaudited)
Interest income:
Loans	$	24,222	$	21,355		$	68,752	$	61,949
Mortgage-backed securities		897		1,170			2,959		3,220
Investment securities and other		1,209		662			3,799		2,194
Total interest income		26,328		23,187			75,510		67,363
Interest expense:
Deposits		6,056		3,948			16,074		10,925
Borrowed funds		4,862		4,969			13,921		14,900
Total interest expense		10,918		8,917			29,995		25,825
Net interest income		15,410		14,270			45,515		41,538
Provision for loan losses		100		50			350		150
Net interest income after provision for loan losses		15,310		14,220			45,165		41,388
Other income:
Loan servicing income		47		125			148		271
Fees and service charges		2,406		2,150			6,976		6,171
Net gain on sales of loans and securities available for sale		3,535		2,414			10,079		6,772
Net loss from other real estate operations		—		(3	)		—		(3	)
Income from Bank Owned Life Insurance		321		260			856		905
Other		5		5			47		17
Total other income		6,314		4,951			18,106		14,133
Operating expenses:
Compensation and employee benefits		8,206		6,614			23,219		19,797
Occupancy		1,109		963			3,284		2,756
Equipment		659		659			1,934		1,743
Marketing		750		603			2,213		1,248
Federal deposit insurance		126		118			379		358
Data processing		857		753			2,413		2,223
General and administrative		2,485		2,565			7,276		7,259
Total operating expenses		14,192		12,275			40,718		35,384
Income before provision for income taxes		7,432		6,896			22,553		20,137
Provision for income taxes		2,602		2,444			7,902		7,185
Net income	$	4,830	$	4,452		$	14,651	$	12,952
Basic earnings per share	$	0.41	$	0.37		$	1.24	$	1.07
Diluted earnings per share	$	0.40	$	0.35		$	1.20	$	1.02
Average basic shares outstanding		11,793		12,096			11,859		12,139
Average diluted shares outstanding		12,184		12,634			12,251		12,686
Cash earnings (1)	$	5,576	$	5,222		$	16,882	$	15,337
Diluted cash earnings per share	$	0.46	$	0.41		$	1.38	$	1.21

(1) Cash earnings are determined by adding (net of taxes) to reported earnings the non-cash expenses stemming from the amortization and appreciation of allocated shares in the company’s stock-related benefit plans and the amortization of intangible assets.

OceanFirst Financial Corp.

SELECTED CONSOLIDATED FINANCIAL DATA

(in thousands, except per share amounts)

	At September 30, 2005			At December 31, 2004			At September 30, 2004
STOCKHOLDERS’ EQUITY
Stockholders’ equity to total assets		6.86	%		7.21	%		7.24	%
Common shares outstanding (in thousands)		12,721			13,024			13,131
Stockholders’ equity per common share	$	10.73		$	10.59		$	10.42
Tangible stockholders’ equity per common share		10.63			10.49			10.32
ASSET QUALITY
Allowance for loan losses	$	10,410		$	10,688		$	10,875
Nonperforming loans		1,424			3,488			3,997
Nonperforming assets		1,702			3,776			4,317
Allowance for loan losses as a percent of total loans receivable		0.61	%		0.69	%		0.70	%
Allowance for loan losses as a percent of nonperforming loans		731.04			306.42			272.08
Nonperforming loans as a percent of total loans receivable		0.08			0.23			0.26
Nonperforming assets as a percent of total assets		0.09			0.20			0.23

	For the three months ended September 30				For the nine months ended September 30
	2005		2004		2005		2004
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets	.98	%	.96	%	1.01	%	.96	%
Return on average stockholders’ equity	14.33		13.20		14.47		12.86
Interest rate spread	3.04		3.03		3.09		3.03
Interest rate margin	3.28		3.24		3.32		3.24
Operating expenses to average assets	2.87		2.63		2.81		2.61
Efficiency ratio	65.33		63.86		64.00		63.56

CASH EARNINGS

Although reported earnings and return on stockholders’ equity are traditional measures of performance, the Company believes that the change in stockholders’ equity or “cash earnings,” and related return measures are also a significant measure of a company’s performance. Cash earnings exclude the effects of various non-cash expenses, such as the employee stock plans amortization expense and related tax benefit, as well as the amortization of intangible assets. The following table reconciles the Company’s net income with cash earnings. The table is a pro forma calculation which is not in accordance with GAAP.

	For the three months ended September 30						For the nine months ended September 30
	2005			2004			2005			2004
Net income	$	4,830		$	4,452		$	14,651		$	12,952
Add: Employee stock plans amortization
Expense		832			863			2,526			2,665
Amortization of intangible assets		26			26			78			78
Less: Tax benefit (1)		(112	)		(119	)		(373	)		(358	)
Cash earnings	$	5,576		$	5,222		$	16,882		$	15,337
Basic cash earnings per share	$	0.47		$	0.43		$	1.42		$	1.26
Diluted cash earnings per share	$	0.46		$	0.41		$	1.38		$	1.21

⁽¹⁾ The Company does not receive any tax benefit for that portion of employee stock plan amortization expense relating to the ESOP fair market value adjustment.

OceanFirst Financial Corp.

SELECTED LOAN AND DEPOSIT DATA

(in thousands)

LOANS RECEIVABLE

	At September 30, 2005			At December 31, 2004
Real estate:
One- to four-family	$	1,190,041		$	1,126,585
Commercial real estate, multi-family and land		279,719			243,299
Construction		19,142			19,189
Consumer		139,889			99,279
Commercial		68,888			61,290
Total loans		1,697,679			1,549,642
Loans in process		(7,112	)		(5,970	)
Deferred origination costs, net		4,390			3,888
Unearned discount		(3	)		(4	)
Allowance for loan losses		(10,410	)		(10,688	)
Total loans, net		1,684,544			1,536,868
Less: mortgage loans held for sale		66,240			63,961
Loans receivable, net	$	1,618,304		$	1,472,907
Mortgage loans serviced for others	$	898,304		$	805,375
Loan pipeline		322,040			250,657

	For the three months ended September 30,				For the nine months ended September 30,
	2005		2004		2005		2004
Loan originations	$	368,427	$	287,486	$	1,015,606	$	716,739
Loans sold		212,392		162,248		538,700		351,647
Net charge-offs		204		126		628		77

DEPOSITS

	At September 30, 2005		At December 31, 2004
Type of Account
Non-interest bearing	$	122,326	$	106,492
Interest-bearing checking		374,026		297,919
Money market deposit		131,133		142,893
Savings		256,362		250,032
Time deposits		485,567		473,199
	$	1,369,414	$	1,270,535

OceanFirst Financial Corp.

ANALYSIS OF NET INTEREST INCOME

	FOR THE QUARTER ENDED SEPTEMBER 30,
	2005						2004
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits and short term investments	$	8,846	$	76	3.44	%	$	11,990	$	38	1.27	%
Investment securities (1)		85,978		887	4.13			85,236		502	2.36
FHLB stock		19,596		246	5.02			23,199		122	2.10
Mortgage-backed securities (1)		100,549		897	3.57			142,405		1,170	3.29
Loans receivable, net (2)		1,663,158		24,222	5.83			1,500,727		21,355	5.69
Total interest-earning assets		1,878,127		26,328	5.61			1,763,557		23,187	5.26
Non-interest earning assets		99,493						100,517
Total assets	$	1,977,620					$	1,864,074
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	749,488		2,193	1.17		$	681,079		1,074	0.63
Time deposits		489,411		3,863	3.16			427,289		2,874	2.69
Total		1,238,899		6,056	1.96			1,108,368		3,948	1.42
Borrowed funds		459,736		4,862	4.23			492,253		4,969	4.04
Total interest-bearing liabilities		1,698,635		10,918	2.57			1,600,621		8,917	2.23
Non-interest-bearing deposits		127,718						116,721
Non-interest bearing liabilities		16,468						11,821
Total liabilities		1,842,821						1,729,163
Stockholders’ equity		134,799						134,911
Total liabilities and stockholders’ equity	$	1,977,620					$	1,864,074
Net interest income			$	15,410					$	14,270
Net interest rate spread (3)					3.04	%					3.03	%
Net interest margin (4)					3.28	%					3.24	%

	FOR THE NINE MONTHS ENDED SEPTEMBER 30,
	2005						2004
	AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST		AVERAGE BALANCE		INTEREST		AVERAGE YIELD/ COST
	(Dollars in thousands)
Assets
Interest-earnings assets:
Interest-earning deposits and short term investments	$	12,231	$	269	2.93	%	$	10,736	$	88	1.09	%
Investment securities (1)		86,272		2,882	4.45			85,417		1,829	2.86
FHLB stock		19,921		648	4.34			22,532		277	1.64
Mortgage-backed securities (1)		111,288		2,959	3.55			130,392		3,220	3.29
Loans receivable, net (2)		1,600,564		68,752	5.73			1,460,249		61,949	5.66
Total interest-earning assets		1,830,276		75,510	5.50			1,709,326		67,363	5.25
Non-interest earning assets		101,048						97,374
Total assets	$	1,931,324					$	1,806,700
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Transaction deposits	$	733,548		5,526	1.00		$	672,740		2,967	0.59
Time deposits		479,624		10,548	2.93			400,208		7,958	2.65
Total		1,213,172		16,074	1.77			1,072,948		10,925	1.36
Borrowed funds		448,787		13,921	4.14			480,011		14,900	4.14
Total interest-bearing liabilities		1,661,959		29,995	2.41			1,552,959		25,825	2.22
Non-interest-bearing deposits		119,236						107,347
Non-interest bearing liabilities		15,117						12,069
Total liabilities		1,796,312						1,672,375
Stockholders’ equity		135,012						134,325
Total liabilities and stockholders’ equity	$	1,931,324					$	1,806,700
Net interest income			$	45,515					$	41,538
Net interest rate spread (3)					3.09	%					3.03	%
Net interest margin (4)					3.32	%					3.24	%

(1) Amounts are recorded at average amortized cost.

(2) Amount is net of deferred loan fees, undisbursed loan funds, discounts and premiums and estimated loss allowances and includes loans held for sale and non-performing loans.

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

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

EX-99.2

Exhibit 99.2

Contact:	Company:
	Michael J. Fitzpatrick
	Chief Financial Officer
	OceanFirst Financial Corp.
	Tel: (732)-240-4500 ext.7506
	Fax: (732)-349-5070
	email: Mfitzpatrick@oceanfirst.com

FOR IMMEDIATE RELEASE

OCEANFIRST FINANCIAL CORP.

TO REPURCHASE 5%

OF OUTSTANDING COMMON STOCK

TOMS RIVER, NEW JERSEY, OCTOBER 19, 2005....OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company of OceanFirst Bank, announced today its intention to repurchase in the open market up to 636,036 shares, or 5%, of its outstanding common stock (the “Repurchase Program”).

The repurchase effort announced today is the twelfth repurchase program initiated by the Company in the nine years since conversion to the public form of ownership. The repurchase plan will begin upon consummation of the existing plan, announced in October 2003, which has 138,489 shares remaining to be purchased.

John R. Garbarino, Chairman, President and Chief Executive Officer of OceanFirst Financial Corp, stated, “The twelfth Repurchase Program continues management’s commitment to effectively manage OceanFirst Financial Corp.’s capital efficiently and is a sound investment decision, benefiting the Company and its shareholders.”

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, found in 1902, is a federally-chartered stock savings bank serving the central coastal area of New Jersey with $2.0 billion in assets and eighteen branch offices. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.’s press releases are available at no charge by visiting us on the worldwide web at http://www.oceanfirst.com.

Forward-Looking Statements

This news release contains certain forward-looking statements 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,” or similar expressions. 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 the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area and accounting principles and guidelines. These risks and uncertainties 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.