OceanFirst Financial Corp. Announces First Quarter Financial Results

Rhea-AI Summary

OceanFirst Financial (NASDAQ:OCFC) reported net income available to common stockholders of $20.5 million and diluted EPS of $0.36 for Q1 2026. Core earnings were $24.3 million ($0.43 per diluted share) and core PTPP was $34.4 million ($0.60). Net interest margin expanded to 2.93%, total loans rose by $91.9 million, deposits increased by $191.5 million, and common equity tier one was estimated at 10.7%. The announced merger with Flushing received shareholder and state approvals and remains subject to Federal Reserve approval. Quarterly dividend of $0.20 payable May 8, 2026.

Positive

• Net income of $20.5 million; EPS $0.36
• Core earnings rose to $24.3 million ($0.43 per diluted share)
• Loan growth of $91.9 million and deposits +$191.5 million

Negative

• Non-performing loans increased to $34.6 million (0.31% of loans)
• Allowance coverage vs non-performing loans declined to 248.60%
• Merger-related and restructuring expenses increased operating costs in the quarter

News Market Reaction – OCFC

+0.10%

1 alert

+0.10% News Effect

+$1M Valuation Impact

$1.09B Market Cap

0.1x Rel. Volume

On the day this news was published, OCFC gained 0.10%, reflecting a mild positive market reaction. This price movement added approximately $1M to the company's valuation, bringing the market cap to $1.09B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 net income: $20.5M Q1 2026 diluted EPS: $0.36 Core earnings: $24.3M ($0.43) +5 more

8 metrics

Q1 2026 net income $20.5M Net income available to common stockholders, quarter ended March 31, 2026

Q1 2026 diluted EPS $0.36 Quarter ended March 31, 2026; up from $0.23 linked quarter

Core earnings $24.3M ($0.43) Q1 2026 core earnings and diluted EPS

Net interest margin 2.93% Q1 2026 NIM, up from 2.87% in Q4 2025

Total loans $11.12B Loan balance at March 31, 2026

Commercial & industrial growth $105.1M C&I loan growth in Q1 2026 (19% annualized)

Dividend per share $0.20 117th consecutive quarterly cash dividend, payable May 8, 2026

CET1 capital ratio 10.7% Estimated common equity tier one capital ratio at March 31, 2026

Market Reality Check

Price: $19.02 Vol: Volume 472,168 is below t...

normal vol

$19.02 Last Close

Volume Volume 472,168 is below the 20-day average of 574,563, suggesting muted positioning ahead of results. normal

Technical OCFC at $18.78 is trading slightly above its 200-day MA of $18.35, near the middle of its 52-week range.

Peers on Argus

Regional bank peers showed mixed moves: OBK -1.58%, PEBO -1.54% vs CTBI +1.25%, ...

Regional bank peers showed mixed moves: OBK -1.58%, PEBO -1.54% vs CTBI +1.25%, FSUN +0.96%. With OCFC down 0.58% pre-release and no peers in momentum scanners, today’s action appears stock-specific rather than a coordinated sector move.

Previous Earnings Reports

5 past events · Latest: Jan 22 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 22	Quarter & annual earnings	Negative	-3.7%	Q4 2025 and 2025 net income declined versus prior-year periods.
Oct 22	Q3 2025 earnings	Negative	-5.9%	Q3 2025 and nine-month net income fell year-over-year despite loan growth.
Jul 24	Q2 2025 earnings	Negative	-2.6%	Q2 2025 net income declined year-over-year; core earnings slightly higher.
Apr 24	Q1 2025 earnings	Negative	+0.3%	Q1 2025 net income fell year-over-year and sequentially but margins improved.
Jan 23	Q4 2024 & annual	Negative	-1.8%	Q4 and full-year 2024 net income declined compared with 2023 levels.

Pattern Detected

Recent earnings releases have generally been received negatively, with 4 of the last 5 tagged earnings events followed by share price declines.

Recent Company History

Over the past five earnings cycles, OceanFirst has repeatedly reported year-over-year net income pressure while maintaining loan growth and stable to improving net interest margin. Several quarters included restructuring or other one-time charges, and dividends of $0.20 per share have been consistently declared. The most recent Q4 2025 release showed lower quarterly and annual earnings versus prior periods but solid net interest income and a 10.7% estimated CET1 ratio. Today’s Q1 2026 results extend the focus on margin expansion, core profitability, and balance sheet strength.

Historical Comparison

-2.7% avg move · Over the last five earnings releases, OCFC’s average one-day move was -2.72%, with declines followin...

earnings

-2.7%

Average Historical Move earnings

Over the last five earnings releases, OCFC’s average one-day move was -2.72%, with declines following four of those announcements.

Earnings releases since early 2024 have featured consistent loan growth and stable net interest margin alongside year-over-year net income pressure, restructuring efforts, and a steady $0.20 dividend, indicating an ongoing profitability reset rather than rapid expansion.

Market Pulse Summary

This announcement highlights Q1 2026 improvement in reported and core earnings, with net interest ma...

Analysis

This announcement highlights Q1 2026 improvement in reported and core earnings, with net interest margin at 2.93%, core EPS of $0.43, and total loans reaching $11.12B, led by commercial and industrial growth. Expense discipline and lower non-interest expense supported profitability, while asset quality metrics showed some uptick in non-performing and criticized loans. The reaffirmed $0.20 dividend and estimated 10.7% CET1 ratio underscore capital strength. Investors may watch future quarters for credit trends, integration of the Flushing merger, and durability of margin expansion.

Key Terms

net interest margin, non-gaap, pre-tax-pre-provision, fdic, +4 more

8 terms

net interest margin financial

"Net interest margin increased six basis points to 2.93%, from 2.87%, and net"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

non-gaap financial

"equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

pre-tax-pre-provision financial

"before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”),"

Earnings measured before deducting income tax and before setting aside money for potential loan losses; it shows a bank or lender’s operating profit without the effects of taxes and provisions for bad loans. Investors use it to see the business’s core earning power—like looking at a store’s sales and expenses before it reserves cash for damaged goods and pays taxes—while remembering it omits credit risk and tax impacts.

fdic regulatory

"Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense,"

The Federal Deposit Insurance Corporation (FDIC) is a U.S. government agency that protects individual and business bank deposits by insuring accounts up to a set limit, acting like a safety net for savers if a bank fails. It matters to investors because FDIC insurance reduces the chance of sudden losses for depositors, supports confidence in the banking system, and can influence the perceived risk and stock value of banks and financial firms.

fhlb financial

"Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits decreased"

The Federal Home Loan Bank (FHLB) system is a group of regional cooperative banks that lend money to local lenders like banks and credit unions so they can fund mortgages and other loans. Think of it as a central ATM for member lenders: when they need short-term cash or a safe place to park collateral, they borrow from the FHLB, and changes in FHLB lending and collateral rules can signal or affect liquidity, funding costs, and credit availability in the housing and banking markets—information investors use to gauge financial stability and interest-rate sensitivity.

common equity tier one capital ratio regulatory

"including the Company’s estimated common equity tier one capital ratio of 10.7%."

A common equity tier one (CET1) capital ratio measures a bank’s strongest form of capital — mainly common shares and retained profits — compared with its assets after those assets are adjusted for risk. Think of it as the bank’s core financial cushion relative to the size and riskiness of what it owns; higher ratios mean a bigger buffer to absorb losses, influencing a bank’s safety, regulatory standing, dividend capacity and investor confidence.

esop financial

"shares indirectly through an ESOP. This filing is essentially an administrative"

An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.

allowance for loan credit losses financial

"The Company’s allowance for loan credit losses was 0.77% of total loans, as"

A bank’s allowance for loan credit losses is a reserve of money set aside to cover loans the lender expects may not be repaid. Think of it as a rainy‑day fund that reduces the reported value of loan assets and reflects management’s estimate of future loan losses; larger reserves can signal weaker borrower health or more conservative accounting, while smaller reserves can boost reported profits but increase risk if actual losses rise. Investors watch this number to gauge a lender’s credit risk, earnings quality, and how prepared it is for economic stress.

AI-generated analysis. Not financial advice.

RED BANK, N.J., April 23, 2026 (GLOBE NEWSWIRE) -- 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 $20.5 million, or $0.36 per diluted share, for the quarter ended March 31, 2026, as compared to $20.5 million, or $0.35 per diluted share, for the corresponding prior year period, and compared to $13.1 million, or $0.23 per diluted share, for the linked quarter. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,
Performance Ratios (Annualized)	March 31,			December 31,			March 31,
	2026			2025			2025
Return on average assets	0.57	%		0.36	%		0.62	%
Return on average stockholders’ equity	4.95			3.12			4.85
Return on average tangible stockholders’ equity(a)	7.22			4.57			7.05
Return on average tangible common equity(a)	7.22			4.57			7.40
Efficiency ratio	71.13			80.37			65.67
Net interest margin	2.93			2.87			2.90

^(a) _{Return on average tangible stockholders’ equity and return on average tangible common equity (“ROTCE”) are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and “Other Items - Non-GAAP Reconciliation” tables for reconciliation and additional information regarding non-GAAP financial measures.}

Core earnings¹ for the quarter ended March 31, 2026 were $24.3 million, or $0.43 per diluted share, an increase from $20.3 million, or $0.35 per diluted share, for the corresponding prior year period, and an increase from $23.5 million, or $0.41 per diluted share, for the linked quarter.

Core earnings PTPP¹ for the quarter ended March 31, 2026 were $34.4 million, or $0.60 per diluted share, an increase from $32.4 million, or $0.56 per diluted share, for the corresponding prior year period, and an increase from $33.2 million or $0.58 per diluted share, for the linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,
	March 31,				December 31,				March 31,
Core Ratios1(Annualized):		2026				2025				2025
Return on average assets		0.68	%			0.65	%			0.62	%
Return on average tangible stockholders’ equity		8.56				8.21				7.00
Return on average tangible common equity		8.56				8.21				7.34
Efficiency ratio		66.76				68.19				65.81
Diluted earnings per share	$	0.43			$	0.41			$	0.35
PTPP diluted earnings per share		0.60				0.58				0.56

Key developments for the quarter, compared to the linked quarter, are described below:

• Margin and Net Interest Expansion: Net interest margin increased six basis points to 2.93%, from 2.87%, and net interest income increased by $1.2 million, to $96.4 million.
• Sustained Growth: Total loans increased $91.9 million, a 3% annualized growth rate, and included commercial and industrial loan growth of $105.1 million, a 19% annualized growth rate.
• Controlled Expenses: Non-interest expense decreased by 13%, or $10.7 million, to $73.4 million, and operating expenses excluding non-core operations decreased to $69.1 million from $71.2 million.
  

Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to report strong first quarter results driven by continued loan growth, net interest margin expansion, and expense discipline. The Company remains focused on growing our business and improving profitability through margin expansion and prudent expense discipline.” Mr. Maher added, “Our announced merger agreement with Flushing Financial Corporation (“Flushing”) has recently been approved by shareholders, the New York State Department of Financial Services and the Office of the Comptroller of the Currency. It remains subject to the receipt of the requisite regulatory approval from the Board of Governors of the Federal Reserve System and other customary closing conditions. We continue to expect the merger to close in the second quarter of 2026.”

The Company’s Board of Directors previously declared its 117^th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on May 8, 2026, to common stockholders of record on April 27, 2026.

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 the impact of net (gain) loss on equity investments, restructuring charges, credit risk transfer execution expense, Federal Deposit Insurance Corporation (“FDIC”) special assessment (release) expense, merger-related expenses, and the income tax effect of these items, as well as loss on redemption of preferred stock (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. Refer to “Explanation of Non-GAAP Financial Measures,” “Selected Quarterly Financial Data” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Results of Operations
The current quarter included an additional $4.2 million of merger-related expenses for the anticipated merger with Flushing and $128,000 of restructuring charges for the discontinuation of residential loan originations.

Net Interest Income and Margin
Three months ended March 31, 2026 vs. March 31, 2025
Net interest income increased to $96.4 million, from $86.7 million, reflecting the net impact of the interest rate environment and an increase in average balances. Net interest margin increased to 2.93%, from 2.90%, which included the impact of purchase accounting accretion and prepayment fees of 0.01% and 0.03%, respectively. Net interest margin increased primarily due to the decrease in cost of funds.

Average interest-earning assets increased by $1.25 billion, primarily due to increases in commercial loans and securities. The average yield for interest-earning assets decreased to 5.10%, from 5.13%, primarily due to the repricing of assets tied to short-term rates.

The cost of average interest-bearing liabilities decreased to 2.66%, from 2.78%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits decreased nine basis points to 1.97%, from 2.06%. Average interest-bearing liabilities increased by $1.19 billion, primarily due to increases in deposits and FHLB advances.

Three months ended March 31, 2026 vs. December 31, 2025
Net interest income increased by $1.2 million, to $96.4 million from $95.3 million, and net interest margin increased to 2.93%, from 2.87%, driven by a decrease in cost of funds. Net interest income included the impact of purchase accounting accretion and prepayment fees of 0.01% for both periods.

Average interest-earning assets increased by $200.5 million, primarily due to increases in commercial loans, while the yield on average interest-earning assets decreased to 5.10%, from 5.19%.

The cost of average interest-bearing liabilities decreased to 2.66%, from 2.83%, primarily due to a decrease in the cost of deposits and FHLB advances. The total cost of deposits decreased to 1.97%, from 2.13%. Average interest-bearing liabilities increased by $248.5 million, primarily due to an increase in FHLB advances.

Provision for Credit Losses
Provision for credit losses for the quarter ended March 31, 2026 was $2.7 million, as compared to $5.3 million for the corresponding prior year period, and $3.7 million in the linked quarter. The current quarter provision was primarily driven by net loan growth and an increase in criticized and classified loans, partly offset by a decrease in off-balance sheet commitments. 

Net loan charge-offs were $701,000 for the quarter ended March 31, 2026, as compared to $636,000 for the corresponding prior year period and $2.0 million for the linked quarter. The prior year period included charge-offs of $720,000 related to the sale of $5.1 million of non-performing residential and consumer loans. The linked quarter included charge-offs of $1.1 million for three commercial relationships and charge-offs of $342,000 related to sales of non-performing residential and consumer loans.

Non-interest Income
Three months ended March 31, 2026 vs. March 31, 2025        
Other income decreased to $6.7 million, as compared to $11.3 million. Other income was adversely impacted by non-core operations of $354,000 related to net losses on equity investments in the current quarter. The prior year other income was favorably impacted by non-core operations of $205,000 related to net gains on equity investments.

Excluding non-core operations, other income decreased by $3.9 million. The primary drivers were a decrease in fees and service charges of $1.9 million related to disposition of the title business at the beginning of the fourth quarter last year, and a decrease in a net gain on sale of loans of $886,000 due to the discontinuation of residential loan originations. In addition, the prior period included non-recurring other income of $842,000.

Three months ended March 31, 2026 vs. December 31, 2025
Other income in the linked quarter was $9.4 million and included non-core operations of $230,000 related to net gain on equity investments. Excluding non-core operations, other income decreased by $2.1 million. The primary drivers were decreases in net gain on sale of loans of $779,000 and commercial loan swap income of $774,000 due to lower activity.

Non-interest Expense
Three months ended March 31, 2026 vs. March 31, 2025
Operating expenses increased to $73.4 million, as compared to $64.3 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $4.3 million, due to merger-related expenses and restructuring charges.

Excluding non-core operations, operating expenses increased by $4.8 million. The primary driver was an increase in compensation and benefits of $2.7 million, mostly due to the net impact of discontinuation of residential initiatives and commercial banking hires adjusted for annual inflationary increases. The prior year also included a $1.3 million benefit from normal incentive-related adjustments released. Additional drivers were increases in professional fees of $797,000, partly due to higher consulting fees, other operating expenses of $627,000, mostly due to credit risk transfer premium expense, and data processing expense of $405,000.

Three months ended March 31, 2026 vs. December 31, 2025
Operating expenses in the linked quarter were $84.1 million and included non-core operations of $12.9 million related to restructuring charges, merger-related expenses and credit risk transfer execution expenses. Excluding non-core operations, operating expenses decreased by $2.1 million. The primary drivers were decreases in compensation and benefits of $1.5 million, partly due to fewer working days and the discontinuation of residential loan originations, and marketing expense of $503,000.

Income Tax Expense
The provision for income taxes was $6.5 million for the quarter ended March 31, 2026, as compared to $6.8 million for the same prior year period and $3.8 million for the linked quarter. The effective tax rate was 24.2% for the quarter ended March 31, 2026, as compared to 24.1% for the same prior year period and 22.3% for the linked quarter. The effective tax rate for the linked quarter was positively impacted by higher tax credits, partially offset by higher non-deductible merger expenses.

Financial Condition
March 31, 2026 vs. December 31, 2025
Total assets decreased by $8.0 million to $14.56 billion, primarily due to a decrease in total debt securities, offset by an increase in loans. Debt securities available-for-sale decreased by $50.7 million to $1.18 billion, from $1.23 billion, primarily due to principal reductions, maturities and calls. Debt securities held-to-maturity decreased by $28.7 million to $852.9 million, from $881.6 million, primarily due to principal repayments. Total loans increased by $91.9 million to $11.12 billion, from $11.03 billion, primarily due to an increase in commercial loans of $162.9 million, partly offset by a decrease in total consumer loans of $71.0 million.

Total liabilities decreased by $14.8 million to $12.89 billion, from $12.90 billion primarily related to a decrease in FHLB advances, partly offset by an increase in deposits. FHLB advances decreased by $217.0 million to $1.18 billion, from $1.40 billion driven by a shift to more favorably priced deposits. Deposits increased by $191.5 million to $11.16 billion, from $10.96 billion, primarily due to an increase in interest bearing deposits of $182.2 million. Time deposits decreased by $81.6 million to $2.39 billion, from $2.47 billion, representing 21.4% and 22.5% of total deposits, respectively. Time deposits included a decrease in brokered time deposits of $121.9 million, partly offset by an increase in retail time deposits of $40.6 million. The loan-to-deposit ratio was 99.7%, as compared to 100.6%.

Other liabilities decreased by $7.0 million to $202.3 million, from $209.3 million, mostly due to payment of annual incentive accruals, partly offset by collateral received from counterparties.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at March 31, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%.

Total stockholders’ equity increased to $1.67 billion, as compared to $1.66 billion, primarily due to net income, partially offset by capital returns comprised of dividends and share repurchases. Additionally, accumulated other comprehensive loss increased by $2.4 million primarily due to decreases in the fair market value of available-for-sale debt securities, net of tax.

During the quarter ended March 31, 2026, the Company repurchased 177,450 shares totaling $3.4 million representing a weighted average cost of $19.18, which represented repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. As of March 31, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.

The Company’s tangible common equity² increased by $7.7 million to $1.14 billion. The Company’s stockholders’ equity to assets ratio was 11.47% at March 31, 2026, and tangible common equity to tangible assets ratio increased by 6 basis points during the year to 8.15%, primarily due to the drivers described above.

Book value per common share increased to $28.98, as compared to $28.97. Tangible book value per common share² increased to $19.86, as compared to $19.79.

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

Asset Quality
March 31, 2026 vs. December 31, 2025
Non-performing loans increased to $34.6 million, from $27.8 million, primarily related to one commercial loan, and represented 0.31% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 248.60%, as compared to 301.27%. The level of 30 to 89 days delinquent loans increased to $55.9 million, from $47.8 million, primarily related to commercial loans. Criticized and classified loans and other real estate owned increased to $180.7 million, from $122.1 million, primarily due to one accruing commercial and industrial relationship of $50.4 million. The Company’s allowance for loan credit losses was 0.77% of total loans, as compared to 0.76%. Refer to “Provision for Credit Losses” section for further discussion.

The Company’s asset quality, excluding purchased with credit deterioration (“PCD”) loans, was as follows. Non-performing loans increased to $28.7 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 299.64%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, increased to $47.1 million, from $44.7 million.

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, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Conference Call
As previously announced, the Company will host an earnings conference call on Friday, April 24, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (888) 596-4144, using the access code 3895064. For those unable to participate in the conference call, a replay will be available. To access the replay, dial (800) 770-2030 using the access code 3895064, from one hour after the end of the call until May 1, 2026. 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.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $14.6 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com.  

Forward-Looking Statements

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the Company’s management and are not predictions of actual performance, and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, may differ from assumptions and many are beyond the control of the Company. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements with respect to the proposed transaction between the Company and Flushing and the proposed investment by Warburg Pincus LLC (“Warburg”) in the Company’s equity securities.

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, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, the effects of a potential future federal government shutdown, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, our ability to enter into new markets and capitalize on growth opportunities, the adequacy of and changes in the economic assumptions and methodology for computing the allowance for credit losses, availability of capital, competition, our ability to maintain and increase market share and control expenses, changes in investor sentiment and consumer spending, borrowing and savings habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks and fraud, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations.

Additional forward-looking statements related to the proposed transaction with Flushing and the proposed investment by Warburg include, but are not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to satisfy the conditions to the consummation of the proposed transaction, including obtaining the necessary regulatory approvals (and the risk that such regulatory approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement between the Company and Flushing; (iv) the inability to obtain alternative capital in the event it becomes necessary to complete the proposed transaction; (v) the effect of the announcement or pendency of the proposed transaction on Company’s and Flushing’s business relationships, operating results and business generally; (vi) risks that the proposed transaction disrupts current plans and operations of the Company and Flushing; (vii) potential difficulties in retaining Company and Flushing customers and employees as a result of the proposed transaction; (viii) potential litigation relating to the proposed transaction that could be instituted against the Company, Flushing or their respective directors and officers, including the effects of any outcomes related thereto; (ix) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected expenses, factors or events; (x) the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company and Flushing do business; and (xi) the dilution caused by the Company’s issuance of additional shares of its capital stock in connection with the transaction. The foregoing list of factors is not exhaustive. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above.

These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, 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.

OceanFirst Financial Corp. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (dollars in thousands)
		March 31,			December 31,			March 31,
			2026			2025			2025
		(Unaudited)						(Unaudited)
Assets
Cash and due from banks		$	136,981		$	135,130		$	163,721
Debt securities available-for-sale, at estimated fair value			1,181,087			1,231,827			746,168
Debt securities held-to-maturity, net of allowance for securities credit losses of $754 at March 31, 2026, $811 at December 31, 2025, and $898 at March 31, 2025 (estimated fair value of $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $926,075 at March 31, 2025)			852,917			881,568			1,005,476
Equity investments			88,239			91,882			87,365
Restricted equity investments, at cost			119,503			129,329			102,172
Loans receivable, net of allowance for loan credit losses of $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $78,798 at March 31, 2025			11,059,275			10,970,666			10,058,072
Loans held-for-sale			—			5,768			9,698
Interest and dividends receivable			49,588			49,010			44,843
Other real estate owned			10,393			10,266			1,917
Premises and equipment, net			112,066			112,743			114,588
Bank owned life insurance			271,650			270,301			269,398
Goodwill			517,481			517,481			523,308
Intangibles			8,198			9,046			11,740
Other assets			148,958			149,300			170,812
Total assets		$	14,556,336		$	14,564,317		$	13,309,278
Liabilities and Stockholders’ Equity
Deposits		$	11,155,916		$	10,964,405		$	10,177,023
Federal Home Loan Bank advances			1,180,179			1,397,179			891,021
Securities sold under agreements to repurchase with customers			67,249			54,434			65,132
Other borrowings			255,518			255,233			197,808
Advances by borrowers for taxes and insurance			25,851			21,245			28,789
Other liabilities			202,255			209,271			240,388
Total liabilities			12,886,968			12,901,767			11,600,161
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity			1,669,368			1,662,550			1,708,322
Non-controlling interest			—			—			795
Total stockholders’ equity			1,669,368			1,662,550			1,709,117
Total liabilities and stockholders’ equity		$	14,556,336		$	14,564,317		$	13,309,278

OceanFirst Financial Corp. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)
		For the Three Months Ended,
		March 31,				December 31,				March 31,
			2026				2025				2025
		|------------------- (Unaudited) -------------------|
Interest income:
Loans		$	145,324			$	146,550			$	133,019
Debt securities			19,810				21,681				17,270
Equity investments and other			3,157				3,501				3,414
Total interest income			168,291				171,732				153,703
Interest expense:
Deposits			53,695				59,615				51,046
Borrowed funds			18,149				16,839				16,005
Total interest expense			71,844				76,454				67,051
Net interest income			96,447				95,278				86,652
Provision for credit losses			2,738				3,700				5,340
Net interest income after provision for credit losses			93,709				91,578				81,312
Other income (loss):
Bankcard services revenue			1,629				1,789				1,463
Trust and asset management revenue			433				350				406
Fees and service charges			2,813				2,994				4,712
Net (loss) gain on sales of loans			(28	)			751				858
Net (loss) gain on equity investments			(354	)			230				205
Net loss from other real estate operations			(164	)			(10	)			(16	)
Income from bank owned life insurance			1,874				2,127				1,852
Commercial loan swap income			345				1,119				620
Other			200				61				1,153
Total other income			6,748				9,411				11,253
Operating expenses:
Compensation and employee benefits			39,484				40,984				36,740
Occupancy			5,832				5,825				5,497
Equipment			921				876				921
Marketing			963				1,466				1,108
Federal deposit insurance and regulatory assessments			3,215				3,102				2,983
Data processing			7,052				7,104				6,647
Check card processing			1,098				1,086				1,170
Professional fees			3,222				4,862				2,425
Amortization of intangibles			848				888				940
Merger-related expenses			4,150				4,253				—
Restructuring charges			128				7,379				—
Other operating expenses			6,490				6,317				5,863
Total operating expenses			73,403				84,142				64,294
Income before provision for income taxes			27,054				16,847				28,271
Provision for income taxes			6,548				3,754				6,808
Net income			20,506				13,093				21,463
Net loss attributable to non-controlling interest			—				—				(46	)
Net income attributable to OceanFirst Financial Corp.			20,506				13,093				21,509
Dividends on preferred shares			—				—				1,004
Net income available to common stockholders		$	20,506			$	13,093			$	20,505
Basic earnings per share		$	0.36			$	0.23			$	0.35
Diluted earnings per share		$	0.36			$	0.23			$	0.35
Average basic shares outstanding			57,043				56,942				58,102
Average diluted shares outstanding			57,048				56,954				58,111

OceanFirst Financial Corp. SELECTED LOAN AND DEPOSIT DATA (dollars in thousands)
LOANS RECEIVABLE				At
				March 31,				December 31,				September 30,				June 30,				March 31,
					2026				2025				2025				2025				2025
Commercial:
Commercial real estate - investor				$	5,478,832			$	5,420,989			$	5,211,220			$	5,068,125			$	5,200,137
Commercial and industrial:
Commercial and industrial - real estate					1,016,912				986,431				997,122				914,406				896,647
Commercial and industrial - non-real estate					1,302,128				1,227,556				998,860				862,504				748,575
Total commercial and industrial					2,319,040				2,213,987				1,995,982				1,776,910				1,645,222
Total commercial					7,797,872				7,634,976				7,207,202				6,845,035				6,845,359
Consumer:
Residential real estate					3,128,023				3,194,264				3,135,200				3,119,232				3,053,318
Home equity loans and lines and other consumer ("other consumer")					198,048				202,763				215,581				220,820				226,633
Total consumer					3,326,071				3,397,027				3,350,781				3,340,052				3,279,951
Total loans					11,123,943				11,032,003				10,557,983				10,185,087				10,125,310
Deferred origination costs (fees), net					21,442				22,389				13,105				13,960				11,560
Allowance for loan credit losses					(86,110	)			(83,726	)			(81,236	)			(79,266	)			(78,798	)
Loans receivable, net				$	11,059,275			$	10,970,666			$	10,489,852			$	10,119,781			$	10,058,072
Mortgage loans serviced for others				$	344,316			$	365,431			$	340,740			$	288,211			$	222,963
	At March 31, 2026 Average Yield
Loan pipeline(1):
Commercial	6.70	%		$	417,356			$	464,602			$	710,933			$	790,768			$	375,622
Residential real estate(2)	6.07				461				9,457				136,797				146,921				116,121
Other consumer(2)	—				—				—				16,184				17,110				12,681
Total	6.70	%		$	417,817			$	474,059			$	863,914			$	954,799			$	504,424

	For the Three Months Ended
	March 31,						December 31,			September 30,			June 30,			March 31,
	2026							2025			2025			2025			2025
	Average Yield
Loan originations:
Commercial(3)	6.68	%		$	422,907		$	786,186		$	739,154		$	425,877		$	233,968
Residential real estate	6.01				5,824			249,540			250,066			274,314			167,162
Other consumer	—				—			14,859			18,087			15,813			15,825
Total	6.67	%		$	428,731		$	1,050,585		$	1,007,307		$	716,004		$	416,955
Loans sold(4)				$	2,704		$	107,486		$	145,735		$	142,431		$	104,991

(1)	Loan pipeline includes loans approved but not funded.
(2)	As of December 31, 2025, the Company has discontinued its residential and consumer originations, and the pipeline represents the remaining commitments expected to close in 2026.
(3)	Excludes commercial loan pool purchases of $24.3 million for the three months ended March 31, 2025.
(4)	Excludes sale of non-performing residential and consumer loans of $2.5 million, $2.2 million and $5.1 million for the three months ended December 31, 2025, June 30, 2025 and March 31, 2025, respectively.

DEPOSITS	At
	March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Type of Account
Non-interest-bearing	$	1,757,097		$	1,741,958		$	1,731,760		$	1,686,627		$	1,660,738
Interest-bearing checking		4,536,726			4,354,485			4,090,930			3,845,602			4,006,653
Money market		1,488,653			1,412,917			1,397,434			1,377,999			1,337,570
Savings		986,208			986,195			1,000,488			1,022,918			1,052,504
Time deposits(1)		2,387,232			2,468,850			2,215,382			2,299,296			2,119,558
Total deposits	$	11,155,916		$	10,964,405		$	10,435,994		$	10,232,442		$	10,177,023

(1)	Includes brokered time deposits of $487.9 million, $609.8 million, $405.1 million, $522.8 million, and $370.5 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

OceanFirst Financial Corp. ASSET QUALITY (dollars in thousands)
ASSET QUALITY(1) (2)	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Non-performing loans:
Commercial real estate - investor	$	18,970			$	13,636			$	23,570			$	20,457			$	23,595
Commercial and industrial:
Commercial and industrial - real estate		5,541				4,813				7,469				4,499				4,690
Commercial and industrial - non-real estate		228				640				394				311				22
Total commercial and industrial		5,769				5,453				7,863				4,810				4,712
Residential real estate		7,011				6,200				7,334				5,318				5,709
Other consumer		2,888				2,502				2,496				2,926				2,954
Total non-performing loans(2)	$	34,638			$	27,791			$	41,263			$	33,511			$	36,970
Other real estate owned		10,393				10,266				7,498				7,680				1,917
Total non-performing assets	$	45,031			$	38,057			$	48,761			$	41,191			$	38,887
Delinquent loans 30 to 89 days	$	55,876			$	47,808			$	19,817			$	14,740			$	46,246
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)	$	5,460			$	956			$	7,693			$	8,129			$	8,307
Performing		15,083				23,898				23,952				31,986				27,592
Total modifications to borrowers experiencing financial difficulty	$	20,543			$	24,854			$	31,645			$	40,115			$	35,899
Allowance for loan credit losses	$	86,110			$	83,726			$	81,236			$	79,266			$	78,798
Allowance for unfunded commitments		3,738				4,028				4,636				3,289				2,846
Allowance for loan credit losses as a percent of total loans receivable(3)		0.77	%			0.76	%			0.77	%			0.78	%			0.78	%
Allowance for loan credit losses as a percent of total non-performing loans(3)		248.60				301.27				196.87				236.54				213.14
Non-performing loans as a percent of total loans receivable		0.31				0.25				0.39				0.33				0.37
Non-performing assets as a percent of total assets		0.31				0.26				0.34				0.31				0.29
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses	$	14,604			$	14,968			$	19,003			$	20,934			$	21,737
Non-performing PCD loans		5,900				5,432				5,677				6,800				7,724
Delinquent PCD and non-performing loans 30 to 89 days		8,794				3,103				2,987				2,590				10,489
PCD modifications to borrowers experiencing financial difficulty(2)		16				18				20				20				22
Asset quality, excluding PCD loans
Non-performing loans(2)		28,738				22,359				35,586				26,711				29,246
Non-performing assets		39,131				32,625				43,084				34,391				31,163
Delinquent loans 30 to 89 days (excludes non-performing loans)		47,082				44,705				16,830				12,150				35,757
Modifications to borrowers experiencing financial difficulty(2)		20,527				24,836				31,625				40,095				35,877
Allowance for loan credit losses as a percent of total non-performing loans(3)		299.64	%			374.46	%			228.28	%			296.75	%			269.43	%
Non-performing loans as a percent of total loans receivable		0.26				0.20				0.34				0.26				0.29
Non-performing assets as a percent of total assets		0.27				0.22				0.30				0.26				0.23

(1)	Asset quality metrics exclude loans held for sale.
(2)	The quarters ended December 31, 2025, June 30, 2025 and March 31, 2025 included the sale of non-performing residential and consumer loans of $2.5 million, $2.2 million and $5.1 million, respectively.
(3)	Loans acquired from 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 $3.8 million, $4.0 million, $4.4 million, $5.0 million and $5.6 million at March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

NET LOAN CHARGE-OFFS	For the Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
		2026				2025				2025				2025				2025
Net loan charge-offs:
Loan charge-offs	$	(956	)		$	(2,190	)		$	(850	)		$	(2,415	)		$	(798	)
Recoveries on loans		255				216				233				197				162
Net loan charge-offs	$	(701	)		$	(1,974	)		$	(617	)		$	(2,218	)		$	(636	)
Net loan charge-offs to average total loans (annualized)		0.03	%			0.07	%			0.02	%			0.09	%			0.03	%
Net loan (charge-offs) recoveries detail:
Commercial(1)	$	(736	)		$	(1,676	)		$	(522	)		$	(1,666	)		$	25
Residential real estate(2)		(7	)			(268	)			(24	)			(348	)			(720	)
Other consumer(2)		42				(30	)			(71	)			(204	)			59
Net loan charge-offs	$	(701	)		$	(1,974	)		$	(617	)		$	(2,218	)		$	(636	)

(1)	The three months ended June 30, 2025 included charge-offs related to two commercial relationships of $1.6 million.
(2)	The three months ended December 31, 2025, June 30, 2025 and March 31, 2025 included charge-offs of $342,000, $445,000 and $720,000, respectively, related to the sale of non-performing residential and consumer loans.

OceanFirst Financial Corp. ANALYSIS OF NET INTEREST INCOME
	For the Three Months Ended
	March 31, 2026										December 31, 2025										March 31, 2025
(dollars in thousands)	Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	83,036			$	662		3.23	%		$	93,474			$	988		4.19	%		$	95,439			$	983		4.18	%
Securities(2)		2,282,663				22,305		3.96				2,339,646				24,194		4.10				2,003,206				19,701		3.99
Loans receivable, net(3)
Commercial		7,687,461				109,097		5.76				7,382,168				109,795		5.90				6,781,005				98,260		5.88
Residential real estate		3,167,262				33,141		4.19				3,194,529				33,377		4.18				3,065,679				31,270		4.08
Other consumer		199,318				3,086		6.28				211,650				3,378		6.33				228,553				3,489		6.19
Allowance for loan credit losses, net of deferred loan costs and fees		(61,878	)			—		—				(64,107	)			—		—				(61,854	)			—		—
Loans receivable, net		10,992,163				145,324		5.34				10,724,240				146,550		5.43				10,013,383				133,019		5.37
Total interest-earning assets		13,357,862				168,291		5.10				13,157,360				171,732		5.19				12,112,028				153,703		5.13
Non-interest-earning assets		1,192,836										1,180,416										1,199,865
Total assets	$	14,550,698									$	14,337,776									$	13,311,893
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,509,841				22,820		2.05	%		$	4,464,604				25,575		2.27	%		$	4,135,952				21,433		2.10	%
Money market		1,472,989				8,808		2.43				1,643,192				11,500		2.78				1,322,003				9,353		2.87
Savings		988,964				1,306		0.54				989,003				1,492		0.60				1,058,015				1,785		0.68
Time deposits		2,372,824				20,761		3.55				2,270,671				21,048		3.68				1,916,109				18,475		3.91
Total		9,344,618				53,695		2.33				9,367,470				59,615		2.52				8,432,079				51,046		2.46
FHLB Advances		1,261,984				12,884		4.14				984,934				10,912		4.40				996,293				11,359		4.62
Securities sold under agreements to repurchase		59,806				384		2.60				65,891				427		2.57				64,314				428		2.70
Other borrowings		299,919				4,881		6.60				299,565				5,500		7.28				283,150				4,218		6.04
Total borrowings		1,621,709				18,149		4.54				1,350,390				16,839		4.95				1,343,757				16,005		4.83
Total interest-bearing liabilities		10,966,327				71,844		2.66				10,717,860				76,454		2.83				9,775,836				67,051		2.78
Non-interest-bearing deposits		1,731,789										1,755,211										1,597,972
Non-interest-bearing liabilities		174,100										199,504										222,951
Total liabilities		12,872,216										12,672,575										11,596,759
Stockholders’ equity		1,678,482										1,665,201										1,715,134
Total liabilities and stockholders’ equity	$	14,550,698									$	14,337,776									$	13,311,893
Net interest income					$	96,447									$	95,278									$	86,652
Net interest rate spread(4)								2.44	%									2.36	%									2.35	%
Net interest margin(5)								2.93	%									2.87	%									2.90	%
Total cost of deposits (including non-interest-bearing deposits)								1.97	%									2.13	%									2.06	%

(1)	Average yields and costs are annualized.
(2)	Amounts represent debt and equity securities, including FHLB and Federal Reserve Bank stock, and are recorded at average amortized cost, net of allowance for securities credit losses.
(3)	Amount is net of deferred loan costs and fees, undisbursed loan funds, discounts and premiums and allowance for loan credit losses, and includes loans held-for-sale and non-performing loans.
(4)	Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5)	Net interest margin represents net interest income divided by average interest-earning assets.

OceanFirst Financial Corp. SELECTED QUARTERLY FINANCIAL DATA (in thousands, except per share amounts)
		March 31,			December 31,			September 30,			June 30,			March 31,
			2026			2025			2025			2025			2025
Selected Financial Condition Data:
Total assets		$	14,556,336		$	14,564,317		$	14,324,664		$	13,327,847		$	13,309,278
Debt securities available-for-sale, at estimated fair value			1,181,087			1,231,827			1,261,580			735,561			746,168
Debt securities held-to-maturity, net of allowance for securities credit losses			852,917			881,568			919,734			968,969			1,005,476
Equity investments			88,239			91,882			90,731			87,808			87,365
Restricted equity investments, at cost			119,503			129,329			142,398			106,538			102,172
Loans receivable, net of allowance for loan credit losses			11,059,275			10,970,666			10,489,852			10,119,781			10,058,072
Deposits			11,155,916			10,964,405			10,435,994			10,232,442			10,177,023
Federal Home Loan Bank advances			1,180,179			1,397,179			1,705,585			938,687			891,021
Securities sold under agreements to repurchase from customers and other borrowings			322,767			309,667			263,007			259,509			262,940
Total stockholders’ equity			1,669,368			1,662,550			1,653,427			1,643,680			1,709,117

		For the Three Months Ended,
		March 31,				December 31,			September 30,				June 30,			March 31,
			2026				2025			2025				2025			2025
Selected Operating Data:
Interest income		$	168,291			$	171,732		$	162,194			$	154,825		$	153,703
Interest expense			71,844				76,454			71,537				67,189			67,051
Net interest income			96,447				95,278			90,657				87,636			86,652
Provision for credit losses			2,738				3,700			4,092				3,039			5,340
Net interest income after provision for credit losses			93,709				91,578			86,565				84,597			81,312
Other income (excluding equity investments)			7,102				9,181			12,311				11,245			11,048
Net (loss) gain on equity investments			(354	)			230			(7	)			488			205
Operating expenses (excluding non-core operations)			69,125				71,227			72,390				71,474			64,294
Restructuring charges			128				7,379			4,147				—			—
Credit risk transfer execution expense			—				1,283			—				—			—
FDIC special assessment release			—				—			(210	)			—			—
Merger-related expenses			4,150				4,253			—				—			—
Income before provision for income taxes			27,054				16,847			22,542				24,856			28,271
Provision for income taxes			6,548				3,754			5,156				5,771			6,808
Net income			20,506				13,093			17,386				19,085			21,463
Net income (loss) attributable to non-controlling interest			—				—			56				39			(46	)
Net income attributable to OceanFirst Financial Corp.		$	20,506			$	13,093		$	17,330			$	19,046		$	21,509
Net income available to common stockholders		$	20,506			$	13,093		$	17,330			$	16,200		$	20,505
Diluted earnings per share		$	0.36			$	0.23		$	0.30			$	0.28		$	0.35
Net accretion/amortization of purchase accounting adjustments included in net interest income		$	59			$	222		$	510			$	420		$	219

		At or For the Three Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,
		2026			2025			2025			2025			2025
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets(3)		0.57	%		0.36	%		0.51	%		0.49	%		0.62	%
Return on average tangible assets(3) (4)		0.59			0.38			0.53			0.51			0.65
Return on average stockholders’ equity(3)		4.95			3.12			4.15			3.86			4.85
Return on average tangible stockholders’ equity(3) (4)		7.22			4.57			6.13			5.66			7.05
Return on average tangible common equity(3) (4)		7.22			4.57			6.13			5.66			7.40
Stockholders’ equity to total assets		11.47			11.42			11.54			12.33			12.84
Tangible stockholders’ equity to tangible assets(4)		8.15			8.09			8.12			8.67			9.19
Tangible common equity to tangible assets(4)		8.15			8.09			8.12			8.67			8.76
Net interest rate spread		2.44			2.36			2.36			2.37			2.35
Net interest margin		2.93			2.87			2.91			2.91			2.90
Operating expenses to average assets		2.05			2.33			2.23			2.16			1.96
Efficiency ratio(5)		71.13			80.37			74.13			71.93			65.67
Loan-to-deposit ratio		99.70			100.60			101.20			99.50			99.50

		At or For the Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
			2026				2025				2025				2025				2025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)		$	142,962			$	142,030			$	143,708			$	141,921			$	149,106
Nest Egg AUA/M			469,586				485,606				463,906				462,664				453,803
Total AUA/M			612,548				627,636				607,614				604,585				602,909
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			28.98				28.97				28.81				28.64				29.27
Tangible book value per common share at end of period(4)			19.86				19.79				19.52				19.34				19.16
Common shares outstanding at end of period			57,600,069				57,390,569				57,388,603				57,383,975				58,383,525
Preferred shares outstanding at end of period			—				—				—				—				57,370
Number of full-service customer facilities:			41				41				40				40				39
Quarterly Average Balances
Total securities		$	2,282,663			$	2,339,646			$	1,990,917			$	1,917,114			$	2,003,206
Loans receivable, net			10,992,163				10,724,240				10,278,610				10,036,785				10,013,383
Total interest-earning assets			13,357,862				13,157,360				12,363,997				12,065,530				12,112,028
Total goodwill and intangibles			526,228				529,006				533,835				534,734				535,657
Total assets			14,550,698				14,337,776				13,551,194				13,248,073				13,311,893
Time deposits			2,372,824				2,270,671				2,105,734				2,175,564				1,916,109
Total deposits (including non-interest-bearing deposits)			11,076,407				11,122,681				10,263,523				10,176,895				10,030,051
Total borrowings			1,621,709				1,350,390				1,432,196				1,201,878				1,343,757
Total interest-bearing liabilities			10,966,327				10,717,860				9,975,062				9,739,728				9,775,836
Non-interest bearing deposits			1,731,789				1,755,211				1,720,657				1,639,045				1,597,972
Stockholders' equity			1,678,482				1,665,201				1,655,893				1,682,647				1,715,134
Tangible stockholders’ equity(4)			1,152,254				1,136,195				1,122,058				1,147,913				1,179,477
Quarterly Yields and Costs
Total securities			3.96	%			4.10	%			3.83	%			3.82	%			3.99	%
Loans receivable, net			5.34				5.43				5.49				5.41				5.37
Total interest-earning assets			5.10				5.19				5.21				5.14				5.13
Time deposits			3.55				3.68				3.73				3.74				3.91
Total cost of deposits (including non-interest-bearing deposits)			1.97				2.13				2.06				2.06				2.06
Total borrowed funds			4.54				4.95				5.07				4.98				4.83
Total interest-bearing liabilities			2.66				2.83				2.85				2.77				2.78
Net interest spread			2.44				2.36				2.36				2.37				2.35
Net interest margin			2.93				2.87				2.91				2.91				2.90

(1)	With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)	Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3)	Ratios for each period are based on net income available to common stockholders.
(4)	Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5)	Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.

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

NON-GAAP RECONCILIATION

		For the Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
			2026				2025				2025				2025				2025
Core Earnings:
Net income available to common stockholders(GAAP)		$	20,506			$	13,093			$	17,330			$	16,200			$	20,505
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments			354				(230	)			7				(488	)			(205	)
Restructuring charges			128				7,379				4,147				—				—
Credit risk transfer execution expense			—				1,283				—				—				—
FDIC special assessment release			—				—				(210	)			—				—
Merger-related expenses			4,150				4,253				—				—				—
Income tax (benefit) expense on items			(806	)			(2,254	)			(926	)			115				49
Loss on redemption of preferred stock			—				—				—				1,842				—
Core earnings(Non-GAAP)		$	24,332			$	23,524			$	20,348			$	17,669			$	20,349
Income tax expense		$	6,548			$	3,754			$	5,156			$	5,771			$	6,808
Provision for credit losses			2,738				3,700				4,092				3,039				5,340
Less: income tax (benefit) expense on non-core items			(806	)			(2,254	)			(926	)			115				49
Core earnings PTPP(Non-GAAP)		$	34,424			$	33,232			$	30,522			$	26,364			$	32,448
Core earnings diluted earnings per share		$	0.43			$	0.41			$	0.36			$	0.31			$	0.35
Core earnings PTPP diluted earnings per share		$	0.60			$	0.58			$	0.54			$	0.46			$	0.56
Core Ratios (Annualized):
Return on average assets			0.68	%			0.65	%			0.60	%			0.53	%			0.62	%
Return on average tangible stockholders’ equity			8.56				8.21				7.19				6.17				7.00
Return on average tangible common equity			8.56				8.21				7.19				6.17				7.34
Efficiency ratio			66.76				68.19				70.30				72.28				65.81

		March 31,				December 31,				September 30,				June 30,				March 31,
			2026				2025				2025				2025				2025
Tangible Equity:
Total stockholders' equity		$	1,669,368			$	1,662,550			$	1,653,427			$	1,643,680			$	1,709,117
Less:
Goodwill			517,481				517,481				523,308				523,308				523,308
Intangibles			8,198				9,046				9,934				10,834				11,740
Tangible stockholders' equity			1,143,689				1,136,023				1,120,185				1,109,538				1,174,069
Less:
Preferred stock			—				—				—				—				55,527
Tangible common equity		$	1,143,689			$	1,136,023			$	1,120,185			$	1,109,538			$	1,118,542
Tangible Assets:
Total assets		$	14,556,336			$	14,564,317			$	14,324,664			$	13,327,847			$	13,309,278
Less:
Goodwill			517,481				517,481				523,308				523,308				523,308
Intangibles			8,198				9,046				9,934				10,834				11,740
Tangible assets		$	14,030,657			$	14,037,790			$	13,791,422			$	12,793,705			$	12,774,230
Tangible stockholders' equity to tangible assets			8.15	%			8.09	%			8.12	%			8.67	%			9.19	%
Tangible common equity to tangible assets			8.15	%			8.09	%			8.12	%			8.67	%			8.76	%

Company Contact:

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

FAQ

What were OceanFirst (OCFC) Q1 2026 earnings and EPS?

OceanFirst reported net income of $20.5 million and diluted EPS of $0.36 for Q1 2026. According to the company, core earnings were $24.3 million ($0.43 per diluted share), and core PTPP was $34.4 million ($0.60).

How did OceanFirst (OCFC) net interest margin and net interest income change in Q1 2026?

Net interest margin increased to 2.93% and net interest income rose to $96.4 million. According to the company, margin expansion was driven primarily by a lower cost of funds and higher average earning asset balances.

What is the status of OceanFirst (OCFC) merger with Flushing and its timing?

The merger has shareholder and state approvals but still requires Federal Reserve approval. According to the company, it continues to expect the merger to close in Q2 2026, subject to customary closing conditions and remaining regulatory clearances.

Did OceanFirst (OCFC) change its dividend after Q1 2026 results?

OceanFirst declared a quarterly cash dividend of $0.20 per share, payable May 8, 2026 to shareholders of record April 27, 2026. According to the company, this marks the 117th consecutive quarterly cash dividend.

How did OceanFirst (OCFC) asset quality metrics move in Q1 2026?

Non-performing loans increased to $34.6 million, or 0.31% of total loans, and allowance coverage of non-performing loans declined to 248.60%. According to the company, the rise was primarily related to one commercial loan.

What capital actions and share repurchases did OceanFirst (OCFC) report for Q1 2026?

The company repurchased 177,450 shares for $3.4 million during the quarter and had 3,226,284 shares available under its repurchase authorizations as of March 31, 2026. According to the company, repurchases mainly reflected exercised options and award vesting.