OceanFirst Financial Corp. Announces Second Quarter Financial Results

Rhea-AI Summary

OceanFirst Financial Corp. (NASDAQ: OCFC) reported a Q2 2026 net loss of $3.0 million, or $(0.04) per diluted share, versus net income of $16.2 million ($0.28) a year earlier and $20.5 million ($0.36) in Q1 2026. For the first half of 2026, net income available to common stockholders was $17.5 million ($0.27) compared with $36.7 million ($0.63) in the prior-year period.

According to the company, core earnings rose to $30.5 million ($0.43) in Q2 and $54.9 million ($0.86) year-to-date, and core PTPP earnings to $44.5 million ($0.63) in Q2, all up versus 2025. Q2 results included $42.8 million of non-recurring merger expenses tied to the June 1, 2026 acquisition of Flushing Financial, which added $8.69 billion of assets and 30 branches. Net interest income increased to $120.7 million and net interest margin expanded to 3.05%. The company sold $1.31 billion of acquired multifamily loans, reinvested $1.20 billion into liquid securities, reduced regulatory CRE concentration to 381%, lifted on-hand liquidity to 11.5% of assets, and declared a $0.20 quarterly dividend payable August 21, 2026.

Positive

• Core Q2 2026 earnings $30.5 million ($0.43), up from $17.7 million
• Core Q2 2026 PTPP earnings $44.5 million ($0.63), up from $26.4 million
• Net interest income rose to $120.7 million in Q2 2026 from $87.6 million
• Net interest margin expanded to 3.05% in Q2 2026 from 2.91%
• Completed Flushing acquisition adding $8.69 billion assets and $7.44 billion deposits
• Sold $1.31 billion multifamily loans, boosting on-hand liquidity to 11.5% of assets
• Regulatory CRE concentration reduced to approximately 381%
• Commercial loans grew $154 million (2%) and non-interest bearing deposits $101 million (6%) quarter-over-quarter
• Quarterly $0.20 dividend declared, marking the 118th consecutive quarterly payment

Negative

• Reported Q2 2026 net loss of $3.0 million versus prior-year profit of $16.2 million
• Q2 2026 diluted GAAP EPS of $(0.04) versus $0.28 a year earlier and $0.36 in Q1 2026
• First-half 2026 net income $17.5 million, down from $36.7 million in 2025
• Q2 2026 operating expenses increased to $129.9 million from $71.5 million
• Q2 2026 included $42.8 million non-recurring merger-related expenses ($0.48 per share net of tax)
• GAAP efficiency ratio deteriorated to 98.88% in Q2 2026 from 71.13% in Q1 2026
• Provision for credit losses rose to $4.0 million in Q2 2026 versus $2.7 million in Q1 2026
• Other income for first half 2026 fell to $17.3 million from $23.0 million

Market Context

OCFC’s Q1 2026 earnings event produced a 0.1% reaction. That record frames this release’s stronger c...

Analysis

OCFC’s Q1 2026 earnings event produced a 0.1% reaction. That record frames this release’s stronger core earnings and margin alongside the GAAP loss; the active S-3 resale registration is a risk factor to monitor.

Key Figures

Net loss: $3.0 million Diluted EPS: $0.04 per diluted share Core earnings: $30.5 million +5 more

8 metrics

Net loss $3.0 million Three months ended June 30, 2026

Diluted EPS $0.04 per diluted share Three months ended June 30, 2026

Core earnings $30.5 million Three months ended June 30, 2026

Net interest margin 3.05% Three months ended June 30, 2026

Net interest income $120.7 million Three months ended June 30, 2026

Merger-related expenses $42.8 million Current quarter

Multifamily loan sale $1.31 billion at 92.25% Balance sheet repositioning

Common dividend $0.20 per share Quarterly cash dividend

Previous Earnings Reports

5 past events · Latest: Apr 23 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 23	First quarter earnings	Positive	+0.1%	Reported $20.5 million net income, core earnings growth, and expanded net interest margin.
Jan 22	Quarterly earnings	Negative	-3.7%	Quarterly net income declined year over year despite higher net interest income.
Oct 22	Third quarter earnings	Negative	-5.9%	Net income declined year over year amid restructuring charges and workforce reduction plans.
Jul 24	Second quarter earnings	Negative	-2.6%	Net income declined year over year despite improved margin and commercial loan growth.
Apr 24	First quarter earnings	Positive	+0.3%	Margin expansion, higher net interest income, and commercial loan growth accompanied quarterly results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings-tagged events generally aligned with same-day price direction: three negative announcements had negative reactions and two positive announcements had positive reactions.

Key Terms

net interest margin, core earnings, non-gaap, allowance for credit losses

4 terms

net interest margin financial

"Net interest margin increased 12 basis points to 3.05% from 2.93%"

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.

core earnings financial

"Core earnings for the three and six months ended June 30, 2026 were $30.5 million"

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

non-gaap financial

"are non-GAAP (“generally accepted accounting principles”) financial measures"

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.

View in glossary

allowance for credit losses financial

"the allowance for credit losses increased to 1.29% of total loans receivable"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RED BANK, N.J., July 30, 2026 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported a net loss of $3.0 million, or $0.04 per diluted share¹, for the three months ended June 30, 2026, compared to net income available for common stockholders of $16.2 million, or $0.28 per diluted share, for the corresponding prior year period, and net income of $20.5 million, or $0.36 per diluted share, for the linked quarter. For the six months ended June 30, 2026, the Company reported net income available to common stockholders of $17.5 million, or $0.27 per diluted share, as compared to $36.7 million, or $0.63 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,									For the Six Months Ended,
Performance Ratios (Annualized):	June 30,			March 31,			June 30,			June 30,			June 30,
	2026			2026			2025			2026			2025
Return on average assets	(0.07	)%		0.57	%		0.49	%		0.22	%		0.56	%
Return on average stockholders’ equity	(0.63	)		4.95			3.86			1.95			4.36
Return on average tangible stockholders’ equity(a)	(0.88	)		7.22			5.66			2.79			6.36
Return on average tangible common equity(a)	(0.88	)		7.22			5.66			2.79			6.36
Efficiency ratio	98.88			71.13			71.93			86.67			68.82
Net interest margin	3.05			2.93			2.91			2.99			2.91

^(a) _{Return on average tangible stockholders’ equity and return on average tangible common equity are non-GAAP (“generally accepted accounting principles”) financial measures. Refer to “Explanation of Non-GAAP Financial Measures” and tables included in this release for reconciliation and additional information regarding non-GAAP financial measures.}

Core earnings² for the three and six months ended June 30, 2026 were $30.5 million and $54.9 million, respectively, or $0.43 and $0.86 per diluted share, an increase from $17.7 million and $38.0 million, respectively, or $0.31 and $0.66 per diluted share, for the corresponding prior year periods, and an increase from $24.3 million, while remaining flat at $0.43 per diluted share, for the linked quarter.
Core earnings PTPP² for the three and six months ended June 30, 2026 were $44.5 million and $78.9 million, respectively, or $0.63 and $1.24 per diluted share, an increase from $26.4 million and $58.8 million, respectively, or $0.46 and $1.02 per diluted share, for the corresponding prior year periods, and an increase from $34.4 million or $0.60 per diluted share, for the linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,												For the Six Months Ended,
	June 30,				March 31,				June 30,				June 30,				June 30,
Core Ratios2(Annualized):		2026				2026				2025				2026				2025
Return on average assets		0.71	%			0.68	%			0.53	%			0.70	%			0.58	%
Return on average tangible stockholders’ equity		8.92				8.56				6.17				8.76				6.59
Return on average tangible common equity		8.92				8.56				6.17				8.76				6.59
Efficiency ratio		66.20				66.76				72.28				66.44				69.06
Diluted earnings per share	$	0.43			$	0.43			$	0.31			$	0.86			$	0.66
PTPP diluted earnings per share		0.63				0.60				0.46				1.24				1.02

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

• Organic Growth: The Company generated continued organic growth across its legacy portfolio, with commercial loans increasing $154 million, or 2%, non-interest bearing deposits increasing $101 million, or 6%, and $150 million of deposit growth from Premier Banking teams, reflecting the Company’s focus on core relationships. These results underscore the continued strength of the core growth initiatives, which the Flushing franchise will further bolster.
• Net Interest Margin Expansion: Net interest margin increased 12 basis points to 3.05% from 2.93%, and net interest income increased by $24.3 million to $120.7 million.
• Flushing Acquisition: On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation (“Flushing”), the holding company of Flushing Bank. Flushing added $8.69 billion to total assets, $6.19 billion to loans and loans held for sale, and $7.44 billion to deposits. Flushing added 30 retail branches across New York City and Long Island.
• Balance Sheet Repositioning: The Company sold $1.31 billion of multifamily loans from the Flushing acquisition at a price of 92.25% and invested the $1.20 billion of net proceeds into highly-liquid, investment grade securities. The repositioning reduces commercial real estate concentration by approximately 50 percentage points to 381%³, while increasing liquidity as indicated by on-hand liquidity⁴ increasing to 11.5% of assets and the loan-to-deposit ratio falling to 91.60%. Additionally, the allowance for credit losses increased to 1.29% of total loans receivable.
• Operating Expenses: The Company anticipates full integration of Flushing’s operations and systems in the third quarter of 2026. The resulting operating synergies are expected to improve efficiency and reduce operating expenses in future periods.
  
  

Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased to see continued momentum in our core business and to have welcomed Flushing into the OceanFirst family during the quarter. Full integration and the rebranding of Flushing branches is scheduled to occur in the third quarter of 2026, allowing for the realization of synergies well before year-end. We look forward to building on the strong customer relationships Flushing has developed over the years.” Mr. Maher added, “The execution of the loan sale reduced the Company’s exposure to rent-regulated properties in New York City. These actions reflect our commitment to maintain a strong balance sheet and an enhanced liquidity profile, positioning the combined organization for sustainable, long-term growth.”

The Company’s Board of Directors declared its 118^th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on August 21, 2026, to common stockholders and NVCE stockholders of record on August 10, 2026.

_{¹ The number of shares outstanding and all common share-related calculations, including earnings per share, book value per share, and tangible book value per share, are calculated using both common stock and non-voting common equivalent (“NVCE”) stock, which are participating securities. All NVCE shares presented in this document are reported on an as-converted common stock equivalent basis.}

_{² Core earnings and core earnings before income taxes and provision for credit losses (“PTPP” or “Pre-Tax-Pre-Provision”), and ratios derived therefrom, are non-GAAP financial measures that exclude certain non-core items. Refer to “Explanation of Non-GAAP Financial Measures” and “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

_{³ Reflects the bank-level regulatory CRE concentration ratio, calculated as regulatory commercial real estate divided by Tier 1 capital plus the ACL.}

_{⁴ On-hand liquidity equals cash, unpledged securities and funding capacity at the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Discount Window.}

Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing and its results of operations from June 1, 2026 through June 30, 2026 are included in the consolidated results for the three and six months ended June 30, 2026, but are not included in the results of operations for the corresponding prior year periods. Further, the current quarter included $42.8 million of non-recurring merger-related expenses for the Flushing acquisition, representing $33.6 million net of tax, or $0.48 per share.

Net Interest Income and Margin
Three months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $120.7 million, from $87.6 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing, which added $19.1 million of net interest income. Net interest margin increased to 3.05%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.04%, respectively, and the impact of purchase accounting on average-interest earning assets.

Average interest-earning assets increased by $3.81 billion, which was impacted by $2.50 billion of average interest-earning assets acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.29%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.

The cost of average interest-bearing liabilities decreased to 2.74%, from 2.77%, primarily due to repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits remained stable at 2.06% for both periods. Average interest-bearing liabilities increased by $3.25 billion, driven by liabilities assumed from Flushing, and the remainder attributable to increases in deposits and FHLB advances.

Six months ended June 30, 2026 vs. June 30, 2025
Net interest income increased to $217.2 million, from $174.3 million, reflecting the net impact of the interest rate environment and the acquisition of Flushing. Net interest margin increased to 2.99%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.04% for both periods.

Average interest-earning assets increased by $2.53 billion, driven by $1.26 billion acquired from Flushing and increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.20%, from 5.14%, primarily due to the repricing of assets and new originations, and the addition of loans acquired from Flushing at higher yields.

The cost of average interest-bearing liabilities decreased to 2.70%, from 2.77%, primarily due to repricing of deposits and FHLB advances, partially offset by the addition of deposits acquired from Flushing at higher rates. The total cost of deposits decreased four basis points to 2.02%, from 2.06%. Average interest-bearing liabilities increased by $2.23 billion, driven by the acquisition of Flushing, with the remaining increases related to deposits and FHLB advances.

Three months ended June 30, 2026 vs. March 31, 2026
Net interest income increased by $24.3 million, to $120.7 million from $96.4 million, and net interest margin increased to 3.05%, from 2.93%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.05% and 0.01%, respectively.

Average interest-earning assets increased by $2.52 billion, and the yield on average interest-earning assets increased to 5.29%, from 5.10%. As noted above, the current quarter was impacted by interest-earning assets acquired from Flushing and repricing of assets and new originations.

The cost of average interest-bearing liabilities increased to 2.74%, from 2.66%. The total cost of deposits increased to 2.06%, from 1.97%. Average interest-bearing liabilities increased by $2.03 billion, driven by Flushing as noted above, partly offset by government deposit outflows.

Provision for Credit Losses
Provision for credit losses for the three and six months ended June 30, 2026 was $4.0 million and $6.7 million, as compared to $3.0 million and $8.4 million for the corresponding prior year periods, and $2.7 million in the linked quarter. The current quarter provision was primarily driven by a reserve build of $2.5 million and replenishment of net charge-offs of $1.5 million.

Net loan charge-offs were $1.5 million and $2.2 million for the three and six months ended June 30, 2026, as compared to $2.2 million and $2.9 million for the corresponding prior year periods and $701,000 for the linked quarter. Net loan charge-offs to average total loans were 0.05% and 0.04% for the three and six months ended June 30, 2026, as compared to 0.09% and 0.06% for the corresponding prior year periods and 0.03% for the linked quarter.

Non-interest Income
Three months ended June 30, 2026 vs. June 30, 2025        
Other income decreased to $10.6 million, as compared to $11.7 million. Other income was adversely impacted by non-core operations of $347,000 related to net losses on equity investments in the current quarter. The prior period other income was favorably impacted by non-core operations of $488,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $300,000. The current year period includes $1.4 million of other income from the acquisition of Flushing which largely was offset by the reduction in fees and services charges from the discontinuation of our title business for the comparable prior year period.

Excluding the impact of non-core operations and Flushing, the decrease in other income of $1.7 million was driven by a decrease in fees and service charges of $1.8 million and a decrease in net gain on sale of loans of $1.2 million due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year. In addition, the prior period included non-recurring other income of $1.1 million. This was partly offset by increases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $1.4 million.

Six months ended June 30, 2026 vs. June 30, 2025
Other income decreased to $17.3 million, as compared to $23.0 million. Other income was adversely impacted by non-core operations of $701,000 related to net losses on equity investments in the current period. The prior period other income was favorably impacted by non-core operations of $693,000 related to net gains on equity investments. Excluding the impact of non-core operations, other income decreased by $4.2 million. This was partly offset by the acquisition of Flushing, as noted above.

The remaining decrease in other income by $5.6 million was driven by a decrease in fees and service charges of $3.6 million and a decrease in a net gain on sale of loans of $2.1 million due to the same drivers as noted above. In addition, the prior period included non-recurring other income of $1.9 million. This was partly offset by increases in net gain on other real estate operations of $1.3 million and commercial loan swap income of $1.1 million.

Three months ended June 30, 2026 vs. March 31, 2026
Other income in the linked quarter was $6.7 million and included non-core operations of $354,000 related to net losses on equity investments. Excluding non-core operations and Flushing’s other income stated above, other income increased by $2.5 million. The primary drivers were increases in net gain on other real estate operations of $1.4 million and commercial loan swap income of $1.2 million.

Non-interest Expense
Three months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $129.9 million, as compared to $71.5 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $42.7 million, due to merger-related expenses. Excluding the impact of non-core operations, other expenses increased by $15.7 million, primarily due to $14.8 million of operating expenses recognized in June from the acquisition of Flushing.

The remaining increase in operating expenses of $877,000 was driven by an increase in compensation and benefits of $2.5 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative. Additional drivers were decreases in professional fees of $1.3 million, mostly due to recruitment fees for the Company’s commercial banking hires in the prior year.

Six months ended June 30, 2026 vs. June 30, 2025
Operating expenses increased to $203.3 million, as compared to $135.8 million. Operating expenses in the current quarter were adversely impacted by non-core operations of $47.0 million, due to merger-related expenses and restructuring charges. Excluding the impact of non-core operations, other expenses increased by $20.5 million primarily due to the acquisition of Flushing, as noted above.

The remaining increase in operating expenses of $5.7 million was driven by an increase in compensation and benefits of $5.3 million, mostly due to commercial banking hires adjusted for annual inflationary increases, partly offset by the impact of our residential outsourcing initiative.

Three months ended June 30, 2026 vs. March 31, 2026
Operating expenses in the linked quarter were $73.4 million and included non-core operations of $4.3 million related to merger-related expenses and restructuring charges. Excluding non-core operations and Flushing’s other expense stated above, operating expenses increased by $3.2 million. The primary drivers were increases in compensation and benefits of $3.3 million, partly due to new hires and an additional working day, and marketing expense of $646,000. These were partly offset by a decrease in data processing expense of $975,000.

Income Tax Expense
The provision for income taxes was $496,000 and $7.0 million for the three and six months ended June 30, 2026, as compared to $5.8 million and $12.6 million for the same prior year periods and $6.5 million for the linked quarter. The effective tax rate was (19.6)% and 28.7% for the three and six months ended June 30, 2026, as compared to 23.2% and 23.7% for the same prior year period and 24.2% for the linked quarter. The effective tax rate for the three and six months ended June 30, 2026 was adversely impacted by non-deductible merger related expenses, which were offset by a one-time revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the impact of these adjustments, the effective tax rate would have been 28.1% and increased as a result of the new tax profile due to the acquisition of Flushing.

Financial Condition⁵
June 30, 2026 vs. December 31, 2025
Total assets increased by $8.71 billion to $23.27 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.24 billion to $16.28 billion, from $11.03 billion, primarily due to Flushing totaling $6.19 billion partly offset by $1.31 billion of multifamily loans sold during the quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.82 billion, primarily due to the acquisition of Flushing totaling $1.54 billion and the reinvestment of proceeds from the loan sales into securities. Bank owned life insurance increased by $233.6 million to $503.9 million, from $270.3 million driven by the acquisition of Flushing. As part of the acquisition of Flushing, the Company’s goodwill balance increased to $529.8 million, from $517.5 million and intangibles increased to $90.6 million, from $9.0 million.

Other assets increased by $217.7 million to $367.0 million, from $149.3 million primarily due to revaluation of deferred tax assets as a result of the acquisition of Flushing and increase in market values of derivatives associated with customer interest rate swaps.

Total liabilities increased by $7.96 billion to $20.86 billion, from $12.90 billion primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $6.80 billion to $17.76 billion, from $10.96 billion, primarily due to acquired deposits from Flushing totaling $7.44 billion. Excluding Flushing, the decrease in deposits was primarily attributable to a decrease in government deposits due to seasonality. Time deposits increased by $1.74 billion to $4.21 billion, from $2.47 billion, representing 23.7% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.41 billion and brokered time deposits of $276.0 million. FHLB advances increased by $335.2 million to $1.73 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $238.0 million to $493.2 million, from $255.2 million driven by the addition of subordinated debt and trust preferred securities from the acquisition of Flushing. The loan-to-deposit ratio was 91.6%, as compared to 100.6%.

Other liabilities increased by $489.8 million to $699.1 million, from $209.3 million, mostly related to $337.0 million of unsettled security purchases and increases in market values of derivatives associated with customer interest rate swaps.

Capital levels remain strong and in excess of “well-capitalized” regulatory levels at June 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.7%.

Total stockholders’ equity increased to $2.41 billion, as compared to $1.66 billion, primarily due to the acquisition of Flushing which added $535.6 million to stockholders’ equity. The current period also included a $225 million strategic investment from affiliates of funds managed by Warburg, in exchange for approximately 9.6 million shares of common stock, 1.8 million shares of NVCE stock, and warrants to purchase 11.4 million shares of NVCE stock. Additionally, accumulated other comprehensive loss increased by $1.2 million primarily due to decreases in the fair market value of available-for-sale debt securities and derivative hedges, net of tax.

During the six months ended June 30, 2026, the Company repurchased 376,277 shares totaling $7.1 million representing a weighted average cost of $18.70, for repurchases of exercised options and vesting of awards from employees outside of the authorized share repurchase program. On June 1, 2026 the Company donated 273,973 shares totaling $5.0 million to the OceanFirst Foundation, which was funded through treasury stock. As of June 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.

The Company’s tangible common equity⁶ increased by $654.6 million to $1.79 billion. The Company’s stockholders’ equity to assets ratio was 10.36% at June 30, 2026, and tangible common equity to tangible assets ratio decreased by 18 basis points during the year to 7.91%, primarily due to the drivers described above.

Book value per common share⁶ decreased to $24.50, as compared to $28.97. Tangible book value per common share decreased to $18.19, as compared to $19.79.

_{⁵ Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.
⁶ Tangible book value per common share and tangible common equity to tangible assets are non-GAAP financial measures and exclude the impact of intangible assets, goodwill, and preferred equity from both stockholders’ equity and total assets. Tangible book value per common share is based on common shares outstanding at period end Refer to “Explanation of Non-GAAP Financial Measures” and the “Other Items - Non-GAAP Reconciliation” tables for additional information regarding non-GAAP financial measures.}

Asset Quality
June 30, 2026 vs. December 31, 2025
The Company’s allowance for loan credit losses was 1.29% of total loans, as compared to 0.76%. The increase in the allowance for credit losses was largely driven by incremental allowance for loan credit losses of $121 million added for the Flushing portfolio and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.

Non-performing loans increased to $108.2 million, from $27.8 million, primarily due to $53.8 million of non-performing loans acquired from Flushing and one commercial relationship of $20.6 million. Non-performing loans represented 0.67% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 193.75%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $47.1 million, from $47.8 million, primarily due to the one commercial relationship noted above, which was partially offset by $18.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans and investment, and other real estate owned, increased to $541.5 million, from $122.1 million, primarily due to $293.2 million of loans and a $20.7 million investment acquired from Flushing, which were re-risked at the date of acquisition based on the Company’s credit standards. The remaining increase was driven by two commercial relationships totaling $56.1 million.

The Company identified $750.4 million of purchased with credit deterioration (“PCD”) loans from the Flushing acquisition largely consisting of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $51.6 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $8.6 million of PCD loans acquired from Flushing.

The Company’s asset quality, excluding PCD loans, was as follows. Non-performing loans increased to $54.1 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 388.00%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $36.9 million, from $44.7 million.

Explanation of Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. The Company’s management believes that the supplemental non-GAAP information, which consists of reported net income excluding non-core operations and in some instances excluding income taxes and provision for credit losses, and reporting equity and asset amounts excluding intangible assets and goodwill, all of which can vary from period to period, provides a better comparison of period-to-period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures, which may be presented by other companies. Refer to the Non-GAAP Reconciliation table at the end of this document for details on the earnings impact of these items.

Conference Call
As previously announced, the Company will host an earnings conference call on Friday, July 31, 2026 at 11:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 387420595. For those unable to participate in the conference call, a replay will be available which can be accessed through the following URL: https://events.q4inc.com/attendee/387420595. The conference call will also be available (listen-only) by internet webcast at https://ir.oceanfirst.com/. Web users should go to the site at least fifteen minutes prior to the call to register.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $23.3 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island, and the major metropolitan areas from Massachusetts through Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Forward-Looking Statements

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the federal securities laws, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. Forward-looking statements may be identified by the use of the words such as “ estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,” “may,” “could,” “target,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements 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.

Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels 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, trade restrictions and retaliatory measures impacting the Company's borrowers and the broader economy, the effects of a potential future federal government shutdown, debt ceiling impasses or fiscal uncertainty, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size 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, risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in the Company’s operational or security systems and infrastructure, including the risks arising from the Company’s dependence on third-party service providers and vendors, the failure to maintain current technologies and the operational risks associated with the adoption of artificial intelligence and other emerging technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations.

You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of OceanFirst’s Annual Report on Form 10-K for the year ended December 31, 2025, and other documents filed by OceanFirst from time to time with the U.S. Securities and Exchange Commission (the “SEC”). The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to any forward-looking statements 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)
		June 30,			March 31,			December 31,			June 30,
		2026			2026			2025			2025
		(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and due from banks		$	274,057		$	136,981		$	135,130		$	170,599
Debt securities available-for-sale, at estimated fair value			2,067,668			1,181,087			1,231,827			735,561
Debt securities held-to-maturity, net of allowance for securities credit losses of $663 at June 30, 2026, $754 at March 31, 2026, $811 at December 31, 2025, and $809 at June 30, 2025 (estimated fair value of $2,803,466 at June 30, 2026, $793,409 at March 31, 2026, $825,790 at December 31, 2025, and $896,090 at June 30, 2025)			2,862,196			852,917			881,568			968,969
Equity investments			75,965			88,239			91,882			87,808
Restricted equity investments, at cost			180,711			119,503			129,329			106,538
Loans receivable, net of allowance for loan credit losses of $209,716 at June 30, 2026, $86,110 at March 31, 2026, $83,726 at December 31, 2025, and $79,266 at June 30, 2025			16,086,532			11,059,275			10,970,666			10,119,781
Loans held-for-sale			—			—			5,768			15,744
Interest and dividends receivable			91,497			49,588			49,010			44,032
Other real estate owned			13,453			10,393			10,266			7,680
Premises and equipment, net			126,609			112,066			112,743			113,474
Bank owned life insurance			503,910			271,650			270,301			271,184
Goodwill			529,836			517,481			517,481			523,308
Intangibles			90,613			8,198			9,046			10,834
Other assets			366,963			148,958			149,300			152,335
Total assets		$	23,270,010		$	14,556,336		$	14,564,317		$	13,327,847
Liabilities and Stockholders’ Equity
Deposits		$	17,760,073		$	11,155,916		$	10,964,405		$	10,232,442
Federal Home Loan Bank advances			1,732,373			1,180,179			1,397,179			938,687
Securities sold under agreements to repurchase with customers			61,329			67,249			54,434			61,490
Other borrowings			493,216			255,518			255,233			198,019
Advances by borrowers for taxes and insurance			112,876			25,851			21,245			18,759
Other liabilities			699,063			202,255			209,271			234,770
Total liabilities			20,858,930			12,886,968			12,901,767			11,684,167
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity			2,411,080			1,669,368			1,662,550			1,642,846
Non-controlling interest			—			—			—			834
Total stockholders’ equity			2,411,080			1,669,368			1,662,550			1,643,680
Total liabilities and stockholders’ equity		$	23,270,010		$	14,556,336		$	14,564,317		$	13,327,847

OceanFirst Financial Corp.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
		For the Three Months Ended,												For the Six Months Ended,
		June 30,				March 31,				June 30,				June 30,				June 30,
			2026				2026				2025				2026				2025
		|---------------------- (Unaudited) ----------------------|												|---------- (Unaudited) -----------|
Interest income:
Loans		$	178,982			$	145,324			$	135,478			$	324,306			$	268,497
Debt securities			26,633				19,810				15,950				46,443				33,220
Equity investments and other			3,989				3,157				3,397				7,146				6,811
Total interest income			209,604				168,291				154,825				377,895				308,528
Interest expense:
Deposits			68,308				53,695				52,273				122,003				103,319
Borrowed funds			20,566				18,149				14,916				38,715				30,921
Total interest expense			88,874				71,844				67,189				160,718				134,240
Net interest income			120,730				96,447				87,636				217,177				174,288
Provision for credit losses			4,002				2,738				3,039				6,740				8,379
Net interest income after provision for credit losses			116,728				93,709				84,597				210,437				165,909
Other income (loss):
Bankcard services revenue			1,772				1,629				1,619				3,401				3,082
Trust and asset management revenue			384				433				374				817				780
Fees and service charges			3,389				2,813				4,969				6,202				9,681
Net gain (loss) on sales of loans			38				(28	)			1,177				10				2,035
Net (loss) gain on equity investments			(347	)			(354	)			488				(701	)			693
Net gain (loss) from other real estate operations			1,203				(164	)			(260	)			1,039				(276	)
Income from bank owned life insurance			2,471				1,874				1,786				4,345				3,638
Commercial loan swap income			1,654				345				207				1,999				827
Other			34				200				1,373				234				2,526
Total other income			10,598				6,748				11,733				17,346				22,986
Operating expenses:
Compensation and employee benefits			50,202				39,484				40,242				89,686				76,982
Occupancy			7,333				5,832				5,454				13,165				10,951
Equipment			1,111				921				869				2,032				1,790
Marketing			1,894				963				1,541				2,857				2,649
Federal deposit insurance and regulatory assessments			4,130				3,215				2,898				7,345				5,881
Data processing			7,655				7,052				6,808				14,707				13,455
Check card processing			1,097				1,098				1,156				2,195				2,326
Professional fees			3,405				3,222				4,336				6,627				6,761
Amortization of intangibles			2,586				848				906				3,434				1,846
Merger-related expenses			42,765				4,150				—				46,915				—
Restructuring (release) charges			(71	)			128				—				57				—
Other operating expenses			7,752				6,490				7,264				14,242				13,127
Total operating expenses			129,859				73,403				71,474				203,262				135,768
(Loss) Income before provision for income taxes			(2,533	)			27,054				24,856				24,521				53,127
Provision for income taxes			496				6,548				5,771				7,044				12,579
Net (loss) income			(3,029	)			20,506				19,085				17,477				40,548
Net gain (loss) attributable to non-controlling interest			—				—				39				—				(7	)
Net (loss) income attributable to OceanFirst Financial Corp.			(3,029	)			20,506				19,046				17,477				40,555
Dividends on preferred shares			—				—				1,004				—				2,008
Loss on redemption of preferred stock			—				—				1,842				—				1,842
Net (loss) income available to common stockholders		$	(3,029	)		$	20,506			$	16,200			$	17,477			$	36,705
Basic earnings per share		$	(0.04	)		$	0.36			$	0.28			$	0.27			$	0.63
Diluted earnings per share		$	(0.04	)		$	0.36			$	0.28			$	0.27			$	0.63
Average basic shares outstanding			70,239				57,043				57,738				63,630				57,889
Average diluted shares outstanding			70,239				57,048				57,740				63,638				57,891

OceanFirst Financial Corp.
SELECTED LOAN AND DEPOSIT DATA
(dollars in thousands)
LOANS RECEIVABLE				At
				June 30,				March 31,				December 31,				September 30,				June 30,
					2026				2026				2025				2025				2025
Commercial:
Commercial real estate - investor				$	9,125,313			$	5,478,832			$	5,420,989			$	5,211,220			$	5,068,125
Commercial and industrial:
Commercial and industrial - real estate					1,800,501				1,016,912				986,431				997,122				914,406
Commercial and industrial - non-real estate					1,907,719				1,302,128				1,227,556				998,860				862,504
Total commercial and industrial					3,708,220				2,319,040				2,213,987				1,995,982				1,776,910
Total commercial					12,833,533				7,797,872				7,634,976				7,207,202				6,845,035
Consumer:
Residential real estate					3,245,311				3,128,023				3,194,264				3,135,200				3,119,232
Home equity loans and lines and other consumer ("other consumer")					196,908				198,048				202,763				215,581				220,820
Total consumer					3,442,219				3,326,071				3,397,027				3,350,781				3,340,052
Total loans					16,275,752				11,123,943				11,032,003				10,557,983				10,185,087
Deferred origination costs (fees), net					20,496				21,442				22,389				13,105				13,960
Allowance for loan credit losses					(209,716	)			(86,110	)			(83,726	)			(81,236	)			(79,266	)
Loans receivable, net				$	16,086,532			$	11,059,275			$	10,970,666			$	10,489,852			$	10,119,781
Residential mortgage loans serviced for others				$	333,605			$	344,316			$	365,431			$	340,740			$	288,211
	At June 30, 2026 Average Yield
Loan pipeline(1):
Commercial	6.54	%		$	409,448			$	417,356			$	464,602			$	710,933			$	790,768
Residential real estate(2)	—				—				461				9,457				136,797				146,921
Other consumer(2)	—				—				—				—				16,184				17,110
Total	6.54	%		$	409,448			$	417,817			$	474,059			$	863,914			$	954,799

	For the Three Months Ended
	June 30,						March 31,			December 31,			September 30,			June 30,
	2026						2026			2025			2025			2025
	Average Yield
Loan originations:
Commercial	6.71	%		$	641,505		$	422,907		$	786,186		$	739,154		$	425,877
Residential real estate(2)	6.07				406			5,824			249,540			250,066			274,314
Other consumer(2)	—				—			—			14,859			18,087			15,813
Total	6.71	%		$	641,911		$	428,731		$	1,050,585		$	1,007,307		$	716,004

(1)	Loan pipeline includes loans approved but not funded.
(2)	As of December 31, 2025, the Company has discontinued its residential and consumer originations.

DEPOSITS	At
	June 30,			March 31,			December 31,			September 30,			June 30,
	2026			2026			2025			2025			2025
Type of Account
Non-interest-bearing	$	2,836,711		$	1,757,097		$	1,741,958		$	1,731,760		$	1,686,627
Interest-bearing checking		6,276,653			4,536,726			4,354,485			4,090,930			3,845,602
Money market		3,375,564			1,488,653			1,412,917			1,397,434			1,377,999
Savings		1,060,481			986,208			986,195			1,000,488			1,022,918
Time deposits(1)		4,210,664			2,387,232			2,468,850			2,215,382			2,299,296
Total deposits	$	17,760,073		$	11,155,916		$	10,964,405		$	10,435,994		$	10,232,442

(1)	Includes brokered time deposits of $885.7 million, $487.9 million, $609.8 million, $405.1 million, and $522.8 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.

OceanFirst Financial Corp.
ASSET QUALITY
(dollars in thousands)
ASSET QUALITY(1) (2)	June 30,				March 31,				December 31,				September 30,				June 30,
		2026				2026				2025				2025				2025
Non-performing loans:
Commercial real estate - investor	$	76,721			$	18,970			$	13,636			$	23,570			$	20,457
Commercial and industrial:
Commercial and industrial - real estate		16,980				5,541				4,813				7,469				4,499
Commercial and industrial - non-real estate		5,045				228				640				394				311
Total commercial and industrial		22,025				5,769				5,453				7,863				4,810
Residential real estate		7,043				7,011				6,200				7,334				5,318
Other consumer		2,452				2,888				2,502				2,496				2,926
Total non-performing loans(2)(3)	$	108,241			$	34,638			$	27,791			$	41,263			$	33,511
Other real estate owned		13,453				10,393				10,266				7,498				7,680
Non-performing investment(4)		20,729				—				—				—				—
Total non-performing assets	$	142,423			$	45,031			$	38,057			$	48,761			$	41,191
Delinquent loans 30 to 89 days(3)	$	47,097			$	55,876			$	47,808			$	19,817			$	14,740
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)	$	7,151			$	5,460			$	956			$	7,693			$	8,129
Performing		15,072				15,083				23,898				23,952				31,986
Total modifications to borrowers experiencing financial difficulty	$	22,223			$	20,543			$	24,854			$	31,645			$	40,115
Allowance for loan credit losses	$	209,716			$	86,110			$	83,726			$	81,236			$	79,266
Allowance for unfunded commitments		4,194				3,738				4,028				4,636				3,289
Allowance for loan credit losses as a percent of total loans receivable		1.29	%			0.77	%			0.76	%			0.77	%			0.78	%
Allowance for loan credit losses as a percent of total non-performing loans		193.75				248.60				301.27				196.87				236.54
Non-performing loans as a percent of total loans receivable		0.67				0.31				0.25				0.39				0.33
Non-performing assets as a percent of total assets		0.61				0.31				0.26				0.34				0.31
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses(3)	$	696,763			$	14,604			$	14,968			$	19,003			$	20,934
Non-performing PCD loans(3)		54,190				5,900				5,432				5,677				6,800
Delinquent PCD and non-performing loans 30 to 89 days(3)		10,221				8,794				3,103				2,987				2,590
PCD modifications to borrowers experiencing financial difficulty(2)		1,710				16				18				20				20
Asset quality, excluding PCD loans
Non-performing loans(2)		54,051				28,738				22,359				35,586				26,711
Non-performing assets		88,233				39,131				32,625				43,084				34,391
Delinquent loans 30 to 89 days (excludes non-performing loans)		36,876				47,082				44,705				16,830				12,150
Modifications to borrowers experiencing financial difficulty(2)		20,513				20,527				24,836				31,625				40,095
Allowance for loan credit losses as a percent of total non-performing loans		388.00	%			299.64	%			374.46	%			228.28	%			296.75	%
Non-performing loans as a percent of total loans receivable		0.33				0.26				0.20				0.34				0.26
Non-performing assets as a percent of total assets		0.38				0.27				0.22				0.30				0.26

(1)	Asset quality metrics exclude loans held for sale.
(2)	The quarters ended June 30, 2026, December 31, 2025, and June 30, 2025 included the sale of non-performing residential and consumer loans of $2.0 million, $2.5 million and $2.2 million, respectively.
(3)	The quarter ended June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans included $53.8 million, $18.2 million, and $750.4 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans included $51.6 million and $8.6 million, respectively, from Flushing.
(4)	Non-performing investment acquired from Flushing.

NET LOAN CHARGE-OFFS	For the Three Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,
		2026				2026				2025				2025				2025
Net loan charge-offs:
Loan charge-offs	$	(1,776	)		$	(956	)		$	(2,190	)		$	(850	)		$	(2,415	)
Recoveries on loans		262				255				216				233				197
Net loan charge-offs	$	(1,514	)		$	(701	)		$	(1,974	)		$	(617	)		$	(2,218	)
Net loan charge-offs to average total loans (annualized)		0.05	%			0.03	%			0.07	%			0.02	%			0.09	%
Net loan (charge-offs) recoveries detail:
Commercial(1)	$	(1,074	)		$	(736	)		$	(1,676	)		$	(522	)		$	(1,666	)
Residential real estate(2)		(352	)			(7	)			(268	)			(24	)			(348	)
Other consumer(2)		(88	)			42				(30	)			(71	)			(204	)
Net loan charge-offs	$	(1,514	)		$	(701	)		$	(1,974	)		$	(617	)		$	(2,218	)

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

OceanFirst Financial Corp.
ANALYSIS OF NET INTEREST INCOME
	For the Three Months Ended
	June 30, 2026										March 31, 2026										June 30, 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	$	158,816			$	1,375		3.47	%		$	83,036			$	662		3.23	%		$	111,631			$	1,090		3.92	%
Securities(2)		2,789,029				29,247		4.21				2,282,663				22,305		3.96				1,917,114				18,257		3.82
Loans receivable, net(3)
Commercial		9,701,371				142,903		5.91				7,687,461				109,097		5.76				6,786,611				100,004		5.91
Residential real estate		3,145,110				33,135		4.21				3,167,262				33,141		4.19				3,091,227				31,861		4.12
Other consumer		188,131				2,944		6.28				199,318				3,086		6.28				225,311				3,613		6.43
Allowance for loan credit losses, net of deferred loan costs and fees		(104,773	)			—		—				(61,878	)			—		—				(66,364	)			—		—
Loans receivable, net		12,929,839				178,982		5.55				10,992,163				145,324		5.34				10,036,785				135,478		5.41
Total interest-earning assets		15,877,684				209,604		5.29				13,357,862				168,291		5.10				12,065,530				154,825		5.14
Non-interest-earning assets		1,399,341										1,192,836										1,182,543
Total assets	$	17,277,025									$	14,550,698									$	13,248,073
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	5,107,262				28,186		2.21	%		$	4,509,841				22,820		2.05	%		$	3,990,602				20,605		2.07	%
Money market		2,120,250				14,128		2.67				1,472,989				8,808		2.43				1,342,194				9,718		2.90
Savings		1,003,045				1,284		0.51				988,964				1,306		0.54				1,029,490				1,680		0.65
Time deposits		2,990,624				24,710		3.31				2,372,824				20,761		3.55				2,175,564				20,270		3.74
Total		11,221,181				68,308		2.44				9,344,618				53,695		2.33				8,537,850				52,273		2.46
FHLB Advances		1,312,502				13,169		4.02				1,261,984				12,884		4.14				880,746				9,933		4.52
Securities sold under agreements to repurchase		60,009				399		2.67				59,806				384		2.60				60,477				419		2.78
Other borrowings		397,793				6,998		7.06				299,919				4,881		6.60				260,655				4,564		7.02
Total borrowings		1,770,304				20,566		4.66				1,621,709				18,149		4.54				1,201,878				14,916		4.98
Total interest-bearing liabilities		12,991,485				88,874		2.74				10,966,327				71,844		2.66				9,739,728				67,189		2.77
Non-interest-bearing deposits		2,107,561										1,731,789										1,639,045
Non-interest-bearing liabilities		247,077										174,100										186,653
Total liabilities		15,346,123										12,872,216										11,565,426
Stockholders’ equity		1,930,902										1,678,482										1,682,647
Total liabilities and stockholders’ equity	$	17,277,025									$	14,550,698									$	13,248,073
Net interest income					$	120,730									$	96,447									$	87,636
Net interest rate spread(4)								2.55	%									2.44	%									2.37	%
Net interest margin(5)								3.05	%									2.93	%									2.91	%
Total cost of deposits (including non-interest-bearing deposits)								2.06	%									1.97	%									2.06	%

	For the Six Months Ended June 30,
		2026										2025
(dollars in thousands)	Average Balance				Interest			Average Yield/ Cost(1)			Average Balance				Interest			Average Yield/ Cost(1)
Assets:
Interest-earning assets:
Interest-earning deposits and short-term investments	$	121,135			$	2,037		3.39	%		$	106,230			$	2,073		3.94	%
Securities(2)		2,537,245				51,552		4.10				1,959,922				37,958		3.91
Loans receivable, net(3)
Commercial		8,699,979				252,000		5.84				6,783,823				198,265		5.89
Residential real estate		3,156,125				66,276		4.20				3,078,524				63,131		4.10
Other consumer		193,693				6,030		6.28				226,923				7,101		6.31
Allowance for loan credit losses, net of deferred loan costs and fees		(83,445	)			—		—				(64,121	)			—		—
Loans receivable, net		11,966,352				324,306		5.46				10,025,149				268,497		5.39
Total interest-earning assets		14,624,732				377,895		5.20				12,091,301				308,528		5.14
Non-interest-earning assets		1,296,661										1,188,506
Total assets	$	15,921,393									$	13,279,807
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	4,810,202				51,006		2.14	%		$	4,062,502				42,039		2.09	%
Money market		1,798,408				22,936		2.57				1,332,154				19,070		2.89
Savings		996,043				2,589		0.52				1,043,674				3,465		0.67
Time deposits		2,683,430				45,472		3.42				2,046,927				38,745		3.82
Total		10,288,083				122,003		2.39				8,485,257				103,319		2.46
FHLB Advances		1,287,383				26,053		4.08				938,200				21,293		4.58
Securities sold under agreements to repurchase		59,908				783		2.64				62,385				846		2.73
Other borrowings		349,126				11,879		6.86				271,840				8,782		6.51
Total borrowings		1,696,417				38,715		4.60				1,272,425				30,921		4.90
Total interest-bearing liabilities		11,984,500				160,718		2.70				9,757,682				134,240		2.77
Non-interest-bearing deposits		1,920,713										1,618,622
Non-interest-bearing liabilities		210,791										204,702
Total liabilities		14,116,004										11,581,006
Stockholders’ equity		1,805,389										1,698,801
Total liabilities and stockholders’ equity	$	15,921,393									$	13,279,807
Net interest income					$	217,177									$	174,288
Net interest rate spread(4)								2.50	%									2.37	%
Net interest margin(5)								2.99	%									2.91	%
Total cost of deposits (including non-interest-bearing deposits)								2.02	%									2.06	%

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

OceanFirst Financial Corp.
SELECTED QUARTERLY FINANCIAL DATA
(in thousands, except per share amounts)
		June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
Selected Financial Condition Data:
Total assets		$	23,270,010		$	14,556,336		$	14,564,317		$	14,324,664		$	13,327,847
Debt securities available-for-sale, at estimated fair value			2,067,668			1,181,087			1,231,827			1,261,580			735,561
Debt securities held-to-maturity, net of allowance for securities credit losses			2,862,196			852,917			881,568			919,734			968,969
Equity investments			75,965			88,239			91,882			90,731			87,808
Restricted equity investments, at cost			180,711			119,503			129,329			142,398			106,538
Loans receivable, net of allowance for loan credit losses			16,086,532			11,059,275			10,970,666			10,489,852			10,119,781
Deposits			17,760,073			11,155,916			10,964,405			10,435,994			10,232,442
Federal Home Loan Bank advances			1,732,373			1,180,179			1,397,179			1,705,585			938,687
Securities sold under agreements to repurchase from customers and other borrowings			554,545			322,767			309,667			263,007			259,509
Total stockholders’ equity			2,411,080			1,669,368			1,662,550			1,653,427			1,643,680

		For the Three Months Ended,
		June 30,				March 31,				December 31,			September 30,				June 30,
		2026				2026				2025			2025				2025
Selected Operating Data:
Interest income		$	209,604			$	168,291			$	171,732		$	162,194			$	154,825
Interest expense			88,874				71,844				76,454			71,537				67,189
Net interest income			120,730				96,447				95,278			90,657				87,636
Provision for credit losses			4,002				2,738				3,700			4,092				3,039
Net interest income after provision for credit losses			116,728				93,709				91,578			86,565				84,597
Other income (excluding equity investments)			10,945				7,102				9,181			12,311				11,245
Net (loss) gain on equity investments			(347	)			(354	)			230			(7	)			488
Operating expenses (excluding non-core operations)			87,165				69,125				71,227			72,390				71,474
Restructuring (release) charges			(71	)			128				7,379			4,147				—
Credit risk transfer execution expense			—				—				1,283			—				—
FDIC special assessment release			—				—				—			(210	)			—
Merger-related expenses			42,765				4,150				4,253			—				—
(Loss) income before provision for income taxes			(2,533	)			27,054				16,847			22,542				24,856
Provision for income taxes			496				6,548				3,754			5,156				5,771
Net (loss) income			(3,029	)			20,506				13,093			17,386				19,085
Net income (loss) attributable to non-controlling interest			—				—				—			56				39
Net (loss) income attributable to OceanFirst Financial Corp.		$	(3,029	)		$	20,506			$	13,093		$	17,330			$	19,046
Net (loss) income available to common stockholders		$	(3,029	)		$	20,506			$	13,093		$	17,330			$	16,200
Diluted earnings per share(6)		$	(0.04	)		$	0.36			$	0.23		$	0.30			$	0.28
Net accretion/amortization of purchase accounting adjustments included in net interest income		$	1,151			$	59			$	222		$	510			$	420

		At or For the Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
Selected Financial Ratios and Other Data(1) (2):
Performance Ratios (Annualized):
Return on average assets(3)		(0.07	)%		0.57	%		0.36	%		0.51	%		0.49	%
Return on average tangible assets(3) (4)		(0.07	)		0.59			0.38			0.53			0.51
Return on average stockholders’ equity(3)		(0.63	)		4.95			3.12			4.15			3.86
Return on average tangible stockholders’ equity(3) (4)		(0.88	)		7.22			4.57			6.13			5.66
Return on average tangible common equity(3) (4)		(0.88	)		7.22			4.57			6.13			5.66
Stockholders’ equity to total assets		10.36			11.47			11.42			11.54			12.33
Tangible stockholders’ equity to tangible assets(4)		7.91			8.15			8.09			8.12			8.67
Tangible common equity to tangible assets(4)		7.91			8.15			8.09			8.12			8.67
Net interest rate spread		2.55			2.44			2.36			2.36			2.37
Net interest margin		3.05			2.93			2.87			2.91			2.91
Operating expenses to average assets		3.01			2.05			2.33			2.23			2.16
Efficiency ratio(5)		98.88			71.13			80.37			74.13			71.93
Loan-to-deposit ratio		91.60			99.70			100.60			101.20			99.50

		For the Six Months Ended June 30,
		2026			2025
Performance Ratios (Annualized):
Return on average assets(3)		0.22	%		0.56	%
Return on average tangible assets(3) (4)		0.23			0.58
Return on average stockholders’ equity(3)		1.95			4.36
Return on average tangible stockholders’ equity(3) (4)		2.79			6.36
Return on average tangible common equity(3) (4)		2.79			6.36
Net interest rate spread		2.50			2.37
Net interest margin		2.99			2.91
Operating expenses to average assets		2.57			2.06
Efficiency ratio(5)		86.67			68.82

		At or For the Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
			2026				2026				2025				2025				2025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)		$	158,650			$	142,962			$	142,030			$	143,708			$	141,921
Nest Egg AUA/M			503,818				469,586				485,606				463,906				462,664
Total AUA/M			662,468				612,548				627,636				607,614				604,585
Per Share Data:
Cash dividends per common share(6)		$	0.20			$	0.20			$	0.20			$	0.20			$	0.20
Book value per common share at end of period(6)			24.50				28.98				28.97				28.81				28.64
Tangible book value per common share at end of period(4)(6)			18.19				19.86				19.79				19.52				19.34
Common shares outstanding at end of period(6)			98,416,195				57,600,069				57,390,569				57,388,603				57,383,975
Number of full-service customer facilities:			71				41				41				40				40
Quarterly Average Balances
Total securities		$	2,789,029			$	2,282,663			$	2,339,646			$	1,990,917			$	1,917,114
Loans receivable, net			12,929,839				10,992,163				10,724,240				10,278,610				10,036,785
Total interest-earning assets			15,877,684				13,357,862				13,157,360				12,363,997				12,065,530
Total goodwill and intangibles			557,717				526,228				529,006				533,835				534,734
Total assets			17,277,025				14,550,698				14,337,776				13,551,194				13,248,073
Time deposits			2,990,624				2,372,824				2,270,671				2,105,734				2,175,564
Total deposits (including non-interest-bearing deposits)			13,328,742				11,076,407				11,122,681				10,263,523				10,176,895
Total borrowings			1,770,304				1,621,709				1,350,390				1,432,196				1,201,878
Total interest-bearing liabilities			12,991,485				10,966,327				10,717,860				9,975,062				9,739,728
Non-interest bearing deposits			2,107,561				1,731,789				1,755,211				1,720,657				1,639,045
Stockholders' equity			1,930,902				1,678,482				1,665,201				1,655,893				1,682,647
Tangible stockholders’ equity(4)			1,373,185				1,152,254				1,136,195				1,122,058				1,147,913
Quarterly Yields and Costs
Total securities			4.21	%			3.96	%			4.10	%			3.83	%			3.82	%
Loans receivable, net			5.55				5.34				5.43				5.49				5.41
Total interest-earning assets			5.29				5.10				5.19				5.21				5.14
Time deposits			3.31				3.55				3.68				3.73				3.74
Total cost of deposits (including non-interest-bearing deposits)			2.06				1.97				2.13				2.06				2.06
Total borrowed funds			4.66				4.54				4.95				5.07				4.98
Total interest-bearing liabilities			2.74				2.66				2.83				2.85				2.77
Net interest spread			2.55				2.44				2.36				2.36				2.37
Net interest margin			3.05				2.93				2.87				2.91				2.91

(1)	With the exception of end of quarter ratios, all ratios are based on average daily balances.
(2)	Performance ratios for each period are presented on a GAAP basis and include non-core operations. Refer to “Other Items - Non-GAAP Reconciliation.”
(3)	Ratios for each period are based on net income available to common stockholders.
(4)	Tangible stockholders’ equity and tangible assets exclude goodwill and other intangibles. Tangible common equity (also referred to as “tangible book value”) excludes goodwill, intangibles and preferred equity. Refer to “Other Items - Non-GAAP Reconciliation.”
(5)	Efficiency ratio represents the ratio of operating expenses to the aggregate of other income and net interest income.
(6)	Shares include NVCE stock of 1,812,000 as of June 30, 2026 which are participating securities, and represents an as-converted common stock equivalent basis.

OceanFirst Financial Corp.
OTHER ITEMS
(dollars in thousands, except per share amounts)
NON-GAAP RECONCILIATION
		For the Three Months Ended
		June 30,				March 31,				December 31,				September 30,				June 30,
			2026				2026				2025				2025				2025
Core Earnings:
Net income available to common stockholders (GAAP)		$	(3,029	)		$	20,506			$	13,093			$	17,330			$	16,200
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments			347				354				(230	)			7				(488	)
Restructuring (release) charges			(71	)			128				7,379				4,147				—
Credit risk transfer execution expense			—				—				1,283				—				—
FDIC special assessment release			—				—				—				(210	)			—
Merger-related expenses			42,765				4,150				4,253				—				—
Income tax (benefit) expense on items			(9,467	)			(806	)			(2,254	)			(926	)			115
Loss on redemption of preferred stock			—				—				—				—				1,842
Core earnings (Non-GAAP)		$	30,545			$	24,332			$	23,524			$	20,348			$	17,669
Income tax expense		$	496			$	6,548			$	3,754			$	5,156			$	5,771
Provision for credit losses			4,002				2,738				3,700				4,092				3,039
Less: income tax (benefit) expense on non-core items			(9,467	)			(806	)			(2,254	)			(926	)			115
Core earnings PTPP (Non-GAAP)		$	44,510			$	34,424			$	33,232			$	30,522			$	26,364
Core earnings diluted earnings per share		$	0.43			$	0.43			$	0.41			$	0.36			$	0.31
Core earnings PTPP diluted earnings per share		$	0.63			$	0.60			$	0.58			$	0.54			$	0.46
Core Ratios (Annualized):
Return on average assets			0.71	%			0.68	%			0.65	%			0.60	%			0.53	%
Return on average tangible stockholders’ equity			8.92				8.56				8.21				7.19				6.17
Return on average tangible common equity			8.92				8.56				8.21				7.19				6.17
Efficiency ratio			66.20				66.76				68.19				70.30				72.28

		For the Six Months Ended June 30,
			2026				2025
Core Earnings:
Net income available to common stockholders (GAAP)		$	17,477			$	36,705
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments			701				(693	)
Restructuring charges			57				—
Merger related expenses			46,915				—
Income tax (benefit) expense on items			(10,273	)			164
Loss on redemption of preferred stock			—				1,842
Core earnings (Non-GAAP)		$	54,877			$	38,018
Income tax expense		$	7,044			$	12,579
Provision for credit losses			6,740				8,379
Less: income tax (benefit) expense on non-core items			(10,273	)			164
Core earnings PTPP (Non-GAAP)		$	78,934			$	58,812
Core diluted earnings per share		$	0.86			$	0.66
Core earnings PTPP diluted earnings per share		$	1.24			$	1.02
Core Ratios (Annualized):
Return on average assets			0.70	%			0.58	%
Return on average tangible stockholders’ equity			8.76				6.59
Return on average tangible common equity			8.76				6.59
Efficiency ratio			66.44				69.06

		June 30,				March 31,				December 31,				September 30,				June 30,
			2026				2026				2025				2025				2025
Tangible Equity:
Total stockholders' equity		$	2,411,080			$	1,669,368			$	1,662,550			$	1,653,427			$	1,643,680
Less:
Goodwill			529,836				517,481				517,481				523,308				523,308
Intangibles			90,613				8,198				9,046				9,934				10,834
Tangible stockholders' equity			1,790,631				1,143,689				1,136,023				1,120,185				1,109,538
Less:
Preferred stock			—				—				—				—				—
Tangible common equity		$	1,790,631			$	1,143,689			$	1,136,023			$	1,120,185			$	1,109,538
Tangible Assets:
Total assets		$	23,270,010			$	14,556,336			$	14,564,317			$	14,324,664			$	13,327,847
Less:
Goodwill			529,836				517,481				517,481				523,308				523,308
Intangibles			90,613				8,198				9,046				9,934				10,834
Tangible assets		$	22,649,561			$	14,030,657			$	14,037,790			$	13,791,422			$	12,793,705
Tangible stockholders' equity to tangible assets			7.91	%			8.15	%			8.09	%			8.12	%			8.67	%
Tangible common equity to tangible assets			7.91	%			8.15	%			8.09	%			8.12	%			8.67	%

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Flushing, net of the total consideration paid (in thousands):

		At June 1, 2026
		Flushing Book Value			Purchase Accounting Adjustments				Estimated Fair Value
Total Purchase Price:										538,351
Assets Acquired:
Cash and cash equivalents		$	308,470		$	—			$	308,470
Securities			1,560,808			(332	)			1,560,476
Loans receivable, net of allowance for loan credit losses			5,221,067			(229,810	)			4,991,257
Loans held-for-sale			1,309,849			(108,063	)			1,201,786
Core deposit intangible			647			84,353				85,000
Other assets			457,057			82,513				539,570
Total assets acquired			8,857,898			(171,339	)			8,686,559
Liabilities assumed:
Deposits			7,436,454			7,497				7,443,951
FHLB advances and other borrowings			406,241			(6,106	)			400,135
Other liabilities			316,879			(401	)			316,478
Total liabilities assumed			8,159,574			990				8,160,564
Net assets acquired		$	698,324		$	(172,329	)		$	525,995
Goodwill recorded in the merger									$	12,356

The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required.

Company Contact:

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

FAQ

How did OceanFirst (NASDAQ: OCFC) perform financially in Q2 2026?

OceanFirst reported a Q2 2026 net loss of $3.0 million, or $(0.04) per diluted share. According to the company, this compares with net income of $16.2 million ($0.28 per share) in Q2 2025 and $20.5 million ($0.36) in Q1 2026.

What were OceanFirst’s core earnings and core PTPP earnings in Q2 2026 (OCFC)?

OceanFirst’s Q2 2026 core earnings were $30.5 million, or $0.43 per diluted share. According to the company, core PTPP earnings were $44.5 million, or $0.63 per diluted share, both increasing versus the same quarter of 2025 and the linked quarter.

How did the Flushing acquisition impact OceanFirst’s Q2 2026 results?

OceanFirst completed the Flushing acquisition on June 1, 2026, adding $8.69 billion in assets and 30 branches. According to the company, Q2 results included $42.8 million of non-recurring merger-related expenses and Flushing contributed to higher net interest income and balance sheet growth.

What changes occurred in OceanFirst’s net interest income and margin in Q2 2026?

Net interest income increased to $120.7 million in Q2 2026 from $87.6 million a year earlier. According to the company, net interest margin expanded to 3.05% from 2.91%, reflecting Flushing’s contribution, asset repricing, and higher-yield new originations.

How did OceanFirst (OCFC) adjust its balance sheet and CRE exposure in Q2 2026?

OceanFirst sold $1.31 billion of multifamily loans from the Flushing portfolio and reinvested $1.20 billion into liquid securities. According to the company, regulatory CRE concentration decreased to about 381%, while on-hand liquidity rose to 11.5% of assets and the loan-to-deposit ratio fell to 91.60%.

What were OceanFirst’s credit quality and provision for credit losses in Q2 2026?

Provision for credit losses was $4.0 million in Q2 2026, up from $3.0 million a year earlier and $2.7 million in Q1 2026. According to the company, net charge-offs were $1.5 million, with net charge-offs to average loans at 0.05% for the quarter.

Did OceanFirst declare a dividend alongside its Q2 2026 earnings announcement?

Yes. OceanFirst’s board declared a quarterly cash dividend of $0.20 per share on common and NVCE stock. According to the company, the dividend marks the 118th consecutive quarterly payment and is payable on August 21, 2026 to shareholders of record on August 10, 2026.