OceanFirst Financial Corp. Announces Third Quarter Financial Results

Q: What were OceanFirst's third-quarter 2026 earnings?

OceanFirst reported $16.5 million of net income available to common stockholders, or $0.17 per diluted share. A year earlier, net income was $17.3 million, or $0.30 per diluted share. Non-GAAP core earnings were $46.9 million, or $0.48 per diluted share.

Q: When will OceanFirst pay its third-quarter 2026 dividend?

The $0.20-per-share quarterly cash dividend will be paid on November 20, 2026, to common stockholders and non-voting common equivalent stockholders of record on November 9, 2026.

Q: How does the Flushing acquisition affect comparisons of OceanFirst's 2026 results?

OceanFirst's 2026 results include Flushing operations from June 1, 2026, through September 30, 2026, while the corresponding prior-year periods exclude Flushing. The acquisition closed June 1, so the third quarter includes a full quarter of Flushing activity, unlike the second quarter.

Merger-related expenses weighed on reported earnings, while core earnings increased and the integration reached completion.

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Rhea-AI Summary

OceanFirst Financial (NASDAQ:OCFC) reported third-quarter 2026 net income available to common stockholders of $16.5 million, down from a year earlier. Diluted earnings were $0.17, versus $0.30 a year earlier and a $0.04 loss in the second quarter. Non-GAAP core earnings rose to $46.9 million, or $0.48 per diluted share, from $20.3 million, or $0.36, a year earlier.

Net interest income reached $172.1 million, versus $90.7 million a year earlier, while net interest margin widened to 3.18% from 2.91%. Results included $37.1 million of merger-related expenses and $5.5 million of non-recurring interest income. Loans grew $215.7 million and deposits rose $319.3 million from the prior quarter. Core system conversion and integration activities finished in September; OceanFirst expects cost savings and renewed excess capital accretion beginning in the fourth quarter. The quarterly dividend remains $0.20 per share, payable November 20, 2026.

18 points · 0 major

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0 major · 19 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointThird-quarter non-GAAP core earnings reached $46.9 million, versus $20.3 million last year and $30.5 million last quarter.
Moderate pointThird-quarter non-GAAP earnings before taxes and credit-loss provisions reached $70.8 million, versus $30.5 million a year earlier.
Moderate pointThird-quarter net interest income rose to $172.1 million, versus $90.7 million last year and $120.7 million last quarter.
Moderate pointThird-quarter net interest margin widened to 3.18%, versus 2.91% last year and 3.05% last quarter.
Moderate pointTotal loans increased $215.7 million sequentially, representing 5% annualized growth, driven by $325.0 million commercial loan growth.
Moderate pointTotal deposits increased $319.3 million to $18.1 billion from $17.8 billion in the prior quarter.
Moderate pointThird-quarter non-GAAP core efficiency ratio improved to 61.75%, versus 70.30% last year and 66.20% last quarter.

11 minor points

Minor pointThird-quarter non-GAAP core diluted EPS reached $0.48, versus $0.36 last year and $0.43 last quarter.
Minor pointNine-month non-GAAP core earnings rose to $101.8 million from $58.4 million; diluted EPS increased to $1.35 from $1.01.
Minor pointNine-month non-GAAP earnings before taxes and credit-loss provisions reached $149.7 million, versus $89.3 million a year earlier.
Minor pointNine-month net interest income increased to $389.3 million from $264.9 million a year earlier.
Minor pointNine-month net interest margin increased to 3.07% from 2.91% a year earlier.
Minor pointCommercial loan originations increased 15% to $734.8 million from $641.5 million in the prior quarter.
Minor point. Forward-looking: it has not happened yet and may not happen.Core system conversion and integration activities finished in September; OceanFirst expects cost savings beginning in fourth-quarter 2026.
Minor point. Forward-looking: it has not happened yet and may not happen.OceanFirst expects excess capital accretion to resume in fourth-quarter 2026 after completing conversion and substantially all major integration activities.
Minor pointThird-quarter other income increased to $13.0 million from $12.3 million a year earlier and $10.6 million sequentially.
Minor pointNine-month credit-loss provision declined to $11.0 million from $12.5 million a year earlier.
Minor pointNine-month non-GAAP core efficiency ratio improved to 64.38% from 69.49% a year earlier.

Negative

Moderate pointNine-month net income declined to $33.9 million from $54.0 million; diluted EPS fell to $0.45 from $0.94.
Moderate pointThird-quarter merger-related expenses were $37.1 million, or $29.4 million after tax and $0.30 per share. 2.3% of market cap
Moderate pointThird-quarter interest-bearing liability costs increased to 2.92%, versus 2.85% last year and 2.74% last quarter.
Moderate pointThird-quarter efficiency ratio was 81.76%, worse than 74.13% year-over-year but improved from 98.88% sequentially.
Moderate pointThird-quarter return on average assets was 0.28%, versus 0.51% year-over-year and negative 0.07% sequentially.
Moderate pointThird-quarter return on average equity was 2.70%, versus 4.15% year-over-year and negative 0.63% sequentially.

13 minor points

Minor pointThird-quarter net income fell to $16.5 million from $17.3 million year-over-year, but recovered from a $3.0 million sequential loss.
Minor pointThird-quarter diluted EPS fell to $0.17 from $0.30 year-over-year, but recovered from a $0.04 sequential loss.
Minor pointThird-quarter operating expenses rose to $151.4 million, versus $76.3 million last year and $129.9 million last quarter.
Minor pointNine-month operating expenses increased to $354.6 million from $212.1 million a year earlier.
Minor pointThird-quarter deposit costs rose to 2.17%, versus 2.06% both a year earlier and in the prior quarter.
Minor pointNine-month deposit costs increased to 2.08% from 2.06% a year earlier.
Minor pointThird-quarter credit-loss provision rose to $4.3 million, versus $4.1 million last year and $4.0 million last quarter.
Minor pointThird-quarter net loan charge-offs rose to $1.5 million from $617,000 year-over-year, unchanged sequentially.
Minor pointNine-month net loan charge-offs increased to $3.7 million from $3.5 million a year earlier.
Minor pointNine-month other income declined to $30.4 million from $35.3 million a year earlier.
Minor pointNine-month efficiency ratio worsened to 84.51% from 70.64% a year earlier.
Minor pointNine-month return on average assets declined to 0.25% from 0.54% a year earlier.
Minor pointNine-month return on average equity declined to 2.26% from 4.29% a year earlier.

Key Figures

Net income available to common stockholders: $16.5 million Diluted EPS: $0.17 Core earnings: $46.9 million +5 more

Net income available to common stockholders: $16.5 million; Q3 2026; compared with $17.3 million in Q3 2025 and a $3.0 million net loss in Q2 2026
Diluted EPS: $0.17; Q3 2026; compared with $0.30 in Q3 2025 and a $0.04 loss per share in Q2 2026
Core earnings: $46.9 million; Q3 2026; compared with $20.3 million in Q3 2025
Net interest income: $172.1 million; Q3 2026; compared with $90.7 million in Q3 2025
Net interest margin: 3.18%; Q3 2026; compared with 2.91% in Q3 2025
Merger-related expenses: $37.1 million; Q3 2026; non-recurring expenses related to the Flushing acquisition
Total loan growth: $215.7 million; 5% annualized growth rate; Q3 2026 compared with the linked quarter
Quarterly cash dividend: $0.20 per share; Payable November 20, 2026, to stockholders of record November 9, 2026

Previous Earnings Reports

2 past events · Latest: Jul 30

Same Type 2 events

Jul 30
Q2 earnings

24h Move

-1.7%

Reported a $3.0 million net loss amid $42.8 million of merger-related expenses.
Oct 22
Q3 earnings

24h Move

-5.9%

Reported Q3 net income of $17.3 million, down from $24.1 million year over year.

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

Key Terms

non-gaap, net interest margin, purchase accounting, fhlb advances

4 terms

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

net interest margin financial

"Net interest margin increased to 3.18%, from 2.91%"

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.

purchase accounting financial

"included the impact of purchase accounting accretion and prepayment fees"

Purchase accounting is the method used to record a company acquisition by treating the buyer as if it bought each asset and assumed each liability at their fair values on the purchase date. It matters to investors because this re‑valuation can create or change visible items like goodwill, cause future earnings to be lower or higher as costs are spread out, and alter balance sheet strength—much like re‑tagging items and debts after buying a house affects your net worth and monthly costs.

fhlb advances financial

"partially offset by the repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances"

FHLB advances are loans that member banks and credit unions borrow from one of the regional Federal Home Loan Banks, using mortgages or other eligible assets as collateral. They matter to investors because these advances provide a reliable source of funding that affects a lender’s liquidity, borrowing costs and balance-sheet risk — like a neighborhood credit cooperative loan that helps a business cover shortfalls or finance growth without selling its assets.

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

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10/27/2026 - 05:00 PM EDT

RED BANK, N.J., Oct. 27, 2026 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), reported net income available for common stockholders of $16.5 million, or $0.17 per diluted share¹, for the three months ended September 30, 2026, as compared to $17.3 million, or $0.30 per diluted share, for the corresponding prior year period, and a net loss of $3.0 million, or $0.04 per diluted share, for the linked quarter. For the nine months ended September 30, 2026, the Company reported net income available to common stockholders of $33.9 million, or $0.45 per diluted share, as compared to $54.0 million, or $0.94 per diluted share, for the corresponding prior year period. Selected performance metrics are as follows (refer to “Selected Quarterly Financial Data” for additional information):

	For the Three Months Ended,						For the Nine Months Ended,
Performance Ratios (Annualized):	September 30,		June 30,		September 30,		September 30,		September 30,
Performance Ratios (Annualized):	2026		2026		2025		2026		2025
Return (loss) on average assets	0.28	%	(0.07	)%	0.51	%	0.25	%	0.54	%
Return (loss) on average stockholders’ equity	2.70		(0.63	)	4.15		2.26		4.29
Return (loss) on average tangible stockholders’ equity ^(a)	3.63		(0.88	)	6.13		3.14		6.28
Return (loss) on average tangible common equity ^(a)	3.63		(0.88	)	6.13		3.14		6.28
Efficiency ratio	81.76		98.88		74.13		84.51		70.64
Net interest margin	3.18		3.05		2.91		3.07		2.91

_{^(a) Return (loss) on average tangible stockholders’ equity and return (loss) 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 nine months ended September 30, 2026 were $46.9 million and $101.8 million, respectively, or $0.48 and $1.35 per diluted share, an increase from $20.3 million and $58.4 million, respectively, or $0.36 and $1.01 per diluted share, for the corresponding prior year periods, and an increase from $30.5 million, or $0.43 per diluted share, for the linked quarter.

Core earnings PTPP² for the three and nine months ended September 30, 2026 were $70.8 million and $149.7 million, respectively, or $0.72 and $1.99 per diluted share, an increase from $30.5 million and $89.3 million, respectively, or $0.54 and $1.55 per diluted share, for the corresponding prior year periods, and an increase from $44.5 million, or $0.63 per diluted share, for the linked quarter. Selected performance metrics are as follows:

	For the Three Months Ended,									For the Nine Months Ended,
	September 30,			June 30,			September 30,			September 30,			September 30,
Core Ratios²(Annualized):	2026			2026			2025			2026			2025
Return on average assets		0.80	%		0.71	%		0.60	%		0.74	%		0.58	%
Return on average tangible stockholders’ equity		10.35			8.92			7.19			9.43			6.79
Return on average tangible common equity		10.35			8.92			7.19			9.43			6.79
Efficiency ratio		61.75			66.20			70.30			64.38			69.49
Diluted earnings per share	$	0.48		$	0.43		$	0.36		$	1.35		$	1.01
PTPP diluted earnings per share		0.72			0.63			0.54			1.99			1.55

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

Loan Growth: Total loans increased $215.7 million, representing a 5% annualized growth rate, driven by $325.0 million of commercial loan growth. Commercial loan originations increased 15% to $734.8 million, from $641.5 million in the linked quarter.
Deposit Growth: Total deposits increased $319.3 million to $18.1 billion from $17.8 billion.
Completion of Core Conversion: The Company successfully completed its core system conversion and integration activities in September, positioning the Company to realize anticipated cost savings beginning in the fourth quarter of 2026.
Capital Outlook: With the completion of the core conversion and substantially all major integration activities, the Company expects to resume excess capital accretion in the fourth quarter of 2026.

Chief Executive Officer, Christopher D. Maher, commented on the Company’s results, “We are pleased with the increases in margin and profitability and the timely and successful completion of the Flushing integration. The integration of Flushing clients into OceanFirst was executed smoothly, allowing us to deliver a unified operating platform under the OceanFirst Bank brand. This achievement has allowed us to eliminate redundant back-office operating expenses, improve operational efficiencies, and launch our first advertising campaigns in the New York market.” Mr. Maher added, “With the integration complete, we are focused on leveraging the scale and capabilities of the combined company to enhance the customer service experience and support long-term, profitable growth.”

The Company’s Board of Directors declared its 119^th consecutive quarterly cash dividend on common stock. The quarterly cash dividend on common stock of $0.20 per share will be paid on November 20, 2026, to common stockholders and NVCE stockholders of record on November 9, 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.}

Results of Operations
On June 1, 2026, the Company completed its acquisition of Flushing Financial Corporation and its wholly-owned subsidiary Flushing Bank (collectively, “Flushing”), and its results of operations from June 1, 2026 through September 30, 2026 are included in the consolidated results for the three and nine months ended September 30, 2026, but are not included in the results of operations for the corresponding prior year periods. The current quarter included $37.1 million of non-recurring merger-related expenses for the Flushing acquisition, representing $29.4 million net of tax, or $0.30 per share. Additionally, the current quarter included $5.5 million of non-recurring interest income related to payoffs of a non-performing investment and loan acquired from Flushing, including $4.0 million and $1.5 million of interest recoveries, respectively.

Net Interest Income and Margin
Three months ended September 30, 2026 vs. September 30, 2025
Net interest income increased to $172.1 million, from $90.7 million, reflecting the net impact of the acquisition of Flushing and the interest rate environment. Net interest margin increased to 3.18%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.02%, respectively, and the impact of purchase accounting on average interest-earning assets.

Average interest-earning assets increased by $9.13 billion, which was impacted by assets acquired from Flushing combined with increases in commercial loans and securities. The average yield for interest-earning assets increased to 5.57%, from 5.21%, primarily due to the net impact of the Flushing acquisition, including purchase accounting and recovery of interest income, as well as repricing of assets and new originations.

The cost of average interest-bearing liabilities increased to 2.92%, from 2.85%, primarily due to the full quarter impact of higher-cost deposits acquired from Flushing, partially offset by the repricing of deposits and, to a lesser extent, Federal Home Loan Bank (“FHLB”) advances. The total cost of deposits increased 11 basis points to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $7.62 billion, driven by liabilities assumed from Flushing, growth in deposits and increases in FHLB advances.

Nine months ended September 30, 2026 vs. September 30, 2025
Net interest income increased to $389.3 million, from $264.9 million, reflecting the acquisition of Flushing and the net impact of the interest rate environment. Net interest margin increased to 3.07%, from 2.91%, which included the impact of purchase accounting accretion and prepayment fees of 0.09% and 0.03%, respectively.

Average interest-earning assets increased by $4.76 billion, driven by assets acquired from Flushing and increases in commercial loans and, to a lesser extent, securities. The average yield for interest-earning assets increased to 5.36%, from 5.16%, 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 was 2.80% for both periods, primarily due to the full quarter impact of deposits acquired from Flushing at higher rates, offset by the net impact of repricing of deposits and FHLB advances. The total cost of deposits increased two basis points to 2.08%, from 2.06%. Average interest-bearing liabilities increased by $4.04 billion, driven by the acquisition of Flushing, with the remaining increases reflecting deposit growth and increased FHLB advances.

Three months ended September 30, 2026 vs. June 30, 2026
Net interest income increased by $51.4 million, to $172.1 million from $120.7 million, and net interest margin increased to 3.18%, from 3.05%. Net interest margin included the impact of purchase accounting accretion and prepayment fees of 0.16% and 0.05%, respectively.

Average interest-earning assets increased by $5.62 billion, and the yield on average interest-earning assets increased to 5.57%, from 5.29%. As discussed above, the current quarter was impacted by the drivers noted in the year-over-year discussion.

The cost of average interest-bearing liabilities increased to 2.92%, from 2.74%. The total cost of deposits increased to 2.17%, from 2.06%. Average interest-bearing liabilities increased by $4.60 billion, driven by the inclusion of Flushing balances for the full quarter, and an increase in FHLB advances.

Provision for Credit Losses
Provision for credit losses for the three and nine months ended September 30, 2026 was $4.3 million and $11.0 million, as compared to $4.1 million and $12.5 million for the corresponding prior year periods, and $4.0 million in the linked quarter. The current quarter provision reflected continuing stable asset quality.

Net loan charge-offs were $1.5 million and $3.7 million for the three and nine months ended September 30, 2026, as compared to $617,000 and $3.5 million for the corresponding prior year periods and $1.5 million for the linked quarter. Annualized net loan charge-offs to average total loans were 0.04% for both the three and nine months ended September 30, 2026, as compared to 0.02% and 0.05% for the corresponding prior year periods and 0.05% for the linked quarter.

Non-interest Income
Three months ended September 30, 2026 vs. September 30, 2025
Other income increased to $13.0 million, as compared to $12.3 million. The increase in other income of $715,000 was driven by an increase in income from bank owned life insurance of $2.5 million, partly offset by decreases in commercial loan swap income of $796,000. Additionally, net gain on sale of loans decreased by $683,000 due to the discontinuation of residential loan originations, including the disposition of the title business at the beginning of the fourth quarter last year.

Nine months ended September 30, 2026 vs. September 30, 2025
Other income decreased to $30.4 million, as compared to $35.3 million. Other income included $711,000 of net losses on equity investments in the current period. The prior period other income included $686,000 of net gains on equity investments. Excluding the impact of these non-core operations, other income decreased by $3.5 million.

The primary drivers were decreases in fees and service charges of $3.4 million and net gain on sale of loans of $2.7 million, both due to the same discontinuation drivers noted above, partly offset by an increase in income from bank owned life insurance of $3.2 million. In addition, the prior period included non-recurring other income of $1.9 million.

Three months ended September 30, 2026 vs. June 30, 2026
Other income in the linked quarter was $10.6 million and included non-core operations of $347,000 related to net losses on equity investments. Excluding non-core operations, other income increased by $2.1 million. The primary drivers were increases in income from bank owned life insurance of $2.0 million and fees and service charges of $1.9 million, primarily due to a full quarter of Flushing activity. This was partly offset by decreases in net gain on other real estate operations of $1.5 million and commercial loan swap income of $747,000.

Non-interest Expense
Three months ended September 30, 2026 vs. September 30, 2025
Operating expenses increased to $151.4 million, as compared to $76.3 million. Operating expenses in the current quarter were impacted by non-core operations of $37.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $41.9 million.

The primary drivers were increases in compensation and benefits of $19.9 million, amortization of intangibles of $5.2 million, data processing of $5.1 million, occupancy expense of $4.9 million and other operating expenses of $3.8 million, which all increased primarily due to the acquisition of Flushing.

Nine months ended September 30, 2026 vs. September 30, 2025
Operating expenses increased to $354.6 million, as compared to $212.1 million. Operating expenses in the current year were impacted by non-core operations of $84.0 million, primarily due to merger-related expenses. Operating expenses in the prior year were impacted by non-core operations of $3.9 million, related to restructuring charges partly offset by a reversal of FDIC special assessment fees. Excluding the impact of non-core operations, operating expenses increased by $62.5 million.

The primary drivers were increases in compensation and benefits of $32.6 million, occupancy expense of $7.1 million, amortization of intangibles of $6.8 million, data processing of $6.4 million and other operating expenses of $4.9 million, which all increased primarily due to the acquisition of Flushing.

Three months ended September 30, 2026 vs. June 30, 2026
Operating expenses in the linked quarter were $129.9 million and included non-core operations of $42.7 million, primarily related to merger-related expenses. Excluding non-core operations, operating expenses increased by $27.2 million, which was primarily due to a full quarter of Flushing activity. The primary drivers were increases in compensation and benefits of $11.1 million, data processing of $4.6 million, occupancy expense of $3.6 million, amortization of intangibles of $3.5 million, and other operating expense of $3.0 million.

Income Tax Expense
The provision for income taxes was $13.0 million and $20.1 million for the three and nine months ended September 30, 2026, as compared to $5.2 million and $17.7 million for the same prior year periods and $496,000 for the linked quarter. The effective tax rate was 44.2% and 37.2% for the three and nine months ended September 30, 2026, as compared to 22.9% and 23.4% for the same prior year periods and (19.6)% for the linked quarter.

The effective tax rate for the three and nine months ended September 30, 2026 was adversely impacted by non-deductible merger-related expenses, and the effective tax rate for the nine month period was partially offset by the revaluation of deferred taxes as a result of the Flushing acquisition. Excluding the tax impact of non-deductible merger-related expenses, the effective tax rate would have been 26.6% and 29.5% for the three and nine months ended September 30, 2026, respectively.

Financial Condition³
September 30, 2026 vs. June 30, 2026
Total assets increased by $100.4 million to $23.37 billion, primarily due to increases in total loans of $215.7 million, debt securities held-to-maturity of $134.3 million and other assets of $60.9 million, partially offset by a decrease in debt securities available-for-sale of $296.7 million.

Total liabilities increased by $115.6 million to $20.97 billion, primarily due to increases in deposits of $319.3 million and FHLB advances of $42.6 million, partially offset by a decrease in other liabilities of $197.5 million, mainly reflecting the settlement of security purchases that were outstanding at the end of the prior quarter.

Total stockholders’ equity decreased by $15.1 million, primarily due to an increase in accumulated other comprehensive loss of $14.4 million, net of tax, driven by decreases in the fair market value of available-for-sale debt securities of $25.4 million partially offset by increases in the market value of derivative hedges of $10.5 million.

September 30, 2026 vs. December 31, 2025
Total assets increased by $8.81 billion to $23.37 billion, due to the acquisition of Flushing which added $8.69 billion to total assets. Total loans increased by $5.46 billion to $16.49 billion, from $11.03 billion, primarily due to Flushing totaling $6.20 billion partly offset by $1.31 billion of multifamily loans sold in the prior quarter for a price of $1.20 billion, net of costs to sell. Debt securities held-to-maturity and available-for-sale increased by $2.65 billion, primarily due to the acquisition of Flushing totaling $1.56 billion and the reinvestment of proceeds from loan sales into securities. Bank owned life insurance increased by $237.1 million to $507.4 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 $530.8 million, from $517.5 million and intangibles increased to $84.5 million, from $9.0 million.

Other assets increased by $278.5 million to $427.8 million, from $149.3 million, primarily due to deferred tax assets acquired from the Flushing acquisition and an increase in market values of derivatives associated with customer interest rate swaps.

Total liabilities increased by $8.07 billion to $20.97 billion, from $12.90 billion, primarily due to the acquisition of Flushing, which added $8.16 billion. Deposits increased by $7.11 billion to $18.08 billion, from $10.96 billion, primarily due to acquired deposits from Flushing. At the date of acquisition, the estimated fair value of Flushing deposits was $7.44 billion. Time deposits increased by $1.88 billion to $4.35 billion, from $2.47 billion, representing 24.1% and 22.5% of total deposits, respectively. Time deposits included an increase in retail time deposits of $1.44 billion and brokered time deposits of $439.6 million. FHLB advances increased by $377.8 million to $1.77 billion, from $1.40 billion, partly due to Flushing and additional borrowing needs. Other borrowings increased by $241.3 million to $496.6 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 91.2%, as compared to 100.6%.

Other liabilities increased by $292.3 million to $501.6 million, from $209.3 million, mostly related to 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 September 30, 2026, including the Company’s estimated common equity tier one capital ratio of 10.6%.

Total stockholders’ equity increased to $2.40 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 capital raise consisting of 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 $15.6 million, net of tax, primarily due to decreases in the fair market value of available-for-sale debt securities of $26.2 million partially offset by increases in the market value of derivative hedges of $9.9 million.

During the nine months ended September 30, 2026, the Company repurchased 415,348 shares of common stock related to exercised options and vesting of employee awards outside of the authorized share repurchase program, at a weighted average cost of $18.76. The repurchases, including applicable excise tax, reduced stockholders’ equity by $7.9 million. As of September 30, 2026, the Company had 3,226,284 shares available for repurchase under the authorized repurchase programs.

The Company’s tangible common equity⁴ increased by $644.6 million to $1.78 billion. The Company’s stockholders’ equity to assets ratio was 10.25% at September 30, 2026, and tangible common equity to tangible assets ratio decreased by 26 basis points during the year to 7.83%, primarily due to the drivers described above.

Book value per common share decreased to $24.32, as compared to $28.97. Tangible book value per common share⁴ decreased to $18.08, as compared to $19.79.

_{³Flushing amounts refer to estimated fair values as of the June 1, 2026 acquisition date, unless otherwise noted.}

_{⁴Tangible 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
September 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 on June 1 and the reserve build. Refer to “Provision for Credit Losses” section for further discussion.

Non-performing loans increased to $140.7 million, from $27.8 million, primarily due to $84.6 million of non-performing loans acquired from Flushing. Non-performing loans represented 0.85% and 0.25% of total loans, respectively. The allowance for loan credit losses as a percentage of total non-performing loans was 150.84%, as compared to 301.27%. The level of 30 to 89 days delinquent loans decreased to $43.1 million, from $47.8 million, which was partially offset by $13.2 million of 30 to 89 days delinquent loans acquired from Flushing. Criticized and classified loans, and other real estate owned, increased to $529.6 million, from $122.1 million, largely due to Flushing loans that were re-risked at acquisition.

At September 30, 2026, the Company had $727.1 million of purchased with credit deterioration (“PCD”) loans, excluding the related allowance, from the Flushing acquisition, which largely consisted of criticized and classified loans and loans with any rent-regulated exposure. Non-performing loans in the current period included $79.3 million of PCD loans acquired from Flushing, and 30 to 89 days delinquent loans in the current period included $7.1 million of PCD loans acquired from Flushing.

The Company’s asset quality measures, excluding PCD loans, were as follows. Non-performing loans increased to $60.9 million, from $22.4 million. The allowance for loan credit losses as a percentage of total non-performing loans was 348.74%, as compared to 374.46%. The level of 30 to 89 days delinquent loans, excluding non-performing loans, decreased to $26.2 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 Wednesday, October 28, 2026 at 8:00 a.m. Eastern Time. The direct dial number for the call is (833) 461-5787, using the meeting ID 545140997. For those unable to participate in the conference call, a replay will be available at the following URL: https://events.q4inc.com/attendee/545140997. 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 $23.4 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, the shape of the yield curve, 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 Company’s ability to achieve the estimated cost savings and efficiencies from the Flushing acquisition, 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.

Readers 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)

	September 30,		June 30,		December 31,		September 30,
	2026		2026		2025		2025
	(Unaudited)		(Unaudited)				(Unaudited)
Assets
Cash and due from banks	$	269,825	$	274,057	$	135,130	$	274,125
Debt securities available-for-sale, at estimated fair value		1,770,923		2,067,668		1,231,827		1,261,580
Debt securities held-to-maturity, net of allowance for securities credit losses of $601 at September 30, 2026, $663 at June 30, 2026, $811 at December 31, 2025, and $968 at September 30, 2025 (estimated fair value of $2,822,226 at September 30, 2026, $2,803,466 at June 30, 2026, $825,790 at December 31, 2025, and $856,550 at September 30, 2025)		2,996,502		2,862,196		881,568		919,734
Equity investments		65,845		75,965		91,882		90,731
Restricted equity investments, at cost		184,051		180,711		129,329		142,398
Loans receivable, net of allowance for loan credit losses of $212,288 at September 30, 2026, $209,716 at June 30, 2026, $83,726 at December 31, 2025, and $81,236 at September 30, 2025		16,297,353		16,086,532		10,970,666		10,489,852
Loans held-for-sale		—		—		5,768		17,766
Interest and dividends receivable		95,449		91,497		49,010		47,606
Other real estate owned		13,575		13,453		10,266		7,498
Premises and equipment, net		126,414		126,609		112,743		112,449
Bank owned life insurance		507,363		503,910		270,301		269,136
Goodwill		530,846		529,836		517,481		523,308
Intangibles		84,491		90,613		9,046		9,934
Other assets		427,819		366,963		149,300		158,547
Total assets	$	23,370,456	$	23,270,010	$	14,564,317	$	14,324,664
Liabilities and Stockholders’ Equity
Deposits	$	18,079,389	$	17,760,073	$	10,964,405	$	10,435,994
Federal Home Loan Bank advances		1,774,967		1,732,373		1,397,179		1,705,585
Securities sold under agreements to repurchase with customers		32,852		61,329		54,434		64,869
Other borrowings		496,565		493,216		255,233		198,138
Advances by borrowers for taxes and insurance		89,126		112,876		21,245		23,708
Other liabilities		501,586		699,063		209,271		242,943
Total liabilities		20,974,485		20,858,930		12,901,767		12,671,237
Stockholders’ equity:
OceanFirst Financial Corp. stockholders’ equity		2,395,971		2,411,080		1,662,550		1,652,537
Non-controlling interest		—		—		—		890
Total stockholders’ equity		2,395,971		2,411,080		1,662,550		1,653,427
Total liabilities and stockholders’ equity	$	23,370,456	$	23,270,010	$	14,564,317	$	14,324,664

OceanFirst Financial Corp. CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts)

	For the Three Months Ended,									For the Nine Months Ended,
	September 30,			June 30,			September 30,			September 30,			September 30,
	2026			2026			2025			2026			2025
	\|---------------------- (Unaudited) ----------------------\|									\|---------- (Unaudited) -----------\|
Interest income:
Loans	$	237,051		$	178,982		$	141,847		$	561,357		$	410,344
Debt securities		59,974			26,633			17,156			106,417			50,376
Equity investments and other		4,674			3,989			3,191			11,820			10,002
Total interest income		301,699			209,604			162,194			679,594			470,722
Interest expense:
Deposits		96,997			68,308			53,246			219,000			156,565
Borrowed funds		32,586			20,566			18,291			71,301			49,212
Total interest expense		129,583			88,874			71,537			290,301			205,777
Net interest income		172,116			120,730			90,657			389,293			264,945
Provision for credit losses		4,268			4,002			4,092			11,008			12,471
Net interest income after provision for credit losses		167,848			116,728			86,565			378,285			252,474
Other income (loss):
Bankcard services revenue		1,895			1,772			1,663			5,296			4,745
Trust and asset management revenue		509			384			384			1,326			1,164
Fees and service charges		5,273			3,389			5,190			11,475			14,871
Net gain on sales of loans		217			38			900			227			2,935
Net (loss) gain on equity investments		(10	)		(347	)		(7	)		(711	)		686
Net (loss) gain from other real estate operations		(247	)		1,203			1			792			(275	)
Income from bank owned life insurance		4,518			2,471			1,988			8,863			5,626
Commercial loan swap income		907			1,654			1,703			2,906			2,530
Other		(43	)		34			482			191			3,008
Total other income		13,019			10,598			12,304			30,365			35,290
Operating expenses:
Compensation and employee benefits		61,310			50,202			41,387			150,996			118,369
Occupancy		10,975			7,333			6,098			24,140			17,049
Equipment		1,452			1,111			931			3,484			2,721
Marketing		2,087			1,894			1,538			4,944			4,187
Federal deposit insurance and regulatory assessments		4,617			4,130			2,616			11,962			8,497
Data processing		12,291			7,655			7,164			26,998			20,619
Check card processing		1,179			1,097			1,170			3,374			3,496
Professional fees		3,596			3,405			3,467			10,223			10,228
Amortization of intangibles		6,121			2,586			900			9,555			2,746
Merger-related expenses		37,088			42,765			—			84,003			—
Restructuring (release) charges		(49	)		(71	)		4,147			8			4,147
Other operating expenses		10,707			7,752			6,909			24,949			20,036
Total operating expenses		151,374			129,859			76,327			354,636			212,095
Income (loss) before provision for income taxes		29,493			(2,533	)		22,542			54,014			75,669
Provision for income taxes		13,031			496			5,156			20,075			17,735
Net income (loss)		16,462			(3,029	)		17,386			33,939			57,934
Net income attributable to non-controlling interest		—			—			56			—			49
Net income (loss) attributable to OceanFirst Financial Corp.		16,462			(3,029	)		17,330			33,939			57,885
Dividends on preferred shares		—			—			—			—			2,008
Loss on redemption of preferred stock		—			—			—			—			1,842
Net income (loss) available to common stockholders	$	16,462		$	(3,029	)	$	17,330		$	33,939		$	54,035
Basic earnings (loss) per share	$	0.17		$	(0.04	)	$	0.30		$	0.45		$	0.94
Diluted earnings (loss) per share	$	0.17		$	(0.04	)	$	0.30		$	0.45		$	0.94
Average basic shares outstanding		98,051			70,239			57,031			75,205			57,599
Average diluted shares outstanding		98,101			70,239			57,036			75,232			57,602

OceanFirst Financial Corp. SELECTED LOAN AND DEPOSIT DATA (dollars in thousands)

LOANS RECEIVABLE			At
			September 30,			June 30,			March 31,			December 31,			September 30,
			2026			2026			2026			2025			2025
Commercial:
Commercial real estate - investor			$	9,327,705		$	9,125,313		$	5,478,832		$	5,420,989		$	5,211,220
Commercial and industrial:
Commercial and industrial - real estate				1,833,051			1,800,501			1,016,912			986,431			997,122
Commercial and industrial - non-real estate				1,997,819			1,907,719			1,302,128			1,227,556			998,860
Total commercial and industrial				3,830,870			3,708,220			2,319,040			2,213,987			1,995,982
Total commercial				13,158,575			12,833,533			7,797,872			7,634,976			7,207,202
Consumer:
Residential real estate				3,144,328			3,245,311			3,128,023			3,194,264			3,135,200
Home equity loans and lines and other consumer ("other consumer")				188,516			196,908			198,048			202,763			215,581
Total consumer				3,332,844			3,442,219			3,326,071			3,397,027			3,350,781
Total loans				16,491,419			16,275,752			11,123,943			11,032,003			10,557,983
Deferred origination costs (fees), net				18,222			20,496			21,442			22,389			13,105
Allowance for loan credit losses				(212,288	)		(209,716	)		(86,110	)		(83,726	)		(81,236	)
Loans receivable, net			$	16,297,353		$	16,086,532		$	11,059,275		$	10,970,666		$	10,489,852
Residential mortgage loans serviced for others			$	322,573		$	333,605		$	344,316		$	365,431		$	340,740
	At September 30, 2026 Average Yield
Loan pipeline ⁽¹⁾:
Commercial	7.00	%	$	541,234		$	409,448		$	417,356		$	464,602		$	710,933
Residential real estate ⁽²⁾	—			—			—			461			9,457			136,797
Other consumer ⁽²⁾	—			—			—			—			—			16,184
Total	7.00	%	$	541,234		$	409,448		$	417,817		$	474,059		$	863,914

	For the Three Months Ended
	September 30,				June 30		March 31,		December 31,		September 30,
	2026				2026		2026		2025		2025
	Average Yield
Loan originations:
Commercial	7.10	%	$	734,830	$	641,505	$	422,907	$	786,186	$	739,154
Residential real estate⁽²⁾	—			—		406		5,824		249,540		250,066
Other consumer⁽²⁾	—			—		—		—		14,859		18,087
Total	7.10	%	$	734,830	$	641,911	$	428,731	$	1,050,585	$	1,007,307

⁽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
	September 30,		June 30		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Type of Account
Non-interest-bearing	$	2,875,003	$	2,836,711	$	1,757,097	$	1,741,958	$	1,731,760
Interest-bearing checking		6,333,822		6,276,653		4,536,726		4,354,485		4,090,930
Money market		3,470,934		3,375,564		1,488,653		1,412,917		1,397,434
Savings		1,047,597		1,060,481		986,208		986,195		1,000,488
Time deposits⁽¹⁾		4,352,033		4,210,664		2,387,232		2,468,850		2,215,382
Total deposits	$	18,079,389	$	17,760,073	$	11,155,916	$	10,964,405	$	10,435,994

⁽¹⁾	_{Includes brokered time deposits of $1.05 billion, $885.7 million, $487.9 million, $609.8 million, and $405.1 million at September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.}

OceanFirst Financial Corp. ASSET QUALITY (dollars in thousands)

ASSET QUALITY ^{(1) (2)}	September 30,			June 30,			March 31,			December 31,			September 30,
ASSET QUALITY ^{(1) (2)}	2026			2026			2026			2025			2025
Non-performing loans:
Commercial real estate - investor	$	103,225		$	76,721		$	18,970		$	13,636		$	23,570
Commercial and industrial:
Commercial and industrial - real estate		20,058			16,980			5,541			4,813			7,469
Commercial and industrial - non-real estate		3,635			5,045			228			640			394
Total commercial and industrial		23,693			22,025			5,769			5,453			7,863
Residential real estate		11,232			7,043			7,011			6,200			7,334
Other consumer		2,586			2,452			2,888			2,502			2,496
Total non-performing loans^{(2) (3)}	$	140,736		$	108,241		$	34,638		$	27,791		$	41,263
Other real estate owned		13,575			13,453			10,393			10,266			7,498
Non-performing investment⁽⁴⁾		—			20,729			—			—			—
Total non-performing assets	$	154,311		$	142,423		$	45,031		$	38,057		$	48,761
Delinquent loans 30 to 89 days⁽³⁾	$	43,142		$	47,097		$	55,876		$	47,808		$	19,817
Modifications to borrowers experiencing financial difficulty
Non-performing (included in total non-performing loans above)	$	8,078		$	7,151		$	5,460		$	956		$	7,693
Performing		16,683			15,072			15,083			23,898			23,952
Total modifications to borrowers experiencing financial difficulty	$	24,761		$	22,223		$	20,543		$	24,854		$	31,645
Allowance for loan credit losses	$	212,288		$	209,716		$	86,110		$	83,726		$	81,236
Allowance for unfunded commitments		4,345			4,194			3,738			4,028			4,636
Allowance for loan credit losses as a percent of total loans receivable		1.29	%		1.29	%		0.77	%		0.76	%		0.77	%
Allowance for loan credit losses as a percent of total non-performing loans		150.84			193.75			248.60			301.27			196.87
Non-performing loans as a percent of total loans receivable		0.85			0.67			0.31			0.25			0.39
Non-performing assets as a percent of total assets		0.66			0.61			0.31			0.26			0.34
Supplemental PCD and non-performing loans
PCD loans, net of allowance for loan credit losses⁽³⁾	$	674,201		$	696,763		$	14,604		$	14,968		$	19,003
Non-performing PCD loans⁽³⁾		79,864			54,190			5,900			5,432			5,677
Delinquent PCD and non-performing loans 30 to 89 days⁽³⁾		16,919			10,221			8,794			3,103			2,987
PCD modifications to borrowers experiencing financial difficulty ⁽²⁾		1,709			1,710			16			18			20
Asset quality, excluding PCD loans
Non-performing loans⁽²⁾		60,872			54,051			28,738			22,359			35,586
Non-performing assets		74,447			88,233			39,131			32,625			43,084
Delinquent loans 30 to 89 days (excludes non-performing loans)		26,223			36,876			47,082			44,705			16,830
Modifications to borrowers experiencing financial difficulty ⁽²⁾		23,052			20,513			20,527			24,836			31,625
Allowance for loan credit losses as a percent of total non-performing loans		348.74	%		388.00	%		299.64	%		374.46	%		228.28	%
Non-performing loans as a percent of total loans receivable		0.37			0.33			0.26			0.20			0.34
Non-performing assets as a percent of total assets		0.32			0.38			0.27			0.22			0.30

⁽¹⁾	_{Asset quality metrics exclude loans held for sale.}
⁽²⁾	_{The quarter ended September 30, 2026 included the sale of non-performing commercial real estate - investor loans of $1.4 million. The quarters ended June 30, 2026 and December 31, 2025, included the sale of non-performing residential and consumer loans of $2.0 million and $2.5 million, respectively.}
⁽³⁾	_{The quarters ended September 30, 2026 and June 30, 2026 included loans acquired from the Flushing acquisition. Non-performing, delinquent 30 to 89 days, and PCD loans as of September 30, 2026 included $84.6 million, $13.2 million, and $727.1 million, respectively, of acquired loans from Flushing. Non-performing PCD and delinquent 30 to 89 days PCD loans as of September 30, 2026 included $79.3 million and $7.1 million, respectively, from Flushing.}
⁽⁴⁾	_{Non-performing investment acquired from Flushing, which was subsequently sold during the quarter ended September 30, 2026.}

NET LOAN CHARGE-OFFS	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Net loan charge-offs:
Loan charge-offs	$	(2,599	)	$	(1,776	)	$	(956	)	$	(2,190	)	$	(850	)
Recoveries on loans		1,143			262			255			216			233
Net loan charge-offs	$	(1,456	)	$	(1,514	)	$	(701	)	$	(1,974	)	$	(617	)
Net loan charge-offs to average total loans (annualized)		0.04	%		0.05	%		0.03	%		0.07	%		0.02	%
Net loan (charge-offs) recoveries detail:
Commercial	$	(1,500	)	$	(1,074	)	$	(736	)	$	(1,676	)	$	(522	)
Residential real estate ⁽¹⁾		(10	)		(352	)		(7	)		(268	)		(24	)
Other consumer ⁽¹⁾		54			(88	)		42			(30	)		(71	)
Net loan charge-offs	$	(1,456	)	$	(1,514	)	$	(701	)	$	(1,974	)	$	(617	)

⁽¹⁾	_{The three months ended December 31, 2025 included charge-offs of $342,000, related to the sale of non-performing residential and consumer loans.}

OceanFirst Financial Corp. ANALYSIS OF NET INTEREST INCOME

	For the Three Months Ended
	September 30, 2026							June 30, 2026							September 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	$	174,345		$	1,459	3.32	%	$	158,816		$	1,375	3.47	%	$	94,470		$	1,115	4.68	%
Securities ⁽²⁾		5,145,177			63,189	4.87			2,789,029			29,247	4.21			1,990,917			19,232	3.83
Loans receivable, net ⁽³⁾
Commercial		13,006,563			200,603	6.12			9,701,371			142,903	5.91			6,975,780			105,587	6.01
Residential real estate		3,172,827			33,521	4.23			3,145,110			33,135	4.21			3,151,177			32,685	4.15
Other consumer		185,142			2,927	6.27			188,131			2,944	6.28			218,465			3,575	6.49
Allowance for loan credit losses, net of deferred loan costs and fees		(191,171	)		—	—			(104,773	)		—	—			(66,812	)		—	—
Loans receivable, net		16,173,361			237,051	5.82			12,929,839			178,982	5.55			10,278,610			141,847	5.49
Total interest-earning assets		21,492,883			301,699	5.57			15,877,684			209,604	5.29			12,363,997			162,194	5.21
Non-interest-earning assets		1,814,874							1,399,341							1,187,197
Total assets	$	23,307,757						$	17,277,025						$	13,551,194
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	6,506,421			40,366	2.46	%	$	5,107,262			28,186	2.21	%	$	4,000,804			21,253	2.11	%
Money market		3,506,127			25,777	2.92			2,120,250			14,128	2.67			1,426,586			10,507	2.92
Savings		1,055,990			1,386	0.52			1,003,045			1,284	0.51			1,009,742			1,674	0.66
Time deposits		3,798,395			29,468	3.08			2,990,624			24,710	3.31			2,105,734			19,812	3.73
Total		14,866,933			96,997	2.59			11,221,181			68,308	2.44			8,542,866			53,246	2.47
FHLB Advances		2,090,088			21,183	4.02			1,312,502			13,169	4.02			1,123,946			12,793	4.52
Securities sold under agreements to repurchase		45,998			263	2.27			60,009			399	2.67			59,017			438	2.94
Other borrowings		591,751			11,140	7.47			397,793			6,998	7.06			249,233			5,060	8.05
Total borrowings		2,727,837			32,586	4.74			1,770,304			20,566	4.66			1,432,196			18,291	5.07
Total interest-bearing liabilities		17,594,770			129,583	2.92			12,991,485			88,874	2.74			9,975,062			71,537	2.85
Non-interest-bearing deposits		2,891,503							2,107,561							1,720,657
Non-interest-bearing liabilities		403,944							247,077							199,582
Total liabilities		20,890,217							15,346,123							11,895,301
Stockholders’ equity		2,417,540							1,930,902							1,655,893
Total liabilities and stockholders’ equity	$	23,307,757						$	17,277,025						$	13,551,194
Net interest income				$	172,116						$	120,730						$	90,657
Net interest rate spread ⁽⁴⁾						2.65	%						2.55	%						2.36	%
Net interest margin ⁽⁵⁾						3.18	%						3.05	%						2.91	%
Total cost of deposits (including non-interest-bearing deposits)						2.17	%						2.06	%						2.06	%

	For the Nine Months Ended September 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	$	139,067		$	3,497	3.36	%	$	102,267		$	3,188	4.17	%
Securities ⁽²⁾		3,416,108			114,740	4.49			1,970,368			57,190	3.88
Loans receivable, net ⁽³⁾
Commercial		10,151,282			452,604	5.96			6,848,512			303,852	5.93
Residential real estate		3,161,753			99,797	4.21			3,103,008			95,816	4.12
Other consumer		190,812			8,956	6.28			224,073			10,676	6.37
Allowance for loan credit losses, net of deferred loan costs and fees		(119,748	)		—	—			(65,028	)		—	—
Loans receivable, net		13,384,099			561,357	5.60			10,110,565			410,344	5.42
Total interest-earning assets		16,939,274			679,594	5.36			12,183,200			470,722	5.16
Non-interest-earning assets		1,471,296							1,188,063
Total assets	$	18,410,570						$	13,371,263
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking	$	5,381,821			91,372	2.27	%	$	4,041,710			63,292	2.09	%
Money market		2,373,903			48,713	2.74			1,363,977			29,577	2.90
Savings		1,016,245			3,975	0.52			1,032,239			5,138	0.67
Time deposits		3,059,169			74,940	3.28			2,066,745			58,558	3.79
Total		11,831,138			219,000	2.47			8,504,671			156,565	2.46
FHLB Advances		1,557,891			47,236	4.05			1,000,796			34,086	4.55
Securities sold under agreements to repurchase		55,220			1,046	2.53			61,250			1,284	2.80
Other borrowings		430,890			23,019	7.14			264,222			13,842	7.00
Total borrowings		2,044,001			71,301	4.66			1,326,268			49,212	4.96
Total interest-bearing liabilities		13,875,139			290,301	2.80			9,830,939			205,777	2.80
Non-interest-bearing deposits		2,247,866							1,653,007
Non-interest-bearing liabilities		275,884							202,976
Total liabilities		16,398,889							11,686,922
Stockholders’ equity		2,011,681							1,684,341
Total liabilities and stockholders’ equity	$	18,410,570						$	13,371,263
Net interest income				$	389,293						$	264,945
Net interest rate spread ⁽⁴⁾						2.56	%						2.36	%
Net interest margin ⁽⁵⁾						3.07	%						2.91	%
Total cost of deposits (including non-interest-bearing deposits)						2.08	%						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)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Selected Financial Condition Data:
Total assets	$	23,370,456	$	23,270,010	$	14,556,336	$	14,564,317	$	14,324,664
Debt securities available-for-sale, at estimated fair value		1,770,923		2,067,668		1,181,087		1,231,827		1,261,580
Debt securities held-to-maturity, net of allowance for securities credit losses		2,996,502		2,862,196		852,917		881,568		919,734
Equity investments		65,845		75,965		88,239		91,882		90,731
Restricted equity investments, at cost		184,051		180,711		119,503		129,329		142,398
Loans receivable, net of allowance for loan credit losses		16,297,353		16,086,532		11,059,275		10,970,666		10,489,852
Deposits		18,079,389		17,760,073		11,155,916		10,964,405		10,435,994
Federal Home Loan Bank advances		1,774,967		1,732,373		1,180,179		1,397,179		1,705,585
Securities sold under agreements to repurchase from customers and other borrowings		529,417		554,545		322,767		309,667		263,007
Total stockholders’ equity		2,395,971		2,411,080		1,669,368		1,662,550		1,653,427

	For the Three Months Ended,
	September 30,			June 30,			March 31,			December 31,		September 30,
	2026			2026			2026			2025		2025
Selected Operating Data:
Interest income	$	301,699		$	209,604		$	168,291		$	171,732	$	162,194
Interest expense		129,583			88,874			71,844			76,454		71,537
Net interest income		172,116			120,730			96,447			95,278		90,657
Provision for credit losses		4,268			4,002			2,738			3,700		4,092
Net interest income after provision for credit losses		167,848			116,728			93,709			91,578		86,565
Other income (excluding equity investments)		13,029			10,945			7,102			9,181		12,311
Net (loss) gain on equity investments		(10	)		(347	)		(354	)		230		(7	)
Operating expenses (excluding non-core operations)		114,335			87,165			69,125			71,227		72,390
Restructuring (release) charges		(49	)		(71	)		128			7,379		4,147
Credit risk transfer execution expense		—			—			—			1,283		—
FDIC special assessment release		—			—			—			—		(210	)
Merger-related expenses		37,088			42,765			4,150			4,253		—
Income (loss) before provision for income taxes		29,493			(2,533	)		27,054			16,847		22,542
Provision for income taxes		13,031			496			6,548			3,754		5,156
Net income (loss)		16,462			(3,029	)		20,506			13,093		17,386
Net income attributable to non-controlling interest		—			—			—			—		56
Net income (loss) attributable to OceanFirst Financial Corp.	$	16,462		$	(3,029	)	$	20,506		$	13,093	$	17,330
Net income (loss) available to common stockholders	$	16,462		$	(3,029	)	$	20,506		$	13,093	$	17,330
Diluted earnings (loss) per share⁽⁶⁾	$	0.17		$	(0.04	)	$	0.36		$	0.23	$	0.30
Net accretion/amortization of purchase accounting adjustments included in net interest income	$	7,697		$	1,151		$	59		$	222	$	510

	At or For the Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
	2026		2026		2026		2025		2025
Selected Financial Ratios and Other Data^{(1) (2)}:
Performance Ratios (Annualized):
Return (loss) on average assets ⁽³⁾	0.28	%	(0.07	)%	0.57	%	0.36	%	0.51	%
Return (loss) on average tangible assets^{(3) (4)}	0.29		(0.07	)	0.59		0.38		0.53
Return (loss) on average stockholders’ equity⁽³⁾	2.70		(0.63	)	4.95		3.12		4.15
Return (loss) on average tangible stockholders’ equity^{(3) (4)}	3.63		(0.88	)	7.22		4.57		6.13
Return (loss) on average tangible common equity^{(3) (4)}	3.63		(0.88	)	7.22		4.57		6.13
Stockholders’ equity to total assets	10.25		10.36		11.47		11.42		11.54
Tangible stockholders’ equity to tangible assets ⁽⁴⁾	7.83		7.91		8.15		8.09		8.12
Tangible common equity to tangible assets⁽⁴⁾	7.83		7.91		8.15		8.09		8.12
Net interest rate spread	2.65		2.55		2.44		2.36		2.36
Net interest margin	3.18		3.05		2.93		2.87		2.91
Operating expenses to average assets	2.58		3.01		2.05		2.33		2.23
Efficiency ratio⁽⁵⁾	81.76		98.88		71.13		80.37		74.13
Loan-to-deposit ratio	91.20		91.60		99.70		100.60		101.20

	For the Nine Months Ended September 30,
	2026		2025
Performance Ratios (Annualized):
Return on average assets⁽³⁾	0.25	%	0.54	%
Return on average tangible assets ^{(3) (4)}	0.25		0.56
Return on average stockholders’ equity ⁽³⁾	2.26		4.29
Return on average tangible stockholders’ equity^{(3) (4)}	3.14		6.28
Return on average tangible common equity^{(3) (4)}	3.14		6.28
Net interest rate spread	2.56		2.36
Net interest margin	3.07		2.91
Operating expenses to average assets	2.58		2.12
Efficiency ratio⁽⁵⁾	84.51		70.64

	At or For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Trust and Asset Management:
Wealth assets under administration and management (“AUA/M”)	$	158,057		$	158,650		$	142,962		$	142,030		$	143,708
Nest Egg AUA/M		502,243			503,818			469,586			485,606			463,906
Total AUA/M		660,300			662,468			612,548			627,636			607,614
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⁾		24.32			24.50			28.98			28.97			28.81
Tangible book value per common share at end of period^{(4) (6)}		18.08			18.19			19.86			19.79			19.52
Common shares outstanding at end of period⁽⁶⁾		98,507,991			98,416,195			57,600,069			57,390,569			57,388,603
Number of full-service customer facilities:		72			71			41			41			40
Quarterly Average Balances
Total securities	$	5,145,177		$	2,789,029		$	2,282,663		$	2,339,646		$	1,990,917
Loans receivable, net		16,173,361			12,929,839			10,992,163			10,724,240			10,278,610
Total interest-earning assets		21,492,883			15,877,684			13,357,862			13,157,360			12,363,997
Total goodwill and intangibles		618,356			557,717			526,228			529,006			533,835
Total assets		23,307,757			17,277,025			14,550,698			14,337,776			13,551,194
Time deposits		3,798,395			2,990,624			2,372,824			2,270,671			2,105,734
Total deposits (including non-interest-bearing deposits)		17,758,436			13,328,742			11,076,407			11,122,681			10,263,523
Total borrowings		2,727,837			1,770,304			1,621,709			1,350,390			1,432,196
Total interest-bearing liabilities		17,594,770			12,991,485			10,966,327			10,717,860			9,975,062
Non-interest bearing deposits		2,891,503			2,107,561			1,731,789			1,755,211			1,720,657
Stockholders' equity		2,417,540			1,930,902			1,678,482			1,665,201			1,655,893
Tangible stockholders’ equity ⁽⁴⁾		1,799,184			1,373,185			1,152,254			1,136,195			1,122,058

Quarterly Yields and Costs
Total securities		4.87	%		4.21	%		3.96	%		4.10	%		3.83	%
Loans receivable, net		5.82			5.55			5.34			5.43			5.49
Total interest-earning assets		5.57			5.29			5.10			5.19			5.21
Time deposits		3.08			3.31			3.55			3.68			3.73
Total cost of deposits (including non-interest-bearing deposits)		2.17			2.06			1.97			2.13			2.06
Total borrowed funds		4.74			4.66			4.54			4.95			5.07
Total interest-bearing liabilities		2.92			2.74			2.66			2.83			2.85
Net interest spread		2.65			2.55			2.44			2.36			2.36
Net interest margin		3.18			3.05			2.93			2.87			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 September 30, 2026 and June 30, 2026. Those shares are participating securities, and are presented on 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
	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Core Earnings:
Net income available to common stockholders (GAAP)	$	16,462		$	(3,029	)	$	20,506		$	13,093		$	17,330
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments		10			347			354			(230	)		7
Restructuring (release) charges		(49	)		(71	)		128			7,379			4,147
Credit risk transfer execution expense		—			—			—			1,283			—
FDIC special assessment release		—			—			—			—			(210	)
Merger-related expenses		37,088			42,765			4,150			4,253			—
Income tax benefit on items		(6,586	)		(9,467	)		(806	)		(2,254	)		(926	)
Core earnings (Non-GAAP)	$	46,925		$	30,545		$	24,332		$	23,524		$	20,348
Income tax expense	$	13,031		$	496		$	6,548		$	3,754		$	5,156
Provision for credit losses		4,268			4,002			2,738			3,700			4,092
Less: income tax benefit on non-core items		(6,586	)		(9,467	)		(806	)		(2,254	)		(926	)
Core earnings PTPP (Non-GAAP)	$	70,810		$	44,510		$	34,424		$	33,232		$	30,522
Core earnings diluted earnings per share	$	0.48		$	0.43		$	0.43		$	0.41		$	0.36
Core earnings PTPP diluted earnings per share	$	0.72		$	0.63		$	0.60		$	0.58		$	0.54

Core Ratios (Annualized):
Return on average assets		0.80	%		0.71	%		0.68	%		0.65	%		0.60	%
Return on average tangible stockholders’ equity		10.35			8.92			8.56			8.21			7.19
Return on average tangible common equity		10.35			8.92			8.56			8.21			7.19
Efficiency ratio		61.75			66.20			66.76			68.19			70.30

	For the Nine Months Ended September 30,
	2026			2025
Core Earnings:
Net income available to common stockholders (GAAP)	$	33,939		$	54,035
Adjustments to exclude the impact of non-recurring and non-core items:
Net loss (gain) on equity investments		711			(686	)
Restructuring charges		8			4,147
FDIC special assessment release		—			(210	)
Merger related expenses		84,003			—
Income tax benefit on items		(16,859	)		(762	)
Loss on redemption of preferred stock		—			1,842
Core earnings (Non-GAAP)	$	101,802		$	58,366
Income tax expense	$	20,075		$	17,735
Provision for credit losses		11,008			12,471
Less: income tax benefit on non-core items		(16,859	)		(762	)
Core earnings PTPP (Non-GAAP)	$	149,744		$	89,334
Core diluted earnings per share	$	1.35		$	1.01
Core earnings PTPP diluted earnings per share	$	1.99		$	1.55

Core Ratios (Annualized):
Return on average assets		0.74	%		0.58	%
Return on average tangible stockholders’ equity		9.43			6.79
Return on average tangible common equity		9.43			6.79
Efficiency ratio		64.38			69.49

	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
Tangible Equity:
Total stockholders' equity	$	2,395,971		$	2,411,080		$	1,669,368		$	1,662,550		$	1,653,427
Less:
Goodwill		530,846			529,836			517,481			517,481			523,308
Intangibles		84,491			90,613			8,198			9,046			9,934
Tangible stockholders' equity		1,780,634			1,790,631			1,143,689			1,136,023			1,120,185
Less:
Preferred stock		—			—			—			—			—
Tangible common equity	$	1,780,634		$	1,790,631		$	1,143,689		$	1,136,023		$	1,120,185

Tangible Assets:
Total assets	$	23,370,456		$	23,270,010		$	14,556,336		$	14,564,317		$	14,324,664
Less:
Goodwill		530,846			529,836			517,481			517,481			523,308
Intangibles		84,491			90,613			8,198			9,046			9,934
Tangible assets	$	22,755,119		$	22,649,561		$	14,030,657		$	14,037,790		$	13,791,422

Tangible stockholders' equity to tangible assets		7.83	%		7.91	%		8.15	%		8.09	%		8.12	%
Tangible common equity to tangible assets		7.83	%		7.91	%		8.15	%		8.09	%		8.12	%

ACQUISITION DATE - FAIR VALUE BALANCE SHEET

The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the acquisition date of 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		(226,079	)		4,994,988
Loans held-for-sale		1,309,849		(106,635	)		1,203,214
Core deposit intangible		647		84,353			85,000
Other assets		457,057		76,557			533,614
Total assets acquired		8,857,898		(172,136	)		8,685,762
Liabilities assumed:
Deposits		7,436,454		7,497			7,443,951
FHLB advances and other borrowings		406,241		(5,894	)		400,347
Other liabilities		316,879		(401	)		316,478
Total liabilities assumed		8,159,574		1,202			8,160,776
Net assets acquired	$	698,324	$	(173,338	)	$	524,986
Goodwill recorded in the merger						$	13,365

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were OceanFirst's third-quarter 2026 earnings?

OceanFirst reported $16.5 million of net income available to common stockholders, or $0.17 per diluted share. A year earlier, net income was $17.3 million, or $0.30 per diluted share. Non-GAAP core earnings were $46.9 million, or $0.48 per diluted share.

When will OceanFirst pay its third-quarter 2026 dividend?

The $0.20-per-share quarterly cash dividend will be paid on November 20, 2026, to common stockholders and non-voting common equivalent stockholders of record on November 9, 2026.

How does the Flushing acquisition affect comparisons of OceanFirst's 2026 results?

OceanFirst's 2026 results include Flushing operations from June 1, 2026, through September 30, 2026, while the corresponding prior-year periods exclude Flushing. The acquisition closed June 1, so the third quarter includes a full quarter of Flushing activity, unlike the second quarter.

What generated OceanFirst's non-recurring interest income in third-quarter 2026?

Payoffs of a non-performing investment and loan acquired from Flushing generated $5.5 million of non-recurring interest income. Interest recoveries were $4.0 million on the investment and $1.5 million on the loan.

OceanFirst Financial Corp. Announces Third Quarter Financial Results